Two of India’s value-driven retail giants are going head-to-head in the high-potential Tier 2 and Tier 3 markets. One dominates with its scale, while the other is sprinting ahead with sharper growth metrics. Let’s dive into the numbers to see who’s truly leading the charge.
Business Overview
Vishal Mega Mart is a one-stop destination for middle and lower-middle-income India. The company curates a unique range of merchandise through its portfolio of its own brands and third-party brands to fulfil the aspirational and daily needs of consumers. The company offers products across three major product categories, i.e., apparel, general merchandise, and FMCG.
V2 Retail is one of the fastest-growing retail companies in India and enjoys strong brand equity from customers across segments. The company offers a portfolio of products, including apparel and lifestyle products.
V2 stands for ‘Value and Variety’ it sells good quality fashion garments at affordable prices, which suit every individual and household. The Company has a Strong presence in Northern & Eastern India. The Company caters to the neo-middle class group of population living in Tier 2 and Tier 3 cities.
Product Offerings
Vishal Mega Mart derives 28 percent each from its FMCG and general merchandise business, with the apparel segment as the largest contributor with 44 percent to the topline. Any fluctuation in its apparel sales would hamper its revenue.
On the other hand, V2 retail derives 25 percent, 27 percent, 40 percent, and 8 percent of its revenue from its Kids, Ladies & Mens apparel, and Lifestyle segments respectively.
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Store Networks
As of March 31, 2025, Vishal operates 696 stores in 458 cities and 30 states, with 85 stores (net) added this year. It has 284 stores, 183 stores, 166 stores, and 63 stores in the North, East, South, and West regions respectively, and has a total area of 1.22 crore sq. ft.
As of March 31, 2025, V2 operates 189 stores across 20 states and more than 100 cities, with 74 new stores added and 2 closed during the year. The total retail area spans approximately 20.27 lakh sq. ft.
The largest presence is in Bihar (38 stores), Uttar Pradesh (35 stores), and Odisha (26 stores), while other key markets include Assam (13 stores), Madhya Pradesh (13 stores), and Karnataka (12 stores).
Financial Highlights
Vishal reported a revenue growth of 20.24 percent to Rs 10,716 crores in FY25 from Rs 8,912 crores in FY24. Its net profit surged by 36.80 percent to Rs 632 crores in FY25 from Rs 462 crores in FY24. During the quarter, it had a same-store sales growth of 13.4 percent.
On the other hand, V2 reported a revenue growth of 61.71 percent to Rs 1,884 crores in FY25 from Rs 1,165 crores in FY24. Its net profit surged by 157 percent to Rs 72 crores in FY25 from Rs 28 crores in FY24. During the quarter, it had a same-store sales growth of 29 percent.
Conclusion
Vishal Mega Mart leads in scale and stability and has a better diversification with its revenue coming from its own brans and delivery services, but V2 Retail is growing faster, and showing stronger same-store sales figures and higher revenue per sq. ft. While Vishal Mega Mart provides stability, V2 Retail has faster momentum, better operational efficiency.
Written by Satyajeet Mukherjee
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