ICICI Direct's research report on V-Mart
V-Mart, having over the years built its fortress in non-tier I cities, is well poised to capture market share in the growing ~Rs 2.5 trillion value fashion industry. The company enjoys strong moats that would provide an edge over increasing competition in tier III-IV regions. V-Mart follows a cluster based approach of adding stores within a radius of 50-100 km. This gives it better economies of scales, supply chain efficiencies and better understanding of fashion needs of the specific region.
We maintain BUY recommendation on the stock with a revised target price. We value V-Mart at Rs 4100 i.e. 19x FY24E EV/EBITDA.
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