Vishal Mega Mart CEO Interaction: SSSG durability + Expansion runway; Own brands strengthen the moat

Research evidence excerpt

Vishal Mega Mart CEO Interaction: SSSG durability + Expansion runway; Own brands strengthen the moat

J P M O R G A N Asia Pacific Equity Research

27 May 2026

Vishal Mega Mart Overweight

VSSL.NS, VMM IN

CEO Interaction: SSSG durability + Expansion runway; Price (26 May 26):Rs121.08

Own brands strengthen the moat Price Target (Sep-27):Rs145.00

We hosted Mr. Gunender Kapur, MD & CEO, at the JPM India Consumer CEO Consumer, Retail, Media

ACFireside chat series. The CEO pointed to expectations of resilient revenue growth Latika Chopra, CFA

led by healthy SSSG (DD over FY22-FY26) and disciplined expansion amidst a (91-22) 6157-3584

potentially inflationary environment. Own brands (~75% of revenue) are latika.chopra@jpmorgan.com

positioned as the central growth and value engine — helping protect consumers Himanshu Singh

from inflation, sustain/raise relative discount vs third-party brands, and (91-22) 6157-3610

historically driving higher footfalls and share gains during inflationary periods. himanshu.x6.singh@jpmorgan.com

Store expansion pace will stay intense (FY26 ~ +100) with a focus on geographic Saransh S Gokhale

diversification (good traction in new states) through smaller-format stores (healthy (91-22) 6157 3578

saransh.gokhale@jpmchase.com

unit economics). Other strategic measures include increasing investment in digital J.P. Morgan India Private Limited, J.P. Morgan

commerce (now contributing ~2–10% in some stores, with good traction in smaller Tower, Santacruz(E), Mumbai - 400098, SEBI

Registration: INH000001873, (91-22) 6157-3000.

towns and meaningful customer acquisition), and rolling out tech-led efficiency

initiatives such as RFID pilots and broader productivity enablement. While gross