Mark to Market Vishal Mega Mart’s steady climb leaves little room for missteps Manvi Agarwal 3 min read 18 Dec 2025, 02:08 pm IST Vishal Mega Mart plans to step up additions in Bengaluru, Hyderabad and Kerala. The company added 25 net new stores in the September quarter, taking the total store count to 742. (File Photo) Summary A year after listing, strong private labels, store expansion and operating leverage have powered Vishal Mega Mart’s rally—but at 59x forward earnings, execution risks loom larger.