VR

V2 Retail Ltd

Q2 FY26

V2 Retail Q2 FY26 earnings call: Revenue & Margins

Q2 FY26 earnings call: what management guided on revenue, margins and order book.

Price₹220

Market cap₹7.9K Cr

P/E53.8

Updated23 Aug 2026

Read4 min read

The short version

Targeting revenue growth of over 50% driven by 8-10% same-store sales growth (SSSG) and expansion of store footprint by 60-70%. Revenue growth target is over 50% annually, driven by 8-10% same-store sales growth (SSSG) and 40% revenue from new stores.

From V2 Retail Ltd's Q2 FY26 earnings-call transcript · updated 23 Aug 2026.

Revenue & Sales Performance

Targeting revenue growth of over 50% driven by 8-10% same-store sales growth (SSSG) and expansion of store footprint by 60-70%.
Plan to add 130 new stores in the current year and 150 stores next year to fuel growth.
New stores initially achieve about 70% of sales per square feet of old stores, maturing over time.
Volume growth in Q2 FY '26 recorded at 58%, with full-price sales contributing 92%.
Focus on expanding in existing core markets (60-70% of stores) and newer geographies (30-40% of stores).
Aim to maintain gross margin around 28-29%, passing cost benefits to consumers to gain market share.

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Profitability & Margins

Revenue growth target is over 50% annually, driven by 8-10% same-store sales growth (SSSG) and 40% revenue from new stores.
Store expansion planned to continue aggressively: 130 new stores in the current year, increased from 100; 150 new stores targeted next year.
EBITDA margin guidance maintained at around 8% pre-Ind AS, considering new stores initially have lower sales per square feet (~70% of old stores), leading to margin offset.
Long-term EBITDA margin expansion expected as newer stores mature and contribute higher sales.
Target Return on Equity (ROE) above 20% beyond FY '28 driven by scalable and replicable business model.

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Capital Expenditure Plans

To open 150 stores, V2 Retail Limited plans a capex plus inventory investment of around INR 350 crores.
Additional warehousing cost is estimated at around INR 25 to 30 crores to support the hub-and-spoke regional warehouse model.
The company raised QIP funds used primarily to:
Repay INR 135 crores debt
Allocate INR 165 crores for working capital
INR 100 crores for general corporate purposes
The capital raise also supports:
Payment to vendors earlier, improving vendor relations and obtaining bill discounts.
Increasing store opening targets.

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Fundraising & Capital Structure

Currently, there are no plans for new fundraising through debt or equity.
The company has recently completed a QIP (Qualified Institutional Placement) which has funded growth plans till the end of FY '28.
Future fundraising will depend on execution and performance; if the business metrics are healthy and store expansion targets increase, the company may consider raising more capital.

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Order Book & Pipeline

The transcript does not explicitly mention the current or expected orderbook or pending orders for V2 Retail Limited. However, relevant insights related to inventory and supply are: - All planned stores for the season had their orders fulfilled by May-June, indicating proactive inventory planning. - Any stock shortages currently experienced are due to better-than-expected sales, not supply constraints. - Winter season inventory was planned 4-5 months in advance, showing well-ahead order placement. - The company sources from about 250 vendors currently, with visibility on manufacturing capacity for the next few years.

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V2 Retail Ltd — Quarterly revenue & net profit

Revenue Net profit Net loss

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Reported quarterly figures (₹ Cr). Latest: revenue ₹929 Cr, net profit ₹102 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.

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What V2 Retail Ltd's management said in earlier quarters

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Frequently Asked Questions

What were V2 Retail Ltd Q2 FY26 results?

Targeting revenue growth of over 50% driven by 8-10% same-store sales growth (SSSG) and expansion of store footprint by 60-70%. Revenue growth target is over 50% annually, driven by 8-10% same-store sales growth (SSSG) and 40% revenue from new stores.

What is V2 Retail Ltd share price analysis?

V2 Retail Ltd currently shows a neutral. The stock trades at a P/E of 53.8 with a market cap of ₹7,933 Cr. Investors should review the full earnings analysis for detailed insights.

Is V2 Retail Ltd planning capital expenditure?

To open 150 stores, V2 Retail Limited plans a capex plus inventory investment of around INR 350 crores.

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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.