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V-Mart Retail Limited Investor Presentation Q3FY26 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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Q3FY26 Key Performance Highlights Financial Parameters Operational Parameters
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• 10% YoY revenue growth; Adjusted for the festive shift to Q2, combined Q2–Q3 Revenue grew 15% with 5% SSSG. • Strong Profitability Jump: Efficiency improvements drive 22% increase in EBITDA to ₹2,095 Mn (18.6%). PAT grew 23% to ₹880 Mn. • 'Unlimited’ Outperformance: Continued to scale, delivering 15% Revenue growth, 2% SSSG, 7% SSVG and 40% increase in EBITDA. • LimeRoad Turnaround: Strategic focus on profitability slashed EBITDA losses by 60% (down to ₹26 Mn) despite 20% lower NMV. • Customer & Network Expansion: Network expanded to 554 Stores with 23 New Openings (21 V-Mart, 2 Unlimited). Customer traction surged, with Memo volume up 15% to 10.5 Mn and Footfalls up 15% to 25 Mn. • One time impact on estimated provision towards implementation of New Labour Codes ₹21 Mn recognized as exceptional loss. Key Highlights: Q3FY26 vs Q3FY25 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) * LimeRoad Commission Income is ₹ 62 Mn (Q3 FY25 ₹ 105 Mn); NMV: Net Merchandise Value 10,267 8,634 1,528 294 11,264 9,450 1,752 235 Total V-Mart Unlimited LimeRoad NMV* Q3 FY'25 Q3 FY'2610%▲ 9%▲ 15%▲ 20%▼ 80% 10% 10% 80% 10% 10% Apparel Non-Apparel FMCG Q3 FY'25 Q3 FY'26 1,714 1,544 235 -65 2,095 1,793 328 -26 Total V-Mart Unlimited LimeRoad Q3 FY'25 Q3 FY'26 60%▲ 16.7% 18.6% 17.9% 19.0% 15.3% 18.7% 16%▲ 40%▲ 716 880 Q3 FY'25 Q3 FY'26 Q3 FY'25 Q3 FY'26 7.8% 7.0% 22%▲ 23%▲
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6 Same Store Sales Growth (SSSG) (%) Same Store Volume Growth (SSVG) (%) Footfall (Millions) & Conversion Rate (%) Average Selling Price (ASP) (₹) 43% 42% Q3 FY'25 Q3 FY'26 22 25 Q3 FY'25 Q3 FY'26 267 249 429 422 412 477 Total V-Mart Unlimited Total V-Mart Unlimited ASP (Total) ASP (Apparel) 2%▼ 6%▼ 1%▼ 2%▲ 3%▲ 3%▼Footfall Operational Parameters % change YoY Conversion % 10% 10% 11% 0% 0% 2% Total V-Mart Unlimited Q3 FY'25 Q3 FY'26 10% 10% 16% 2% 1% 7% Total V-Mart Unlimited Q3 FY'25 Q3 FY'26 15%▲
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7 ▪ Revenue Growth : 14% YoY ▪ Memo Growth 17% YoY ▪ Same Store Sales Growth : 3% (V-Mart: 3%, Unlimited: 4%) ▪ Total Stores : 554 (V-Mart : 458, Unlimited : 96) • Stores Opened : 63 (V-Mart: 49, Unlimited: 14) • Stores Closed : 6 (V-Mart: 3, Unlimited: 3) ▪ LimeRoad Loss reduced by 56% to ₹106 Mn ▪ EBITDA Growth 32% YoY (14.4% of Revenue) ▪ PAT growth 313% YoY (4.0% of Revenue) Key Highlights: YTDFY26 vs YTDFY25 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) *LimeRoad Commission Income is ₹ 189 Mn (YTD FY25 ₹ 325 Mn); NMV: Net Merchandise Value 24,738 20,506 3,907 861 28,185 23,481 4,515 614 Total V-Mart Unlimited LimeRoad NMV* YTD FY'25 YTD FY'2614%▲ 15%▲ 16%▲ 29%▼ 79% 10% 11% 80% 10% 10% Apparel Non-Apparel FMCG YTD FY'25 YTD FY'26 3,090 2,768 564 -241 4,071 3,461 716 -106 Total V-Mart Unlimited LimeRoad YTD FY'25 YTD FY'26 27%▲ 56%▲ 12.5% 14.4% 13.5% 14.7% 14.4% 15.9% 32%▲ 25%▲ 273 1,127 YTD FY'25 YTD FY'26 YTD FY'25 YTD FY'26 1.1% 4.0% 313%▲
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9 Operational Parameters Footfall (Millions) Conversion Rate (%) Average Transaction Size (₹) Average Selling Price (ASP) (₹) 56 64 YTD FY'25 YTD FY'26 14%▲ 44% 45% YTD FY'25 YTD FY'26 1,058 981 1,797 1,028 956 1,685 Total V-Mart Unlimited YTD FY'25 YTD FY'26 3%▼ 6%▼ 3%▼ 234 217 404 366 351 447 Total V-Mart Unlimited Total V-Mart Unlimited ASP (Total) ASP (Apparel) 0%▲ 0%▲ 6%▼ 3%▼ 3%▲ 4%▲ % change YoY
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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 488 110 55 263 60 554 125 70 295 64 Total Tier 1 Tier 2 Tier 3 Tier 4 YTD FY'25 YTD FY'2614%▲ 14%▲ 27%▲ 12%▲ 7%▲ 729 798 709 709 649 733 777 748 716 703 Total Tier 1 Tier 2 Tier 3 Tier 4 YTD FY'25 YTD FY'26 1%▲ 3%▼ 5%▲ 1%▲ 8%▲ 729 758 593 733 758 626 Total V-Mart Unlimited YTD FY'25 YTD FY'26 1%▲ 0%▲ 5%▲ 4.2 3.4 0.8 4.8 3.9 0.9 Total V-Mart Unlimited YTD FY'25 YTD FY'2613%▲ 13%▲ 11%▲
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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). * 12% 12% 10% 3% 3% 4% Total V-Mart Unlimited YTD FY'25 YTD FY'26 10% 9% 15% 2% 1% 10% Total V-Mart Unlimited YTD FY'25 YTD FY'26 94 98 102 57 95 98 102 67 Total Apparel Non Apparel FMCG YTD FY'25 YTD FY'26 1%▲ 0%▼ 0%▼ 18%▲ 1.4% 0.6% YTD FY'25 YTD FY'26
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12 Manpower (₹ Millions) Power & fuel (₹ Millions) Advertisement (₹ Millions , % to Total Revenue) Other Expenses (₹ Millions) Operating Expenses 2,659 2,080 401 179 2,944 2,368 466 109 Total V-Mart Unlimited LimeRoad YTD FY'25 YTD FY'26 16%▲ 39%▼ 11%▲ 14%▲ 929 748 180 1 1,051 856 194 1 Total V-Mart Unlimited LimeRoad YTD FY'25 YTD FY'2613%▲ 14%▲ 8%▲ 18%▼ 637 436 201 501 400 100 Total (V-Mart + Unlimited) LimeRoad YTD FY'25 YTD FY'26 0.8% 1.8% 0.4% 1.8% 1.4% 2.6% 1,345 972 187 186 1,344 1,056 203 85 Total V-Mart Unlimited LimeRoad YTD FY'25 YTD FY'26 0%▼ 9%▲ 9%▲ 54%▼
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14 LimeRoad: Loss reduced by 60% YoY, NMV reduced by 20% Marketing Cost and V-Mart’s Sale Mix NMV and EBITDA (₹ Millions) 294 234 188 192 235 65 68 46 35 26 0 20 40 60 80 100 120 140 30 80 130 180 230 280 330 380 430 480 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 NMV EBITDA Loss YOY NMV growth YOY EBITDA Loss reduction 20%▼ 60%▼ 20% 19% 16% 17% 14% 33% 40% 35% 34% 44% Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Marketing Cost (% of NMV) V-Mart contribution in LimeRoad online orders
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15 Q3 FY26 Statement of Profit & Loss Balance Sheet Cash flow Statement
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16 Statement of Profit & Loss (Q3) ₹ Millions Q3 FY26 Q3 FY25 Q3 FY26 Q3 FY25 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Revenue from operations 11,264 10,267 10% 11,264 10,267 10% COGS 7,191 6,596 7,191 6,596 Gross Profit 4,073 3,672 11% 4,073 3,672 11% GP Margin % 36.2% 35.8% 36.2% 35.8% Employee Expenses 1,018 953 1,018 953 Other Expenses 960 1,005 1,679 1,611 EBITDA / Operating Income 2,095 1,714 22% 1,377 1,108 24% EBITDA Margin % 18.6% 16.7% 12.2% 10.8% Other Income 40 34 23 22 Depreciation & Amortisation 779 626 276 209 Finance Cost 206 424 78 66 Profit Before Exceptional Items & Tax 1,150 697 65% 1,045 854 22% Exceptional Gain/Loss* -21 0 -21 0 Profit Before Tax (PBT) 1,129 697 62% 1,024 854 20% PBT Margin % 10.0% 6.8% 9.1% 8.3% Post Ind AS 116 Pre Ind AS 116 Particulars YOY % YOY % * One time impact on estimated provision towards implementation of New Labour Codes
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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 28,185 24,738 14% 28,185 24,738 14% COGS 18,275 16,078 18,275 16,078 Gross Profit 9,910 8,660 14% 9,910 8,660 14% GP Margin % 35.2% 35.0% 35.2% 35.0% Employee Expenses 2,944 2,659 2,944 2,659 Other Expenses 2,895 2,911 4,933 4,639 EBITDA / Operating Income 4,072 3,090 32% 2,034 1,362 49% EBITDA Margin % 14.4% 12.5% 7.2% 5.5% Other Income 103 98 67 75 Depreciation & Amortisation 2,169 1,786 835 596 Finance Cost 562 1,191 211 171 Profit Before Exceptional Items & Tax 1,444 211 585% 1,055 670 57% Exceptional Gain/Loss* -21 0 -21 0 Profit Before Tax (PBT) 1,422 211 575% 1,033 670 54% PBT Margin % 5.0% 0.9% 3.7% 2.7% Post Ind AS 116 Pre Ind AS 116 Particulars YOY % YOY % * One time impact on estimated provision towards implementation of New Labour Codes
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18 Ind-AS 116 : P&L Impact ₹ Millions * Impact of Rent Reversal ** Impact of Profit on Termination of Lease Other Expenses* 4,933 -2,038 2,895 4,639 -1,728 2,910 EBITDA 2,034 2,038 4,072 1,361 1,728 3,089 Finance Cost 211 351 562 171 1,020 1,191 Depreciation 835 1,334 2,169 596 1,190 1,786 Other Income* 67 37 103 75 23 98 (Loss)/Profit Before Tax (PBT) 1,033 389 1,422 670 -459 211 YTD FY26 YTD FY25 Particulars Pre-Ind AS 116 Increased/ (Decreased) Post-Ind AS 116 Pre-Ind AS 116 Increased/ (Decreased) Post-Ind AS 116 88 *
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19 Particulars As At Particulars As At December 31, 2025 March 31, 2025 December 31, 2025 March 31, 2025 (Unaudited) (Audited) (Unaudited) (Audited) EQUITY AND LIABILITIES ASSETS Equity Property, plant and equipment 5,638 5,274 Equity share capital 794 198 Capital work-in-progress 117 43 Other equity 8,581 7,904 Goodwill 15 15 Total equity (D) 9,375 8,102 Other intangible assets 329 397 Right of use assets 6,247 4,699 Liabilities Financial assets Financial liabilities Other financial assets 500 462 Lease liabilities 5,078 4,410 Income tax asset (net) 69 68 Employee benefit obligations 203 170 Deferred tax assets (net) 808 849 Other non-current assets 317 298 Non-current liabilities (E) 5,281 4,580 Non-current assets (A) 14,040 12,105 Financial liabilities Current assets Borrowings 550 1,490 Lease liabilities 2,353 1,926 Inventories 9,487 9,868 Payables (including Trade) 7,425 7,620 Financial assets Other financial liabilities 541 445 Investments 53 51 Employee benefit obligations 85 74 Loans 1 3 Current tax liabilities (net) 170 8 Cash and cash equivalents 163 394 Other current liabilities 120 119 Other financial assets 447 400 Current liabilities (F) 11,244 11,681 Other current assets 1,709 1,542 Total Liabilities (G = E+F) 16,525 16,261 Current assets (B) 11,860 12,258 TOTAL EQUITY LIABILITIES (H = D+G) 25,900 24,362 TOTAL ASSETS (C = A+B) 25,900 24,362 Balance sheet ₹ Millions *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 (Unaudited) (Unaudited) (A) Cash flows from Operating activities Profit/ (Loss) before Income Tax 1,422 211 Adjustments to reconcile profit before tax to net cash flows 2,757 3,035 Operating profit before working capital changes 4,179 3,246 Changes in working capital -5 75 Cash flow from operations 4,174 3,321 Taxes paid (net of refunds) (91) (8) Net cash flow from operating activities (A) 4,084 3,313 (B) Cash flows from Investing activities Net cash flow (used in)/from investing activities (B) (1,166) (827) (C) Cash flows from Financing activities Net cash from/(used in) financing activities (C) (3,149) (2,611) Net increase/(decrease) in cash and cash equivalent (D = A+B+C) (231) (126) Cash Flow Statement YTD FY26 YTD FY25 Net cash flow from operating activities (A) 4,084 3,313 IndAS 116 adjustment (B) (2,064) (1,728) Pre IndAS 116 Net cash flow from operating activities (C) = (A+B) 2,020 1,585 Net Capex (D) (1,171) (841) Finance charges - others (E) (220) (171) Net Free Cash Flow (F) = (C+D+E) 628 574 Free Cash Flow For the period ended
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21 Store Geographical Spread Other Significant Updates Q3 FY26
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22 Cluster Based Expansion - New Stores Additions (Q3 FY26) 1 23 5 4 3 2 2 2 1 1 1 1 1 TOTAL UTTAR PRADESH GUJARAT BIHAR MADHYA PRADESH HARYANA TAMIL NADU JHARKHAND CHHATTISGARH UTTARAKHAND PUNJAB NEW DELHI 23 6 8 8 1 Total Tier 1 Tier 2 Tier 3 Tier 4 © GeoNames, Microsoft, TomTom Powered by Bing 5 4 3 2 2 2 1 1 1 1
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23 Total Stores as on 31st December 2025 5 1 * * STATE FY26 FY25 UTTAR PRADESH 167 151 BIHAR 79 68 TAMIL NADU 35 29 JHARKHAND 32 26 RAJASTHAN 30 29 WEST BENGAL 21 21 KARNATAKA 20 18 UTTARAKHAND 19 15 MADHYA PRADESH 18 16 TELANGANA 18 16 GUJARAT 17 12 ASSAM 15 16 ORISSA 15 13 ANDHRA PRADESH 12 12 JAMMU AND KASHMIR 10 8 NEW DELHI 8 7 TRIPURA 7 7 MAHARASHTRA 6 5 PUNJAB 5 4 HARYANA 5 4 KERALA 4 4 MANIPUR 2 2 ARUNACHAL PRADESH 2 1 MEGHALAYA 2 1 CHHATTISGARH 2 0 HIMACHAL PRADESH 1 1 CHANDIGARH 1 1 PUDUCHERRY 1 1 Total 554 488 2 © GeoNames, Microsoft, TomTom Powered by Bing 79 35 30 32 21 20 18 19 18 15 12 17 15 10 4 6 5 5 2 2 1 2 167
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24 New Stores Opened Gujarat Tamil Nadu Madhya Pradesh New Delhi
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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