V-Mart appoints Varin Agarwal as merchandising head

V-Mart Retail has appointed Varin Agarwal as head of merchandising, designating him as a senior management personnel, the company said in a regulatory filing on Tuesday. The appointment comes as the value fashion retailer reported a net loss of Rs 16.34 crore for the September quarter.

The appointment was approved by the company's Nomination and Remuneration Committee and is effective November 3, 2026.

Agarwal joined V-Mart in 2024 and has experience across buying, merchandising, product assortment and category management. He holds a bachelor's degree from New York University’s Stern School of Business.


Before joining V-Mart, he served as head of strategy, operations and growth at US Mobile, where he was involved in an 82% revenue growth within 14 months and led a customer experience team of more than 350 people. He has also worked with Kearney and Build Republic.

Q2 earnings

V-Mart Retail reported a net loss of Rs 16.34 crore in the second quarter of FY27, compared with a net loss of Rs 8.87 crore in the year-ago period.

Revenue from operations rose 18.1% year-on-year to Rs 952.99 crore, against Rs 806.87 crore in the corresponding quarter last year.

Total expenses stood at Rs 976.37 crore, compared with Rs 823.91 crore a year earlier. EBITDA increased to Rs 86.06 crore from Rs 71.51 crore in the year-ago quarter.

For the first half of FY27, revenue from operations stood at Rs 2,041.80 crore, compared with Rs 1,692.09 crore in the corresponding period last year. Net profit for the six-month period rose to Rs 30.87 crore from Rs 24.73 crore.

Promoter group reclassification

The company's board also approved the reclassification of Raghav Agarwal and Ditya Agarwal from the promoter group to the public category, subject to approval from the stock exchanges.

The two individuals have no shareholding in the company. V-Mart said they meet the conditions for reclassification under Regulation 31A(3)(b) of the SEBI Listing Regulations.