V2 Retail (V2RETAIL) Q1 26/27 earnings summary

Executive summary

• Achieved 58% year-on-year revenue growth in Q1 FY27, reaching ₹997.2 Cr, with PAT up 70% to ₹41.9 Cr and gross profit of ₹285.0 Cr.

• Store network expanded by 56 net new stores to 381 as of June 30, 2026, covering over 40.7 lakh sq.ft. across 25 states and 1 Union Territory.

• Unaudited Q1 FY27 results were approved by the Board and auditors, confirming regulatory compliance.

• Focused on analytics-led merchandising, technology, and operational discipline to drive productivity and scale.

• Key senior management appointments: Mr. Manu Agarwal as President Buying & Merchandising and Mr. Dinesh Malpani as President Operations, effective August 13, 2026.

Financial highlights

• Q1 FY27 revenue was ₹997.2 Cr, up 58% year-on-year; gross margin was 28.6%, slightly down from 29.5% year-on-year.

• EBITDA increased 60% year-on-year to ₹139.5 Cr (14% margin); PAT rose 70% to ₹41.9 Cr.

• Pre-Ind AS EBITDA was ₹79 Cr (51% growth), with a margin of 8%; PAT was ₹50 Cr (64% growth).

• Net working capital days improved to 74 in Q1 FY27 from 81 in FY26.

• Return on Equity (ROE) rose to 26.0% in Q1 FY27 from 23.2% in FY26.

Outlook and guidance

• Revenue growth guidance remains at least 50% for the year, with SSSG guidance at 8%-10%.

• Gross margin expected between 29%-30%; EBITDA margin to be maintained despite rapid expansion.

• Plan to open 170-200 stores in FY27, funded by internal accruals and working capital management.

• Focus on profitable growth, customer delight, and long-term value, with continued expansion in Tier-II and Tier-III cities.

• Management confident in utilizing advances for advertisement services under extended BCCL contract.