MORGAN STANLEY ON VISHAL MEGA MART ; OVERWEIGHT | TP ₹146

• Q2 saw a broad-based miss as the festive shift impact was higher than expected. • FY27 double-digit SSSG target reiterated; weaker Q2 growth expected to be recovered in Q3. • No meaningful customer demand moderation seen across regions. • No further price hikes required at current inflation levels. • Management remains confident of maintaining YoY margins in FY27, supported by cost re-engineering.

VISHAL MEGA MART LIMITED

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