# Jefferies and Emkay see 54-62% upside on Vishal Mega Mart

2026-09-24T11:33:28+00:00 | Governance | Indian Opinion Desk

Corroboration: 2 independent outlets

Vishal Mega Mart shares closed 1.13% lower at ₹105.20 on Thursday, after rising nearly 2% in early trade. Brokerages retained Buy ratings after the retailer's maiden analyst day. Emkay Global set a target of ₹170, implying 62% upside, citing store expansion, private labels, quick commerce, and margin improvement. Jefferies set a target of ₹160, a 54% upside, noting management targets about 2,000 stores over time from the current 833. Private labels account for over 60% of FMCG volumes and 74% of general merchandise sales. Quick commerce contributes less than 4% of overall sales but is cash breakeven, according to management. Emkay said the existing large-store format could support around 1,200 stores, with over 100 added annually. A smaller format being tested in towns of 40,000 people could expand the opportunity to about 4,000 stores. Vishal Mega Mart has also launched Belong & Co., a premium apparel-only format in Delhi.

## Indian Opinion Analysis

Both NDTV Profit and LiveMint report the same broker notes and share price movement without editorial slant. Neither outlet challenges the optimistic broker projections or examines risks such as volatile quarterly store sales or the small size of quick commerce. The uniform straight reporting means readers must weigh the upside targets, Emkay's 170 rupees and Jefferies' 160 rupees, against the stock's 1.13% fall on Thursday. The next concrete signal is whether Vishal Mega Mart delivers the double-digit same-store growth Emkay expects in its next quarterly results.

## Coverage

- ndtvprofit.com (neutral report) <https://www.ndtvprofit.com/markets/vishal-mega-mart-54-percent-upside-potential-trigger-jefferies-buy-rating-target-price-sensex-today-12089823#publisher=newsstand>
  Leads with analyst upside targets and store expansion detail, no critical framing
- livemint.com (neutral report) <https://www.livemint.com/market/stock-market-news/vishal-mega-mart-share-price-dips-here-s-what-brokerages-see-share-price-target-11790240944412.html>
  Reports share price dip first, then targets, includes disclaimer, no editorial slant

Tags: Emkay Global, Jefferies, quick commerce, Vishal Mega Mart
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