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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
V2 Retail
V2 Retail (V2RETAIL) investor relations material
V2 Retail Q2 26/27 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 26/27 earnings summary4 Nov, 2026
Executive summary
Q2 revenue rose 28% YoY to Rs 90,559.98 lakh, entirely volume-led; H1 revenue grew 42% to Rs 1,90,279.63 lakh, supported by 106 H1 store openings.
Q2 SSSG was -14.9% reported and +0.5% normalized for the festive-calendar shift; H1 calendar-basis SSSG was -3.7%.
FY27 revenue growth guidance remains above 50%; H2 store additions are planned at 60-70 as management seeks recovery in SSSG and sales per sq. ft.
Financial highlights
Q2 revenue from operations was INR 905.6 crore; gross profit was INR 281.3 crore, up 42% YoY, with gross margin of 31.1% versus 28.0%.
Q2 Ind AS EBITDA rose 41% to INR 120.3 crore; pre-Ind AS EBITDA was INR 53.4 crore, up 20%; net profit was Rs 1,821.32 lakh versus Rs 1,723.06 lakh.
H1 gross profit rose 47% to INR 566.4 crore, with gross margin of 29.8%; Ind AS EBITDA rose 50% to INR 259.7 crore.
H1 pre-Ind AS EBITDA rose 37% to INR 132.8 crore and PAT rose 43% to Rs 6,006.46 lakh; pre-Ind AS PAT was INR 74.3 crore, up 33%.
Outlook and guidance
FY27 revenue growth guidance is above 50%, with H2 growth near 60%; existing stores are targeted to deliver 7%-9% SSSG, with new stores contributing the balance.
Management targets FY27 SSSG of 5%-7%, including a Q3 normalized target of 5%-7%, against H1 calendar-basis SSSG of -3.7%.
Full-year gross margin target is 29%-30%; pre-Ind AS EBITDA margin target is 7%-8%, with H2 expected at least 8% and full-year above 7.5%.
H2 openings are planned at 60-70 stores; FY28 plans are 120-150 stores, subject to Q3 performance, with a possible reduction to 100 if demand remains weak.
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Latest events from V2 Retail
- Seven year-end stores, Rs 26.18 lakh net profit, and expansion targeting turnover above Rs 75 crore.V2RETAIL
Q4 01/02 - Net sales reached Rs 499.6m as store expansion supported a >Rs 1bn turnover outlook.V2RETAILQ4 02/03
- Sales expanded, but PAT fell and operating cash flow remained negative as funds were retained for growth.V2RETAILQ4 03/04
- Annualized sales rose 66% and PAT reached Rs 30.07m; no dividend was declared.V2RETAILQ4 04/05
- Sales surged 109% as store expansion accelerated, with debt and working-capital needs rising.V2RETAILQ4 06/07
- Sales surged and PAT reached Rs 123.87m as rapid expansion and an FY07 IPO loomed.V2RETAILQ4 05/06
- Rapid store-led growth lifted earnings, but expansion brings leverage and execution risks.V2RETAILQ4 07/08
- Sales grew, but debt costs and a weak Q4 drove a sharp FY09 loss.V2RETAILQ4 08/09
- Turnover fell 16.46% as major inventory losses deepened FY10 losses.V2RETAILQ4 09/10
Next V2 Retail earnings date
Q3 26/273 Feb, 2027
V2 Retail
Next V2 Retail earnings date
Q3 26/273 Feb, 2027
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Frequently asked questions
V2 Retail Limited is an India-based company primarily engaged in the retail trade of a wide range of products, focusing on garments, textiles, accessories, lifestyle products, footwear, purses, wallets, personal care items, sunglasses, and sportswear. The company markets its diverse product offerings under various brand names, including Godspeed, Herrlich, Glamora, Ebellia, and Honey Brats. The company is headquartered in New Delhi, India, and its shares are listed on the NSE.