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V2 Retail Q2 FY27 results: net profit down 56.5% to ₹18.21 crore, revenue down 32.5%
V2 Retail Limited reported consolidated revenue of ₹905.60 crore for Q2 FY27, down 32.5% from ₹1,341 crore in the year-ago quarter, with profit after tax of ₹18.21 crore compared with ₹41.89 crore. EBITDA was ₹120.27 crore and the margin was 13.3%, while basic EPS fell to ₹0.50. On the standalone basis, revenue was ₹905.6 crore and profit after tax was ₹18.28 crore.
Key points
- Consolidated revenue was ₹905.60 crore in Q2 FY27, down 32.5% from ₹1,341 crore in Q2 FY26 and 9.2% from ₹997.20 crore in Q1 FY27.
- EBITDA was ₹120.27 crore, down 30.3% year on year and 13.8% from the previous quarter, while the margin was 13.3% against 12.9% a year earlier and 14.0% in Q1 FY27.
- Profit after tax was ₹18.21 crore, down 56.5% from ₹41.89 crore a year ago and from ₹41.85 crore in the previous quarter, and basic EPS was ₹0.50.
- Total expenses fell 31.5% to ₹883.30 crore from ₹1,289 crore, with employee cost down 19.0%, finance costs down 41.6% and other expenses down 31.0%.
- Borrowings rose to ₹528.96 crore from ₹253.9 crore at 31 March 2026, while total assets increased to ₹3,018.27 crore from ₹2,422.21 crore.
How did V2 Retail perform in Q2 FY27?
V2 Retail reported consolidated revenue of ₹905.60 crore for Q2 FY27, the quarter ended 30 September 2026. Revenue was down 32.5% from ₹1,341 crore in Q2 FY26 and down 9.2% from ₹997.20 crore in Q1 FY27. EBITDA was ₹120.27 crore, against ₹172.67 crore a year earlier and ₹139.46 crore in the previous quarter. The EBITDA margin was 13.3%, compared with 12.9% in Q2 FY26 and 14.0% in Q1 FY27.
Profit before tax was ₹24.78 crore, down 54.3% from ₹54.24 crore a year earlier and down 52.0% from ₹51.59 crore in the previous quarter. After tax of ₹6.57 crore, profit after tax was ₹18.21 crore, against ₹41.89 crore in Q2 FY26 and ₹41.85 crore in Q1 FY27. Basic EPS was ₹0.50, down from ₹12.05 a year earlier and ₹1.15 in the previous quarter. On the standalone basis, revenue was ₹905.6 crore and profit after tax was ₹18.28 crore.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 905.60 | 997.20 | 1,341 | −32.5% | −9.2% |
| Other income | 2.48 | 0.99 | 2 | +24.0% | +150.5% |
| Total expenses | 883.30 | 946.60 | 1,289 | −31.5% | −6.7% |
| EBITDA | 120.27 | 139.46 | 172.67 | −30.3% | −13.8% |
| EBITDA margin | 13.3% | 14.0% | 12.9% | +0.4 pp | −0.7 pp |
| Profit before tax | 24.78 | 51.59 | 54.24 | −54.3% | −52.0% |
| Tax | 6.57 | 9.73 | 12.35 | −46.8% | −32.5% |
| Net profit | 18.21 | 41.85 | 41.89 | −56.5% | −56.5% |
| EPS (₹) | 0.50 | 1.15 | 12.05 | −95.9% | −56.5% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in V2 Retail's costs and profit?
Total expenses fell 31.5% to ₹883.30 crore from ₹1,289 crore in the year-ago quarter. Employee cost was ₹89.19 crore, down 19.0% from ₹110.11 crore, finance costs were ₹29.66 crore, down 41.6% from ₹50.76 crore, and depreciation was ₹68.31 crore, down 2.0% from ₹69.67 crore. Other expenses were ₹71.87 crore, down 31.0% from ₹104.14 crore. There was no exceptional item in either quarter.
Other income was ₹2.48 crore, up 24.0% from ₹2 crore a year earlier. Tax was ₹6.57 crore, down 46.8% from ₹12.35 crore. Against the previous quarter, employee cost rose 11.1% to ₹89.19 crore, finance costs rose 18.7% to ₹29.66 crore, depreciation rose 7.0% to ₹68.31 crore and other expenses rose 10.1% to ₹71.87 crore, while other income rose 150.5% to ₹2.48 crore and tax fell 32.5% to ₹6.57 crore.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 0 | 16.99 | −16.99 | |
| Employee cost | 89.19 | 110.11 | −20.92 | −19.0% |
| Finance costs | 29.66 | 50.76 | −21.10 | −41.6% |
| Depreciation | 68.31 | 69.67 | −1.36 | −2.0% |
| Other expenses | 71.87 | 104.14 | −32.27 | −31.0% |
| Total expenses | 883.30 | 1,289 | −405.31 | −31.5% |
| Other income | 2.48 | 2 | +0.48 | +24.0% |
| Tax | 6.57 | 12.35 | −5.78 | −46.8% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets stood at ₹3,018.27 crore, up from ₹2,422.21 crore at 31 March 2026, and total equity was ₹961.63 crore against ₹902.33 crore. Borrowings rose to ₹528.96 crore from ₹253.9 crore, while cash and cash equivalents were ₹8.35 crore against ₹5.95 crore. Inventories were ₹1,447.84 crore compared with ₹1,141.77 crore, trade payables were ₹572.97 crore against ₹463.25 crore, and trade receivables were ₹0.31 crore against ₹1.58 crore.
For the first half of FY27, operating cash flow was ₹17.96 crore, compared with ₹109.77 crore in H1 FY26. Investing cash flow was an outflow of ₹150.91 crore, against an outflow of ₹77.24 crore a year earlier, and financing cash flow was an inflow of ₹135.34 crore against an outflow of ₹27.2 crore. Capital expenditure was ₹139.09 crore in H1 FY27, up from ₹85.82 crore in H1 FY26.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 3,018 | 2,422 |
| Total equity | 961.63 | 902.33 |
| Borrowings | 528.96 | 253.90 |
| Cash and equivalents | 8.35 | 5.95 |
| Inventories | 1,448 | 1,142 |
| Trade receivables | 0.31 | 1.58 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 17.96 | 109.77 |
| Cash from investing | −150.91 | −77.24 |
| Cash from financing | 135.34 | −27.20 |
| Capital expenditure | 139.09 | 85.82 |
Source: Company's results filing (XBRL).
How has V2 Retail done over the last 8 quarters?
Revenue in the reported series peaked at ₹1,340.85 crore in Q2 FY26 and fell to ₹905.60 crore in Q2 FY27, its lowest point in the listed quarters. The latest quarter was also lower than ₹997.20 crore in Q1 FY27, so revenue has declined for two consecutive quarters from the peak. The earlier low was ₹498.51 crore in Q4 FY25, against which the latest revenue is higher.
Profit after tax peaked at ₹102.07 crore in Q3 FY26 and bottomed at ₹6.44 crore in Q4 FY25. It was ₹18.21 crore in Q2 FY27, below ₹41.85 crore in Q1 FY27. The EBITDA margin peaked at 18.9% in Q3 FY25 and bottomed at 11.6% in Q4 FY25; it was 13.3% in Q2 FY27 against 14.0% in the previous quarter.
What else did the company announce?
V2 Retail filed a press release on 3 November 2026 with the un-audited standalone and consolidated results for the second quarter and half year ended 30 September 2026, along with an investor presentation for Q2 and H1 FY27. The board meeting to consider the results was scheduled for 3 November 2026, and the trading window for the company's securities was closed from 1 October 2026 until 48 hours after the results were declared. The same-day filings did not announce a dividend, a fund raise or any appointment.
What did V2 Retail's management say?
Management said FY27 revenue growth is expected to surpass 50%, with H2 sales growth expected to be almost 60%. The company expects FY27 same-store sales growth of 5-7% after H1 calendar-basis SSSG of -3.7%, and targets normalised same-store sales growth of 5-7% for Q3 FY27. Old stores are expected to contribute 7-9% SSSG in H2 FY27.
How did V2 Retail shares react?
The filing was made after market hours. From the price when the filing appeared, the stock rose 2.1% after 5 minutes, 1.6% after 15 minutes and 2.4% after 30 minutes. On the reaction day, the stock fell 10.5% from its previous close of ₹165.26, against a 0.1% median move for the other Speciality Retail stocks, a gap of 10.6 percentage points. By the next day's close the stock was down 0.2% from its pre-results close, against a 1.2% industry median.
Earlier results-day moves were mixed: the stock fell 1.6% on 13 August 2026, 2.1% on 28 May 2026 and 2.4% on 3 February 2026, rose 0.6% on 14 November 2025, fell 5.4% on 30 July 2025 and 4.2% on 28 May 2025, rose 4.1% on 23 January 2025 and fell 5.1% on 24 October 2024.
| After the filing | Stock | Speciality Retail median |
|---|---|---|
| 5 minutes | +2.1% | |
| 15 minutes | +1.6% | |
| 30 minutes | +2.4% | |
| Reaction day | −10.5% | +0.1% |
| Next day | −0.2% | +1.2% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 13 August 2026 | −1.6% |
| 28 May 2026 | −2.1% |
| 3 February 2026 | −2.4% |
| 14 November 2025 | +0.6% |
| 30 July 2025 | −5.4% |
| 28 May 2025 | −4.2% |
| 23 January 2025 | +4.1% |
| 24 October 2024 | −5.1% |
Source: MarketPing price-reaction measurement.
How did other Speciality Retail companies do?
Fourteen other Speciality Retail companies have filed for this quarter. Their median revenue growth was 13.4%, and all 14 grew faster than V2 Retail's revenue, while none grew slower. Of the 12 peers for which profit was compared, 8 reported higher profit. The peer figures are as of 6 November 2026.
| V2 Retail revenue growth (YoY) | −32.5% |
|---|---|
| Median of 14 other Speciality Retail companies | +13.4% |
| Companies with slower revenue growth than V2 Retail | 0 of 14 |
| Companies with faster revenue growth than V2 Retail | 14 of 14 |
| Companies whose net profit rose | 8 of 12 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was V2 Retail's revenue in Q2 FY27?
Revenue from operations was ₹905.60 crore, down 32.5% from ₹1,341 crore in Q2 FY26 (consolidated).
Did V2 Retail make a profit in Q2 FY27?
Yes. Net profit was ₹18.21 crore, against a net profit of ₹41.89 crore in Q2 FY26.
What was V2 Retail's EPS in Q2 FY27?
Basic earnings per share were ₹0.50, against ₹12.05 in Q2 FY26.
How did V2 Retail shares react to the Q2 FY27 results?
On the reaction day the stock moved −10.5% from the previous close; the median Speciality Retail stock moved +0.1%.
When did V2 Retail announce its Q2 FY27 results?
On 3 November 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Consider, Approve And Take On Record The Un-Audited Financial Results Of The Company For The Second Quarter/Half Year Ended September 30, 2026 And Other Business Matters. (BSE, 24 October 2026) · PDF
- Announcement under Regulation 30 (LODR)-Press Release / Media Release (BSE, 3 November 2026) · PDF
- The earnings call (4 November 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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