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)
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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.
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