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Investing.com - Motilal Oswal Securities initiated coverage on Vishal Mega Mart Ltd (VMM:IN) with a Buy rating and a price target of INR165.00.
The research firm describes VMM as "one of India’s largest offline-first value retailers" serving approximately 1 billion people across middle and low-income segments, with 696 stores across 458 cities primarily in tier 2+ locations.
Motilal Oswal highlights VMM’s diversified product mix across Apparel (44%), General Merchandise (28%), and Fast-Moving Consumer Goods (28%), along with its strong private brands portfolio that accounts for 73% of revenue.
The firm projects VMM will achieve revenue and EBITDA compound annual growth rates of 19% and 20% respectively, driven by approximately 13% CAGR in store additions, consistent double-digit same-store sales growth, and modest operating leverage benefits.
With VMM’s debt-free balance sheet and cost control measures, Motilal Oswal forecasts a 24% profit after tax CAGR and cumulative pre-IND-AS operating cash flow and free cash flow generation of approximately INR32 billion and INR23 billion over FY25-28.
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