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V-Mart - An Under-Earning Asset Or A Melting Ice Cube? HDFC Securities' Analysis

We build in sales/Ebitda CAGR of (17/36% CAGR) over FY23-26 (base case) and upgrade V-Mart to a 'Buy' rating with a DCF-based target price of Rs 2,550/share implying 23 times FY26 EV/Ebitda

<div class="paragraphs"><p>A V-Mart Retail Ltd.'s store in Bengaluru. (Source: Company's official fb page)</p></div>
A V-Mart Retail Ltd.'s store in Bengaluru. (Source: Company's official fb page)
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