{"id":302656,"date":"2026-10-12T15:23:49","date_gmt":"2026-10-12T09:53:49","guid":{"rendered":"https:\/\/univest.in\/blogs-2\/?p=302656"},"modified":"2026-10-12T15:23:49","modified_gmt":"2026-10-12T09:53:49","slug":"retail-stocks-to-buy-before-q2-results-metro-brands-campus-activewear-vishal-mega-mart-elara-securities-recommends","status":"publish","type":"post","link":"https:\/\/univest.in\/blogs-2\/retail-stocks-to-buy-before-q2-results-metro-brands-campus-activewear-vishal-mega-mart-elara-securities-recommends\/","title":{"rendered":"Retail Stocks to Buy Before Q2 Results: Metro Brands, Campus Activewear and Vishal Mega Mart, Elara Securities Expects 11.8% Revenue Growth in Q2 FY27, Festive Shift Hits Apparel, Targets, Valuation and Risks"},"content":{"rendered":"<p style=\"border-left:4px solid #1F4E79;background:#EBF3FB;padding:10px 16px;font-style:italic;\"><em>Retail stocks: Elara Securities expects 11.8% Q2 FY27 revenue growth, led by value retail, footwear and innerwear; apparel weaker as festive buying shifts to Q3. Picks: Metro Brands, Campus Activewear, Vishal Mega Mart. HDFC Securities: Metro ADD, target Rs 1,030.<\/em><\/p>\n<div style=\"background:#F0F9FF;border-left:4px solid #2E7D32;border-radius:6px;padding:14px 18px;margin:18px 0;\">\n<p style=\"margin:0;color:#1F4E79;font-size:14px;\"><strong>Quick Answer<\/strong><\/p>\n<p style=\"margin:8px 0 0;\">Elara Securities expects India&#8217;s retail sector to post 11.8% revenue growth in Q2 FY27, led by value retail, footwear and innerwear, while apparel may weaken as festive purchases shift to the next quarter. The brokerage favours Metro Brands, Campus Activewear and Vishal Mega Mart, which fits the pattern of low-priced everyday categories holding up better than discretionary fashion. Other brokerages back parts of this view, with HDFC Securities rating Metro Brands ADD with a target of Rs 1,030 and Motilal Oswal and HSBC rating Vishal Mega Mart Buy with targets of Rs 135 and Rs 153. The festive shift makes Q2 numbers look soft, so retail stocks are really a test of Q3 demand, and Elara&#8217;s own price targets were not available to me.<\/p>\n<\/p><\/div>\n<p>Retail stocks have been among the weaker groups this year, with Metro Brands down about 34% and Vishal Mega Mart down about 30% over a year according to the reports below. That is why the Elara call is getting attention just before the Q2 results season.<\/p>\n<p>This guide covers what Elara expects for retail stocks in Q2 FY27, why the festive shift matters, how each of the three picks looks, valuation, risks and what to watch when results arrive.<\/p>\n<p style=\"margin-top:24px;\"><strong><a href=\"https:\/\/univest.in\/user\/log-in?utm_source=blogs&#038;utm_medium=retail-stocks-to-buy-before-q2-results-metro-brands-campus-activewear-vishal-mega-mart-elara-securities-recommends\">Click Here &#8211; Get Free Investment Predictions<\/a><\/strong><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/univest.in\/blogs-2\/retail-stocks-to-buy-before-q2-results-metro-brands-campus-activewear-vishal-mega-mart-elara-securities-recommends\/#Elara_Securities_View_on_Retail_Stocks_for_Q2_FY27\" title=\"Elara Securities View on Retail Stocks for Q2 FY27\">Elara Securities View on Retail Stocks for Q2 FY27<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/univest.in\/blogs-2\/retail-stocks-to-buy-before-q2-results-metro-brands-campus-activewear-vishal-mega-mart-elara-securities-recommends\/#Why_the_Festive_Shift_Matters_for_Retail_Stocks\" title=\"Why the Festive Shift Matters for Retail Stocks\">Why the Festive Shift Matters for Retail Stocks<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/univest.in\/blogs-2\/retail-stocks-to-buy-before-q2-results-metro-brands-campus-activewear-vishal-mega-mart-elara-securities-recommends\/#Metro_Brands_HDFC_Securities_Rates_It_ADD\" title=\"Metro Brands: HDFC Securities Rates It ADD\">Metro Brands: HDFC Securities Rates It ADD<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/univest.in\/blogs-2\/retail-stocks-to-buy-before-q2-results-metro-brands-campus-activewear-vishal-mega-mart-elara-securities-recommends\/#Campus_Activewear_Volume-Led_Growth\" title=\"Campus Activewear: Volume-Led Growth\">Campus Activewear: Volume-Led Growth<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/univest.in\/blogs-2\/retail-stocks-to-buy-before-q2-results-metro-brands-campus-activewear-vishal-mega-mart-elara-securities-recommends\/#Vishal_Mega_Mart_Value_Retail_at_a_Lower_Price\" title=\"Vishal Mega Mart: Value Retail at a Lower Price\">Vishal Mega Mart: Value Retail at a Lower Price<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/univest.in\/blogs-2\/retail-stocks-to-buy-before-q2-results-metro-brands-campus-activewear-vishal-mega-mart-elara-securities-recommends\/#How_the_Three_Retail_Stocks_Compare\" title=\"How the Three Retail Stocks Compare\">How the Three Retail Stocks Compare<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/univest.in\/blogs-2\/retail-stocks-to-buy-before-q2-results-metro-brands-campus-activewear-vishal-mega-mart-elara-securities-recommends\/#Risks_for_Retail_Stocks_Before_Q2\" title=\"Risks for Retail Stocks Before Q2\">Risks for Retail Stocks Before Q2<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/univest.in\/blogs-2\/retail-stocks-to-buy-before-q2-results-metro-brands-campus-activewear-vishal-mega-mart-elara-securities-recommends\/#What_to_Watch_When_Q2_Results_Arrive\" title=\"What to Watch When Q2 Results Arrive\">What to Watch When Q2 Results Arrive<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/univest.in\/blogs-2\/retail-stocks-to-buy-before-q2-results-metro-brands-campus-activewear-vishal-mega-mart-elara-securities-recommends\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/univest.in\/blogs-2\/retail-stocks-to-buy-before-q2-results-metro-brands-campus-activewear-vishal-mega-mart-elara-securities-recommends\/#Frequently_Asked_Questions\" title=\"Frequently Asked Questions\">Frequently Asked Questions<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/univest.in\/blogs-2\/retail-stocks-to-buy-before-q2-results-metro-brands-campus-activewear-vishal-mega-mart-elara-securities-recommends\/#Which_retail_stocks_does_Elara_Securities_recommend_before_Q2\" title=\"Which retail stocks does Elara Securities recommend before Q2?\">Which retail stocks does Elara Securities recommend before Q2?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/univest.in\/blogs-2\/retail-stocks-to-buy-before-q2-results-metro-brands-campus-activewear-vishal-mega-mart-elara-securities-recommends\/#What_revenue_growth_does_Elara_expect_for_retail_stocks_in_Q2_FY27\" title=\"What revenue growth does Elara expect for retail stocks in Q2 FY27?\">What revenue growth does Elara expect for retail stocks in Q2 FY27?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/univest.in\/blogs-2\/retail-stocks-to-buy-before-q2-results-metro-brands-campus-activewear-vishal-mega-mart-elara-securities-recommends\/#Why_may_apparel_be_weak_in_Q2\" title=\"Why may apparel be weak in Q2?\">Why may apparel be weak in Q2?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/univest.in\/blogs-2\/retail-stocks-to-buy-before-q2-results-metro-brands-campus-activewear-vishal-mega-mart-elara-securities-recommends\/#What_is_the_HDFC_Securities_target_for_Metro_Brands\" title=\"What is the HDFC Securities target for Metro Brands?\">What is the HDFC Securities target for Metro Brands?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/univest.in\/blogs-2\/retail-stocks-to-buy-before-q2-results-metro-brands-campus-activewear-vishal-mega-mart-elara-securities-recommends\/#What_are_the_brokerage_targets_for_Vishal_Mega_Mart\" title=\"What are the brokerage targets for Vishal Mega Mart?\">What are the brokerage targets for Vishal Mega Mart?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/univest.in\/blogs-2\/retail-stocks-to-buy-before-q2-results-metro-brands-campus-activewear-vishal-mega-mart-elara-securities-recommends\/#How_did_Campus_Activewear_perform_in_Q1_FY27\" title=\"How did Campus Activewear perform in Q1 FY27?\">How did Campus Activewear perform in Q1 FY27?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/univest.in\/blogs-2\/retail-stocks-to-buy-before-q2-results-metro-brands-campus-activewear-vishal-mega-mart-elara-securities-recommends\/#What_are_the_main_risks_for_retail_stocks\" title=\"What are the main risks for retail stocks?\">What are the main risks for retail stocks?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/univest.in\/blogs-2\/retail-stocks-to-buy-before-q2-results-metro-brands-campus-activewear-vishal-mega-mart-elara-securities-recommends\/#Should_I_buy_retail_stocks_before_Q2_results\" title=\"Should I buy retail stocks before Q2 results?\">Should I buy retail stocks before Q2 results?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Elara_Securities_View_on_Retail_Stocks_for_Q2_FY27\"><\/span><strong>Elara Securities View on Retail Stocks for Q2 FY27<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Item<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Elara expectation<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Note<\/th>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Sector revenue growth<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">11.8% year on year<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">For India&#8217;s retail sector in Q2 FY27<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Stronger categories<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Value retail, footwear and innerwear<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Everyday and lower-ticket categories<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Weaker category<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Apparel<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Festive purchases shift into the next quarter<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Preferred picks<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Metro Brands, Campus Activewear, Vishal Mega Mart<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Elara recommends them before the results<\/td>\n<\/tr>\n<\/table>\n<p>The call is about mix, not about demand disappearing. Retail stocks tied to value and footwear are expected to cope with the calendar shift better than apparel names.<\/p>\n<p style=\"margin-top:24px;\"><strong><a href=\"https:\/\/univest.in\/screeners\">Check the Univest Screener for live data on retail stocks<\/a><\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Why_the_Festive_Shift_Matters_for_Retail_Stocks\"><\/span><strong>Why the Festive Shift Matters for Retail Stocks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ol>\n<li>Calendar: festive buying that fell in Q2 last year is moving into Q3 this year, which lowers Q2 growth and lifts Q3.<\/li>\n<li>Apparel exposure: fashion and apparel sales are the most festival-linked, so they feel the shift most.<\/li>\n<li>Everyday categories: footwear, innerwear and value retail are bought through the year and are less affected.<\/li>\n<li>Comparisons: a 13% Q2 revenue growth from Metro Brands (per HDFC Securities) and 18.4% from DMart show healthy sales despite the shift.<\/li>\n<\/ol>\n<p>A soft Q2 for retail stocks is therefore partly timing. The real test comes in Q3, when the shifted festive demand is counted.<\/p>\n<p style=\"margin-top:24px;\"><em>Download the <a href=\"http:\/\/apps.apple.com\/in\/app\/univest-stocks-investment\/id6443753518\" rel=\"nofollow noopener\" target=\"_blank\">Univest iOS App<\/a> or <a href=\"http:\/\/play.google.com\/store\/apps\/details?id=com.univest.capp&#038;hl=en_IN\" rel=\"nofollow noopener\" target=\"_blank\">Univest Android App<\/a> to track retail stocks and Q2 results live.<\/em><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Metro_Brands_HDFC_Securities_Rates_It_ADD\"><\/span><strong>Metro Brands: HDFC Securities Rates It ADD<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Item<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Detail<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Note<\/th>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rating and target<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">ADD, target Rs 1,030 (cut from Rs 1,060)<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">HDFC Securities, 30 September 2026<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Price at the time<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 847<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Implied upside about 22% (my calculation)<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Q2 FY27 revenue<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Up about 13%<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Festive demand moves from Q2 to Q3<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Q2 FY27 EBITDA margin<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About 25.8%<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Around 40 basis points of pressure from minimum wage hikes<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Share price trend<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Down about 34% over one year<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">The report says valuation is more reasonable<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Growth driver<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Walkway stores, Clarks and Fila<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">33 Walkway stores added in FY26<\/td>\n<\/tr>\n<\/table>\n<p>The report has small inconsistencies, such as the ADD rating being defined as 5% to 15% return potential while the target implies about 22%. FY27 EPS is estimated at Rs 16.6, so the price of Rs 847 is about 51 times that figure (my calculation), which is still a premium among retail stocks.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Campus_Activewear_Volume-Led_Growth\"><\/span><strong>Campus Activewear: Volume-Led Growth<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Item<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Q1 FY27<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Comparison<\/th>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Revenue<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 385.20 crore<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Up 12.21% year on year, down 15.45% quarter on quarter<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Volume<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">5.71 million pairs<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Up 11.7% year on year<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Average selling price<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About Rs 674 per pair<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 671 a year earlier<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">EBITDA margin<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">15.9%<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Flat quarter on quarter<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Profit after tax<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 26.14 crore<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Up 17.74% year on year<\/td>\n<\/tr>\n<\/table>\n<p>Campus sells lower-priced sports and casual footwear, which suits Elara&#8217;s value and footwear theme. I did not find Elara&#8217;s rating or target for the stock, and one review of Q1 said the re-rating depends on the next quarters confirming volume-led growth.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Vishal_Mega_Mart_Value_Retail_at_a_Lower_Price\"><\/span><strong>Vishal Mega Mart: Value Retail at a Lower Price<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Item<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Detail<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Note<\/th>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Same-store sales growth<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">10% in Q1 FY27<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Against about 7% for peer value retailers<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Hyperlocal users<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">14.1 million, up 44%<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Quick commerce is 2% to 10% of the mix across stores<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Brokerage views<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Motilal Oswal Buy, target Rs 135; HSBC Buy, target Rs 153<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">HSBC expects Q2 moderation from the festival shift<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Valuation<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About 40 times 2027-28 earnings<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Share price down about 30% over one year<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Overhang<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Promoter stake cut from about 75% to about 40%<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Motilal Oswal calls further stake sales a key overhang<\/td>\n<\/tr>\n<\/table>\n<p>Vishal Mega Mart fits the value retail theme, but the promoter stake sales mean supply can keep a lid on the stock.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"How_the_Three_Retail_Stocks_Compare\"><\/span><strong>How the Three Retail Stocks Compare<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Stock<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Category<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Strength<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Watch point<\/th>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Metro Brands<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Premium footwear<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Walkway expansion and store additions<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Wage costs and a premium multiple<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Campus Activewear<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Value sports footwear<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Volume growth of 11.7%<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Quarterly profit swings<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Vishal Mega Mart<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Value retail<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Same-store growth of 10%<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Promoter stake sales<\/td>\n<\/tr>\n<\/table>\n<p>Each pick leans on a different driver, so owning all three retail stocks does not remove the common risk of weak consumer demand.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Risks_for_Retail_Stocks_Before_Q2\"><\/span><strong>Risks for Retail Stocks Before Q2<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>Timing:<\/strong> If festive demand arrives later than expected, Q3 may not make up the Q2 gap.<\/p>\n<p><strong>Costs:<\/strong> Minimum wage hikes and rent can squeeze margins, as the Metro Brands note shows.<\/p>\n<p><strong>Valuation:<\/strong> Metro Brands trades at roughly 51 times FY27 earnings (my calculation), which leaves little room for a miss.<\/p>\n<p><strong>Competition:<\/strong> Quick commerce and online players are pulling demand away from retail stocks in dense cities.<\/p>\n<p><strong>Missing data:<\/strong> Elara&#8217;s targets and ratings for all three retail stocks were not available, so check the report.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_to_Watch_When_Q2_Results_Arrive\"><\/span><strong>What to Watch When Q2 Results Arrive<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ol>\n<li>Revenue growth against Elara&#8217;s 11.8% sector expectation.<\/li>\n<li>EBITDA margin for Metro Brands against the 25.8% estimate.<\/li>\n<li>Volume and margin at Campus Activewear after the weak Q1 profit trend.<\/li>\n<li>Same-store sales growth at Vishal Mega Mart against the 10% in Q1.<\/li>\n<li>Management commentary on Q3 festive demand across retail stocks.<\/li>\n<\/ol>\n<h2><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><strong>Conclusion<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Elara Securities expects 11.8% revenue growth in Q2 FY27 and likes Metro Brands, Campus Activewear and Vishal Mega Mart among retail stocks, helped by a value and footwear tilt. The festive shift makes Q3 the real test, so check the results and the brokerage reports for targets. Consult a SEBI-registered advisor before making any decision.<\/p>\n<div style=\"background:#CC0000;border-radius:8px;padding:16px 20px;margin:24px 0;\">\n<p style=\"color:#FFFFFF;font-size:13px;line-height:1.7;margin:0;\"><strong style=\"color:#FFFFFF;\">Disclaimer:<\/strong> Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).<\/p>\n<\/p><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Frequently_Asked_Questions\"><\/span><strong>Frequently Asked Questions<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"Which_retail_stocks_does_Elara_Securities_recommend_before_Q2\"><\/span><strong>Which retail stocks does Elara Securities recommend before Q2?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Elara favours Metro Brands, Campus Activewear and Vishal Mega Mart.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_revenue_growth_does_Elara_expect_for_retail_stocks_in_Q2_FY27\"><\/span><strong>What revenue growth does Elara expect for retail stocks in Q2 FY27?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> About 11.8% year on year, led by value retail, footwear and innerwear.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Why_may_apparel_be_weak_in_Q2\"><\/span><strong>Why may apparel be weak in Q2?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Festive purchases are shifting to the next quarter, which hurts apparel sales in Q2.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_is_the_HDFC_Securities_target_for_Metro_Brands\"><\/span><strong>What is the HDFC Securities target for Metro Brands?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> ADD with a target of Rs 1,030, cut from Rs 1,060, against a price of Rs 847 on 30 September 2026.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_are_the_brokerage_targets_for_Vishal_Mega_Mart\"><\/span><strong>What are the brokerage targets for Vishal Mega Mart?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Motilal Oswal has a Buy with a target of Rs 135 and HSBC has a Buy with a target of Rs 153.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"How_did_Campus_Activewear_perform_in_Q1_FY27\"><\/span><strong>How did Campus Activewear perform in Q1 FY27?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Revenue was Rs 385.20 crore, up 12.21% year on year, with profit after tax of Rs 26.14 crore.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_are_the_main_risks_for_retail_stocks\"><\/span><strong>What are the main risks for retail stocks?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Festive timing, wage costs, high valuation, quick commerce competition and promoter stake sales.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Should_I_buy_retail_stocks_before_Q2_results\"><\/span><strong>Should I buy retail stocks before Q2 results?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> This article does not constitute investment advice. Results can move stocks sharply. Consult a SEBI-registered financial advisor.<\/p>\n<div class=\"faq-schema\"><script type=\"application\/ld+json\">{\"@context\":\"https:\/\/schema.org\",\"@type\":\"FAQPage\",\"mainEntity\":[{\"@type\":\"Question\",\"name\":\"Which retail stocks does Elara Securities recommend before Q2?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Elara favours Metro Brands, Campus Activewear and Vishal Mega Mart.\"}},{\"@type\":\"Question\",\"name\":\"What revenue growth does Elara expect for retail stocks in Q2 FY27?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"About 11.8% year on year, led by value retail, footwear and innerwear.\"}},{\"@type\":\"Question\",\"name\":\"Why may apparel be weak in Q2?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Festive purchases are shifting to the next quarter, which hurts apparel sales in Q2.\"}},{\"@type\":\"Question\",\"name\":\"What is the HDFC Securities target for Metro Brands?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"ADD with a target of Rs 1,030, cut from Rs 1,060, against a price of Rs 847 on 30 September 2026.\"}},{\"@type\":\"Question\",\"name\":\"What are the brokerage targets for Vishal Mega Mart?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Motilal Oswal has a Buy with a target of Rs 135 and HSBC has a Buy with a target of Rs 153.\"}},{\"@type\":\"Question\",\"name\":\"How did Campus Activewear perform in Q1 FY27?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Revenue was Rs 385.20 crore, up 12.21% year on year, with profit after tax of Rs 26.14 crore.\"}},{\"@type\":\"Question\",\"name\":\"What are the main risks for retail stocks?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Festive timing, wage costs, high valuation, quick commerce competition and promoter stake sales.\"}},{\"@type\":\"Question\",\"name\":\"Should I buy retail stocks before Q2 results?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"This article does not constitute investment advice. Results can move stocks sharply. Consult a SEBI-registered financial advisor.\"}}]}<\/script><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Retail stocks to buy before Q2: Elara expects 11.8% growth and likes Metro Brands, Campus Activewear and Vishal Mega Mart. See numbers and risks.<\/p>\n","protected":false},"author":34,"featured_media":302655,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[842],"tags":[426,11346,7225,11347,5070,8576],"class_list":["post-302656","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-campus-activewear","tag-elara-securities","tag-metro-brands","tag-q2-results-preview","tag-retail-stocks","tag-vishal-mega-mart"],"metadata":{"rank_math_internal_links_processed":["1"],"_thumbnail_id":["302655"],"rank_math_title":["Retail Stocks Before Q2: Metro Brands, Campus, Vishal Mega Mart"],"rank_math_description":["Retail stocks to buy before Q2: Elara expects 11.8% sector growth in Q2 FY27 and likes Metro Brands, Campus Activewear and Vishal Mega Mart. See targets and risks."],"rank_math_focus_keyword":["retail stocks"],"rank_math_robots":["a:2:{i:0;s:7:\"noindex\";i:1;s:8:\"nofollow\";}"]},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2026\/10\/retail-stocks-to-buy-before-q2-results-metro-brands-campus-activewear-and-vishal.webp","_links":{"self":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/302656","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/users\/34"}],"replies":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/comments?post=302656"}],"version-history":[{"count":1,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/302656\/revisions"}],"predecessor-version":[{"id":302657,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/302656\/revisions\/302657"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/media\/302655"}],"wp:attachment":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/media?parent=302656"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/categories?post=302656"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/tags?post=302656"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}