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V-Mart Gets 'Buy' Upgrade From HDFC Securities As It Sees Favorable Risk-Reward — Check New Target Price

HDFC Securities upgrades V-Mart to 'Buy' from Add, as it sees demand momentum to continue.

HDFC Securities Institutional Equities

Despite longer monsoons, V-Mart maintains its high-single digit same-store sales growth guidance.

(Photo Source: Company's official Facebook page)

The performance of core V-Mart stores remains steady; while Unlimited’s turnaround seems decisively in play (40 new stores added since acquisition are now firing at 5-6% pre-IND AS Ebitdam vs 1.5% for legacy stores)

NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

HDFC Securities Institutional Equities

V-Mart Retail Ltd. remains among the more disciplined value retailers within our universe. Improving KPIs, a modest ask from growth/margins and palatable price tag (priced at <20x Sep-27 EV/Ebitda) makes us constructive on the name.

We upgrade the stock to Buy (earlier Add) with a DCF-based target price of Rs 840/share (implying 23x Sep-27 EV/Ebitda).

Note: No changes in FY26/27/28 estimates.

Click on the attachment to read the full report:

HDFC Securities Report VMART - Update - Sep25.pdf
Read Document

Also Read: IT Q2 Results Preview — Tech Mahindra, Coforge Remains Motilal Oswal's Top Pick Ahead Of Q2 Earnings

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