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ICICI Securities Report
Vishal Mega Mart Ltd.'s Q3 FY26 revenue grew 17% YoY to Rs 3,670 crore, led by reported same-store sales growth of 6.1% (adjusted SSSG: 9.6%; ~2.1% adverse impact due to the advancing of Durga Puja to Q2) and supported by continued store expansion.
The quarter saw gross addition of 29 stores (no store closure), taking the footprint to 771 stores across 517 cities. Average store size remained largely stable at ~17.1k sq.ft., with expansion continuing to be led by tier-2/3 cities (~74% store mix), in line with its strategy to serve the value-conscious middle India.
ICICI Securities maintains Buy with an unchanged DCF-based target price of Rs 175.
Key risks:
Slower-than-expected store addition and SSSG, exit of key managerial personnel and customer shifting towards convenience (quick commerce).
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Metro Brands Rated 'Add' By ICICI Securities After Q3 Results — Check Revised Target Price
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