V-Mart Retail Q2 FY27 Results (NSE: VMART)
Signal: Loss widened
The read
The key inflection is profitability rather than demand: revenue remained up 18.1% YoY, but EBITDA margin fell 569bps sequentially to 9.0%, Retail Trade swung from a 6,622 lakh Q1 segment profit to a 1,320 lakh loss, and PAT turned into a 1,634 lakh loss.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹952.99 Cr | +18.1% | -12.5% |
| Net profit | ₹-16.34 Cr | Loss widened 84.2% | |
| EPS | ₹-2.06 | Loss per share widened 83.9% | |
| EBIT margin | 9.0% |
P&L walk
Revenue grew 18.1% YoY to 95,299 lakh, but gross margin was broadly stable at 33.5% and EBITDA margin fell to 9.0% from 14.8% in Q1; both segments reported losses and PAT swung to a 1,634 lakh loss.
Segments
Retail Trade remained the main business at 94,708 lakh of revenue but reported a 1,320 lakh loss versus a 6,622 lakh profit in Q1; Digital Marketplace revenue grew 68.4% YoY to 1,428 lakh but also remained loss-making at 238 lakh.
Key positives
- Revenue from operations increased 18.1% YoY to 95,299 lakh, with Retail Trade revenue up 18.3% YoY to 94,708 lakh.
- Digital Marketplace revenue grew 68.4% YoY to 1,428 lakh, although the segment remained loss-making.
- Employee benefits expense rose 14.7% YoY, below revenue growth of 18.1%.
Key concerns
- EBITDA margin fell to 9.0% from 14.8% in Q1, while EBITDA declined 46.4% sequentially to 8,606 lakh.
- Retail Trade swung from a 6,622 lakh segment profit in Q1 to a 1,320 lakh loss in Q2 despite 18.3% YoY revenue growth.
- PAT moved from a 4,721 lakh Q1 profit to a 1,634 lakh loss, and H1 operating cash flow declined 39.8% YoY to 14,021 lakh.
- Inventory increased 20.9% from March 31, 2026 to 1,19,041 lakh, faster than the sequential revenue trend.
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