Vishal Mega Mart Ltd.

“VMM is a structurally adequate business in a genuinely large market, but its value apparel moat is being actively eroded by Zudio's targeted expansion, its IPO was a pure PE exit with no management equity alignment, and the stock trades at 56x forward earnings embedding 25%+ PAT CAGR — leaving a probability-weighted 5-year return of barely 2-3% annualized with equity-level downside risk; capital is better deployed elsewhere.”