Trent Ltd
Westside · Zudio · Star Market
Mkt Cap₹1359Bn
Stores1,286
P/E82x
FY25 Rev₹17353Cr
9M FY26 Rev₹14760Cr
HOLD
Vishal Mega Mart
Vishal Mega Mart
Mkt Cap₹248Bn
Stores771
P/E37x
FY25 Rev₹10716Cr
9M FY26 Rev₹9792Cr
ACCUMULATE
Bazaar Style Retail
Style Baazar · Express Baazar
Mkt Cap₹22Bn
Stores263
P/E34x
FY25 Rev₹1353Cr
9M FY26 Rev₹1376Cr
SPECULATIVE BUY
V-Mart Retail
V-Mart · Unlimited
Mkt Cap₹52Bn
Stores554
P/E59x
FY25 Rev₹3266Cr
9M FY26 Rev₹2818Cr
HOLD/WATCH
V2 Retail
V2 Retail
Mkt Cap₹75Bn
Stores294
P/E49x
FY25 Rev₹2760Cr
9M FY26 Rev₹2270Cr
STRONG BUY
Revenue Trajectory — FY23 → FY24 → FY25 → 9M FY26
₹ Crores — all five companies on one view
Trent Ltd
FY23: ₹7715Cr → FY24: ₹11927Cr → FY25: ₹17353Cr → 9M FY26: ₹14760Cr
Vishal Mega Mart
FY23: ₹7586Cr → FY24: ₹8912Cr → FY25: ₹10716Cr → 9M FY26: ₹9792Cr
Bazaar Style Retail
FY23: ₹788Cr → FY24: ₹973Cr → FY25: ₹1353Cr → 9M FY26: ₹1376Cr
V-Mart Retail
FY23: ₹2480Cr → FY24: ₹2807Cr → FY25: ₹3266Cr → 9M FY26: ₹2818Cr
V2 Retail
FY23: ₹846Cr → FY24: ₹1165Cr → FY25: ₹2760Cr → 9M FY26: ₹2270Cr
EBITDA Margin — FY25
Trent
16.1%
Vishal
14.6%
Bazaar
14.6%
V2
13.7%
V-Mart
12.5%
ROCE — FY25
Trent
35.1%
V2
31.5%
V-Mart
23.8%
Vishal
16.8%
Bazaar
15.2%
SSSG — FY25
V2
29%
Trent
17%
Bazaar
13%
V-Mart
12%
Vishal
11%
Profit & Loss — FY23
₹ Crores · Source: BSE/NSE filings
| Metric | Trent Ltd | Vishal Mega Mart | Bazaar Style Retail | V-Mart Retail | V2 Retail |
|---|---|---|---|---|---|
| Revenue | ₹7715Cr | ₹7586Cr | ₹788Cr | ₹2480Cr | ₹846Cr |
| EBITDA | ₹1119Cr | ₹1021Cr | ₹98Cr | ₹277Cr | ₹84Cr |
| PAT | ₹394Cr | ₹321Cr | ₹5Cr | ₹8Cr | ₹-13Cr |
| EBITDA Margin | 14.5% | 13.5% | 12.4% | 11.2% | 10.0% |
| PAT Margin | 5.1% | 4.2% | 0.6% | 0.3% | -1.5% |
| EPS | — | — | — | — | — |
| Stores | 693 | 578 | 135 | 383 | 102 |
| SSSG | 32.0% | 6.0% | 15.0% | 8.0% | 22.0% |
Profit & Loss — FY24
₹ Crores · Source: BSE/NSE filings
| Metric | Trent Ltd | Vishal Mega Mart | Bazaar Style Retail | V-Mart Retail | V2 Retail |
|---|---|---|---|---|---|
| Revenue | ₹11927Cr | ₹8912Cr | ₹973Cr | ₹2807Cr | ₹1165Cr |
| EBITDA | ₹1932Cr | ₹1249Cr | ₹142Cr | ₹221Cr | ₹148Cr |
| PAT | ₹1477Cr | ₹462Cr | ₹22Cr | ₹-98Cr | ₹28Cr |
| EBITDA Margin | 16.2% | 14.0% | 14.6% | 7.9% | 12.7% |
| PAT Margin | 12.4% | 5.2% | 2.3% | -3.5% | 2.4% |
| EPS | ₹41.60 | ₹1.10 | ₹3.10 | ₹-53.50 | ₹8.00 |
| Stores | 875 | 645 | 162 | 459 | 117 |
| SSSG | 18.0% | 8.0% | 13.0% | 4.0% | 31.0% |
Profit & Loss — FY25
₹ Crores · Source: BSE/NSE filings
| Metric | Trent Ltd | Vishal Mega Mart | Bazaar Style Retail | V-Mart Retail | V2 Retail |
|---|---|---|---|---|---|
| Revenue | ₹17353Cr | ₹10716Cr | ₹1353Cr | ₹3266Cr | ₹2760Cr |
| EBITDA | ₹2787Cr | ₹1564Cr | ₹198Cr | ₹408Cr | ₹378Cr |
| PAT | ₹1534Cr | ₹690Cr | ₹15Cr | ₹46Cr | ₹152Cr |
| EBITDA Margin | 16.1% | 14.6% | 14.6% | 12.5% | 13.7% |
| PAT Margin | 8.8% | 6.4% | 1.1% | 1.4% | 5.5% |
| EPS | ₹43.20 | ₹1.60 | ₹1.90 | ₹5.80 | ₹44.20 |
| Stores | 1,132 | 691 | 214 | 505 | 189 |
| SSSG | 17.0% | 11.0% | 13.0% | 12.0% | 29.0% |
9 Month FY26 (Apr–Dec 2025)
Latest cumulative results — most recent data
| Metric | Trent Ltd | Vishal Mega Mart | Bazaar Style Retail | V-Mart Retail | V2 Retail |
|---|---|---|---|---|---|
| Revenue 9M FY26 | ₹14760Cr | ₹9792Cr | ₹1376Cr | ₹2818Cr | ₹2270Cr |
| EBITDA 9M FY26 | ₹2432Cr | ₹1514Cr | ₹184Cr | ₹428Cr | ₹346Cr |
| PAT 9M FY26 | ₹1371Cr | ₹671Cr | ₹79Cr | ₹113Cr | ₹144Cr |
| EBITDA Margin | 16.5% | 15.5% | 13.4% | 15.2% | 15.3% |
| PAT Margin | 9.3% | 6.9% | 5.7% | 4.0% | 6.3% |
Revenue Growth YoY
| Period | Trent Ltd | Vishal Mega Mart | Bazaar Style Retail | V-Mart Retail | V2 Retail |
|---|---|---|---|---|---|
| FY23→FY24 Growth | 54.6% | 17.5% | 23.5% | 13.2% | 37.7% |
| FY24→FY25 Growth | 45.5% | 20.2% | 39.1% | 16.4% | 136.9% |
| 9M FY25→9M FY26 Growth | 14.3% | 20.7% | 29.6% | 17.0% | 9.7% |
Balance Sheet — FY24
₹ Crores
| Metric | Trent Ltd | Vishal Mega Mart | Bazaar Style Retail | V-Mart Retail | V2 Retail |
|---|---|---|---|---|---|
| Total Debt | ₹420Cr | ₹2800Cr | ₹290Cr | ₹1920Cr | ₹180Cr |
| Total Equity | ₹4280Cr | ₹5560Cr | ₹240Cr | ₹760Cr | ₹275Cr |
| Debt / Equity | 0.10x | 0.50x | 1.21x | 2.53x | 0.65x |
| Current Ratio | 1.80x | 1.20x | 1.00x | 0.90x | 1.30x |
| Inventory Days | 62 | 85 | 90 | 105 | 78 |
Balance Sheet — FY25
₹ Crores
| Metric | Trent Ltd | Vishal Mega Mart | Bazaar Style Retail | V-Mart Retail | V2 Retail |
|---|---|---|---|---|---|
| Total Debt | ₹500Cr | ₹2600Cr | ₹330Cr | ₹1750Cr | ₹210Cr |
| Total Equity | ₹5400Cr | ₹6770Cr | ₹258Cr | ₹790Cr | ₹655Cr |
| Debt / Equity | 0.09x | 0.38x | 1.28x | 2.22x | 0.32x |
| Current Ratio | 1.90x | 1.30x | 0.90x | 1.00x | 1.40x |
| Inventory Days | 58 | 82 | 95 | 98 | 72 |
Key Ratios — FY23 through FY25
| Metric | Trent Ltd | Vishal Mega Mart | Bazaar Style Retail | V-Mart Retail | V2 Retail |
|---|---|---|---|---|---|
| ROE FY25 | 31.5% | 10.2% | 5.8% | 5.8% | 23.2% |
| ROCE FY25 | 35.1% | 16.8% | 15.2% | 23.8% | 31.5% |
| ROE FY24 | 28.4% | 8.3% | 9.2% | -13.1% | 10.1% |
| ROCE FY24 | 24.5% | 14.2% | 18.4% | 2.7% | 27.4% |
| ROE FY23 | 19.1% | 6.3% | 2.4% | -0.9% | -5.3% |
| ROCE FY23 | 14.5% | 11.8% | 11.2% | 13.3% | 10.0% |
| P/E (Current) | 82.00x | 37.00x | 34.00x | 59.00x | 49.00x |
| EV/EBITDA | 62.00x | 18.00x | 14.00x | 20.00x | 22.00x |
| Stores FY25 | 1,132 | 691 | 214 | 505 | 189 |
| Stores FY24 | 875 | 645 | 162 | 459 | 117 |
| Stores FY23 | 693 | 578 | 135 | 383 | 102 |
| Stores Latest | 1,286 | 771 | 263 | 554 | 294 |
| SSSG FY25 | 17.0% | 11.0% | 13.0% | 12.0% | 29.0% |
| SSSG FY24 | 18.0% | 8.0% | 13.0% | 4.0% | 31.0% |
| Promoter Holding | 37.0% | 76.0% | 45.7% | 53.3% | 51.4% |
Quarter-by-Quarter — FY25 + FY26
Q1FY25 through Q3FY26 — all 6 quarters side by side
| Quarter · Metric | Trent Ltd | Vishal Mega Mart | Bazaar Style Retail | V-Mart Retail | V2 Retail |
|---|---|---|---|---|---|
| Q1FY25 · Revenue (₹Cr) | ₹4100Cr | ₹2280Cr | ₹272Cr | ₹720Cr | ₹560Cr |
| Q2FY25 · Revenue (₹Cr) | ₹4157Cr | ₹2695Cr | ₹381Cr | ₹661Cr | ₹710Cr |
| Q3FY25 · Revenue (₹Cr) | ₹4657Cr | ₹3136Cr | ₹409Cr | ₹1027Cr | ₹800Cr |
| Q1FY26 · Revenue (₹Cr) | ₹5174Cr | ₹2530Cr | ₹378Cr | ₹885Cr | ₹584Cr |
| Q2FY26 · Revenue (₹Cr) | ₹4241Cr | ₹3592Cr | ₹532Cr | ₹807Cr | ₹757Cr |
| Q3FY26 · Revenue (₹Cr) | ₹5345Cr | ₹3670Cr | ₹466Cr | ₹1126Cr | ₹929Cr |
| Q1FY25 · EBITDA (₹Cr) | ₹693Cr | ₹330Cr | ₹40Cr | ₹78Cr | ₹77Cr |
| Q2FY25 · EBITDA (₹Cr) | ₹700Cr | ₹361Cr | ₹48Cr | ₹136Cr | ₹97Cr |
| Q3FY25 · EBITDA (₹Cr) | ₹750Cr | ₹505Cr | ₹83Cr | ₹171Cr | ₹110Cr |
| Q1FY26 · EBITDA (₹Cr) | ₹830Cr | ₹358Cr | ₹25Cr | ₹126Cr | ₹82Cr |
| Q2FY26 · EBITDA (₹Cr) | ₹780Cr | ₹551Cr | ₹69Cr | ₹166Cr | ₹90Cr |
| Q3FY26 · EBITDA (₹Cr) | ₹822Cr | ₹605Cr | ₹90Cr | ₹171Cr | ₹174Cr |
| Q1FY25 · PAT (₹Cr) | ₹516Cr | ₹180Cr | ₹4Cr | ₹-18Cr | ₹26Cr |
| Q2FY25 · PAT (₹Cr) | ₹335Cr | ₹284Cr | ₹-9Cr | ₹52Cr | ₹44Cr |
| Q3FY25 · PAT (₹Cr) | ₹497Cr | ₹263Cr | ₹30Cr | ₹72Cr | ₹44Cr |
| Q1FY26 · PAT (₹Cr) | ₹425Cr | ₹200Cr | ₹9Cr | ₹34Cr | ₹25Cr |
| Q2FY26 · PAT (₹Cr) | ₹436Cr | ₹158Cr | ₹51Cr | ₹-9Cr | ₹17Cr |
| Q3FY26 · PAT (₹Cr) | ₹510Cr | ₹313Cr | ₹19Cr | ₹88Cr | ₹102Cr |
| Q1FY25 · EBITDA Margin | 16.9% | 14.5% | 14.7% | 10.8% | 13.8% |
| Q2FY25 · EBITDA Margin | 16.8% | 13.4% | 12.6% | 20.6% | 13.7% |
| Q3FY25 · EBITDA Margin | 16.1% | 16.1% | 20.3% | 16.7% | 13.7% |
| Q1FY26 · EBITDA Margin | 16.0% | 14.1% | 6.6% | 14.2% | 14.0% |
| Q2FY26 · EBITDA Margin | 18.4% | 15.3% | 13.0% | 20.6% | 11.9% |
| Q3FY26 · EBITDA Margin | 15.4% | 16.5% | 19.3% | 15.2% | 18.7% |
| Q1FY25 · PAT Margin | 12.6% | 7.9% | 1.5% | -2.5% | 4.6% |
| Q2FY25 · PAT Margin | 8.1% | 10.5% | -2.4% | 7.9% | 6.2% |
| Q3FY25 · PAT Margin | 10.7% | 8.4% | 7.3% | 7.0% | 5.5% |
| Q1FY26 · PAT Margin | 8.2% | 7.9% | 2.4% | 3.8% | 4.3% |
| Q2FY26 · PAT Margin | 10.3% | 4.4% | 9.6% | -1.1% | 2.2% |
| Q3FY26 · PAT Margin | 9.5% | 8.5% | 4.1% | 7.8% | 11.0% |
| Q1FY25 · SSSG | 16.0% | 8.5% | 14.0% | 12.0% | 28.0% |
| Q2FY25 · SSSG | 18.0% | 9.2% | 12.0% | 15.0% | 31.0% |
| Q3FY25 · SSSG | 14.0% | 10.5% | 18.0% | 10.0% | 29.0% |
| Q1FY26 · SSSG | 14.0% | 9.8% | -3.0% | 8.0% | 12.0% |
| Q2FY26 · SSSG | 17.0% | 11.2% | 22.0% | 5.0% | 9.0% |
| Q3FY26 · SSSG | 16.0% | 9.6% | 8.0% | 5.0% | 12.8% |
Q3 FY26 Revenue Ranking
Trent
₹5345Cr
Vishal
₹3670Cr
V-Mart
₹1126Cr
V2
₹929Cr
Bazaar
₹466Cr
Q3 FY26 PAT Ranking
Trent
₹510Cr
Vishal
₹313Cr
V2
₹102Cr
V-Mart
₹88Cr
Bazaar
₹19Cr
🏦 Indian Value Retail — Investment Landscape FY26
The Indian value retail sector is at an inflection point. With organized retail penetration below 15% and 600M+ middle-class consumers in Tier 2/3 cities, every player here is riding a massive secular tailwind. FY25 proved it — all 5 companies grew revenue meaningfully. FY26 9M data shows the growth is accelerating, not slowing. V2 Retail's 9M FY26 PAT already exceeded its entire FY25 profit. Vishal's PAT grew 30%. Even V-Mart's turnaround is delivering — PAT +313% in 9M FY26.
The divergence in FY26: Trent is slowing (from 37% to 18% revenue growth) as it hits scale, while V2 Retail and Bazaar Style are in hyper-growth mode. The investment question is: do you want a proven quality compounder (Trent) or an early-stage multi-bagger (V2 Retail)?
The divergence in FY26: Trent is slowing (from 37% to 18% revenue growth) as it hits scale, while V2 Retail and Bazaar Style are in hyper-growth mode. The investment question is: do you want a proven quality compounder (Trent) or an early-stage multi-bagger (V2 Retail)?
Trent Ltd
TRENT · Mkt Cap ₹1359Bn · 1286 stores
HOLD
★★★★☆
"World-class business, stretched valuation. Buy below ₹3,000."
✅ Strengths
• 1,286 stores (278 Westside + 854 Zudio + 4 UAE)
• FY25 revenue ₹17,353 Cr (+37% YoY)
• 31.5% ROE — best in sector
• Zero leverage (D/E 0.09x)
• Zudio — fastest scaling fashion brand in India
⚠️ Risks
• 82x P/E — richest valuation in sector
• Stock down 42% from 2024 peak
• Revenue per store declining as expansion accelerates
• PAT margin compressed 8.8% in FY25 (exceptional gain in FY24)
Vishal Mega Mart
VISHAL · Mkt Cap ₹248Bn · 771 stores
ACCUMULATE
★★★☆☆
"Stable compounder at reasonable 37x PE. Good for 3-year hold."
✅ Strengths
• 771 stores, 517 cities — widest national footprint
• FY25 revenue ₹10,716 Cr (+20%)
• 9M FY26 PAT +30% YoY to ₹671 Cr
• Debt-to-equity improving: 0.5x → 0.38x
• Consistent double-digit SSSG
⚠️ Risks
• Post-IPO (Dec 2024) stock underperformed
• PE-backed — promoter may look to exit
• Low PAT margin 6-7%
• High inventory days 82
Bazaar Style Retail
STYLEBAAZA · Mkt Cap ₹22Bn · 263 stores
SPECULATIVE BUY
★★★☆☆
"High growth but volatile. Only for risk-tolerant long-term investors."
✅ Strengths
• 38% revenue growth FY25, 38% again in 9M FY26
• 263 stores, expanding to 400+ by FY27
• Private label now 54% of revenue (huge margin driver)
• Q2 FY26 PAT ₹51Cr — best ever quarter
• East India dominance — underserved market
⚠️ Risks
• Highly seasonal — Durga Puja/Chhat dependent
• Bengal/Assam concentration + civil unrest risk
• Q3 FY26 PAT fell 63% QoQ — inconsistent profitability
• D/E 1.28x — highest leverage
• SSSG revised down to 4-5% for FY26
V-Mart Retail
VMART · Mkt Cap ₹52Bn · 554 stores
HOLD/WATCH
★★☆☆☆
"Turnaround confirmed but not yet investable. Revisit after FY26 annual results."
✅ Strengths
• FY25 PAT turned positive ₹46 Cr (from -₹98 Cr loss in FY24)
• ROCE recovered from 2.7% → 23.8% in FY25
• 9M FY26 PAT +313% YoY to ₹113 Cr
• 554 stores, adding 63 in 9M FY26
• Unlimited online segment losses narrowing
⚠️ Risks
• Still highest D/E at 2.22x — balance sheet fragile
• SSSG slowed to 5% in FY26 vs 10-12% in FY25
• FY26 revenue growth moderating to 10-14%
• Turnaround still early — needs 2 more clean years
V2 Retail
V2RETAIL · Mkt Cap ₹75Bn · 294 stores
STRONG BUY
★★★★★
"Best growth in sector. 9M FY26 PAT already beat all of FY25. 294 stores → guiding 400+. Multi-bagger setup."
✅ Strengths
• FY25 revenue ₹2,760 Cr — grew 137% in 2 years!
• 9M FY26 PAT ₹144 Cr (+119% YoY) — already beat FY25 full year
• ROCE 31.5% FY25 — #1 in sector
• 294 stores (105 added in 9M FY26)
• QIP raised ₹400 Cr — institutional interest building
• 12.8% normalized SSSG in Q3 FY26
⚠️ Risks
• SSSG went negative (-2% reported Q3 FY26) due to new store cannibalization
• Rapid expansion (105 stores in 9M FY26) creates execution risk
• PAT margin Q2 FY26 compressed to 2.2%
• Low institutional ownership historically
📊 Investment Ranking Table
| Rank | Company | Rating | Verdict | FY25 Rev | Rev Growth | ROCE FY25 | P/E |
|---|---|---|---|---|---|---|---|
| #1 | V2 Retail | ★★★★★ | STRONG BUY | ₹2760Cr | 137% | 31.5% | 49x |
| #2 | Trent Ltd | ★★★★☆ | HOLD | ₹17353Cr | 45% | 35.1% | 82x |
| #3 | Vishal Mega Mart | ★★★☆☆ | ACCUMULATE | ₹10716Cr | 20% | 16.8% | 37x |
| #4 | Bazaar Style Retail | ★★★☆☆ | SPECULATIVE BUY | ₹1353Cr | 39% | 15.2% | 34x |
| #5 | V-Mart Retail | ★★☆☆☆ | HOLD/WATCH | ₹3266Cr | 16% | 23.8% | 59x |
V2 Retail
Q3 FY26: Revenue +57%, PAT +99% to ₹102Cr — beat full FY25 PAT in one quarter
BSE Filing · Feb 2026
9M FY26 PAT ₹144 Cr (+119% YoY). 294 stores, 105 added in 9M. Normalized SSSG 12.8%. QIP raised ₹400 Cr with marquee institutional investors. EBITDA margin 18.7% in Q3 — best ever.
Trent
FY26 Full Year Revenue ₹19,701 Cr (+18%), 1,286 stores across India & UAE
Screener/BSE · Apr 2026
9M FY26 PAT ₹1,371 Cr. Q3 FY26 revenue ₹5,345 Cr (+15%), PAT ₹510 Cr (+2.7%). 278 Westside + 854 Zudio stores. Stock down 42% from peak — long-term entry opportunity forming.
Vishal
9M FY26: Revenue ₹9,792 Cr (+20%), PAT ₹671 Cr (+30%) — best 9M ever post-IPO
BSE Filing · Jan 2026
Q3 FY26 revenue ₹3,670 Cr (+17%), EBITDA ₹605 Cr (16.5% margin). 771 stores, 517 cities. SSSG 9.6%. Debt-to-equity improved to 0.38x. Strong post-IPO institutional investor confidence.
V-Mart
9M FY26 PAT surges 313% to ₹113 Cr — turnaround confirmed
BSE Filing · Feb 2026
554 stores. Q3 FY26 revenue ₹1,126 Cr (+10%), PAT ₹88 Cr (+23%). FY25 full year revenue ₹3,266 Cr (+16%), ROCE recovered to 23.8%. Unlimited segment losses nearly eliminated.
Bazaar Style
9M FY26 Revenue ₹1,376 Cr (+38%), private label now 54% of sales
BSE Filing · Feb 2026
263 stores. Q2 FY26 was best ever (₹532 Cr revenue, ₹51 Cr PAT). Q3 FY26 PAT fell 63% QoQ — high seasonality. FY26 SSSG guidance revised to 4-5%. East India civil unrest impacted festive sales.
Sector
India value retail TAM ₹5 lakh Cr+ — organized penetration below 15%
Industry · Apr 2026
Tier 2/3 consumer aspiration driving expansion. Private label adoption improving unit economics across all players. Digital + physical hybrid model emerging as next competitive moat.