V2 Retail

Q4 FY25

V2 Retail Q4 FY25 Results & Concall Highlights: Revenue, Margins & Order Book

Q4 FY25 earnings call: what management guided on revenue, margins and order book.

Price₹223

Market cap₹8.0K Cr

P/E48.9

Updated26 Aug 2026

Read4 min read

The short version

Targeting to open 100 new stores annually over the next 4-5 years, driving rapid expansion. Revenue growth guidance for FY26 & FY27 is 45% to 50%, driven by new stores and 8% to 10% same-store sales growth (SSSG).

From V2 Retail's Q4 FY25 earnings-call transcript · updated 26 Aug 2026.

Revenue & Sales Performance

Targeting to open 100 new stores annually over the next 4-5 years, driving rapid expansion.
Revenue growth guidance for FY26 and FY27 is 45% to 50%, driven by both new stores and same store sales growth (SSSG) of 8% to 10%.
Expected same store sales growth to normalize to 8%-10% after strong performance of 29% SSSG in FY25.
Volume growth remains strong, with 43% growth in FY25, supported by increased store count and product acceptance.
Store-level EBITDA margins are expected to be in the range of 8%-9% pre-IndAS for FY26; slight operating leverage anticipated.
Continued focus on inventory efficiency and reducing safety stock to improve cash flow and working capital.
Long-term confidence in the large addressable market and consumption growth in India as key growth drivers.

Profitability & Margins

- Revenue growth guidance for FY26 & FY27 is 45% to 50%, driven by new stores and 8% to 10% same-store sales growth (SSSG). - EBITDA margin expected to be around 8% to 9% (pre-IndAS) with slight operating leverage from expanding store base. - EBITDA growth to be stable with new stores initially having 20%-25% lower per square feet sales than mature stores, limiting margin expansion to within ~1%. - PAT expected to be positive in all quarters going forward. - ROE currently at 23%, reflecting strong capital efficiency with payback period of ~4 years on store investments. - Internal accruals sufficient to fund opening 100 stores yearly; possibility of raising funds if store opening guidance is increased. - Operating leverage expected due to fixed head office and warehouse costs being spread over larger retail space. Overall, sustainable profit and margin growth is targeted with profitable store expansion and controlled costs.

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

Capital Expenditure Plans

Current year (FY25) CAPEX for store openings is about INR 220 crores for 100 stores (INR 110 crores CAPEX + INR 110-120 crores inventory).
Warehouse CAPEX: Approximately INR 20 crores per 1 lakh sq ft warehouse; current warehouse capacity can service 70-80 stores; new zonal warehouse finalized in Calcutta.
Future store expansion plan: Targeting 100 new stores annually for next 4-5 years, primarily funded through internal accruals.
Strategic investment includes optimization in subsidiary (V2 Smart), reducing capital intensity by outsourcing manufacturing to vendor partners, improving cost efficiency.
Inventory efficiency efforts include reducing safety stock days by 6-7 days (from 30 days) through better vendor planning and on-time deliveries.
Potential further reduction in subsidiary investment by INR 25-30 crores.
No immediate need for raising funds, but plan to raise capital only if store opening acceleration compromises performance or return ratios.

Fundraising & Capital Structure

V2 Retail does not need to raise funds to open 100 stores this year; internal accruals are sufficient. (Page 5)
If the company decides to increase the store opening guidance beyond 100 stores and wants to maintain performance and return ratios, then it might consider raising some capital. (Page 5)
There is no explicit mention of plans for debt fundraising; the company can also manage cash flow via stopping bill discounting facilities if needed to use credit limits for expansion. (Page 16)
The company is confident about internal accruals covering expansion, with no immediate equity or debt fundraise planned. (Page 16 and 5)

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

Order Book & Pipeline

The provided transcript of V2 Retail Limited's Q4 & FY25 earnings call does not contain any specific information regarding the current or expected order book or pending orders. The discussion focuses mainly on: - Financial performance (revenue, EBITDA, PAT, margins) - Inventory management and efficiency improvements - Store expansion plans (targeting 100 new stores annually) - Capex and working capital management - Same store sales growth and sales per square feet - Vendor management and supply chain optimization No explicit details about orderbook or pending orders are mentioned in the available pages.

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 Q4 FY25 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?

Current year (FY25) CAPEX for store openings is about INR 220 crores for 100 stores (INR 110 crores CAPEX + INR 110-120 crores inventory).

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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.