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V2 Retail (V2RETAIL) investor relations material
V2 Retail Q2 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 25/26 earnings summary17 Nov, 2025
Executive summary
Achieved 86% year-on-year revenue growth in Q2 FY26, with consolidated revenue at ₹70,863.61 lakhs and H1 revenue up 69% to ₹1,340.9 crore, outpacing the market.
Opened 71 new stores in H1, reaching 259 stores and 2.8 million sq ft retail space; 275 stores as of the current quarter.
Strategic focus on rural, Tier I, Tier II, and Tier III markets, with strong customer response to value-driven assortments and affordable fashion.
Expansion in South India prioritized, with recent entries into Karnataka, Goa, and Andhra Pradesh; national presence targeted in 2–3 years.
Unaudited standalone and consolidated financial results for Q2 and H1 FY26 were approved and reviewed by the Board and auditors.
Financial highlights
Q2 revenue grew 86% year-on-year to INR 2,708.6 crore (pre-IND AS); consolidated Q2 revenue at ₹70,863.61 lakhs; H1 revenue up 69% to INR 1,340.9 crore.
Q2 gross margin improved to 28%; H1 gross margin up to 28.7%.
Q2 EBITDA rose 465% year-on-year to INR 44.4 crore (pre-IND AS); consolidated Q2 EBITDA at ₹85.4 Cr, margin at 12.1%.
Q2 PAT surged to ₹17.2 Cr (up 990% year-on-year); H1 PAT up 191% to ₹41.9 Cr.
SSSG for Q2 at 23.4% (normalized 10.3%); H1 SSSG at 13.3%.
Outlook and guidance
Store addition target for FY26 raised from 100 to 130; 150 new stores planned for next year if metrics remain strong.
Guidance for pre-IND AS EBITDA margin remains at 8% due to rapid expansion and new store ramp-up.
Targeting 8–10% SSSG for mature stores over the next 18 months.
ROE objective set above 20%; current ROE at 22.9% for H1.
Focus remains on affordable, high-quality fashion and expanding retail footprint in Tier-II and Tier-III cities.
Potential financial impact of pending PPE reconciliation?
How will BCCL advance be fully utilized by 2026?
How does QIB fund raise align with growth plans?
What is the strategy for senior leadership roles
Omnichannel tech partner search progress
Gross margin strategy vs. EBITDA margin outlook
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Q3 202614 Feb, 2026
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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.
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