1. Opening Hook
Inflation’s still lurking, discretionary demand is supposedly “soft,” and yet V-Mart walked into Q3 like it didn’t get the memo. While most apparel retailers were busy blaming weather, festivals, or the alignment of Mercury, V-Mart calmly delivered growth—and then casually upgraded profitability. The festive shift excuse was used, but not abused. Management essentially said: “Adjust for calendar noise and move on.”
The real plot twist wasn’t revenue. It was discipline. Costs behaved. EBITDA jumped. LimeRoad stopped setting cash on fire. Unlimited suddenly acted… well, unlimited.
This concall wasn’t loud. It was confident. And confidence in retail usually shows up before the stock price notices. Stick around—because the boring-looking numbers hide a few spicy signals later. 😏
2. At a Glance
- Revenue up 10% YoY – Festive season timing blamed first, growth claimed immediately after.
- EBITDA up 22% – Efficiency found religion; margins expanded without divine intervention.
- PAT up 23% – Profits finally jogging instead of crawling.
- Unlimited revenue up 15% – The side hustle outperformed the main gig.
- LimeRoad EBITDA loss down 60% – Still bleeding, but now with a bandage instead of denial.
- Stores at 554 –
- Expansion continues, closures remain politely irrelevant.
3. Management’s Key Commentary
“Adjusted for festive shift, Q2–Q3 combined revenue grew 15% with 5% SSSG.”
(Translation: Please don’t judge us quarter-by-quarter like a rookie.) 😏
“EBITDA margins improved due to operating leverage and cost efficiencies.”
(Translation: We finally controlled costs without killing growth.)
“Unlimited delivered 40% EBITDA growth with stable SSSG.”
(Translation: This brand is quietly becoming the favourite child.)
“LimeRoad losses reduced by 60% despite lower NMV.”
(Translation: Growth was optional; survival was not.)
“Footfalls and memo volumes both grew 15% YoY.”
(Translation: Customers showed up—and actually bought stuff.)
“One-time labour code provision impacted profitability.”
(Translation: Please mentally add ₹21 Mn back.)
4. Numbers Decoded
| Metric | Q3 FY25 | Q3 FY26 | What It Really Says |
|---|---|---|---|
| Revenue (₹ Mn) | 10,267 | 11,264 | Growth without discount addiction |
| EBITDA (₹ Mn) | 1,714 | 2,095 | Margin discipline is back |
| EBITDA Margin | 16.7% | 18.6% | Retail CFO sleeping better |
| PAT (₹ Mn) | 716 | 880 | Clean, repeatable earnings |
| Stores | 488 | 554 | Expansion still aggressive |
