Vishal Mart’s ascent is steady

Vishal Mega Mart Ltd has completed a year on the stock exchanges, and investors can scarcely complain.

- Manvi Agarwal

Shares are up 19% from the closing price on the 18 December 2024 listing date and 70% above the IPO issue price of ₹78.

After delivering about 12% samestore sales growth in HIFY26, management is confident of sustaining double-digit growth for the full year. The confidence rests on a loyal customer base, tailwinds from the goods and services tax, a private label heavy assortment, and early traction in quick commerce.

In recent meetings with analysts, the takeaway was clear: the management is not looking to reinvent itself, but fine-tuning a model that is already delivering.

Private labels remain the anchor. Nearly three-fourths of revenue now comes from in-house brands, giving Vishal more control. In time, the company has nudged shoppers towards higher-value purchases while keeping entry price points intact. Management says customers often trade up in festivals-and Vishal wants to capture that upgrade.