V-Mart Retail Limited (VMART.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+13427.3%

₹97,592.43

vs ₹721.45 price

Levered DCF

₹300,555.91

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

3.89

Safe zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	0.4×	132.84×	-11.54×	-141.61×	696.78×	-214.91×	13.6×	20.47×
P/B	0.05×	1.9×	1.49×	1.31×	2.39×	1.62×	1.46×	3.08×
P/S	0.01×	0.47×	0.4×	0.45×	1.22×	1.24×	0.4×	0.88×
EV / EBITDA	1.87×	6.04×	10.6×	8.55×	13.3×	12.33×	5.42×	9.82×
Gross margin	16.1%	34.5%	33.7%	12.9%	33.3%	8.1%	31.2%	31.4%
Operating margin	5.7%	23.4%	0.3%	3.8%	4.7%	3.0%	7.6%	7.4%
Net margin	3.3%	1.4%	-3.5%	-0.3%	0.7%	-0.6%	3.0%	4.3%
Current ratio	1.04×	1.05×	1.16×	1.37×	2.27×	3.35×	1.61×	1.99×
Debt / equity	1.01×	0.97×	1.86×	1.57×	1.06×	0.69×	1.13×	0.02×
Interest coverage	2.87×	5.57×	0.05×	0.8×	1.01×	0.56×	2.3×	92.63×
Dividend yield	0.0%	0.0%	0.0%	0.1%	0.0%	0.0%	0.6%	0.3%
Payout ratio	0.0%	0.0%	0.0%	-18.9%	0.0%	0.0%	7.5%	5.9%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	13.0%	5.6%	-13.0%	-0.9%	1.4%	-0.8%	10.8%	15.1%
Return on invested capital	9.0%	47.3%	0.2%	2.6%	4.4%	1.5%	9.1%	15.5%
Return on assets	4.5%	1.9%	-3.4%	-0.3%	0.6%	-0.4%	4.0%	9.8%
Free cash flow yield	622.8%	14.7%	23.7%	-8.8%	-8.0%	8.1%	3.7%	2.8%
Earnings yield	247.0%	3.0%	-8.7%	-0.7%	0.6%	-0.5%	7.4%	4.9%
Enterprise value	₹9.9B	₹22.8B	₹24.8B	₹24.2B	₹29B	₹18.8B	₹11.8B	₹12.5B
Net debt / EBITDA	1.78×	1.97×	5.83×	4.63×	3.98×	3.57×	2.35×	-0.06×
Cash conversion cycle (days)	57	40	40	73	134	88	95	71