Open limeroad.com on a phone and the first thing the women’s page tells you is that everything is nearly free. On 6 September 2026 the eight products it showed carried reductions of 69%, 70% and 72% off their printed MRP. That is the deepest discounting on any Indian clothing site read that day.
limeroad.com belongs to V-Mart Retail Limited, which bought the business in 2022. So the obvious reading is that V-Mart is the cheapest shop in the country. Split those listings by who is selling them and the reading falls apart.
V-Mart is a listed Indian value retailer with 591 stores at 30 June 2026 and FY2025-26 turnover of ₹3,789.36 crore, both from its own exchange filings. It owns no subsidiary and no associate company, because it has bought businesses twice and shares neither time.
The deep discounts on its website are mostly not its own. Across 100 listings read on limeroad.com on 6 September 2026, the 42 carrying a V-Mart-group label ran a median 24% below MRP and 49% at the deepest. The 57 from other sellers ran a median 59% and 81% at the deepest. Both sit on the same pages, and the price alone does not tell you which is which.
- Listed entity
- V-Mart Retail Limited, CIN L51909DL2002PLC163727; NSE VMART, BSE 534976
- Founded
- Incorporated 2002 as Varin Commercial Private Limited; first store in Ahmedabad, 2003
- Group structure
- “As of March 31, 2026, the Company does not have any Holding, Subsidiary, Associate Company, and/or Joint Venture” — its own FY2025-26 sustainability report
- Turnover FY2025-26
- ₹3,78,936 lakhs, or ₹3,789.36 crore — the same report, filed 2 July 2026
- Stores
- 591 at 30 June 2026 — V-Mart 490, Unlimited 101, across 335 cities and 5.1 million sq ft
- People
- 13,929 in FY26 — 11,691 permanent, 2,238 other than permanent
- Own-label price band online
- MRP ₹199 to ₹999; median MRP ₹599, median charged ₹404 — 42 listings read 6 September 2026
What V-Mart costs in India
The price work here is a sample and needs saying so first. Each limeroad.com category page hands a reader eight products, and asking for a second page brings back the same eight in a different order. Thirteen category pages read on 6 September 2026, deduplicated by product code, give 100 unique listings, against the site’s own counter of 160,545 products in women’s clothing alone.
So these are the eight things the site puts first on thirteen pages, not a random draw, and that caveat travels with every figure below. Of the 100, 42 carry a V-Mart-group label — V-Mart, Flick by Vmart, Twist by Vmart, Desi Mix by Vmart, Unlimited or LimeRoad — 57 carry one of 40 other seller brands, and one listing gives two different brand names on two different pages.
| Read on limeroad.com, 6 September 2026 | V-Mart’s own labels | Other sellers’ brands |
|---|---|---|
| Listings | 42 | 57, across 40 brands |
| Listings with an MRP published | 37 (five publish none) | 57 |
| Listings sold at MRP | 0 | 0 |
| Median reduction | 24% | 59% |
| Deepest reduction | 49% | 81% |
| Shallowest reduction | 1% | 19% |
| Whole book, MRP to charged | ₹20,413 → ₹15,690, or 76.9% | ₹1,46,500 → ₹57,662, or 39.4% |
| Median MRP / median charged | ₹599 / ₹404 | ₹1,989 / ₹809 |
| Distinct MRPs used | 9 | 41 |
The 69%, 70% and 72% that greet a shopper on the women’s page, and the 75% to 81% found across the wider sample, sit on labels called Miss Chase, Culpi, Off-Limits, Decor Villa, Fancy Flair, Greatman, Manvaa, Jollify and Zigo. The deepest cut on anything carrying a V-Mart-group label, across 37 priced listings, was 49%.
Two pricing regimes sit on one website, and the listing does not tell you which one you are looking at.
That shape is unusual. Every other Indian retailer read the same day sold only its own goods on its own site. Reliance Trends sells through its own group’s marketplace, where 41.6% of 6,944 listings sat at full MRP; Westside was at MRP on every listing checked; Zudio publishes no price at all. On limeroad.com the brand name has to be read before the discount means anything.
Nine MRPs, twenty-seven prices
The 37 priced own-label listings use exactly nine MRPs between them: ₹199, ₹249, ₹399, ₹499, ₹599, ₹699, ₹799, ₹899 and ₹999. Thirty of the thirty-seven end in 99 and the remaining seven end in 49. Nothing carries an MRP above ₹999.
Nine is the tightest ladder found on any clothing catalogue in this series. H&M uses 47 distinct MRPs across 11,685 listings, Max Fashion 58 across 10,173, Urbanic 53, and Uniqlo 23 across 1,307. An MRP on a V-Mart label is not a per-garment calculation. It is one of nine numbers.
The price actually charged behaves differently. Those same 37 listings produce 27 distinct charged prices, running ₹183, ₹184, ₹197, ₹198, ₹218, ₹290 and on up to ₹1,199, most of them ending in nothing in particular. Nine numbers on the label, twenty-seven at the till.
Two listings show what the shallow end of that looks like. A men’s sports short carried an MRP of ₹199 and was charged at ₹197. A boys’ T-shirt carried an MRP of ₹199 and was charged at ₹198. Both were printed on the page as discounts.
Before you believe a reduction on limeroad.com, read the brand name on the listing. A V-Mart label and a marketplace seller’s label appear side by side on the same page, and on 6 September 2026 they were pricing on completely different bases.
The storefront that redirects, and shows nothing
vmartretail.com does not open a V-Mart website. It sends a reader straight to limeroad.com/vmart/exclusive, and the company’s own investor presentation prints both addresses in its header, so LimeRoad is V-Mart’s channel by its own statement.
That V-Mart Exclusive page was read twice on 6 September 2026. Both times it carried its heading, the line “Your wardrobe upgrade is on its way”, and a full set of filters — price bands such as “0 TO 1199”, discount bands such as “1 TO 80”. Behind the filters there were no products. The general women’s page on the same site, read the same way on the same day, showed its eight products with prices and its 69%, 70% and 72% off.
Two things follow, and they are different things. The branded storefront was empty on that date. V-Mart’s goods were not — 42 of the 100 listings sampled across the ordinary catalogue carried a V-Mart-group label. The window was bare; the shelves were not.
Who owns V-Mart, and why nothing it bought is a subsidiary
V-Mart Retail Limited is the one company at this end of the market whose numbers can simply be read. It is listed on both exchanges, and one sentence in its FY2025-26 sustainability report explains its whole shape: “As of March 31, 2026, the Company does not have any Holding, Subsidiary, Associate Company, and/or Joint Venture.” That is not because it has bought nothing. It is because of how it buys.
- 2002Incorporated as Varin Commercial Private Limited
- 2003First store opens in Ahmedabad
- 2021Buys 74 Unlimited stores for ₹150 crore cash
- 2022Buys the LimeRoad business for ₹31.12 crore cash
- 2026591 stores; FY26 turnover ₹3,789.36 crore
Both purchases were of a business, not of shares — which is why neither shows up as a subsidiary.
The LimeRoad purchase is set out in V-Mart’s own disclosure to the exchange of 17 October 2022, not in trade press. It records a business transfer agreement of that date for the “transfer of LimeRoad Business by LimeRoad as a going concern on a slump sale basis”, from A.M. Marketplaces Private Limited and certain other parties, for a “lump sum cash consideration of INR 31.12 Crores”. Assets acquired came to about ₹14.61 crore and current liabilities assumed to ₹36.26 crore, and the board recorded that it was not a related-party transaction.
A slump sale buys the business and leaves the company behind. That is the mechanical reason there is no LimeRoad subsidiary to look for, and no consolidation to unpick. The same filing publishes what LimeRoad had been turning over before the sale — ₹179.95 crore in FY2019-20, ₹79.64 crore in FY2020-21 and ₹69.31 crore in FY2021-22 — which are V-Mart’s own figures about its own purchase.
The earlier deal reads straight into the menswear brands audited on this site. An Asset Transfer Agreement of 22 July 2021 bought “74 value fashion retail stores across South and West India” — fixed assets, leases, inventory, contracts, assigned trade marks and goodwill — for ₹150 crore in cash at closing. The seller was Arvind Lifestyle Brands Ltd, the same company named as seller and importer of record on Arrow, U.S. Polo Assn. and Flying Machine listings. Its disclosed turnover in the business sold had gone ₹566 crore, ₹533 crore, ₹289 crore across the three preceding years.
LimeRoad since the purchase
V-Mart’s Q1 FY27 investor presentation of 24 July 2026 gives five quarters of LimeRoad figures. NMV is net merchandise value — the value of goods moving through a marketplace, not the marketplace’s revenue. It is not turnover and must not be read as turnover.
| Quarter | NMV | EBITDA loss |
|---|---|---|
| Q1 FY26 | ₹188 Mn | ₹46 Mn |
| Q2 FY26 | ₹192 Mn | ₹35 Mn |
| Q3 FY26 | ₹235 Mn | ₹23 Mn |
| Q4 FY26 | ₹205 Mn | ₹30 Mn |
| Q1 FY27 | ₹222 Mn | ₹28 Mn |
V-Mart Retail Limited, Q1 FY27 investor presentation filed 24 July 2026.
The company’s own headline on that slide reads “NMV rises 18% while Losses shrink 39% YoY”. Both halves sit on the same page: the loss is smaller, and the business recorded an EBITDA loss in each of the five quarters, including the one to 30 June 2026, three and a half years after the purchase. In that quarter the group’s revenue was ₹10,888 million against LimeRoad’s ₹222 million of throughput.
One date about that purchase is not settled, and two V-Mart documents are the reason. The investor call transcript filed on 18 November 2022 records management saying “We just concluded the closing on the 11th”. A footnote in the business update filed on 3 October 2023 reads “LimeRoad business integrated with effect from November 11, 2023”. Both are printed here as they stand.
591 stores, and where they actually are
V-Mart describes itself as “a responsible value retailer focusing on the aspirational Indian masses in smaller towns”, and its sustainability report names “Tier II, III, and IV cities across India”. The Q1 FY27 presentation publishes a 28-row table of stores by state at 30 June 2026 — more than any other value chain on this shelf discloses at all.
The small-town half of that holds. Of 591 stores, 376 are in Tier III and IV cities and 215 in Tier I and II. The national half is where the table gets more interesting.
| State or UT | Stores at 30 June 2026 | A year earlier |
|---|---|---|
| Uttar Pradesh | 183 | 158 |
| Bihar | 82 | 72 |
| Tamil Nadu | 39 | 33 |
| Jharkhand | 33 | 29 |
| Rajasthan | 33 | 29 |
| West Bengal | 25 | 20 |
| Karnataka | 20 | 17 |
| Maharashtra | 6 | 6 |
| Kerala | 4 | 4 |
| All 28 states and UTs | 591 | 510 |
Uttar Pradesh and Bihar together hold 265 of the 591 stores — 44.8% of the chain in two states. Maharashtra has six. Kerala has four. Himachal Pradesh and Chandigarh have one each. Small-town, then, but not national.
The store count itself is stated three ways in three company documents, and all three are printed here: 577 retail stores at 31 March 2026 in the sustainability report, 591 at 30 June 2026 in the investor presentation, and “600+ stores across 338+ cities spanning 29 states and union territories” on vmart.co.in read on 6 September 2026.
What V-Mart publishes that its rivals do not
V-Mart puts an average selling price on a slide, and no other value chain checked on 6 September 2026 publishes one anywhere. For the quarter to 30 June 2026 the company-wide figures read ₹223 across everything and ₹332 for apparel. Those come off a pair of bar charts rather than a table, with bars matched to labels by position, so treat them as a reading of a chart rather than a printed number.
Axis Direct’s result update of 27 January 2026 gives the same measure for the winter quarter, and the figures are the broker’s: a total average selling price of ₹267, down 1% on the year, and an apparel figure of ₹422, up 2%. A winter quarter and a summer quarter are not the same shopping basket, and the gap between the two pairs is left as it stands.
The rest is printed text rather than a chart: footfall of 28 million in the quarter, up 39%; 11 million bills, up 18%; an average transaction size of ₹1,033; same-store sales growth of 9%. FY26 turnover splits 79% apparel, 10% non-apparel and 11% retail trading of FMCG.
Put beside the others, that is a lot. Trent discloses no separate revenue for Westside, Zudio or Star. Reliance Retail reports “only one identifiable segment”, and the word Trends does not appear in its FY26 annual report. Neither publishes a store count by state. V-Mart publishes all of it, which is the practical dividend of being listed.
What the label does not tell you
Fourteen limeroad.com product pages were read in full on 6 September 2026 — nine carrying V-Mart-group labels, five carrying other sellers’ brands, across women’s, men’s, kids’, footwear and home. Fourteen is a small sample, and every count below is out of fourteen.
Country of origin was declared on all fourteen, and it was India on all fourteen. Not one foreign origin appeared. That sits at the opposite end of the shelf from Urbanic, which declared PRC on 421 of 421 listings the same day — though 14 and 421 are not comparable weights of evidence.
Everything else was blank. No manufacturer on any of the fourteen. No packer, no importer, no marketer. A Legal Metrology declaration names the entity that is legally answerable for the goods, not whoever sewed the garment, and on these pages no entity was named in any of those roles. The seller line read a generic “Limeroad” with no company name and no address. Net quantity appeared on none. Fibre content appeared only as a family word — “Cotton”, “Acrylic”, “Mesh” — never as percentages. GSM, the fabric weight figure shoppers are told to look for, appeared on none, which is now fifteen clothing brands running with no GSM published anywhere.
Those pages were read as any shopper receives them, so this is what the listing shows, not a finding about what sits behind it. The declaration is printed on the pack as well as the page, so turn the tag over in the store and ask the shop to show it to you if it is not there.
What the record holds
The advertising council’s public record carries no ruling against V-Mart Retail Limited. That record was checked under the brand’s own name on 6 September 2026, and checked the same day against a brand known to have a thick file, which came back complete — so this is an absence somebody looked for. Read it with its limits. The council is a self-regulatory industry body rather than a statutory regulator, its file covers only advertisements somebody complained about, and a blank page is ordinary across value clothing: Zara, Uniqlo and Westside carry nothing on it either. Urbanic carries 43 upheld matters, and every one of them concerns an influencer post that did not carry an advertisement label — none concerns a product, a price or a garment.
One smaller discrepancy is worth recording because a shopper meets it directly. On four listings read on both the category page and the product page, the two gave different brand names — V-Mart against LIMEROAD, against Unlimited, against Flick by Vmart, and against Roman. All of those are V-Mart’s own labels, so the split between own-label and other-seller pricing above is unaffected.
Common questions
Is the 69% off on LimeRoad V-Mart’s own discount?
Mostly not. Of 100 listings read on 6 September 2026, the deepest reductions belonged to other sellers on the platform, whose median was 59% and deepest 81%. V-Mart’s own labels ran a median of 24% and a deepest of 49%. Read the brand name before the percentage.
Who owns V-Mart?
V-Mart Retail Limited, a listed company, CIN L51909DL2002PLC163727, traded as VMART on the NSE and 534976 on the BSE. Its FY2025-26 sustainability report states that at 31 March 2026 it had no holding company, no subsidiary, no associate and no joint venture.
Does V-Mart own LimeRoad?
It owns the LimeRoad business, bought as a going concern on a slump sale basis for ₹31.12 crore in cash under an agreement dated 17 October 2022. Because it bought the business and not the shares, LimeRoad is not a subsidiary and appears as one in no filing.
How many V-Mart stores are there, and where?
591 at 30 June 2026 — 490 V-Mart and 101 Unlimited — in the Q1 FY27 presentation. The sustainability report gives 577 at 31 March 2026 and the website said “600+” on 6 September 2026. Uttar Pradesh and Bihar hold 265 of the 591.
Where are V-Mart’s clothes made?
Fourteen product pages read on 6 September 2026 all declared India as the country of origin. None named a manufacturer, packer, importer or marketer, and no filing read for this piece names a supplier, so no factory is identified here.
References
- V-Mart Retail Limited, Business Responsibility and Sustainability Report FY2025-26, filed 2 July 2026 — the CIN, the no-subsidiary sentence, FY26 turnover, 577 stores at 31 March 2026, 13,929 employees, the turnover split and the Tier II–IV positioning.
- Disclosure under Regulation 30 — LimeRoad business transfer agreement, 17 October 2022 — the slump sale, the ₹31.12 crore consideration, the assets and liabilities figures, the related-party statement and LimeRoad’s three prior years of turnover.
- Intimation under Regulation 30 — Unlimited asset transfer agreement, 22 July 2021 — the 74 stores, the ₹150 crore at closing, the seller Arvind Lifestyle Brands Ltd and the acquired business’s turnover.
- V-Mart Retail Limited, Q1 FY27 investor presentation, filed 24 July 2026 — 591 stores and the state table, the tier split, Q1 FY27 revenue, the LimeRoad NMV and EBITDA series, the ASP charts and the operating figures.
- Investor call transcript filed 18 November 2022 — the “closing on the 11th” statement.
- Business update Q2 FY24, filed 3 October 2023 — the “November 11, 2023” integration footnote.
- vmart.co.in — the founding year, the first store, the “600+ stores across 338+ cities” line and the “aspirational Indian masses in smaller towns” description, read 6 September 2026.
- limeroad.com/vmart/exclusive — the V-Mart Exclusive storefront, read twice on 6 September 2026, and the destination of the vmartretail.com redirect.
- limeroad.com — the thirteen category pages and fourteen product pages behind the price table, the nine MRPs, the charged prices and the declaration counts, read 6 September 2026.
- Axis Direct, V-Mart Retail Ltd Q3 FY26 result update, 27 January 2026 — the ₹267 and ₹422 average selling prices for the quarter to 31 December 2025, attributed to that broker.
V-Mart is the most readable company in Indian value clothing, and that is worth something on its own. It publishes a turnover, a store count by state, a tier split, an average selling price and its online arm’s quarterly numbers, while the two bigger value chains beside it publish none of those. Its own-label prices are genuinely low — a median MRP of ₹599 and a median charged price of ₹404 — and the small-town positioning survives its own disclosure, with 376 of 591 stores in Tier III and IV towns.
What deserves scepticism is the discount, and the website it lives on. The 69% to 72% that limeroad.com shows a new visitor belongs mostly to marketplace sellers, and V-Mart’s own labels ran a median 24% off nine MRP values that end in 99 or 49 and stop at ₹999. Two listings were reduced by two rupees and one rupee and printed as discounts. The listing pages name no manufacturer, no packer, no importer and no marketer, which puts V-Mart at the bottom of every declaration ladder this site has built.
Buy it for the ₹404 median and the honesty of the filings, not for the percentage on the banner — that number mostly belongs to somebody else.
