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Value retail Historical case study · data as of 20 Jul 2026 · published 23 Oct 2026 (95 days later)

Vishal Mega Mart — 100-point case study

How Vishal Mega Mart looked on 50 technical and 50 fundamental measures on 20 Jul 2026 — and what happened over the next three months. Education only; not a current view.

Codes	NSE: VMM · BSE: 544307
Close on 20 Jul 2026	₹111.21
Market cap then	₹52,157 crore
Valuation	P/E 62.2× · P/B 7.04×
Momentum	RSI (14) 37 · 1-year return -19.5%
Next 3 months	-20.9% vs Nifty 50 -6.4% (to 22 Oct 2026)

Scorecard

Technical — 50 points

1 bullish · 21 neutral · 2 caution · 25 bearish — the picture leaned negative.

Fundamental — 50 points

15 bullish · 32 neutral · 1 caution · 1 bearish — the picture leaned positive.

Price chart

Close (to snapshot) Close (after) 50-day avg 200-day avg Support Resistance

Data note: Vishal Mega Mart listed in December 2024, so long-term (5- and 10-year) history is not available and shows as n/a. The promoter stake fell sharply through block sales during 2025–26, which shows in the ownership points.

Technical analysis — 50 points

Calculated by code from daily prices up to 20 Jul 2026. Standard formulas (RSI, MACD, ADX use Wilder smoothing).

How to read the tags. Each of the 50 points gets one tag. Bullish the reading was favourable. Bearish the reading was unfavourable. Neutral the reading was in a normal range, or gave no clear message. Caution a warning sign or an unusual reading that deserves a closer look. Point 50 counts the other 49 tags. The chart is called positive when bullish tags beat bearish ones by 5 or more, negative when bearish tags beat bullish ones by 5 or more, and mixed otherwise. Under each point you will see what reading earns which tag. Tags describe the data on the snapshot date. They are not signals to buy or sell. Full guide to all 100 points →

A. Trend

#	Point	Reading	Tag	Commentary
1	Short-term trend (20 days)	slope -0.30%/day	Bearish	Over the last 20 sessions the regression line of closing prices was falling about 0.30% a day — a short-term downtrend. Bullish slope above +0.10% a day (short-term uptrend) · Bearish slope below –0.10% a day (short-term downtrend) · Neutral between the two: a flat, sideways phase.
2	Medium-term trend (~5 months)	3M return -6.5%	Bullish	The 100-session trend line was up (+0.05%/day) and the stock was -6.5% over three months, so the medium-term picture was bullish. Bullish slope above +0.05% a day · Bearish slope below –0.05% a day · Neutral in between.
3	Long-term trend (1 year)	1Y return -19.5%	Bearish	Compared with a year earlier the price was -19.5%. A weak year for the stock. Bullish up more than 10% in a year · Bearish down more than 10% in a year · Neutral between –10% and +10%.
4	Weekly chart trend	10W 117.79 / 30W 118.50	Bearish	On the weekly chart the stock showed a weekly close below the 10-week average, which sat below the 30-week. Bullish weekly close above the 10-week average, which is above the 30-week · Bearish weekly close below the 10-week average, which is below the 30-week · Neutral when they are tangled.
5	Swing structure (highs/lows)	last highs 122.72→123.69; lows 115.39→113.55	Neutral	The two most recent swing points showed a higher high but a lower low — mixed structure. Bullish higher highs and higher lows (uptrend structure) · Bearish lower highs and lower lows (downtrend structure) · Neutral when one is higher and the other lower.
6	ADX (14) — trend strength	15.3	Neutral	ADX at 15.3 signals a weak or absent trend (below 20) — range-bound conditions. ADX measures strength only, not direction. Bullish ADX 20 or more with +DI above –DI (a real trend, pointing up) · Bearish ADX 20 or more with –DI above +DI (a real trend, pointing down) · Neutral below 20: no clear trend. 20–30 is a moderate trend, above 30 a strong one.
7	+DI vs –DI	+DI 14.6 / –DI 28.8	Bearish	–DI was above +DI: sellers had the upper hand in directional movement. Bullish +DI above –DI · Bearish –DI above +DI · No neutral zone for this point.

B. Moving averages

#	Point	Reading	Tag	Commentary
8	Price vs 20-day SMA	116.55 (-4.6%)	Bearish	Close of 111.21 was 4.6% below the 20-day SMA — the short-term trend filter was negative. Bullish close above the average · Bearish close below the average · No neutral zone.
9	Price vs 50-day SMA	118.57 (-6.2%)	Bearish	Close of 111.21 was 6.2% below the 50-day SMA — the medium-term trend filter was negative. Bullish close above the average · Bearish close below the average · No neutral zone.
10	Price vs 200-day SMA	126.15 (-11.8%)	Bearish	Close of 111.21 was 11.8% below the 200-day SMA — the long-term trend filter was negative. Bullish close above the average · Bearish close below the average · No neutral zone.
11	9 / 21 EMA crossover	9E 113.86 / 21E 115.91	Bearish	The 9-day EMA was below the 21-day EMA; the last crossover happened on 07 Jul 2026. Bullish 9-day above 21-day · Bearish 9-day below 21-day · No neutral zone.
12	Golden / death cross (50 vs 200)	no cross in data window	Bearish	The 50-day average was 6.0% below the 200-day. No 50/200 crossover occurred in the data window. Bullish 50-day above 200-day (after a “golden cross”) · Bearish 50-day below 200-day (after a “death cross”) · No neutral zone.
13	50-day SMA slope	-1.5% in 20 sessions	Bearish	The 50-day average fell 1.5% over the past month — declining. Bullish rose more than 0.5% · Bearish fell more than 0.5% · Neutral in between: flattening.
14	MA ribbon alignment	117 / 119 / 117 / 126	Neutral	The 20/50/100/200-day averages were tangled — no clean order, typical of a transition or range. Bullish neatly stacked 20 > 50 > 100 > 200 · Bearish neatly stacked 20 < 50 < 100 < 200 · Neutral when tangled (a transition or range).
15	Monthly anchored VWAP	116.55 (-4.6%)	Bearish	Anchored to the start of July, the volume-weighted average price was 116.55; the close was below it — buyers that month were on average under water. Bullish close above VWAP (that month’s buyers on average in profit) · Bearish close below VWAP · No neutral zone.

C. Momentum

#	Point	Reading	Tag	Commentary
16	RSI (14)	36.7	Bearish	RSI at 36.7 reflected soft, below-average momentum. Bullish RSI 55–70 (positive momentum, not stretched) · Bearish RSI 30–45 (soft momentum) · Neutral 45–55. Caution at 70 or above (overbought) or 30 or below (oversold).
17	RSI divergence (last 40 days)	none	Neutral	Comparing the last 20 sessions with the 20 before: no divergence — RSI moved in line with price. Bullish bullish divergence: price made a lower low but RSI a higher low · Caution for a bearish divergence (price higher high, RSI lower high). Neutral when RSI moved in line with price.
18	MACD line vs signal	MACD -1.81 / signal -1.09	Bearish	MACD was below its signal line — momentum turning or staying negative. Bullish MACD above signal · Bearish MACD below signal · No neutral zone.
19	MACD histogram (5-day change)	-0.26 → -0.72	Bearish	The histogram fell over the last five sessions, meaning momentum was weakening. Bullish histogram rising (momentum improving) · Bearish histogram falling (momentum weakening) · No neutral zone.
20	MACD vs zero line	-1.81	Bearish	MACD below zero means the 12-day EMA was below the 26-day EMA — a negative momentum regime. Bullish MACD above zero · Bearish MACD below zero · No neutral zone.
21	Stochastic (14,3,3)	%K 8.3 / %D 6.5	Caution	Slow stochastic at 8.3 was in oversold territory (<20). Bullish between 20 and 80 with %K above %D · Bearish between 20 and 80 with %K below %D · Caution above 80 (overbought) or below 20 (oversold).
22	Williams %R (14)	-86.0	Caution	%R of -86.0 put the close near the bottom of its 14-day range. How to read: Caution above –20 (near the top) or below –80 (near the bottom). Neutral in the middle. This point is never tagged Bullish or Bearish.
23	CCI (20)	-175	Bearish	CCI at -175 signalled an unusually strong downward deviation (<–100). Bullish above +100 (unusually strong upward move) · Bearish below –100 (unusually strong downward move) · Neutral within ±100.
24	Rate of change (10-day)	-6.6%	Bearish	Price changed -6.6% over ten sessions. Bullish up more than 2% · Bearish down more than 2% · Neutral between –2% and +2%.

D. Volatility

#	Point	Reading	Tag	Commentary
25	Bollinger Band position (%B)	%B 0.05 (bands 110.66–122.45)	Neutral	%B of 0.05 — inside the bands, lower half. How to read: Caution above 1 or below 0 (outside the bands — an overextended move). Neutral inside the bands.
26	Bollinger width / squeeze	width 10.1% (51st pct of 6M)	Neutral	Band width was at the 51st percentile of the last six months, a normal level. How to read: Caution when the width is in the lowest 15% of six months (a “squeeze” that often comes before a bigger move, direction unknown). Neutral otherwise.
27	ATR (14)	₹3.19 (2.9% of price)	Neutral	A typical day's range was about ₹3.19, or 2.9% of the price — useful for judging how much 'normal noise' to expect. How to read: Information only. A higher % means bigger normal daily swings.
28	Historical volatility (30-day)	24.3% vs 1Y 29.9%	Neutral	Annualised 30-day volatility was 24.3%, close to the one-year level of 29.9%. How to read: Caution when 30-day volatility is more than 1.25× the one-year level. Neutral otherwise.
29	Keltner Channel (20, 2×ATR)	109.56–122.03	Neutral	The close was inside the channel, so no volatility breakout. Bullish close above the upper channel (strong upward push) · Bearish close below the lower channel · Neutral inside the channel.
30	Beta vs Nifty 50 (1Y daily)	0.96	Neutral	A beta of 0.96 means the stock tended to move roughly in line with the Nifty 50 day to day. How to read: Information only. Above 1.1 moves more than the market, below 0.9 less, around 1 in line.

E. Volume & money flow

#	Point	Reading	Tag	Commentary
31	Volume vs 20-day average	last day 0.55× / 5-day 0.97×	Neutral	The final session traded 0.55× its 20-day average volume and the last five sessions averaged 0.97× — normal participation. How to read: Information only. Above 1.2× is heavier than usual participation, below 0.8× lighter.
32	Up-day vs down-day volume (20d)	ratio 0.83	Bearish	Average volume on up days was 0.83× that on down days — distribution-leaning. Bullish ratio above 1.15 (accumulation-leaning) · Bearish ratio below 0.85 (distribution-leaning) · Neutral between 0.85 and 1.15.
33	On-Balance Volume (20d)	OBV falling	Bearish	OBV fell over the month while price fell — volume confirmed the price move. Bullish OBV rising · Bearish OBV falling · No neutral zone.
34	Accumulation/Distribution line	falling (20d)	Bearish	The A/D line fell, meaning closes tended to be in the lower part of daily ranges on meaningful volume. Bullish A/D line rising · Bearish A/D line falling · No neutral zone.
35	Chaikin Money Flow (20)	-0.25	Bearish	CMF at -0.25 indicated net outflows. Bullish above +0.05 (net inflows) · Bearish below –0.05 (net outflows) · Neutral between –0.05 and +0.05.
36	Money Flow Index (14)	39.6	Bearish	MFI, a volume-weighted RSI, was 39.6. Bullish MFI 55–80 · Bearish MFI 20–45 · Neutral 45–55. Caution above 80 (overbought) or below 20 (oversold).
37	Liquidity (avg daily turnover)	₹120 cr/day	Neutral	About ₹120 crore changed hands per day on average over 20 sessions — liquid. How to read: Information only. Above ₹500 crore a day is highly liquid, above ₹50 crore liquid, below that moderately liquid.

F. Price levels

#	Point	Reading	Tag	Commentary
38	Support levels (S1/S2/S3)	101.15 / 98.77	Neutral	Nearest support (prior swing lows) sat at 101.15, 10.0% below the close, then 98.77. How to read: Information only. Levels to watch, not good or bad.
39	Resistance levels (R1/R2/R3)	123.21 / 128.37 / 138.75	Neutral	Nearest resistance (prior swing highs) sat at 123.21, 10.8% above the close, then 128.37, 138.75. How to read: Information only.
40	Monthly pivot points (for next month)	P 114.69 \| R1 120.21 \| S1 105.70	Neutral	Classic pivots from July's high/low/close gave a pivot of 114.69; the close was below it. How to read: Information only.
41	Fibonacci retracement (6M swing)	23.6% 106 \| 38.2% 111 \| 50.0% 115 \| 61.8% 118	Neutral	Measuring the 6-month fall from 130.50 to 98.77, the close was nearest the 38.2% retracement at 110.89. How to read: Information only.
42	52-week high / low	H 157.60 / L 98.77	Neutral	The close was 29.4% below the 52-week high and 12.6% above the 52-week low. Bullish within 5% of the 52-week high · Bearish within 5% of the 52-week low · Neutral in between.
43	Unfilled price gaps (6M)	none	Neutral	No unfilled price gaps in the last six months. How to read: Information only.

G. Patterns

#	Point	Reading	Tag	Commentary
44	Price structure / chart pattern	pullback inside a larger uptrend	Neutral	Rule-based pattern scan: pullback inside a larger uptrend. (Classical patterns like head-and-shoulders are judgement calls; we report only what the rules detect.) Bullish rising channel (both trends up) · Bearish falling channel (both trends down) · Neutral for tight consolidation, a bounce in a downtrend, a pullback in an uptrend, or a sideways range.
45	Breakout / breakdown (20-day)	range 109.18–123.69	Neutral	The close was inside the prior 20-day range of 109.18–123.69. Bullish close above the 20-day high (breakout) · Bearish close below the 20-day low (breakdown) · Neutral inside the range.
46	Latest candlestick	Inside bar	Neutral	On 20 Jul the candle opened 110.25, ranged 109.80–112.50 and closed 111.21: Inside bar — range contraction. Single candles are weak signals on their own. Bullish hammer, bullish engulfing or bullish marubozu · Bearish shooting star, bearish engulfing or bearish marubozu · Neutral for a doji, inside bar or ordinary candle. Single candles are weak signals.
47	Ichimoku Cloud	cloud 115.10–119.28; Tenkan 114.25 / Kijun 116.44	Bearish	Price was below the cloud and the Tenkan line was below the Kijun line — a bearish Ichimoku setup. Bullish close above the cloud · Bearish close below the cloud · Neutral inside the cloud.

H. Relative strength & summary

#	Point	Reading	Tag	Commentary
48	Relative strength vs Nifty 50	1M -5.9% / 3M -6.0%	Bearish	The stock underperformed the Nifty 50 by 6.0 points over three months and underperformed by 5.9 points over one month. Bullish ahead of the Nifty 50 by more than 2 points · Bearish behind by more than 2 points · Neutral within ±2 points.
49	Relative strength vs Nifty 50 (6M)	6M -8.3%	Bearish	No sector index in today's data set, so we show the 6-month comparison instead: 8.3 points behind the Nifty 50. Bullish ahead by more than 2 points · Bearish behind by more than 2 points · Neutral within ±2 points.
50	Technical summary	1 bullish · 25 bearish · 21 neutral · 2 caution	Bearish	Across the 49 readings the technical picture leaned negative. Levels that mattered: support 101.15, resistance 123.21. This is a description of the chart on 20 Jul 2026, not a forecast. How to read the score: the strongest possible reading is 49 bullish · 0 bearish, and the weakest is 0 bullish · 49 bearish. Most companies land in between. The chart is called positive when bullish tags beat bearish ones by 5 or more, negative when bearish tags beat bullish ones by 5 or more, and mixed otherwise. Even a 49–0 score describes the past and is not a reason to buy, and a 0–49 score is not a reason to sell. Bullish bullish tags beat bearish ones by 5 or more (“positive”) · Bearish bearish tags beat bullish ones by 5 or more (“negative”) · Neutral (“mixed”) otherwise. Strongest possible: 49 bullish · 0 bearish.

Fundamental analysis — 50 points

Uses only results published by 20 Jul 2026: FY26 annual (Apr 2025–Mar 2026), the Jan–Mar 2026 quarter and the Mar 2026 shareholding. ₹ crore, consolidated unless stated. Valuation uses the 20 Jul 2026 close.

How to read the tags. Each of the 50 points gets one tag. Bullish the reading was favourable. Bearish the reading was unfavourable. Neutral the reading was in a normal range, or gave no clear message. Caution a warning sign or an unusual reading that deserves a closer look. Point 50 counts the other 49 tags. The numbers are called positive when bullish tags beat bearish ones by 4 or more and are at least 1.5 times as many, negative the other way round, and mixed otherwise. Under each point you will see what reading earns which tag. Tags describe the data on the snapshot date. They are not signals to buy or sell. Full guide to all 100 points →

A. Valuation

#	Point	Reading	Tag	Commentary
1	P/E (trailing 12 months)	62.2×	Neutral	At ₹111.21 the market valued the company at about ₹52,157 crore, or 62.2× the ₹839 crore profit of the four quarters to Mar 2026. That is a premium multiple — the market expected growth. How to read: Information only. Below 15 is a low multiple, 15–30 moderate, above 30 a premium (the market expects growth). Compare with peers and the company’s own history.
2	Price / Book	7.04×	Neutral	Market cap was 7.04× the Mar 2026 book value (equity + reserves) of ₹7,413 crore. How to read: Information only. Main yardstick for banks; asset-light businesses usually trade at high P/B.
3	Price / Sales	4.04×	Neutral	The company was valued at 4.04× its trailing-12-month sales of ₹12,905 crore. How to read: Information only.
4	EV / EBITDA (approx.)	28.7×	Neutral	Enterprise value (market cap + ₹1,988 cr borrowings; cash not netted) was 28.7× trailing operating profit of ₹1,884 crore. How to read: Information only. Lower means cheaper relative to operating profit.
5	Earnings yield	1.6%	Neutral	The inverse of P/E: each ₹100 invested bought about ₹1.6 of annual earnings. Investors often compare this with the ~6–7% yield on 10-year government bonds. How to read: Information only. Often compared with the ~6–7% yield on 10-year government bonds.
6	PEG (P/E ÷ 3-yr profit CAGR)	1.65	Neutral	P/E of 62.2 divided by 3-year profit growth of 37.7% a year gives a PEG of 1.65. Below 1 is often read as growth being cheaply priced; above 2 as expensive. Bullish below 1 (growth cheaply priced) · Bearish above 2 (growth expensively priced) · Neutral 1–2, or when profit did not grow (not meaningful).
7	Dividend yield (trailing 12M)	n/a	Neutral	Dividend history in our data window was not available. Bullish above 3% · Neutral at 3% or less. Never tagged Bearish.
8	Market capitalisation	₹52,157 cr	Neutral	At about ₹0.52 lakh crore the company was a mid-cap. How to read: Information only. Above ₹1 lakh crore large-cap, ₹30,000 crore–₹1 lakh crore mid-cap, below that small-cap (our rule of thumb).
9	Graham number vs price	₹25.22 vs ₹111.21	Neutral	Benjamin Graham's conservative fair-value yardstick √(22.5 × EPS × book value per share) came to ₹25.22; the price was 341% above it. Quality franchises usually trade above this number. Bullish price below the Graham number · Neutral when the price is above it (most quality companies are).

B. Growth

#	Point	Reading	Tag	Commentary
10	Revenue growth FY26 (YoY)	+20.4%	Bullish	Revenue for FY26 was ₹12,906 crore, +20.4% versus FY25. Bullish above 10% · Bearish below 0% (revenue fell) · Neutral 0–10%.
11	Q4 FY26 revenue growth (YoY)	+22.2%	Bullish	The Jan–Mar 2026 quarter brought ₹3,114 crore of revenue, +22.2% on the same quarter a year earlier. Bullish above 10% · Bearish below 0% · Neutral 0–10%.
12	Net profit growth FY26 (YoY)	+32.8%	Bullish	FY26 net profit was ₹839 crore, +32.8% on FY25's ₹632 crore. Bullish above 10% · Bearish below 0% · Neutral 0–10%. Caution if a one-off item distorted the figure.
13	Q4 FY26 profit growth (YoY)	+46.1%	Bullish	Quarterly profit was ₹168 crore versus ₹115 crore a year earlier (+46.1%). Bullish above 10% · Bearish below 0% · Neutral 0–10%.
14	Revenue CAGR (3 years)	19.4%	Bullish	Revenue compounded at 19.4% a year from FY23 to FY26. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%. Caution if an acquisition inflated it.
15	Profit CAGR (3 years)	37.7%	Bullish	Net profit compounded at 37.7% a year from FY23 to FY26. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%.
16	Revenue CAGR (5 years)	23.7%	Bullish	Over five years (FY21–FY26) revenue compounded at 23.7% a year. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%.
17	EPS growth FY26 (reported)	+31.4%	Bullish	Reported EPS went from ₹1.37 to ₹1.80 (+31.4%). Differences from profit growth come from changes in share count (bonus, buyback, new issues). Bullish above 10% · Bearish below 0% · Neutral 0–10%.

C. Profitability

#	Point	Reading	Tag	Commentary
18	Operating margin FY26	15%	Neutral	Operating profit (EBITDA) was 15% of sales in FY26 versus 15% in FY25. How to read: Information only — normal margins differ a lot by industry.
19	Operating margin trend (4 quarters)	15% → 13% → 16% → 14%	Neutral	Quarterly margins moved from 15% to 14% over the last four quarters — broadly stable. Bullish up more than 1 percentage point · Bearish down more than 1 percentage point · Neutral when broadly stable.
20	Net profit margin FY26	6.5%	Neutral	₹6.5 of every ₹100 of revenue ended up as net profit in FY26. How to read: Information only.
21	Return on equity FY26	12.1%	Neutral	FY26 profit was 12.1% of average shareholders' equity. Above ~15% is generally considered good; below 10% weak. Bullish above 18% · Bearish below 10% · Neutral 10–18%. Around 15% or more is generally considered good.
22	ROCE FY26	15%	Neutral	Return on capital employed (debt + equity) was 15% in FY26. Bullish above 20% · Bearish below 10% · Neutral 10–20%.
23	Return on assets FY26	7.33%	Neutral	Net profit was 7.33% of total assets. Bullish banks only: 1.5% or more · Bearish banks only: below 1% · Information only for non-banks.
24	Effective tax rate FY26	25%	Neutral	The company paid about 25% of pre-tax profit as tax; India's base corporate rate is ~25%. How to read: Information only. India’s base corporate rate is about 25%.
25	Other income share of pre-tax profit	7%	Neutral	Non-operating 'other income' of ₹84 crore made up 7% of pre-tax profit. How to read: Caution above 25% (headline profit leans on non-core income). Neutral otherwise.

D. Balance sheet

#	Point	Reading	Tag	Commentary
26	Debt / equity	0.27	Bullish	Borrowings of ₹1,988 crore were 0.27× equity — very low leverage. Bullish below 0.3 (very low leverage) · Bearish above 1 (high leverage) · Neutral 0.3–1.
27	Debt / EBITDA	1.04×	Neutral	Debt equalled 1.04 years of FY26 operating profit. Bullish below 1× · Bearish above 3× · Neutral 1–3×.
28	Interest coverage	6.5×	Neutral	Earnings before interest and tax covered interest cost 6.5 times. Bullish above 8× · Bearish below 3× · Neutral 3–8×, or not meaningful when interest is negligible.
29	Book value growth	+15.8%	Bullish	Shareholders' equity grew +15.8% from ₹6,401 crore to ₹7,413 crore in FY26. Bullish above 10% (banks: above 12%) · Bearish below 0% (non-banks only) · Neutral otherwise.
30	Capital work in progress	₹34 cr (0% of fixed assets)	Neutral	Projects under construction (CWIP) were 0% of fixed assets — a modest pipeline. How to read: Information only. Above 20% means a big expansion pipeline that is not yet earning.
31	Working capital days	-5 days	Neutral	Working capital tied up equalled -5 days of sales (FY25: -3). Negative means suppliers/customers fund operations. How to read: Information only. Lower is generally more efficient; negative means suppliers or customers fund the business.
32	Cash conversion cycle	17 days	Neutral	It took 17 days to turn inventory and receivables into cash, net of supplier credit. How to read: Information only. Shorter is generally better.
33	Debtor days	1 (FY25 2)	Neutral	Customers took 1 days on average to pay, versus 2 a year earlier. How to read: Caution when debtor days rose more than 20% in a year (collections stretching). Neutral otherwise.

E. Cash flow

#	Point	Reading	Tag	Commentary
34	Operating cash flow FY26	₹1,621 cr	Bullish	The business generated ₹1,621 crore of operating cash in FY26 versus ₹1,399 crore in FY25. Bullish positive and higher than the year before · Bearish negative · Neutral when positive but lower. Information only for banks.
35	Free cash flow FY26	n/a	Neutral	Free cash flow line not available on source page. Bullish positive · Bearish negative · Neutral when not available.
36	Cash conversion (CFO ÷ net profit)	1.93×	Bullish	Operating cash flow was 1.93× reported profit — profits were well backed by cash. Bullish above 1× (profits well backed by cash) · Caution below 0.7×. Neutral 0.7–1×.
37	Free-cash-flow yield	n/a	Neutral	Not available. Bullish above 4% · Neutral at 4% or less.
38	Free cash flow — 3-year total	n/a	Neutral	Not available. Bullish positive total · Bearish negative total · Neutral when not available.
39	Capex FY26 (CFO – FCF)	n/a	Neutral	Not available. How to read: Information only.

F. Dividends & shareholder returns

#	Point	Reading	Tag	Commentary
40	Dividend payout ratio FY26	0%	Neutral	The company paid out about 0% of FY26 profit as dividends. How to read: Information only. High payout suits mature businesses; growing firms often keep more.
41	Dividend consistency (3 years)	0% / 0% / 0%	Neutral	Payout ratios for FY24 / FY25 / FY26 — dividends were irregular. Bullish paid every year · Neutral when irregular. Never tagged Bearish.
42	Share capital change (FY25→FY26)	+1.7%	Caution	Paid-up equity capital changed +1.7% (₹4,597 cr → ₹4,673 cr). A fall indicates a buyback; a rise indicates new shares were issued. Bullish fell 1% or more (a buyback) · Caution when it rose 1% or more (new shares issued). Neutral when unchanged, or for a bonus/split.

G. Ownership

#	Point	Reading	Tag	Commentary
43	Promoter holding	40.12% (-34.43 pts YoY)	Bearish	Promoters owned 40.12% at Mar 2026 versus 74.55% a year earlier. Bearish fell more than 1 percentage point in a year · Neutral otherwise. Never tagged Bullish.
44	Foreign institutional holding	22.01% (+14.98 pts YoY)	Bullish	FIIs held 22.01% at Mar 2026, up from 7.03% a year before. Bullish up more than 1 percentage point · Bearish down more than 1 percentage point · Neutral within ±1 point.
45	Domestic institutional holding	32.74% (+20.52 pts YoY)	Bullish	Mutual funds, insurers and other DIIs held 32.74%, up from 12.22%. Bullish up more than 1 percentage point · Bearish down more than 1 percentage point · Neutral within ±1 point.
46	Number of shareholders	6.4 lakh (-13.3% YoY)	Neutral	The shareholder count moved from 7.4 lakh to 6.4 lakh in a year — a rough gauge of retail interest. How to read: Information only — a rough gauge of retail interest.
47	Promoter pledge	none reported	Neutral	Our source showed no pledged promoter shares. How to read: Information only. Any sizeable pledge is a risk to note.

H. Quality & summary

#	Point	Reading	Tag	Commentary
48	Financial health checklist (Piotroski-style, 8 tests)	7/8	Bullish	Passed: positive profit, positive operating cash flow, CFO > net profit, operating margin improved, ROA improved, asset turnover improved, no meaningful dilution (<3%). Failed: leverage fell. Bullish all tests passed, or all but one · Bearish half the tests or fewer passed · Neutral in between.
49	Automated screen flags	1 strength(s) · 3 weakness(es)	Neutral	Strengths: Company has delivered good profit growth of 48.0% CAGR over last 5 years. Weaknesses: Stock is trading at 5.22 times its book value; Though the company is reporting repeated profits, it is not paying out dividend; Company has a low return on equity of 10.5% over last 3 years. (Flags generated by the data source’s rule screen.) How to read: Information only.
50	Fundamental summary	15 bullish · 1 bearish · 32 neutral · 1 caution	Bullish	On the numbers published by 20 Jul 2026 the fundamental picture leaned positive. Valuation: P/E 62.2×, P/B 7.04×. This describes the data, not a recommendation. How to read the score: the strongest possible reading is 49 bullish · 0 bearish, and the weakest is 0 bullish · 49 bearish. Most companies land in between. The numbers are called positive when bullish tags beat bearish ones by 4 or more and are at least 1.5 times as many, negative the other way round, and mixed otherwise. Even a 49–0 score describes the past and is not a reason to buy, and a 0–49 score is not a reason to sell. Bullish bullish tags beat bearish ones by 4 or more and are at least 1.5× as many (“positive”) · Bearish the same the other way round (“negative”) · Neutral (“mixed”) otherwise. Strongest possible: 49 bullish · 0 bearish.

News in the three months before the snapshot

Company news from 20 Apr 2026 – 20 Jul 2026 that an investor could have known on the snapshot date.

14 May 2026 Vishal Mega Mart Q4 FY26 net profit rises 46% to Rs 168 crore; FY26 revenue crosses Rs 12,900 crore — Board approved audited results on May 14, 2026. Q4 consolidated net profit Rs 167.9 crore (+45.8% YoY); Q4 revenue from operations Rs 3,114.1 crore (+22.2%); FY26 revenue Rs 12,906.3 crore (+20.4%). Shares fell up to 4.4% intraday after the announcement. source
18 May 2026 Vishal Mega Mart releases recording of Q4 FY26 earnings conference call — The company made available the audio recording of its earnings call for the quarter and year ended March 31, 2026, held on May 15, 2026, under SEBI LODR Regulation 30. source
10 Jun 2026 Vishal Mega Mart officials to meet investors in London on June 15-16 — Company intimated one-on-one and group meetings with analysts and institutional investors at the Kotak Securities India Corporate Day in London on June 15-16, 2026; no unpublished price-sensitive information to be shared. source
15 Jun 2026 Vishal Mega Mart appoints Sashi Gumma as Chief of Operations — Board approved, by circular resolution, the appointment of former SPAR India CEO & MD Sashi Gumma as Chief of Operations and Senior Management Personnel, effective June 15, 2026. source

What happened next (20 Jul 2026 → 22 Oct 2026)

Price went from ₹111.21 to ₹87.99 by 22 Oct 2026 (-20.9%) while the Nifty 50 moved -6.4% — underperforming by 14.5 points.
Highest ₹115.40 on 24 Aug 2026; lowest ₹86.63 on 22 Oct 2026.
S1 101.15: broken on a closing basis on 15 Sep 2026.
S2 98.77: broken on a closing basis on 05 Oct 2026.
R1 123.21: not cleared on a closing basis.
R2 128.37: not cleared on a closing basis.
200-day SMA: price was below it at the snapshot and stayed on the same side through the period.
Apr–Jun 2026 results (reported 23 Jul 2026): revenue ₹3,727 crore (+18.7% YoY), net profit ₹259 crore (+25.7% YoY), operating margin 15% vs 15% a year earlier (Screener consolidated figures).

Later news

23 Jul 2026 Vishal Mega Mart Q1 FY27 net profit up 25.6% to Rs 258.8 crore; revenue up 18.7% — Consolidated net profit Rs 258.8 crore vs Rs 206.1 crore; revenue from operations Rs 3,727.1 crore vs Rs 3,140.3 crore; EBITDA Rs 544.6 crore, margin 14.6%; same-store sales growth 10%; 819 stores across 559 cities after 27 additions. Shares fell as much as 5.1% intraday. source
23 Jul 2026 Vishal Mega Mart board proposes capping foreign ownership at 49.99% — At its July 23, 2026 meeting the board approved a proposal to cap aggregate foreign ownership at 49.99% of equity on a fully diluted basis, subject to shareholder approval, and re-appointed Neha Bansal as independent director for a second term. source
24 Aug 2026 Vishal Mega Mart shares rise ~10% after board reappoints Gunender Kapur as MD & CEO till 2031 — Board on August 21, 2026 reappointed Gunender Kapur as Founder, MD & CEO for five years from September 1, 2026, subject to shareholder approval. Morgan Stanley called it a positive for succession concerns. Shares closed up 9.74% at Rs 113.50 on August 24. source
11 Sep 2026 Vishal Mega Mart COO Manoj Kumar's resignation takes effect — Chief Operations Officer Manoj Kumar, who resigned on July 16, 2026 for personal reasons, ceased to hold office at close of business on September 11, 2026. source
18 Sep 2026 Vishal Mega Mart 8th AGM approves CEO reappointment and foreign ownership cap — Shareholders at the AGM on September 18, 2026 approved the re-appointment of Gunender Kapur as MD & CEO and the 49.99% foreign ownership cap as special resolutions; vote tallies not given in the report. source

Educational summary. On 20 Jul 2026 the technical picture leaned negative and the fundamental picture leaned positive. Over the next three months the stock moved -20.9% against -6.4% for the Nifty 50. Here the chart's message lined up with what followed. One case proves nothing on its own; the value is in seeing many cases over time. This page does not say whether to buy, sell or hold Vishal Mega Mart today.

Method designed by our founder, CPA · ACCA · CIA. Numbers are computed by our engine from the sources listed below.

Sources: daily prices — Yahoo Finance history pages; financials and shareholding — Screener.in (fetched 23 Oct 2026); index — Nifty 50 via Yahoo Finance; news — linked articles. Calculations by Manage Our Finance. Report a correction

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