Interim report
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Ref. No. CS/S/L-941/2025-26 22nd January, 2026 To: The Listing Department NATIONAL STOCK EXCHANGE OF INDIA LIMITED “Exchange Plaza” Bandra-Kurla Complex Bandra (E ), Mumbai – 400 051 Scrip Code: VMART Fax: 022-26598120 Email: cmlist@nse.co.in To: The Corporate Relationship Department THE BSE LTD Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai – 400 001 Scrip Code: 534976 Fax: 022-22723121 Email: corp.relations@bseindia.com Sub: Outcome of the Meeting of the Board of Directors of the Company held on January 22, 2026 Dear Sir/Madam, Pursuant to Regulations 30 & 33 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, we hereby furnish the Unaudited Financial Results of the Company along with the Limited Review Report issued by the Statutory Auditors f or the third quarter and nine months ended on December 31, 2025 as considered, approved and taken on record by the Board of Directors of the Company in its meeting held today, January 22, 2026. The Board Meeting commenced at 1:35 PM and concluded at 02:05 PM. This information will also be made available on the Company’s website at www.vmart.co.in. We request you to kindly take the above information on record. Thanking You, Yours Truly For V-Mart Retail Limited Megha Tandon Company Secretary and Compliance Officer Encl: As above
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67, Institutional Area S.R. BATLIBOI & Co. LLP Sector 44, Gurugram - 122 003 Haryana , India Tel +91 124 681 6000 Chart red Accountants Independent Auditor' Review Report on the Quarterly and Year t~ D_ate Una~dit_ed Financia_l Results of the ompany Pur uant to the Regulation 33 of the SEBI (L1stmg Obligations and Disclosure Requirement ) Regulation , 2015, as amended Review Report to The Board of Directors V-Mart Retail Limited I. We have reviewed the accompanying statement of unaudited financial results of V-Mart ~etail Limited (the "Company") for the quarter ended December 31, 2025 and year to date from Apnl O 1, 2025 to December 3 l, 2025 (the "Statement") attached herewith, being submitted by the ~ompany pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations , 2015, as amended (the "Listing Regulations"). 2. The Company's Management is responsible for the preparation of the Statement in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, (Ind AS 34) "Interim Financial Reporting" prescribed under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The Statement has been approved by the Company's Board of Directors. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, '·Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. 4. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standards ('Ind AS') specified under Section 13 3 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Listing Regulations , including the manner in which it is to be disclosed, or that it contains any material misstatement. For S.R. Batliboi & Co. LLP Chartered Accountants ICAI Firm registration number: 301003E/E300005 per Anil Mehta Partner Membership No.: 095812 UDIN: ~' 035 g I~ .SI<. Place: Gurugram Date: January 22, 2026 SR Batlibot &:. Co_ LLP_ a L1m11c:J L1ab1l1ty Pannc:ntup \\-·1th LLP hkntu, ~o \AS...i:,9--4 RC!:ld Office l:?, Camac '''"'" Blocl 8 ' Jrd Floor Kolk.u. --oo 016
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\ -\1011 lldail Umlttd R'l!'l-O~ : •IMl 1,Guni Ram Du a1ar, \laln \tar~-.~ Opp. SUL Bank, Lunll Nagar, New Dell~ - l10092 - l5140'1DU002rLC1~727, Wtb•lte: ""'"·.vmart.<oJn ~.,,.,."tor a.1Luldircd na■ ndal n:-,uU.J for tM quarttr and nine months ended December Jl. 2025 Quarter ended December 31, September 30, • Parti<ala 2025 2025 (Unaudited) (Unaudited) fl)('Omt! t Rcvc:nuc from operations 112,638 80,687 II Other income 396 343 Ill . Total Income (I+ n) 113,034 81,030 r,·. Exp,nses : a) Purchase ofsiock -m-trade 62,369 76,141 b) Changes in inventories of stock-in-trade 9,539 (22,589) c) Employoe benefits expense 10,178 9,760 d) Finance costs 2,055 1,745 c) Depreciation and amorriz.atioo expense 7,789 7,110 I) Other expenses 9,602 10,224 Total cxpeo.,, (I\') 101,532 82,391 \ '. Pn>Dt/ (loss) before exceptional Item and tax (Ill• [VJ 11,502 (1,361) H . El:ceptiooal galnl(loss) (Refer note 5) (21 I) . vu. ProOt/ (loss) before tax (V+\1) 11,291 (1,361) VTTI. Tax crpcnse: • Current tax 2,270 (454) • Deferred tax charge/(mdit) 222 (20) Total tax exptDS<i (credit) (VIII) 2,492 (474) IX. Profit for the period/year (VII-VIII) 8,799 (887) X. Other comprehensive income / (1011) Items that "'"ill not be reclaulfied to statement of profit or loss (i) Remcasurcmcnt gain/ (loss) of net defined benefit obligations (31) (35) (ii) locomc taX on abov,: 8 9 Total other comprehensive income / (loss) (23) (26) XI. Total comprebewlve income for the period/year (IX+X) 8,776 (913) XII. Paid - up eguity share capital (face value of Rs.10 each) 7,944 7,939 XIII. Other equity XIV. Earningsl(lo,s) per share (Nominal value or Rs.10 each) (Refer note 6) (a) Basic (Rs.) 11.08 (1.12) (b) Dilated (Rs.) II.OJ (1.12) Additional mfonnarion (Refer note 7): Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) 20,950 1,151 [V + IV(d) + IV(e) - m (Amount In Ra. L•kh• unless otherwlJe stated) Nine month, ended Year ended December 31, December 31, December 31, March 31, 2024 2025 2024 2025 (Unaudited) (Unau dited) (Unaudited) (Audited ) 102,673 281,847 247,378 325,386 338 1,032 919 1,212 103,011 282,879 248,357 326,598 56,523 178,934 160,989 230,048 9,432 3,811 (208) (17,076) 9,534 29,435 26,594 36,338 4,243 5,624 11,906 13,646 6,258 21,691 17,863 23,299 10,047 28,949 29,106 38,365 96,037 268,444 246,250 324,620 6,974 14,435 2,107 1,978 (211) 2,418 6,974 14,224 2,107 4,396 515 2,513 515 7 (764) 439 (1,194) (188) (189) 2,952 (619) (181) 7,163 11,272 2,726 4,577 (13) (103) (256) (375) 3 26 64 94 (10) (77) (192) (281) 7,153 11,195 2,534 4,296 1,980 7,944 1,980 1,980 79,038 9.04 14.20 3.44 5.78 8.95 14.12 3.41 5.72 17,137 40,718 30,897 37,711 'S.R. Batliboi & Co. LLP, Gurugram fer Identification
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\ · \!•rt Rrtoll I lmltrd Rrsd. Omt'T: 61Mlt,Guna Ram U1\11 , a,ar, \hln :\1arkd. 011p, ,01 llank. tn.ml N111:ar, N~w Urlhl l lOUYl C" • Ul'Nl•l>I ZOOlrLC'IA.,717, \hb•lf•: ,.,.,.,,.,,.rl.<O,ln , n1rt11 ftl unaudUcd Onandal rc,ulr, (nr tht qoarcc-r and nht~ m('lnCh111; tndcd Uccrnlb~r .1 1, 1025 n.c .. 1inaodal rc,ult ha,'< l><cfl prq,orcd in ac..-ordan.:.: 11 ith Ind ion Accountina Mnndnrd (Ind AS) •• prc•crlbed under Section 133 of the Cornpnnle, Act, 2013 read with Ruic 1 or ("omr1n1c" (fnd11n \1..'\.'Qantins: StanJan:b) Rulc111 2015 and relcv•nt 1m1..,,Jn~n1 thon:antr. 2 The alxwt flna~-ial rtsulh have t,«n rcvicwrd by the Audit Committee and IJ>pnncd by the Board of Director~ at their rc:8pcctfvc meetings held on January 22, 2026 and have been h:'\.1C\\~ h~ rhc (lal\Jtory audih.lf"i of the Comp11ny, .\ Purruant 10 the Corur••f• limplo},:c Stoel Opllon chemc 2020 and 2012 ("Scheme"), tho Company hn, l!!ucd 51,893 ,hare, and 13,328 tban:1 during the quarter ended December 31, 202$ and Scp1cmbcr 30, 2025 rc<pcct,v,:ly, on accowil of exercise of vc,ted stock options. 4 There are no sub5idiary wociateJoint vtnture of the Company as on December 31, 202S, hence no requirement 10 prc11cnt consoUdalod financinl tcflul11 for U1c quarter end nlno montlH ended Dec,mb<r 31, 2025. Stal On 'o,-.n,1,cr 21, 2025, the Go,-e111ID<nl of India notified four new uibour Code, (tl10 Code on Wages, 2019, tl,e Code oo Social Sccurily, 2020, the lndustriel Relation, Code, 2020 •nd the Occuratiooal Safety, Health and Working Coodilioo, Code, 2020) consolidotins 29 existing lllbour lows, The Mlni•"Y ofuibour & Employment published draft Ccn1tal Rules and FAQs to enable as~ssrocnt of the financial impact due to changes in regulations. The Company has assessed and accounted for the incremental impact of these changes wHh U1c best information a.ailablc and guidance provided by the lnsti1U10 of Chartered AccounUUlll oflndia. The impacl of the above chansc omounllng to R.,. 211 lakh., has been di,closcd •• "Exocptionol 11cms'" in the financial results for the quarter and otnc months coded December 31, 2025. The Company continues to monitor tho finalization of CcniraV Stale Rules and clarifications from the Government on other aspects of the Labour Codes and would provide appropriate accounting effect as and when such clarifications arc lssucd/rulcs arc notified 5(b) During the year ended March 31, 2025, the Company =sscs.,cd ill lease term C$11ma1c:s for store leases in accordance wnh Ind AS 116 . 'Lea.sos' Tb1S reasscnmcnl n:flcct.t the evolving nature of the Comp&ny's store portfoHo based on historical trends as well as future operating strategy. Accordingly, lcuc tcnn estimates had been revised to closely align with the period over '4-"bich management rcasonablycx:pccts to exercise option to renew its lease contracts. Tius had Jed to a reassessment of the estimates of measurement and recognition of Right-of-Use (ROU) assets (including associated security deposits) and corre!ponding lcuc liabilities under Ind AS 116 • 1..ca..c;cs" The above reassessment resulted m the rccogrubon ofa net exceptional gain of Rs 2,418 lakhs dunng the year ended March 31, 2025 6 During the quarter ended June 30, 1025, the Company bas mucd 3 bonus shares on 1 fully paid up cqwty share having face value of R.,, 10 each. Accordingly, tho Eaming.,/(10!!) per share for the prior periods have been restated in accordance with Ind AS 33 . "Eammgs per share" 7 For heller undcrmndrng of the financial pcrfonnaocc, the Company has chosen to present Earrungs Before ln1crcs~ Taxes, Depn:ciation nod Amortisalion (EBITDA) •• 10 addil!onal infonnation. EBITDA is derived from profit/(loss) before exceptional item and tax, Jess other income and adding back finance costs and depreciation and amortization cxpcm1c. For and oo behalf oftbc Board of Directors of V-M I ::/.lml tcd LaUt~ Managing Dirccmr Pia«: Ourugram Dote: Ja.nuary 22, 2026 S.R. Batllboi & Co. LLP, Gurugram for Identification
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, -\1111 Reuil Um <rd R ..... om .. , 11._6I I, l, ■n Ra,. Pn ,apr, hln ',tark<t, OV11. 1-111 IJ1nk, I uwl N1ior, ,.,. Utlhl 110092 C" -1 <t909lll 2otlPI c:16.'117, \\rlmk t •1num1rt.ce.ln '-qmni:t w!w rt\ ..... """'' 1u<1, and llabn1t1 .. for 0.< q11111n and nlnt 1t1onth1 cndtd De<unbcr JI, 1025 ~ Partlnun Qt,ortrr rndt'd Ocnmbtr JI, 2015 ScpltmlJrr JO 2025 (Uuudilcd) (U■ tudlttdl l·'q:mtst Rt,c.:IIIH' R<1ail Trade 112,023 80,032 0,.:..1 ',tari--..-t Plo,-c 1,067 1148 T.eal Si."lffl"l('nt Rt, r-nu\" 113,090 80880 l-'!'S!!>. lntc.T ~t"l1fflirftt R:\'C'ITUC 452 193 Tnnl 111,638 80 687 Se,:-l Results R, I fudt )2,649 (563) o,rD11 Mm<t Pb<;c (518) (370) T-1 12,131 (933) La. Unallocable tinancc C06l (402) (202) La..: Unallocable A=nx:Lllion and amorti,..uon .,..,,.,..,e (227) (226) Profit/ ll••l bdorr cx~t>donal Item and tu 11,502 (1.361) SqmtnlA...,I Rc<,d Trade 243,415 246,750 Duntal Marl<ct rw:c 3,623 3.398 Total 247,038 250,148 UnallOCJ11Cd MICIS 11,957 12,483 Total !.,,,rmtnl Assd 258,995 26263 1 Segmtnl Llabilily Rewl Trade 155,663 165,8◄ 7 D11!1cal Marl<cl Place 2.383 2,016 Tocal 158,046 167,863 Unallocated liab,htic,; 7,199 10,193 Total C:-mtnl Llabllilv 1 65,l◄S 178,056 Otccmbrr JI 201" IUnaudltt'dl 101,619 1,363 102 982 309 102 673 8,579 (9-41 l 7,638 (664) . 6 974 289,445 8.057 297,502 I0,079 307,581 222.356 2,517 21",873 4,167 229 040 (Amoont In Rs. I •"-lo. DftltH .Clo,nrhr ,tat'""' Nlat m'llllhJ tndtd Year....,. Orumbrr JI 1015 Urcrmb<r JI 2024 Marc~ 31 2'25 (UDludlftdl (!;mudlltdJ (AlldffNIJ 279,'161 244.126 321,310 2,72H ◄ 002 S~6 282689 1"8,128 31"-~ 1142 750 9l!O 2'1,IM7 1"7.378 315.386 17,360 7,095 7,193 (I .39-4) 13 ??91 13.276) 15,966 3,816 3,917 (8◄ 7) (1,709) (987) (6!14) . (952 l4A35 2,107 1,978 2'13,,415 289,◄45 221,,997 3.623 8.057 3,585 1"7,038 297,502 230,582 11,957 10.079 13.042 258,995 307UI 243.624 155,663 222,356 145,.233 2,383 2,517 2,309 158,046 21",873 147,542 7.199 4,167 IS.064 165.245 229 040 162,606 S.R. Batliboi & Co. LLP, Gurugram for Identif ication