Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Vishal Mega Mart / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/vishal-mega-mart" target="_blank" data-smartkarma-citation="entities:44041:1" rel="noopener">Vishal Mega Mart (VMM)</a> raised around US$950m in its India IPO.</li>
<li>Vishal Mega Mart Limited (VMM), is a one-stop retail destination. As per the company it targets middle and lower-middle income consumers across India</li>
<li>We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.</li>
</ul>



Vishal Mega Mart (VMM) raised around US$950m in its India IPO.
Vishal Mega Mart Limited (VMM), is a one-stop retail destination. As per the company it targets middle and lower-middle income consumers across India
We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.


Vishal Mega Mart IPO Trading - Strong Demand Despite Not so Strong Anchor

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>V-Mart Retail’s (VMART) revenue grew 20% YoY in 2QFY25, led by strong SSSG and store additions.</li><li>EBITDA beat our estimate by 30%, aided by better productivity, improvement in gross margin for offline format, and lower losses in LimeRoad (LR).</li><li>We broadly maintain our revenue/EBITDA estimates for FY25/FY26. We expect revenue/EBITDA CAGR of 17%/39% over FY24-27 as we build in improved SSSG and lower losses in the online segment.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

V-Mart Retail’s (VMART) revenue grew 20% YoY in 2QFY25, led by strong SSSG 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 (LR).We broadly maintain our revenue/EBITDA estimates for FY25/FY26. We expect revenue/EBITDA CAGR of 17%/39% over FY24-27 as we build in improved SSSG and lower losses in the online segment.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

V-Mart Retail - Strong SSSG and Lower LR Losses Drive 2Q Beat

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Despite a challenging landscape marked by heavy rainfall, inflationary pressure, and seasonal fluctuations, V-Mart Retail has delivered a robust revenue increase of 20.3% YoY.</li><li>This growth was driven by strong same-store sales growth (SSSG) of 15% YoY, alongside a notable 54% YoY increase in footfall.</li><li>Management has observed early signs of recovery in both rural and urban areas. Additionally, the proportion of repeat customers has surged to nearly 70%, reflecting strong consumer confidence in the brand. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Despite a challenging landscape marked by heavy rainfall, inflationary pressure, and seasonal fluctuations, V-Mart Retail has delivered a robust revenue increase of 20.3% YoY.This growth was driven by strong same-store sales growth (SSSG) of 15% YoY, alongside a notable 54% YoY increase in footfall.Management has observed early signs of recovery in both rural and urban areas. Additionally, the proportion of repeat customers has surged to nearly 70%, reflecting strong consumer confidence in the brand. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

V-Mart Retail Ltd - Seeing Gradual Recovery; Maintain BUY

<ul><li>Strong Performance: Revenue grew by 16% YoY, driven by strong same-store sales growth (SSSG) of 11% YoY and a 36% YoY increase in footfall.</li><li>EBITDA margins stood at 9.5%, up 486 bps, attributed to a 60% YoY reduction in Lime Road losses, lower discounts, cost efficiency measures, and a decrease in marketing expenses.</li><li>Management remains optimistic about demand revival as it continues to witness increased footfalls.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Strong Performance: Revenue grew by 16% YoY, driven by strong same-store sales growth (SSSG) of 11% YoY and a 36% YoY increase in footfall.EBITDA margins stood at 9.5%, up 486 bps, attributed to a 60% YoY reduction in Lime Road losses, lower discounts, cost efficiency measures, and a decrease in marketing expenses.Management remains optimistic about demand revival as it continues to witness increased footfalls.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

V-Mart Retail Ltd - Strong Operating Performance; Maintain BUY

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

<ul>
<li>
<a href="https://www.smartkarma.com/entities/v-mart-retail-ltd" target="_blank" data-smartkarma-citation="entities:1987:1" rel="noopener">V-Mart Retail (VMART IN)</a>  is an omni-channel value retailer, providing a range of products aimed at Bharat’s middle and lower middle class</li>
<li>The company has implemented a cluster strategy that has supported its expansion across India. In FY24, V-Mart opened 46 new stores nationwide.</li>
<li>Being over-indexed to value, V-MART has posted slower revenue growth compared to the recent past. New Warehouse and tigher control over inventory could boost cashflows further. </li>
</ul>



V-Mart Retail (VMART IN)  is an omni-channel value retailer, providing a range of products aimed at Bharat’s middle and lower middle class
The company has implemented a cluster strategy that has supported its expansion across India. In FY24, V-Mart opened 46 new stores nationwide.
Being over-indexed to value, V-MART has posted slower revenue growth compared to the recent past. New Warehouse and tigher control over inventory could boost cashflows further. 


Narrative and Numbers | V-Mart Retail (VMART IN) | FY24

India

V-Mart is a value retail chain in India, primarily targeting Tier II, III, and IV cities, offering fashion apparel, footwear, accessories, and general merchandise. The company also operates a digital marketplace platform. V-Mart was founded in 2002 and is headquartered in Gurugram, Haryana, India.

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V-Mart (VMART IN)

Vishal Mega Mart IPO Trading - Strong Demand Despite Not so Strong Anchor

Vishal Mega Mart (VMM) raised around US$950m in its India IPO. We have looked at the past performance in our earlier notes. In this note, we talk...

Sumeet Singh

V-Mart Retail - Strong SSSG and Lower LR Losses Drive 2Q Beat

Motilal Oswal's research report onV-Mart Retail V-Mart Retail’s (VMART) revenue grew 20% YoY in 2QFY25, led by strong SSSG and store...

Motilal Oswal

V-Mart Retail Ltd - Seeing Gradual Recovery; Maintain BUY

Despite a challenging landscape marked by heavy rainfall, inflationary pressure, and seasonal fluctuations, V-Mart Retail has delivered a robust...

Axis Direct

V-Mart Retail Ltd - Strong Operating Performance; Maintain BUY

Strong Performance: Revenue grew by 16% YoY, driven by strong same-store sales growth (SSSG) of 11% YoY and a 36% YoY increase in footfall.

Axis Direct

Narrative and Numbers | V-Mart Retail (VMART IN) | FY24

V-Mart Retail targets Bharat's middle class with omni-channel strategy, slower revenue growth due to focus on value, expansion with cluster...

Pranav Bhavsar

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Vishal Mega Mart IPO Trading - Strong Demand Despite Not so Strong Anchor

Vishal Mega Mart (VMM) raised around US$950m in its India IPO. We have looked at the past performance in our earlier notes. In this note, we talk...

Sumeet Singh

V-Mart Retail - Strong SSSG and Lower LR Losses Drive 2Q Beat

Motilal Oswal's research report onV-Mart Retail V-Mart Retail’s (VMART) revenue grew 20% YoY in 2QFY25, led by strong SSSG and store...

Motilal Oswal

V-Mart Retail Ltd - Seeing Gradual Recovery; Maintain BUY

Despite a challenging landscape marked by heavy rainfall, inflationary pressure, and seasonal fluctuations, V-Mart Retail has delivered a robust...

Axis Direct

V-Mart Retail Ltd - Strong Operating Performance; Maintain BUY

Strong Performance: Revenue grew by 16% YoY, driven by strong same-store sales growth (SSSG) of 11% YoY and a 36% YoY increase in footfall.

Axis Direct

Narrative and Numbers | V-Mart Retail (VMART IN) | FY24

​V-Mart Retail targets Bharat's middle class with omni-channel strategy, slower revenue growth due to focus on value, expansion with cluster...

Pranav Bhavsar

V-Mart Retail targets Bharat's middle class with omni-channel strategy, slower revenue growth due to focus on value, expansion with cluster...