JM Financial has initiated coverage of Vishal Mega Mart (VMM) with a ‘Buy’ recommendation and a 12‑month price target of Rs 175. This implies nearly 22%upside for the Vishal Mega Mart share price from current levels. The note frames the company as a high-return, asset‑light, offline‑first retailer positioned to capitalise on the rapid formalisation of retail in India.

The brokerage firm looked at seven principal drivers:

Store economics

Private‑label strategy

Supply‑chain advantage

Expansion runway

Financial trajectory

Valuation

Risks

Here is a detailed anlsyis of the factors driving JM Financial’s bullish call –

1.JM Financial on Vishal Mega Mart: Secular tailwinds

JM Financial emphasises the sheer scale of India’s retail market and the faster growth of organised retail, espe

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