Vishal Mega Mart Ltd. (VMM.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

+1.1%

₹90.60

vs ₹89.64 price

Levered DCF

₹57.02

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

6.96

Safe zone

Rating

Overall 3 / 5

Ratios by fiscal year

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

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020
P/E	58.42×	6,325×	109.74×	157.65×	248.73×	430.5×
P/B	6.61×	7.32×	8.98×	9.79×	10.46×	11.12×
P/S	3.8×	5.4×	5.68×	6.67×	9.06×	11.47×
EV / EBITDA	25.63×	30.34×	40.47×	49.35×	60.36×	86.49×
Gross margin	28.4%	11.3%	27.1%	26.6%	27.6%	27.1%
Operating margin	9.4%	11.2%	8.5%	7.7%	7.5%	19.8%
Net margin	6.5%	7.3%	5.2%	4.2%	3.6%	2.7%
Current ratio	1.6×	1.33×	1.08×	0.94×	1.01×	1.12×
Debt / equity	0.27×	0.27×	0.26×	0.28×	0.37×	0.42×
Interest coverage	7.06×	6.51×	5.26×	3.65×	2.22×	0×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020
Return on equity	11.3%	9.9%	8.2%	6.2%	4.2%	2.6%
Return on invested capital	9.6%	2.6%	7.9%	6.5%	4.7%	9.8%
Return on assets	7.3%	6.3%	5.4%	3.9%	2.5%	1.5%
Free cash flow yield	2.6%	0.0%	1.1%	0.8%	1.0%	1.2%
Earnings yield	1.7%	1.3%	0.9%	0.6%	0.4%	0.2%
Enterprise value	₹504.8B	₹482B	₹518.6B	₹518.8B	₹521.6B	₹528.4B
Net debt / EBITDA	0.74×	0.84×	1.09×	1.35×	1.96×	2.94×
Cash conversion cycle (days)	17	21	15	-0	-22	-34