Overview

Detailed Summary

V2 Retail Limited is a prominent retail company in India, focusing on offering affordable fashion for the entire family, through its network of stores across Tier-II and Tier-III cities.
In Q3 FY26, V2 Retail achieved a remarkable 57% year-on-year revenue growth, driven by strong performance and strategic expansion of its store network, further manifesting its operational scalability and resilience.
The company successfully raised Rs. 400 crores via a QIP, which indicates strong market confidence in its financial strategy and future growth trajectory, ensuring necessary capital for its aggressive expansion plans.
V2 Retail has effectively realigned its store lease terms, resulting in an exceptional gain of Rs. 27.69 crores, showcasing its proactive financial management aligned with industry practices.
Despite aggressive expansion, V2 Retail maintains robust financial health with a solid gross margin in Q3 FY26 at 32.4%, indicating effective cost management and pricing strategy.

Sector: Retailing
Industry: Speciality Retail
Market Cap: 7,433 Cr
Volatility: Moderate Risk
P/E Ratio: 45.9
Industry P/E: 74.1
PEG Ratio: 0.5
P/B Ratio: 9.5
52W High: 257.20
52W Low: 157.11

Sales CAGR

1Y: 61.80%
3Y: 44.14%
5Y: 21.86%
10Y: 21.78%

Profit CAGR

1Y: 159.01%
3Y: —
5Y: 47.53%
10Y: 21.54%

ROE

TTM: 25.72%
3Y: 9.66%
5Y: 4.27%
10Y: 6.39%

ROCE

TTM: 13.13%
3Y: 11.43%
5Y: 8.68%
10Y: 9.81%

Technicals

‌

Forecasts

Peers

Consumer Discretionary Consumer Services Retailing Speciality Retail

Symbol	Watchlist	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
MANYAVAR		447.00	10,677 Cr	26.99	6.99	1.82	26.38	26.96	16.36
ABFRL		63.90	7,771 Cr	-12.04	1.24	0.00	-11.85	-2.46	-3.91
V2RETAIL		194.50	7,433 Cr	45.88	9.45	0.00	25.72	13.13	6.30
AVL		504.10	7,025 Cr	58.85	10.99	0.20	16.92	17.45	9.27
ARVINDFASN		453.20	5,940 Cr	-341.72	5.98	0.36	-1.66	18.08	1.08
CPML		2300.00	3,643 Cr	1984.62	14.79	0.00	2.16	2.76	1.85
STYLEBAAZA		385.00	2,905 Cr	43.45	6.36	0.00	7.92	9.65	3.79
Median: 7 Co.	—	447.00	7,025 Cr	43.45	6.99	0.00	7.92	13.13	3.79

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	231	374	296	415	380	591	499	632	709	929
Expenses	211	313	265	360	347	479	441	545	623	755
Operating Profit	20	61	31	55	33	111	58	87	85	174
OPM %	8.59	16.30	10.61	13.36	8.70	18.87	11.60	13.80	12.06	18.69
Other Income	2.13	3.03	0.94	1.39	2.51	1.19	1.86	0.92	1.08	32
Interest	12	12	13	14	15	18	21	23	28	22
Depreciation	18	21	19	21	23	26	28	32	38	46
Profit Before Tax	-8.48	31	0.05	22	-2.43	69	10	33	21	138
Tax %	32.78	24.96	-7,100.00	24.94	20.16	25.30	37.78	25.92	17.76	26.03
Net Profit	-5.70	24	3.60	16	-1.93	51	6.44	25	17	102
EPS in Rs	-0.16	0.65	0.10	0.45	-0.05	1.40	0.18	0.68	0.47	2.92

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2013	Mar 2014	Mar 2015	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	106	238	298	701	539	629	839	1,165	1,884	2,102
Expenses	105	225	259	626	490	565	755	1,017	1,627	1,812
Operating Profit	0.73	13	39	75	49	65	84	148	258	290
OPM %	0.69	5.54	13.17	10.68	9.01	10.28	10.01	12.69	13.68	13.78
Other Income	2.11	2.21	2.52	15	23	16	6.67	7.49	6.96	6.48
Interest	6.52	8.05	9.75	30	31	37	41	47	68	77
Depreciation	2.27	3.48	2.09	51	56	59	67	77	99	109
Profit Before Tax	-5.95	-5.26	18	8.67	-15	-15	-17	31	98	110
Tax %	31.63	17.69	47.12	-1.28	16.01	21.41	24.39	11.35	26.66	26.77
Net Profit	-4.07	-4.33	9.73	8.78	-13	-12	-13	28	72	80
EPS in Rs	—	—	—	—	-0.35	-0.32	-0.35	0.76	1.97	4.24
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	22	22	22	24	34	34	34	34	35	35
Reserves	252	247	240	251	245	235	224	213	240	312
Borrowings	17	32	38	16	326	396	398	424	525	850
Other Liabilities	50	66	85	115	116	148	136	123	227	403
Total Liabilities	343	368	385	405	721	813	792	793	1,027	1,599
Fixed Assets	6.54	8.58	14	18	339	395	394	408	480	863
CWIP	0.07	1.25	0.04	1.16	4.11	4.62	0.00	0.41	0.23	4.15
Investments	33	32	31	30	0.00	0.00	0.00	0.00	0.00	0.00
Other Assets	303	326	340	355	378	414	398	385	547	732
Total Assets	343	368	385	405	721	813	792	793	1,027	1,599

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	-38	-12	12	35	74	3.37	59	86	93	223
Cash from Investing Activity	-0.74	-4.47	-7.13	-6.17	6.54	-20	-16	-12	-39	-131
Cash from Financing Activity	6.01	7.93	-4.34	-30	-28	-22	-58	-76	-50	-93
Net Cash Flow	-33	-8.44	0.32	-1.02	52	-39	-15	-1.62	4.53	-0.43

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Nov 2025	Dec 2025	Mar 2026
Promoters	54.26%	54.28%	54.28%	54.30%	54.30%	54.30%	54.24%	54.22%	54.22%	51.43%	51.43%	51.43%
FIIs	6.36%	6.36%	6.57%	6.69%	0.80%	0.91%	1.31%	1.90%	2.10%	3.76%	3.01%	2.59%
DIIs	0.37%	0.37%	0.36%	0.43%	4.37%	5.99%	6.70%	7.34%	7.12%	10.37%	9.12%	9.32%
Public	39.01%	38.99%	38.79%	38.59%	40.53%	38.81%	37.75%	36.53%	36.56%	34.44%	36.44%	36.65%
Total Shareholders	17,324	16,166	16,244	16,862	24,101	26,877	35,125	37,446	39,938	43,280	42,869	44,032

Market Transactions

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Projection

Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q3 FY26

Investor Presentation

Q2 FY26

Investor Presentation

Q1 FY26

Available on Pro Plan