ICICI Securities: Buy Vishal Mega Mart, target Rs 175

• ICICI Securities recommends 'Buy' for Vishal Mega Mart with a target price of Rs 175.
• Strong traction in Kerala with a ~100-store opportunity; phased entry into Tamil Nadu to protect store economics.
• Mix is premiumising, with premium apparel growing fastest; Quality Control (QC) contributes 3-4% of store revenue and attracts new customers.
• Private labels are a key margin lever; company maintains a strong competitive position against local cooperatives and DMart.
• Strong execution with low inventory loss (~0.59%) and high ROCE (~70%) supports the company-operated model.

Why It Matters: This offers a 'BUY' recommendation for Vishal Mega Mart stock, indicating investment potential.