• Full-year financial performance: Vishal Mega Mart achieved 20.4% revenue growth, 27.8% operating EBITDA growth, and 32.8% PAT growth for the full year, exceeding its IPO guidance. Q4 same-store-sales growth reached 13.2%, supported by middle-income tax rationalization, GST cuts, and company investments in growth.
• Revenue growth guidance: Management reiterated its baseline guidance of 20% total revenue growth, targeted to come equally from same-store-sales growth (50%) and new store openings (50%).
• Inflation and private brands: Raw material price inflation in plastics and crude derivatives since late April is not yet fully reflected due to pipeline stock. The company expects its private brands, which generate 75% of total revenue, to help cushion consumers and attract store footfall.
• Dividends and promoter stake: Decisions regarding dividend payouts remain pending board approval despite significant cash on the balance sheet. Management also noted that further reductions in promoter private equity holding, which has declined to 40–41%, remain at the investors' sole discretion.