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V-Mart Retail Limited Investor Presentation Q2FY26 www.vmart.co.in / www.limeroad.com
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2 This presentation by V-Mart Retail Limited (“V-Mart”) does not constitute a prospectus, placement memorandum, or an offer to acquire any securities. It should not be deemed an offer in any form. No representation or warranty, express or implied, is made regarding the fairness, accuracy, completeness, or correctness of the information or opinions herein. The information is current only as of its date. Certain statements may be “forward-looking,” involving risks, uncertainties, and other factors that could cause actual results to differ materially. These risks include those related to V-Mart’s fashion, FMCG, and online marketplace businesses. Data and opinions are based on assumptions and subject to risks, which may cause actual results to differ materially. Figures are rounded and may not depict exact numbers. The Company and its affiliates are not obligated to update any forward-looking statements. They are not liable for any loss arising from the use of this presentation. Do not place undue reliance on forward-looking statements, which reflect the current view of the Company’s management. We use various financial and operational indicators to measure performance. These indicators have limitations and should not be considered in isolation from our historical financial performance. Past performance is not necessarily indicative of future results. V-Mart may alter the content of this presentation without obligation to notify any person. This presentation cannot be copied or disseminated. This summary does not contain all information needed to evaluate any potential transaction. Recipients should conduct their own analysis, consulting legal, business, tax, and financial advisers. The information has not been independently verified or reviewed by any statutory or regulatory authority in India. No representation or warranty is made regarding the fairness, accuracy, completeness, or correctness of the information and opinions herein. This document does not constitute legal, business, tax, or financial advice. No person is authorized to provide information or make representations not contained in this presentation. If such information or representations are given, they should not be relied upon as authorized by V-Mart. Disclaimer Disclaimer
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Q2FY26 Key Performance Highlights Financial Parameters Operational Parameters
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▪ Revenue Growth : 22% YoY ▪ Memo Growth 23% YoY ▪ Same Store Sales Growth : 11% (V-Mart: 11%, Unlimited: 11%) ▪ Total Stores : 533 (V-Mart : 438, Unlimited : 95) • Stores Opened : 25 (V-Mart: 18, Unlimited: 7) • Stores Closed : 2 (V-Mart: 1, Unlimited: 1) ▪ LimeRoad Loss reduced by 53% YoY to ₹34 Mn ▪ EBITDA Growth 85% YoY (8.9% of Revenue) ▪ Inventory days improved by 2% YoY to 97 days Key Highlights: Q2FY26 vs Q2FY25 • The figures for the corresponding previous period/year have been regrouped/reclassified, wherever necessary
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5 Financial Parameters Revenue from operations (₹ Millions) Revenue Mix (%) EBITDA (₹ Millions, % to Revenue) PAT (₹ Millions, % to Revenue) -565 -89 Q2FY25 Q2FY26 Q2FY25 Q2FY26 -1.1%-8.5% 84%▲ 76% 11% 13% 77% 11% 12% Apparel Non-Apparel FMCG Q2FY25 Q2FY26 6,610 5,371 1,134 281 8,069 6,624 1,380 192 Total V-Mart Unlimited LimeRoad NMV* Q2FY25 Q2FY2622%▲ 32%▼ 23%▲ 22%▲ *LimeRoad Commission Income is ₹ 66 Mn (Q2 FY25 ₹ 104 Mn) 386 353 106 -73 715 605 144 -34 Total V-Mart Unlimited LimeRoad Q2FY25 Q2FY2685%▲ 5.8% 8.9% 6.6% 9.1% 9.4% 10.5% 53%▲ 71%▲ 36%▲ NMV- Net Merchandise Value
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6 Same Store Sales Growth (SSSG) (%) Same Store Volume Growth (SSVG) (%) Footfall (Millions) & Conversion Rate (%) Average Selling Price (ASP) (₹) Operational Parameters 15% 16% 11%11% 11% 11% Total V-Mart Unlimited Q2FY25 Q2FY26 7% 7% 12% 6% 5% 17% Total V-Mart Unlimited Q2FY25 Q2FY26 % change YoY 17 19 Q2FY25 Q2FY26 14%▲ 214 196 383 347 331 427 Total V-Mart Unlimited Total V-Mart Unlimited ASP (Total) ASP (Apparel) 4%▲ 7%▼ 5%▲ 7%▲ 3%▼ 4%▲45% 47% Q2FY25 Q2FY26 Footfall Conversion %
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7 ▪ Revenue Growth : 17% YoY ▪ Memo Growth 21% YoY ▪ Same Store Sales Growth : 5% (V-Mart: 5%, Unlimited: 5%) ▪ Total Stores : 533 (V-Mart : 438, Unlimited : 95) • Stores Opened : 40 (V-Mart: 28, Unlimited: 12) • Stores Closed : 4 (V-Mart: 2, Unlimited: 2) ▪ LimeRoad Loss reduced by 55% to ₹80 Mn ▪ EBITDA Growth 44% YoY (11.7% of Revenue) ▪ PAT growth 156% YoY (1.5% of Revenue) Key Highlights: H1FY26 vs H1FY25 • The figures for the corresponding previous period/year have been regrouped/reclassified, wherever necessary
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8 Financial Parameters Revenue from operations (₹ Millions) Revenue Mix (%) EBITDA (₹ Millions, % to Revenue) PAT (₹ Millions, % to Revenue) 79% 10% 11% 79% 10% 11% Apparel Non-Apparel FMCG YTD FY25 YTD FY26 -444 247 YTD FY25 YTD FY26 -3.1% 1.5% 156%▲ 14,471 11,872 2,379 567 16,921 14,031 2,763 380 Total V-Mart Unlimited LimeRoad NMV* YTD FY25 YTD FY2617%▲ 18%▲ 16%▲ 33%▼ *LimeRoad Commission Income is ₹ 127 Mn (H1 FY25 ₹ 220 Mn) 1,376 1,223 329 -176 1,977 1,668 388 -80 Total V-Mart Unlimited LimeRoad YTD FY25 YTD FY26 9.5% 11.7% 10.3% 11.9% 13.8% 14.1% 44%▲ 36%▲ 18%▲ 55%▲ NMV- Net Merchandise Value
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9 Operational Parameters Footfall (Millions) Conversion Rate (%) Average Transaction Size (₹) Average Selling Price (ASP) (₹) % change YoY 34 39 YTD FY25 YTD FY26 14%▲ 45% 46% YTD FY25 YTD FY26 1,001 923 1,730 981 910 1,643 Total V-Mart Unlimited YTD FY25 YTD FY26 2%▼ 5%▼ 1%▼ 216 199 390 336 318 431 Total V-Mart Unlimited Total V-Mart Unlimited ASP (Total) ASP (Apparel) 2%▲ 6%▼ 3%▲ 4%▲ 3%▼ 1%▲
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10 Store Count (Nos) Tier Wise Sales per square feet (Per Month) (₹) Sales per square feet (Per Month) (₹) Retail Space (Million Square Feet) Operational Parameters 645 668 557 678 698 592 Total V-Mart Unlimited YTD FY25 YTD FY26 5%▲ 4%▲ 6%▲ 467 107 55 248 57 533 122 63 286 62 Total Tier 1 Tier 2 Tier 3 Tier 4 YTD FY25 YTD FY2614%▲ 14%▲ 15%▲ 15%▲ 9%▲ 4.0 3.2 0.8 4.6 3.7 0.9 Total V-Mart Unlimited YTD FY25 YTD FY2614%▲ 14%▲ 10%▲ 645 708 619 630 578 678 718 653 668 666 Total Tier 1 Tier 2 Tier 3 Tier 4 YTD FY25 YTD FY26 5%▲ 1%▲ 5%▲ 6%▲ 15%▲
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11 Same Store Sales Growth (SSSG) (%) Same Store Volume Growth (SSVG) (%) Inventory (Days of Sales) Provision for aged Inventory including shrinkage Operational Parameters *Days Of Sales = Avg Closing Inventory (Rolling 5 Quarters)/Avg Daily Sales (Rolling 12 Months). * 1.5% 0.9% YTD FY25 YTD FY26 13% 14% 9% 5% 5% 5% Total V-Mart Unlimited YTD FY25 YTD FY26 9% 9% 14% 4% 3% 11% Total V-Mart Unlimited YTD FY25 YTD FY26 99 103 115 58 97 101 101 67 Total Apparel Non Apparel FMCG YTD FY25 YTD FY26 2%▼ 2%▼ 12%▼ 16%▲
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12 Manpower (₹ Millions) Power & fuel (₹ Millions) Advertisement (₹ Millions , % to Total Revenue) Other Expenses (₹ Millions) Operating Expenses 1,706 1,318 264 124 1,926 1,546 306 74 Total V-Mart Unlimited LimeRoad YTD FY25 YTD FY2617%▲13%▲ 16%▲ 40%▼ 643 522 120 1 740 606 133 1 Total V-Mart Unlimited LimeRoad YTD FY25 YTD FY2615%▲ 16%▲ 11%▲ 45%▼ 385 243 142 297 231 66 Total (V-Mart + Unlimited) LimeRoad YTD FY25 YTD FY26 1.0%1.8% 0.4% 1.7% 1.4% 2.7% 878 630 117 130 898 700 132 67 Total V-Mart Unlimited LimeRoad YTD FY25 YTD FY262%▲ 49%▼ 11%▲ 12%▲
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14 LimeRoad: Loss reduced by 53% YoY, NMV reduced by 32% Marketing Cost and V-Mart’s Sale Mix NMV and EBITDA (₹ Millions) 281 294 234 188 192 73 65 68 46 35 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 NMV EBITDA Loss YOY NMV growth YOY EBITDA Loss reduction 32%▼ 53%▼ 23% 20% 19% 16% 17% 29% 33% 40% 35% 34% Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Marketing Cost (% of NMV) V-Mart contribution in LimeRoad online orders
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15 Q2 FY26 Statement of Profit & Loss Balance Sheet Cash flow Statement
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16 Statement of Profit & Loss (Q2) ₹ Millions Q2 FY26 Q2 FY25 Q2 FY26 Q2 FY25 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Revenue from operations 8,069 6,610 22% 8,069 6,610 22% COGS 5,355 4,389 5,355 4,389 Gross Profit 2,714 2,221 22% 2,714 2,221 22% GP Margin % 33.6% 33.6% 33.6% 33.6% Employee Expenses 976 865 976 865 Other Expenses 1,022 969 1,693 1,540 EBITDA / Operating Income 715 386 85% 45 -184 124% EBITDA Margin % 8.9% 5.8% 0.6% -2.8% Other Income 34 18 34 18 Depreciation & Amortisation 711 592 277 196 Finance Cost 175 391 61 55 Profit Before Tax (PBT) -136 -580 177% -259 -417 138% PBT Margin % -1.7% -8.8% -3.2% -6.3% Post Ind AS 116 Pre Ind AS 116 Particulars YOY % YOY %
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17 Statement of Profit & Loss (YTD) ₹ Millions YTD FY26 YTD FY25 YTD FY26 YTD FY25 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Revenue from operations 16,921 14,471 17% 16,921 14,471 17% COGS 11,084 9,483 11,084 9,483 Gross Profit 5,837 4,988 17% 5,837 4,988 17% GP Margin % 34.5% 34.5% 34.5% 34.5% Employee Expenses 1,926 1,706 1,926 1,706 Other Expenses 1,935 1,906 3,254 3,029 EBITDA / Operating Income 1,977 1,376 44% 657 253 160% EBITDA Margin % 11.7% 9.5% 3.9% 1.8% Other Income 64 64 64 64 Depreciation & Amortisation 1,390 1,161 559 387 Finance Cost 357 766 133 105 Profit Before Tax (PBT) 293 -487 160% 29 -174 116% PBT Margin % 1.7% -3.4% 0.2% -1.2% Particulars YOY % YOY % Post Ind AS 116 Pre Ind AS 116
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18 Ind-AS 116 : P&L Impact ₹ Millions Other Expenses* 3,254 -1,319 1,935 3,029 -1,123 1,906 EBITDA 657 1,319 1,977 253 1,123 1,376 Finance Cost 133 224 357 105 662 766 Depreciation 559 831 1,390 387 773 1,161 (Loss)/Profit Before Tax (PBT) 29 265 293 -174 -312 -487 Particulars Post-Ind AS 116 (C) = (A+B) Post-Ind AS 116 (C) = (A+B) Pre-Ind AS 116 (A) Increased/ (Decreased) (B) Pre-Ind AS 116 (A) Increased/ (Decreased) (B) YTD FY26 YTD FY25
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19 Balance sheet ₹ Millions September 30, 2025 March 31, 2025 September 30, 2025 March 31, 2025 (Unaudited) (Audited) (Unaudited) (Audited) EQUITY AND LIABILITIES ASSETS Equity Property, plant and equipment 5,469 5,274 Equity share capital 794 198 Capital work-in-progress 124 43 Other equity 7,664 7,904 Goodwill 15 15 Total equity (D) 8,458 8,102 Other intangible assets 350 397 Right of use assets 5,687 4,699 Liabilities Financial assets Financial liabilities Other financial assets 496 462 Lease liabilities 4,782 4,410 Income tax asset (net) 74 68 Employee benefit obligations 180 170 Deferred tax assets (net) 833 849 Other non-current assets 306 298 Non-current liabilities (E) 4,962 4,580 Non-current assets (A) 13,353 12,105 Financial liabilities Current assets Borrowings 1,011 1,490 Lease liabilities 2,219 1,926 Inventories 10,441 9,868 Payables (including Trade) 8,686 7,620 Financial assets Other financial liabilities 728 445 Investments 52 51 Employee benefit obligations 80 74 Loans 2 3 Current tax liabilities (net) 8 8 Cash and cash equivalents 239 394 Other current liabilities 112 119 Other financial assets 410 400 Current liabilities (F) 12,844 11,681 Other current assets 1,767 1,542 Total Liabilities (G = E+F) 17,806 16,261 Current assets (B) 12,910 12,258 TOTAL EQUITY LIABILITIES (H = D+G) 26,263 24,362 TOTAL ASSETS (C = A+B) 26,263 24,362 Particulars As At Particulars As At * *During the period ended September 30, 2025, the Company has issued 3 bonus shares on 1 fully paid up equity share having face value of Rs. 10 each.
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20 Cash Flow Statement ₹ Millions YTD FY26 YTD FY25 Net cash flow from operating activities (A) 2,327 1,216 IndAS 116 adjustment (B) (1,319) (1,123) Pre IndAS 116 Net cash flow from operating activities (C) = (A+B) 1,007 93 Net Capex (D) (600) (617) Finance charges - others (E) (142) (105) Net Free Cash Flow (F) = (C+D+E) 266 -628 Free Cash Flow For the period ended YTD FY26 YTD FY25 (Unaudited) (Unaudited) (A) Cash flows from Operating activities Profit/ (Loss) before Income Tax 293 -487 Adjustments to reconcile profit before tax to net cash flows 1,773 1,961 Operating profit before working capital changes 2,066 1,474 Changes in working capital 291 -253 Cash flow from operations 2,357 1,221 Taxes paid (net of refunds) (30) (5) Net cash flow from operating activities (A) 2,327 1,216 (B) Cash flows from Investing activities Net cash flow (used in)/from investing activities (B) (597) (610) (C) Cash flows from Financing activities Net cash from/(used in) financing activities (C) (1,885) (754) Net increase/(decrease) in cash and cash equivalent (D = A+B+C) (156) (148) Cash Flow Statement
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21 Store Geographical Spread Other Significant Updates Q2 FY26
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22 Cluster Based Expansion - New Stores Additions (Q2 FY26) © GeoNames, Microsoft, TomTom Powered by Bing 5 4 4 2 2 1 1 1 1 1 1 1 1 25 5 4 4 2 2 1 1 1 1 1 1 1 1 Total KARNATAKA BIHAR UTTAR PRADESH JHARKHAND WEST BENGAL UTTARAKHAND ORISSA MEGHALAYA TELANGANA CHHATTISGARH RAJASTHAN JAMMU AND KASHMIR ANDHRA PRADESH 25 10 3 9 3 Total Tier 1 Tier 2 Tier 3 Tier 4
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23 Total Stores as on 30th September 2025 5 1 * * 76 33 30 31 21 21 16 18 18 15 12 13 15 10 7 4 6 4 4 2 2 1 1 162 STATE FY26 FY25 UTTAR PRADESH 162 143 BIHAR 76 62 TAMIL NADU 33 29 RAJASTHAN 30 28 JHARKHAND 31 26 WEST BENGAL 21 22 KARNATAKA 21 17 MADHYA PRADESH 16 16 UTTARAKHAND 18 16 TELANGANA 18 15 ASSAM 15 14 ANDHRA PRADESH 12 12 GUJARAT 13 12 ORISSA 15 12 JAMMU AND KASHMIR 10 8 NEW DELHI 7 7 TRIPURA 7 6 KERALA 4 5 MAHARASHTRA 6 5 PUNJAB 4 5 HARYANA 4 4 MANIPUR 2 0 ARUNACHAL PRADESH 2 1 HIMACHAL PRADESH 1 1 MEGHALAYA 2 1 CHANDIGARH 1 0 PUDUCHERRY 1 0 CHHATTISGARH 1 0 Total 533 467
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24 New Stores Opened Bihar Jammu & Kashmir Andhra Pradesh Uttar Pradesh
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25 Thank you For further information, please contact: Suraj Rathor : suraj.rathor@vmartretail.com ir_vmart@vmartretail.com www.vmart.co.in / www.limeroad.com