V2 Retail

Q3 FY26

V2 Retail Q3 FY26 Results & Concall Highlights: Revenue, Margins & Order Book

Q3 FY26 earnings call: what management guided on revenue, margins and order book.

Price₹218

Market cap₹8.0K Cr

P/E48.9

Updated25 Aug 2026

Read4 min read

The short version

Targeting 8% to 10% Same Store Sales Growth (SSSG) for the next year. - Planning to add 150 new stores in FY 2027, increasing total retail footprint by about 50%. - New stores currently have sales of around Rs. V2 Retail targets a Same Store Sales Growth (SSSG) of 8%-10% for FY 2027.

From V2 Retail's Q3 FY26 earnings-call transcript · updated 25 Aug 2026.

Revenue & Sales Performance

Targeting 8% to 10% Same Store Sales Growth (SSSG) for the next year.
Planning to add 150 new stores in FY 2027, increasing total retail footprint by about 50%.
New stores currently have sales of around Rs. 750 per square feet, expected to mature to Rs. 1,200 per square feet in 2-3 years, following the trajectory of older stores.
Company blended sales per square feet targeted to be maintained at Rs. 1,000 despite expansion.
Momentum in demand and footfalls remains steady going into Q4, supported by festivals and wedding season.
Anticipate 50% revenue growth next year, driven by store expansion and sustained demand.
Weighted store additions focused 60%-70% in existing strong clusters and 30%-40% in promising new geographies.

Profitability & Margins

V2 Retail targets a Same Store Sales Growth (SSSG) of 8%-10% for FY 2027.
The company plans to add approximately 150 new stores in FY 2027, expanding retail space by about 50%.
Revenue per square feet at a company blended level is targeted to be maintained at Rs. 1,000 despite expansion.
Mature stores are expected to generate Rs. 1,200 per square feet, with new stores scaling up to this level within 2-3 years.
Gross margin is expected to be sustained around 28%-29%, with profitability improvement mainly from operating leverage and sales growth rather than gross margin compression.
EBITDA margins are projected to improve due to operating leverage from increased scale.
The company aims to continue disciplined capital allocation, supporting sustained ROE growth (currently 24.5%).
PAT growth mirrors revenue and EBITDA growth, supported by strong margin expansion and operational efficiencies.

See what V2 Retail said on profitability & margins — free account, 30 seconds.

Capital Expenditure Plans

CAPEX per new store is around Rs. 1.1 crore, with inventory investment around Rs. 1.3-1.4 crores, totaling Rs. 2.4-2.5 crores per store.
Management plans to add approximately 150 new stores in FY 2027, each averaging 10,000 to 11,000 square feet.
Q4 FY 2026 expected to see 30-35 new store openings.
Additional capital is allocated for regional warehouses and implementing a hub-and-spoke supply chain model.
Rs. 400 crore QIP proceeds are being used for expansion across new stores, working capital, and supply chain improvements.
There is no additional fixed CAPEX planned for omnichannel; it involves variable monthly software costs.
Maintenance CAPEX for existing stores included in operating costs at roughly Rs. 190 per square feet.
Advance payments (e.g., Rs. 15 crore to BCCL) are being utilized gradually for marketing over next two years.

Fundraising & Capital Structure

The company raised approximately Rs. 400 crores through a Qualified Institutional Placement (QIP) recently, with marquee investors participating.
Most of the QIP proceeds are allocated for general corporate purposes, including:
- Capital allocation for new store rollouts.
- Additional working capital requirements.
- Investment in regional warehouses and hub-and-spoke supply chain model.
There is no explicit mention of any upcoming or future planned fundraising through debt or equity beyond this QIP in the current report.
The company emphasized disciplined capital allocation and efficient use of funds raised for expansion and operational enhancement.

See what V2 Retail said on fundraising & capital structure — free account, 30 seconds.

Order Book & Pipeline

The transcript provided does not contain any information regarding the current or expected order book or pending orders for V2 Retail Limited. The discussion primarily revolves around store expansions, sales per square feet, working capital, CAPEX, sales performance, and market strategy. There is no mention or data related to order books or pending orders in the document.

V2 Retail — 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 Q3 FY26 results?

What is V2 Retail share price analysis?

V2 Retail currently shows a neutral. The stock trades at a P/E of 48.9 with a market cap of ₹8,012 Cr. Investors should review the full earnings analysis for detailed insights.

Is V2 Retail planning capital expenditure?

CAPEX per new store is around Rs.

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This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.