V2 Retail Ltd Q2 FY27 Revenue Rises 28% to ₹905.6 Crore

V2 Retail Ltd reported revenue from operations of ₹905.6 crore in Q2 FY27, a 28% year-on-year increase from ₹708.6 crore, while EBITDA rose 41% to ₹120.3 crore. The quarterly presentation also showed a reported same-store sales decline of 14.9%, although festival-normalised same-store sales growth was 0.5%.

What did V2 Retail Ltd report in Q2 FY27?

V2 Retail Ltd reported Q2 FY27 revenue from operations of ₹905.6 crore, compared with ₹708.6 crore in Q2 FY26. The company released its Q2 and H1 FY27 investor presentation under SEBI Listing Obligations and Disclosure Requirements Regulation 30, setting out financial and operating data for the period.

For the first half of FY27, V2 Retail reported revenue from operations of ₹1,902.8 crore, up 42% from ₹1,340.9 crore in H1 FY26. The presentation reported H1 EBITDA of ₹259.7 crore and H1 profit after tax of ₹162.1 crore. The disclosed Q2 figures are drawn from the investor presentation; no earnings-call transcript for the quarter had been published at the time of the disclosure.

How did revenue growth translate into profitability?

V2 Retail's Q2 FY27 EBITDA increased 41% year on year to ₹120.3 crore from ₹85.4 crore, outpacing the 28% increase in revenue. Consequently, EBITDA margin improved to 13.3% from 12.1% a year earlier, an expansion of 1.2 percentage points.

Profit after tax rose 6% to ₹18.2 crore from ₹17.2 crore in Q2 FY26. PAT margin, however, declined to 2.0% from 2.4%, while the operating margin, described in the presentation as PBT margin, fell to 2.7% from 3.0%. This indicates that the improvement at the EBITDA level did not result in a similar increase in the reported net margin.

What do V2 Retail Ltd's operating metrics show?

V2 Retail reported Q2 FY27 volume growth of 31% year on year, while H1 volume growth was 43%. The quarterly average bill value was ₹891 and monthly sales per square foot were ₹700, according to the business update.

Same-store sales growth was reported at negative 14.9% for Q2 FY27. The company also disclosed festival-normalised same-store sales growth of 0.5% for the quarter, while H1 same-store sales growth was approximately negative 3.7%. These measures separate overall sales growth, which benefited from network expansion, from the performance of comparable stores.

How did the store network and working capital change?

V2 Retail opened 49 stores and closed three stores during Q2 FY27. It opened 106 stores in the first half, taking its network to 427 stores with a retail footprint of about 46.28 lakh square feet. The store count was unchanged at 427 at the reported period end.

The expansion occurred ahead of the festive quarter and was a stated driver of revenue growth in the business update. V2 Retail also soft-launched its e-commerce platform, V2Kart, in September 2026. Net working capital days increased to 88 from 81, a movement investors may consider alongside the company's continued store additions and inventory requirements.

What does the update mean for investors and the retail sector?

The results show that V2 Retail generated double-digit revenue and volume growth while expanding its physical network. EBITDA growth exceeded revenue growth and the EBITDA margin improved. At the same time, the reported decline in same-store sales and lower PAT and PBT margins provide important context on the quality and composition of quarterly growth.

No share-price movement, revised financial target, or formal management guidance was disclosed in the material provided. Investors therefore have the reported revenue, margin, store, volume and working-capital metrics to assess the quarter, but should distinguish presentation disclosures from guidance that may be discussed separately by management.

Conclusion

V2 Retail Ltd's Q2 FY27 presentation showed revenue of ₹905.6 crore, EBITDA of ₹120.3 crore and PAT of ₹18.2 crore. Network expansion supported volume and revenue growth, while the contrast between EBITDA margin expansion and weaker comparable-store sales and net-level margins remains relevant to the quarter's assessment.

The next disclosed event is V2 Retail's analyst and institutional investor meeting scheduled for November 4, 2026, at 12:00 pm IST to discuss Q2 and H1 FY27 operating and financial performance. The company had not published an earnings-call transcript for Q2 FY27 at the time of the presentation.