Mumbai, Sept. 2 -- The agency has affirmed the company's short-term rating at 'IND A1+'.

India Ratings and Research stated that the upgrade reflects healthy revenue growth driven by steady same-store sales growth and sustained profit margins in FY26, supported by economies of scale and a rising contribution from private labels.

The ratings continue to draw comfort from the company's established market position as the leading offline first diversified retailer in the country.

Vishal Mega Mart has a diversified presence pan-India, including Tier I, Tier II cities and towns, and continues to expand with new store rollouts through an asset-light model.

The company's financial risk profile remains strong, supported by a debt-free balance s...