Vishal Mega Mart Q2 FY27: net profit up 3.7% to ₹158 crore, income up 14.5%

Earnings
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Blacklitt Research21 October 20265 min read

Vishal Mega Mart (NSE: VMM) reported consolidated net profit of ₹158 crore for the quarter ended 30 Sep 2026, up 3.7% from ₹152 crore a year earlier, on total income of ₹3,437 crore, up 14.5% from ₹3,002 crore. Standalone net profit was ₹165 crore, up 25.7%, on total income of ₹2,023 crore, up 14.7%.

Key highlights

Consolidated

Including its subsidiaries

Total income: ₹3,437 crore, up 14.5% from ₹3,002 crore in Q2 FY26 and down 8.6% from ₹3,760 crore in Q1 FY27.
Net profit: ₹158 crore, up 3.7% from ₹152 crore; down 39.0% from ₹259 crore in Q1 FY27.
EPS: ₹0.34 against ₹0.33 a year earlier; not annualised.
Tax share: 25.29% of profit before tax, against 25.47% a year earlier.

Standalone

The company on its own, without its subsidiaries

Total income: ₹2,023 crore, up 14.7% from ₹1,763 crore in Q2 FY26 and up 5.5% from ₹1,918 crore in Q1 FY27.
Net profit: ₹165 crore, up 25.7% from ₹131 crore; down 4.6% from ₹173 crore in Q1 FY27.
EPS: ₹0.35 against ₹0.28 a year earlier, up 25.0%.
Net profit margin: 8.16% of total income, up 0.71 pp from 7.46% a year earlier.

Summary

Consolidated ₹ crore
Particulars	Q2 FY27	Q2 FY26	YoY	Q1 FY27	QoQ
	3,436.92	3,001.66	+14.5%	3,760.15	-8.6%
Revenue from operations	3,398.53	2,981.48	+14.0%	3,727.01	-8.8%
Other income	38.39	20.18	+90.2%	33.14	+15.8%
	157.88	152.31	+3.7%	258.77	-39.0%
Finance costs	47.19	41.23	+14.5%	46.33	+1.9%
Depreciation	191.93	169.13	+13.5%	185.48	+3.5%
Tax expense	53.43	52.06	+2.6%	87.19	-38.7%
Net profit margin	4.59%	5.07%	-0.48 pp	6.88%	-2.29 pp
Tax as share of profit before tax	25.29%	25.47%	-0.19 pp	25.20%	+0.08 pp
EPS (₹)	0.34	0.33	+3.0%	0.55	-38.2%

Figures are in ₹ crore except EPS; YoY compares with Q2 FY26 and QoQ with Q1 FY27.

Consolidated net profit rose 3.7% year on year while total income rose 14.5%, so the net profit margin fell 0.48 pp to 4.59%. Total expenses were ₹3,226 crore against ₹2,797 crore a year earlier.

For the half year to 30 Sep 2026, consolidated total income was ₹7,197 crore and net profit ₹417 crore, against ₹6,159 crore and ₹358 crore in the same period a year earlier. Depreciation and amortisation for the half year was ₹377 crore against ₹328 crore.

Consolidated inventories were ₹2,316 crore at 30 Sep 2026, up from ₹2,017 crore at 31 Mar 2026, while cash and cash equivalents fell to ₹279 crore from ₹530 crore. Investments rose to ₹1,888 crore from ₹1,119 crore. Capital work-in-progress was ₹46 crore against ₹34 crore. Lease liabilities were ₹1,504 crore non-current and ₹619 crore current; the statement has no bank borrowings line.

Operating cash flow for the half year was ₹1,011 crore, against ₹796 crore a year earlier, while purchases of property, plant and equipment, including capital work-in-progress, were ₹157 crore against ₹140 crore. The company bought ₹2,115 crore of mutual funds, sold ₹1,405 crore and placed ₹155 crore of fixed deposits. Cash fell ₹251 crore over the half year, and lease payments of ₹248 crore (principal) and ₹90 crore (interest) sit in financing.

Walker Chandiok & Co LLP, the statutory auditor, issued a limited review report with no modification: nothing came to its attention that the statement fails to disclose required information. Two subsidiaries' interim results were not reviewed by their auditors; the auditor says these are not material to the group. The statement shows no exceptional items. Share-based payment expense was ₹27 crore for the half year, after options were granted at exercise prices of ₹102.60 to ₹119.00 per share. The filing mentions no dividend.

Standalone ₹ crore
Particulars	Q2 FY27	Q2 FY26	YoY	Q1 FY27	QoQ
	2,023.08	1,763.05	+14.7%	1,918.10	+5.5%
Revenue from operations	1,990.09	1,746.30	+14.0%	1,887.31	+5.4%
Other income	32.99	16.75	+97.0%	30.79	+7.1%
	165.18	131.46	+25.7%	173.19	-4.6%
Finance costs	3.90	2.95	+32.2%	3.50	+11.4%
Depreciation	46.75	43.15	+8.3%	45.16	+3.5%
Tax expense	55.46	44.88	+23.6%	58.31	-4.9%
Net profit margin	8.16%	7.46%	+0.71 pp	9.03%	-0.86 pp
Tax as share of profit before tax	25.14%	25.45%	-0.31 pp	25.19%	-0.05 pp
EPS (₹)	0.35	0.28	+25.0%	0.37	-5.4%

Figures are in ₹ crore except EPS; YoY compares with Q2 FY26 and QoQ with Q1 FY27.

Standalone net profit rose 25.7% year on year to ₹165 crore, and the margin rose 0.71 pp to 8.16%, as total income grew 14.7%. Net profit was still below the ₹173 crore of Q1 FY27.

Standalone finance costs were ₹3.90 crore against ₹2.95 crore, and tax expense was ₹55 crore against ₹45 crore. The balance sheet and cash flow paragraphs above cover the consolidated statements; the standalone statements carry the same unmodified review conclusion.

What the results mean for shareholders

Consolidated EPS was ₹0.34 for the quarter, against ₹0.33 a year earlier and ₹0.55 in Q1 FY27, and the figure is not annualised. Standalone EPS was ₹0.35.

At ₹90.00 a share on 21 Oct 2026, the company's market value was ₹42,163 crore. The filing does not give the reason for the fall in consolidated net profit from Q1 FY27, and it does not state a date for the next results.

Reference: Original filing (PDF)

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Vishal Mega Mart Q2 FY27: net profit up 3.7% to ₹158 crore, income up 14.5%

Key highlights

Consolidated

Standalone

Summary

What the results mean for shareholders

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