Archive · 24 Sep 2026
Brokerages Back Vishal Mega Mart’s Expansion and Growth Prospects
Vishal Mega Mart is a retailer that sells everyday products, clothing and other goods.
Its share price fell slightly on Thursday after moving higher earlier in the day.
Two brokerages, Emkay and Jefferies, still rated the company a Buy.
They believe the company can grow by opening more stores.
Vishal Mega Mart is also testing smaller stores in towns with about 40,000 people.
Its own brands make up a large share of its sales and can provide better margins.
The company is building its quick-commerce business, although it remains a small part of total sales.
It is also investing in warehouses, technology and automation.
Jefferies said the company’s 833 stores could eventually grow toward about 2,000, with smaller formats creating an opportunity for nearly 4,000 stores.
Vishal Mega Mart shares ended 1.13% lower at ₹105.20 on the BSE after rising nearly 2% early Thursday, 24 September.
Emkay Global Financial Services retained its Buy rating and set a ₹170 target price.
Jefferies also retained its Buy rating, with a ₹160 target implying approximately 54% upside from around ₹104.
Brokerages highlighted store expansion, private labels, quick commerce and potential margin improvement as key growth drivers.
Vishal Mega Mart has 833 stores, while smaller formats could eventually expand its opportunity to nearly 4,000 stores.
- Who
- Vishal Mega Mart, Emkay Global Financial Services and Jefferies.
- What
- Brokerages retained Buy ratings on Vishal Mega Mart and highlighted its expansion, private-label strategy, quick-commerce business and margin potential.
- When
- Thursday, 24 September; the article does not specify the year.
- Where
- Vishal Mega Mart’s retail network, including stores in India and a Belong & Co. format in Delhi.
- Why
- Brokerages believe store expansion, private-label economics, quick commerce and operating leverage can support future growth.
- Closing share price
- ₹105.20 on the BSE, down 1.13% on Thursday, 24 September
- Emkay target price
- ₹170, with a retained Buy rating
- Jefferies target price
- ₹160, implying approximately 54% upside from a market price of around ₹104
- Current store network
- 833 stores
- Long-term store target
- Management is targeting around 2,000 stores over time
- Smaller-format opportunity
- Nearly 4,000 stores, according to the brokerages
- Private-label contribution
- More than 60% of FMCG volumes and around 74% of general merchandise sales
- Quick-commerce contribution
- Less than 4% overall, ranging from 2% to 10% at individual stores