Vishal Mega Mart Q2 Results October 21, 2026: Profit Up 3.7% to ₹158 Crore as Festive Shift Hits Margin

Vishal Mega Mart Q2 results, filed in the middle of the trading day on October 21, 2026, showed profit still growing but only just. Consolidated profit after tax rose 3.7% year-on-year to ₹157.9 crore, while revenue from operations grew 14% to ₹3,398.5 crore, according to the press release the retailer filed with NSE and BSE. The market focused on the margin, and the stock fell over 8% intraday.

Vishal Mega Mart Q2 results: the key numbers

All figures below are consolidated, for the quarter ended September 30, 2026 (Q2 FY27), compared with the same quarter a year earlier, as given in the company’s release and the reviewed results filed with the exchanges.

• Revenue from operations: ₹3,398.5 crore, up 14.0% from ₹2,981.5 crore.
• Same-store sales growth (SSSG): 5.4%. The company says festivals moved from Q2 to Q3 this year and that this cost 3-4 percentage points of SSSG; adjusted for it, the company puts SSSG at about 9%.
• Reported EBITDA: ₹412.0 crore, up 4.4% from ₹394.6 crore. The EBITDA margin slipped to 12.1% from 13.2%.
• Operating EBITDA (before Ind AS 116 lease accounting and ESOP charges): ₹262.2 crore, up 3.7%, with the margin down to 7.7% from 8.5%.
• Profit after tax: ₹157.9 crore, up 3.7% from ₹152.3 crore. Adjusted PAT, before ESOP charges, was ₹172.0 crore, up 6.4%.
• Gross margin: 28.0%, against 28.3% a year ago.

Two cost lines from the results table help explain the squeeze. Depreciation and amortisation rose to ₹191.9 crore from ₹169.1 crore, roughly 13% higher, and finance costs climbed to ₹47.2 crore from ₹41.2 crore.

Why the festive calendar matters here

The company’s footnote says there was an 18-day shift in the festive calendar this year, pushing Puja and Dussehra demand into the October-December quarter. For a value retailer that sells mostly apparel, that is a real swing. Apparel made up 44.1% of first-half revenue, general merchandise 28.4% and FMCG 27.3%. Stores and rent are fixed; sales that slip into the next quarter leave the cost base looking heavier. Management calls this operating deleverage.

We’d also look at the sequential picture. In the June quarter, consolidated revenue was ₹3,727.0 crore and profit was ₹258.8 crore, per the same filing. So Q2 profit was about 39% lower than Q1 on revenue about 9% lower, so one quarter on its own can mislead.

For the half year, revenue grew 16.4% to ₹7,125.5 crore and profit rose 16.3% to ₹416.6 crore, which is a steadier read than the single quarter.

Stores, brands and the stock reaction

Vishal added 26 gross stores (25 net) in the quarter and ended September with 844 stores across 582 cities, covering about 1.41 crore sq ft. Own brands made up 73.9% of first-half revenue, and the quick-commerce service now runs from 781 stores in 532 cities with 1.5 crore registered users.

CEO Gunender Kapur said in the release that the company had a strong start to the festivals and felt confident about demand heading into Diwali and the wedding season, while flagging inflation in key raw material categories and an uneven monsoon.

Investors weren’t convinced on the day. The Economic Times reported that the stock fell as much as 8.23% to an intraday low of ₹86.66 on NSE, and was trading at ₹90.25, down 4.44% from the previous close of ₹94.44, when it checked.

What it means for investors

Management is framing this as a timing story, so Q3 is the test. If the shifted festive demand shows up, the margin hit should look temporary; if it doesn’t, rising depreciation and finance costs will keep pressing on profit. ESOP charges are also part of the gap between reported and adjusted profit; our explainer on ESOP dilution in results covers how to read that line.

For the wider method, see our guide on how to analyse quarterly results. Another Q2 update from the same day is IHCL’s Q2 results.

Disclaimer: This article is for information and education only and is not investment advice. Please do your own research or speak to a SEBI-registered adviser before making investment decisions.