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Motilal Oswal Report
V-Mart Retail Ltd.'s revenue grew 20% YoY in Q2 FY25, led by strong same-store sales growth and store additions. Ebitda beat our estimate by 30%, aided by better productivity, improvement in gross margin for offline format, and lower losses in LimeRoad.
We broadly maintain our revenue/Ebitda estimates for FY25/FY26. We expect revenue/Ebitda compound annual growth rate of 17%/39% over FY24-27 as we build in improved SSSG and lower losses in the online segment.
Consistent demand recovery in the value fashion category could be the key growth driver for V-Mart. Reiterate Neutral with a target price of Rs 4,750.
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