NSE: V2RETAIL · BSE: 532867
V2 RETAIL LIMITED
Operates a speciality retail chain focused on Tier 2 and Tier 3 cities in India, with 381 stores spread across about 40.7 lakh sq ft as of Q1 FY27, up from 325 stores across 25 states and 35.35 lakh sq ft at FY26-end. FY26 revenue was Rs 3,067 crores, with same-store sales growth of 8.58%, full-price sales contributing 90% of revenue, and average bill value of Rs 925. Q1 FY27 revenue was Rs 997 crores (up 58% YoY), with same-store sales growth of 7.5% and monthly sales per sq ft of Rs 886. The chain added 139 net new stores in FY26 and has guided to 170-200 new stores in FY27, employing 10,561 permanent staff. Reported cost lines are dominated by employee expenses at 7.9% of revenue and other operating expenses at 7.5%, with FY26 gross margin at 30.2%. The company raised Rs 400 crores via a QIP in November 2025. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Speciality retail sales. Store-network-driven speciality retailer expanding rapidly in smaller Indian cities.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 629 | 839 | 1,165 | 1,884 | 3,067 |
| EBITDA (ex other income) | 65 | 84 | 148 | 258 | 483 |
| margin % | 10.3 | 10.0 | 12.7 | 13.7 | 15.8 |
| Owners' profit | 0 | 0 | 28 | 72 | 162 |
| EPS, as reported (₹) | (3.40) | (3.73) | 8.04 | 20.83 | 4.58 |
| ROE % · ROCE % | (4.5) · 3.8 | (5.2) · 4.0 | 10.1 · 11.4 | 20.8 · 15.5 | 18.0 · 20.6 |
| Debt / equity (x) | 0.21 | 0.22 | 0.33 | 0.33 | 0.28 |
| Cash from operations | 59 | 86 | 93 | 223 | (103) |
| Capex | (16) | (12) | (39) | (134) | (231) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 380 | 591 | 499 | 632 | 1,341 | 929 | 797 | 997 |
| Profit before tax | (2) | 69 | 10 | 33 | 54 | 138 | 22 | 52 |
| Net profit | (2) | 51 | 6 | 25 | 42 | 102 | 18 | 42 |
| EPS (₹) | (0.56) | 14.80 | 1.86 | 7.13 | 12.05 | 29.17 | 0.50 | 1.15 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| TRENT LTD | 1,54,511 | 63.0 | 21.74 | 41.1 | 24.2 | 26.2 | 50.6 | 20.1 |
| LENSKART SOLUTIONS LTD | 1,19,913 | 180.1 | 13.55 | 62.3 | 5.7 | 5.8 | — | 24.2 |
| VEDANT FASHIONS LIMITED | 11,751 | 29.1 | 7.69 | 16.1 | 8.5 | 8.4 | — | 52.7 |
| ADITYA BIRLA LIFES BRAN L | 8,818 | 49.8 | 6.24 | 6.9 | 12.1 | 5.0 | — | 16.0 |
| ADITYA VISION LIMITED | 7,243 | 52.0 | 10.52 | — | 17.0 | 17.4 | — | 10.6 |
| V2 RETAIL LIMITED ◆ | 5,667 | 3.6 | 6.28 | 12.0 | 18.0 | 14.2 | 41.6 | 14.1 |
| ADITYA BIRLA FASHION & RT | 4,870 | — | 0.78 | 7.0 | (13.3) | (7.1) | 9.3 | 8.5 |
| ARVIND FASHIONS LIMITED | 4,855 | 40.5 | 4.18 | 7.4 | 15.8 | 12.9 | 19.1 | 13.0 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 3.6 | 26.0 | 3 of 19 | 89% |
| P/B | 6.3 | 3.9 | 10 of 14 | 31% |
| ROCE | 14.2 | 10.0 | 5 of 20 | 79% |
| ROE | 18.0 | 11.7 | 2 of 14 | 92% |
| Debt / Equity | 0.3 | 0.1 | 10 of 14 | 31% |
| EBITDA margin | 14.1 | 15.7 | 9 of 14 | 39% |
| Revenue growth | 57.7 | 16.6 | 3 of 16 | 87% |
| Profit growth | 69.7 | 20.6 | 3 of 13 | 83% |
| Market cap | 5667 | 724 | 6 of 20 | 74% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 24 Oct 2026 · Board to approve Q2 and half-year results on November 3, 2026 | results | low | — | — |
| 9 Oct 2026 · RTA confirms no demat requests in Sep 2026 quarter | compliance | minimal | — | — |
| 2 Oct 2026 · V2 Retail Q2 FY27 revenue up 28.4 percent, adds 49 new stores | business updates | medium | — | — |
| 1 Oct 2026 · V2 Retail: Promoter Akash Agarwal postpones 70 lakh share gift transfer | ownership changes | medium | — | — |
| 28 Sept 2026 · Trading Window Closed from Oct 1 Ahead of Q2 Results | compliance | minimal | — | — |
| 2 Sept 2026 · V2 Retail Credit Rating Upgraded to IND A/Positive by India Ratings | credit debt | high | — | — |
| 2 Sept 2026 · V2 Retail credit rating upgraded to IND A/Positive by Ind-Ra | credit debt | high | — | — |
| 17 Aug 2026 · Q1 FY27 transcript posted - 58% revenue growth, store count past 400 | investor communications | medium | — | — |
| 14 Aug 2026 · V2 Retail to attend Motilal Oswal investor conference on August 19 | board shareholder meetings | low | — | — |
| 13 Aug 2026 · V2 Retail Q1 FY27 PAT up 70% to ₹41.9 cr, revenue up 58% | compliance | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.