V-MART RETAIL LIMITED

Shareholders of V-Mart Retail Limited

The figures below are taken from the company’s shareholding pattern filed with the stock exchanges under Regulation 31(b) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as at the quarter end 30 June 2026. Total issued and paid-up capital was 7,94,58,002 fully paid equity shares held by 31,182 holders, all in dematerialised form.

Promoter and promoter group – 3,51,21,022 shares, 44.15 per cent (three holders):

• Conquest Business Services Private Limited — 2,99,62,692 shares, 37.67 per cent (body corporate, promoter group)
• Madan Gopal Agarwal — 41,67,812 shares, 5.24 per cent
• Lalit Agarwal — 9,90,518 shares, 1.25 per cent

Pledge and encumbrance: the filing declares that no shares held by promoters are encumbered by way of pledge, by non-disposal undertaking, or otherwise. No promoter shares are locked in. The company has no partly paid shares, no convertible securities, no warrants, no depository receipts and no shares with differential voting rights; employee stock options are outstanding.

Public shareholding – 4,44,26,980 shares, 55.85 per cent (31,179 holders):

• Domestic institutions 30.90 per cent, of which mutual funds 30.12 per cent (17 schemes). Individually disclosed holders above 1 per cent: SBI Multi Asset Allocation Fund 5.38 per cent; Bandhan Flexi Cap Fund 5.35 per cent; Kotak Small Cap Fund 4.47 per cent; Templeton India Value Fund 3.24 per cent; Motilal Oswal Nifty Microcap 250 Index Fund 2.78 per cent; Canara Robeco Mutual Fund 2.49 per cent; ICICI Prudential Retirement Fund – Hybrid Aggressive 1.61 per cent; Invesco India Contra Fund 1.55 per cent; Edelweiss Trusteeship Co. Ltd A/c Edelweiss MF 1.53 per cent; UTI-India Consumer Fund 1.06 per cent. Alternate investment funds hold 0.72 per cent and insurance companies 0.06 per cent.
• Foreign institutions 16.47 per cent: Foreign Portfolio Investors Category I 16.02 per cent (92 holders), of which Amansa Holdings Private Limited 7.77 per cent is the only holder disclosed individually; Foreign Portfolio Investors Category II 0.45 per cent.
• Non-institutions 8.48 per cent: resident individuals holding nominal capital up to INR 2 lakh 4.26 per cent (29,363 holders); resident individuals above INR 2 lakh 2.78 per cent; bodies corporate 0.69 per cent; non-resident Indians 0.60 per cent; Hindu undivided families 0.12 per cent; key managerial personnel 0.03 per cent; Investor Education and Protection Fund 890 shares.

There is no non-promoter non-public category, no custodian or depository receipt holding and no employee benefit trust holding.

Ultimate beneficial ownership

Table V of the same Regulation 31 filing records a significant beneficial owner declared under section 90 of the Companies Act, 2013: Lalit Agarwal, holding 38.92 per cent of shares and of voting rights indirectly through Conquest Business Services Private Limited, with the significant beneficial interest created on 27 March 2018. The filing records his nationality as India; that is the register entry and is the only nationality officially recorded for any holder in this filing. The declared 38.92 per cent equals his direct holding of 1.25 per cent together with the 37.67 per cent held by Conquest Business Services Private Limited. The filing states that the significant beneficial owner does not exercise control and does not exercise significant influence, and records no rights over distributable dividend or other distribution.

The promoter chain can be traced upward only as far as Conquest Business Services Private Limited, an Indian private limited company, and through it to Lalit Agarwal. No shareholder of Conquest Business Services Private Limited, and no entity above it, is disclosed in the company’s exchange filings, so nothing further is stated here. Madan Gopal Agarwal holds 5.24 per cent directly and is classified in the promoter and promoter group category; no significant beneficial ownership is declared for him. No other holder, promoter or public, reaches 10 per cent.

Data availability

The shareholder record behind this page attributed V-Mart Retail Limited to a set of passive foreign funds — iShares Core MSCI Emerging Markets ETF at 23.60 per cent on 124,072 shares, Vanguard FTSE All-World ex-US Small Cap at 6.15 per cent, iShares MSCI India Small Cap ETF at 2.70 per cent, DFA Emerging Markets Small Cap at 1.73 per cent and College Retirement Equities Fund at 1.77 per cent, among ten such rows. Those percentages cannot be reconciled with the share counts against an issued capital of 7,94,58,002 shares, no such holder appears in the company’s Regulation 31 filing, and the promoter holding was absent altogether. That record was not used. The data set out above is taken solely from the shareholding pattern filed by the company for the quarter ended 30 June 2026 and from the annual report for FY2025-26.

Directors and officers of V-Mart Retail Limited

The board as at 31 March 2026, as reported in the Board’s Report and the Corporate Governance Report in the integrated annual report for FY2025-26, consists of six directors: one non-executive non-independent chairperson, two executive directors and three independent directors, one of whom is a woman director.

• Aakash Moondhra — DIN 02654599 — Chairperson, Non-Executive Non-Independent Director. Member of the Audit Committee, the Nomination and Remuneration Committee and the Corporate Social Responsibility Committee.
• Lalit Agarwal — DIN 00900900 — Managing Director (executive director). Chairperson of the Investment Committee; member of the Stakeholders’ Relationship Committee and the Corporate Social Responsibility Committee. Also a promoter of the company.
• Madan Gopal Agarwal — DIN 02249947 — Whole-time Director (executive director). Member of the Investment Committee, the Stakeholders’ Relationship Committee and the Corporate Social Responsibility Committee. Also a promoter of the company.
• Govind Shridhar Shrikhande — DIN 00029419 — Non-Executive Independent Director. Chairperson of the Audit Committee; member of the Nomination and Remuneration Committee, the Risk Management Committee and the Investment Committee.
• Raghuvesh Sarup — DIN 10626162 — Non-Executive Independent Director. Chairperson of the Corporate Social Responsibility Committee and of the Risk Management Committee; member of the Audit Committee and the Nomination and Remuneration Committee.
• Shweta Kumar — DIN 08596612 — Non-Executive Independent Director. Chairperson of the Nomination and Remuneration Committee and of the Stakeholders’ Relationship Committee; member of the Audit Committee and the Risk Management Committee.

Key managerial personnel under section 203 of the Companies Act, 2013, as at 31 March 2026: Lalit Agarwal (Managing Director), Madan Gopal Agarwal (Whole-time Director), Anand Agarwal (Chief Financial Officer) and Megha Tandon (Company Secretary, ICSI membership number F10732), who is also the Compliance Officer designated under Regulation 6 and Regulation 7 of the SEBI Listing Regulations.

Senior management personnel (executive titles, not board positions) listed in the FY2025-26 corporate information: Vineet Jain, Chief Operating Officer; Anand Agarwal, Chief Financial Officer; Jayesh Kothari, President (Merchandising); Jaideep Jaiman, Chief Digital Officer; Anjali Goel, Vice President (Human Resources & CSR); Dinesh Srivastava, Vice President (Information Technology); Nitin Goel, Vice President (Planning); Sanjay Sarkar, Assistant Vice President (Warehouse Operations). None of these individuals holds a directorship of the company.

The board’s report states that there were no changes to the board of directors and no changes in the key managerial personnel during FY2025-26. Nationality is recorded in an official filing only for Lalit Agarwal, shown as India in Table V of the Regulation 31 shareholding pattern as at 30 June 2026; for all other individuals named above, nationality is not disclosed.

Recent officer changes

• 30 June 2025 — Snehal Shah, Senior Vice President (Projects & Business Development), separated from the company (senior management, not a directorship).
• 15 November 2025 — Ramesh Agarwal, Vice President (Supply Chain Management), separated from the company.
• 22 January 2026 — Sanjay Sarkar added as Assistant Vice President (Warehouse Operations).

Data availability

The officer record behind this page contained ten rows of management titles — among them a Senior Vice President of Projects & Business Development, a Company Secretary, a Vice President of Human Resources, a President of Merchandising and a Chief Financial Officer — and no directors at all. It therefore omitted the entire board, including the chairperson, both executive directors and all three independent directors, and it still carried a senior manager who separated on 30 June 2025. The details above are taken from the Board’s Report, the Corporate Governance Report and the corporate information section of the integrated annual report for FY2025-26 (report dated 7 May 2026). Directors’ identification numbers are reproduced as published; no national identification numbers or dates of birth are published here.

Group structure of V-Mart Retail Limited

V-Mart Retail Limited has no holding company, no subsidiary, no associate and no joint venture. The Board’s Report for FY2025-26 states that “the Company does not have any Subsidiary, Joint Venture or Associate Company”; the Corporate Governance Report repeats that there is no subsidiary and therefore no material-subsidiary provisions apply; the Business Responsibility and Sustainability Report records that as of 31 March 2026 there is no holding, subsidiary, associate company or joint venture; and the auditor’s CARO annexure states that the company does not have any subsidiary, associate or joint venture. Consequently no Form AOC-1 is annexed to the FY2025-26 annual report, because that statement is required only where such entities exist, and the company presents standalone financial statements only, with no consolidated financial statements. The total count of subsidiaries, associates and joint ventures is nil.

This is relevant to the company’s acquisition history. The 74 “Unlimited” stores acquired in 2022 and the LimeRoad business acquired in 2023 are operated as store brands and an online channel within V-Mart Retail Limited itself; the accounts show no acquired corporate entity carried as a subsidiary, and the amalgamation reserve of INR 155 lakh in other equity is unchanged between 1 April 2024 and 31 March 2026.

What sits above the company is the promoter block disclosed in the Regulation 31 shareholding pattern for the quarter ended 30 June 2026.

Data availability

The stored group linkage behind this page contained only one node, the company itself. On the downward side that is confirmed by the FY2025-26 annual report, which reports no subsidiary, associate or joint venture and annexes no Form AOC-1; the record was, however, silent on everything above the company, and the promoter and significant-beneficial-owner layer set out in the table is absent from it.

Two stored data points should be read with care. The address on file, Gurugram 122016, is the corporate office as at 31 March 2026 (Plot No. 862, Udyog Vihar Phase V, Gurgaon 122016), not the registered office; the registered office recorded with the Registrar of Companies, Delhi — consistent with the “DL” in the CIN — is 610-611, Guru Ram Dass Nagar, Main Market, Opp. SBI Bank, Laxmi Nagar, New Delhi 110092, and the corporate office itself moved to Plot No. 90-D, Sector-18, Udyog Vihar, Gurugram 122015 with effect from 29 April 2026. The website on file, vmartretail.com, now redirects to a LimeRoad storefront; the company’s corporate and investor-relations website is vmart.co.in. The CIN on file, L51909DL2002PLC163727, was checked against the company’s own annual report and corporate governance report and does belong to this listed entity. The record also omitted the listing itself: the shares are listed on BSE Limited (534976) and the National Stock Exchange of India Limited (VMART) under ISIN INE665J01013, and the company was incorporated as Varin Commercial Private Limited on 24 July 2002 before adopting its present name.