V2RETAIL

V2 Retail share price & financials

Price
₹236.85
Market cap
₹8.0k Cr
Sector
Consumer Services
Calls analysed
7
Latest concall · Q1 FY27 · call held 14 Aug 2026

V2 Retail Q1 FY27

Revenue ₹997 cr +58%EBITDA ₹139.5 cr +60%EBITDA Margin 14% PAT ₹41.9 cr +70%

What went well

  • Revenue grew 58% year-on-year to INR997 crores, demonstrating strong top-line performance.
  • EBITDA increased 60% year-on-year to INR139.5 crores, with EBITDA margin improving to 14% from 13.8% in the prior year.
  • Profit after tax (PAT) grew 70% year-on-year to INR41.9 crores, reflecting continued improvement in profitability.

What to watch

  • Gross margin slightly contracted to 28.6% from 29.5% in the prior year, attributed to Adhik Maas and fewer wedding dates.
  • Full price sales percentage decreased from a normal 92-93% to 90% in Q1 due to market slowness during Adhik Maas.
Read the full call →

What V2 Retail does

V2 Retail runs a chain of 'V2 Retail' branded stores offering apparel and general merchandise for the entire family, positioned as a value-fashion retailer for India's neo-middle and middle-class consumers. It focuses primarily on Tier-II and Tier-III cities and towns rather than metros. Merchandise is a mix of in-house designed products (developed by its own product-design team) and goods procured from job workers and vendors, which the company says gives it tighter control over quality and inventory. Stores are replenished weekly from a centralised warehouse and distribution centre using the company's own fleet of vehicles.

Segments

  • Men's Wear
  • Ladies Wear
  • Kids Wear
  • Lifestyle
Store count
325 stores
Geographic footprint
More than 225 cities across 25 states and 1 Union Territory
Total retail area
~35.35 lakh sq. ft. (~3.5 million sq. ft.)
Store network focus
Primarily Tier-II and Tier-III cities and towns
In-house product design team
60 people, including designers
Distribution infrastructure
Centralised warehouse and distribution centre at Gurgaon, serviced by the company's own fleet of vehicles that replenish store inventory weekly
Founded 2001Headquarters Registered office: New Delhi; Corporate office: Gurugram, Haryana, India Company website

Guidance record · Q1 FY27

what the last two calls moved 20 tracked 5 delivered 5 missed 10 open
  • Gross Margin delivered said Q3 FY26 Promised: gross margin of 28% - 29% Q1 FY27: Q1 FY27 gross margin was 28.6%, which is within the target range.
  • Private Label Contribution missed said Q4 FY25 Promised: 60% by Summer 2026 Q1 FY27: No update provided in Q1 FY27, which was the target period (Summer 2026). The promise is considered missed due to being ghosted past its deadline.
  • Creditor Days revised down said Q4 FY26 Promised: maintain creditors at 45 days Q1 FY27: Guidance slightly revised to 45-50 days from a firm 45 days. Management noted they are using cash to prepay vendors but can normalize this to release capital.

All 20 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 58.3%, net profit up 50.0% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue380 591 499 630 705 +86%927 +57%798 +60%997 +58%
EBITDA31 111 57 90 86 +177%177 +59%113 +98%140 +56%
Net profit-3 51 7 28 18 +700%99 +94%18 +157%42 +50%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −86.3% 1Y

₹0.0k₹0.5k₹1.0k₹1.5k₹2.0k₹2.5kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 19 Nov 2025Q3 FY26 — 4 Feb 2026Q4 FY26 — 29 May 2026Q1 FY27 — 14 Aug 2026

1Y: ₹1,596.8 on 10 Sept 2025 → ₹218. High ₹2,495.6 (3 Nov 2025), low ₹182.79 (23 Mar 2026).

How the price took the results

close before → close after

Q1 FY27
−0.5%
14 Aug
Q4 FY26
−2.6%
29 May
Q3 FY26
−2.0%
4 Feb
Q2 FY26
−0.1%
19 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 53.9% a year over 3 years, FY23 to FY26. Operating margin widened to 15.2%.

Year endingFY23FY24FY25FY26
Revenue₹839 Cr₹1.2k Cr₹1.9k Cr₹3.1k Cr
Operating profit₹83 Cr₹143 Cr₹252 Cr₹466 Cr
Operating margin9.9%12.3%13.4%15.2%
Interest₹40 Cr₹45 Cr₹67 Cr₹96 Cr
Depreciation₹66 Cr₹72 Cr₹95 Cr₹181 Cr
Net profit₹-14 Cr₹27 Cr₹71 Cr₹163 Cr
Net margin-1.7%2.3%3.8%5.3%
Cash from operations₹80 Cr₹85 Cr₹191 Cr₹-96 Cr
Free cash flow₹70 Cr₹57 Cr₹63 Cr₹-328 Cr
ROCE3.0%11.0%17.0%20.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹34 Cr₹34 Cr₹34 Cr₹35 Cr₹35 Cr₹36 Cr
Reserves₹238 Cr₹226 Cr₹213 Cr₹240 Cr₹352 Cr₹866 Cr
Borrowings₹388 Cr₹384 Cr₹410 Cr₹502 Cr₹1.3k Cr₹995 Cr
Other liabilities₹133 Cr₹128 Cr₹108 Cr₹189 Cr₹688 Cr₹525 Cr
Total liabilities₹793 Cr₹772 Cr₹765 Cr₹966 Cr₹2.4k Cr₹2.4k Cr
Fixed assets₹382 Cr₹375 Cr₹389 Cr₹449 Cr₹1.3k Cr₹968 Cr
Capital work in progress₹5 Cr₹0 Cr₹0 Cr₹0 Cr₹4 Cr₹36 Cr
Investments₹15 Cr₹15 Cr₹15 Cr₹15 Cr₹0 Cr₹5 Cr
Other assets₹391 Cr₹382 Cr₹361 Cr₹502 Cr₹1.1k Cr₹1.4k Cr
Total assets₹793 Cr₹772 Cr₹765 Cr₹966 Cr₹2.4k Cr₹2.4k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, DIIs added +3.30 pp while promoters trimmed −2.79 pp. The shareholder count grew 41% to 52,967.

Promoters
51.4%
FIIs
3.1%
DIIs
10.7%
Public
34.8%

Since Jun 2025

  • DIIs +3.30 pp
  • Promoters −2.79 pp
  • Public −1.71 pp

How it drifted, 12 quarters

Over this window DIIs went from 0.4% to 10.7% — +10.3 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 54.3%, FIIs 6.4%, DIIs 0.4%, Public 39.0%.Dec '23: Promoters 54.3%, FIIs 6.4%, DIIs 0.4%, Public 39.0%.Mar '24: Promoters 54.3%, FIIs 6.6%, DIIs 0.4%, Public 38.8%.Jun '24: Promoters 54.3%, FIIs 6.7%, DIIs 0.4%, Public 38.6%.Sep '24: Promoters 54.3%, FIIs 0.8%, DIIs 4.3%, Public 40.6%.Dec '24: Promoters 54.3%, FIIs 0.9%, DIIs 6.0%, Public 38.8%.Mar '25: Promoters 54.2%, FIIs 1.3%, DIIs 6.7%, Public 37.8%.Jun '25: Promoters 54.2%, FIIs 1.9%, DIIs 7.3%, Public 36.5%.Sep '25: Promoters 54.2%, FIIs 2.1%, DIIs 7.1%, Public 36.6%.Dec '25: Promoters 51.4%, FIIs 3.0%, DIIs 9.1%, Public 36.5%.Mar '26: Promoters 51.4%, FIIs 2.6%, DIIs 9.3%, Public 36.7%.Jun '26: Promoters 51.4%, FIIs 3.1%, DIIs 10.7%, Public 34.8%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 0 holders trimming and 2 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of V2 Retail above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Ricon Commodities Private Limited 35.28%unchanged
Motilal Oswal Large And Midcap Fund Mutual fund7.11%unchanged
Ram Chandra Agarwal 5.17%unchanged
Akash Agarwal 4.49%unchanged
Vishal Waterworld Pvt Ltd 3.93%unchanged
Bandhan Small Cap Fund Mutual fund2.02%newly disclosed
V2 Conglomerate Limited 1.73%unchanged
Sachin Kasera 1.37%unchanged
Abhijit Periwal 1.29%unchanged
Ramchandra Agarwal HUF 0.43%unchanged
Uma Agarwal 0.39%unchanged
Shreya AgarwaL 0.01%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

All earnings calls (7)

Read the Q1 FY27 call →

Learn to analyse V2 Retail

Guides on how to read this kind of business and the numbers that matter.