Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

Equity Bottom-Up

<ul>
<li>March 2026 insider activity was very strong with 60+ companies reporting insider accumulation spanning large caps and mid/small caps.</li>
<li>We present the key sectors which saw insider buying during the month along with names which have moved significantly above the insider buying price.</li>
<li>Also mentioned in this insight are the names which are available significantly below the insider buying price.</li>
</ul>


March 2026 insider activity was very strong with 60+ companies reporting insider accumulation spanning large caps and mid/small caps.
We present the key sectors which saw insider buying during the month along with names which have moved significantly above the insider buying price.
Also mentioned in this insight are the names which are available significantly below the insider buying price.


Insider Activity: Who Is Buying Their Own Stock During the Market Correction? – March 2026

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</a> raised around US$950m in its India IPO. Its IPO linked lockup will expire soon.</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>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>



Vishal Mega Mart raised around US$950m in its India IPO. Its IPO linked lockup will expire soon.
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.
In this note, we will talk about the lock-up dynamics and updates since our last note.


Vishal Mega Mart IPO Lockup Expiry - US$4bn Lockup Release with PE Sitting on 10x Gains

<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

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shoppers-stop-ltd" target="_blank" data-smartkarma-citation="entities:12804:1" rel="noopener">Shoppers Stop (SHOP IN)</a> is a leading retailer in India specializing in fashion and beauty brands with 12 department stores, 7 premium home stores, and 87 specialty beauty outlets,</li>
<li>SHOP has also launched its value retail format INTUNE in June 2023 generating excitement and interest around the same. </li>
<li>It seems SHOP is trying to play all cards of the retail game, i.e., premium, beauty, and value fast fashion, but so far has shown no signs of success.</li>
</ul>



Shoppers Stop (SHOP IN) is a leading retailer in India specializing in fashion and beauty brands with 12 department stores, 7 premium home stores, and 87 specialty beauty outlets,
SHOP has also launched its value retail format INTUNE in June 2023 generating excitement and interest around the same. 
It seems SHOP is trying to play all cards of the retail game, i.e., premium, beauty, and value fast fashion, but so far has shown no signs of success.


Narrative and Numbers | Shoppers Stop (SHOP 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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

V-Mart (VMART IN)

Insider Activity: Who Is Buying Their Own Stock During the Market Correction? – March 2026

There was strong insider buying activity even during the last week of March 2026. Notable names include GMR Airports, Info Edge, Jindal Stainless,...

Sreemant Dudhoria

Vishal Mega Mart IPO Lockup Expiry - US$4bn Lockup Release with PE Sitting on 10x Gains

Kedaara Capital is now, on the day of the lock-up expiry, looking to sell around 10% of the company, as per media reports, at a floor price of...

Sumeet Singh

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

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

Narrative and Numbers | Shoppers Stop (SHOP IN) | FY24

Shoppers Stop in India expands with new value retail format INTUNE, but faces challenges in capturing success across premium, beauty, and fast...

Pranav Bhavsar

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Insider Activity: Who Is Buying Their Own Stock During the Market Correction? – March 2026

There was strong insider buying activity even during the last week of March 2026. Notable names include GMR Airports, Info Edge, Jindal Stainless,...

Sreemant Dudhoria

Vishal Mega Mart IPO Lockup Expiry - US$4bn Lockup Release with PE Sitting on 10x Gains

Kedaara Capital is now, on the day of the lock-up expiry, looking to sell around 10% of the company, as per media reports, at a floor price of...

Sumeet Singh

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

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

Narrative and Numbers | Shoppers Stop (SHOP IN) | FY24

​Shoppers Stop in India expands with new value retail format INTUNE, but faces challenges in capturing success across premium, beauty, and fast...

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...

Shoppers Stop in India expands with new value retail format INTUNE, but faces challenges in capturing success across premium, beauty, and fast...