Walmart India has reported a loss of ₹110 crore in the financial year ended March 2025 (FY25), improving from a loss of approximately ₹154 crore in FY24.
Revenue growth, however, was modest: operating revenue rose just ~2.6%, from about ₹5,195 crore in FY24 to ₹5,331 crore in FY25. Total revenue including other income came in at ₹5,374 crore.
Expense Trends & Margin Pressures
- The cost of materials (which forms nearly 90% of Walmart India’s expenses) rose 3%, from ~₹4,791 crore in FY24 to ~₹4,924 crore in FY25.
- Employee benefit costs dropped by ~10%, signaling some efficiency improvements.
- Finance costs were down ~17%, which also helped reduce the overall loss.
- However, with total expenses still slightly outpacing revenue growth, profitability remains under pressure. The EBITDA margin remains negative.
What This Indicates
- Walmart India is making progress in trimming its losses, but the slow revenue growth suggests weak demand or competitive pressures in the wholesale / retail segment.
- Margin improvement has been driven more by cost control (reduced wages, lower finance costs) rather than strong topline growth.
- The negative returns likely stem from high operational costs, logistics, supply chain, or price competition.
What to Watch
- Whether Walmart India can accelerate revenue growth — through expansion of stores or wholesale business, improved assortment or pricing.
- How it manages expenses going forward, especially material costs and supply chain efficiencies.
- Competitive moves from other retail/wholesale players which may squeeze margins further.
- Possible changes in business model or investments to boost sales, e.g. better tech or expansion into underserved markets.
