V2 Retail (V2RETAIL) Q3 25/26 earnings summary

Executive summary

• Achieved 57% year-on-year revenue growth in Q3 FY26 and 64% for 9M FY26, with consolidated revenue reaching INR 929 crore for Q3 and INR 2,270 crore for 9M FY26, reflecting strong business momentum and scalability in value fashion retail.

• PAT surged 99% year-on-year in Q3 FY26 and 119% for 9M FY26, with Q3 PAT at INR 102 crore, surpassing FY25 full-year PAT.

• Expanded retail footprint to 294 stores across 225 cities in 25 states, totaling 31.9 lakh sq ft retail space by Q3 end.

• Focused on analytics-driven merchandising, supply chain responsiveness, and disciplined expansion for sustainable growth.

• Exceptional gain of INR 27.69 crore recognized from lease reassessment, with a tax impact of INR 6.97 crore.

Financial highlights

• Q3 FY26 revenue: INR 929 crore, up 57% year-on-year; EBITDA: INR 174 crore (56% growth); EBITDA margin: 18.7%.

• Q3 PAT: INR 102 crore, up 99% year-on-year; PAT margin improved to 10.9%.

• Nine months FY26 revenue: INR 2,270 crore, up 64%; EBITDA: INR 346 crore (73% growth); EBITDA margin: 15.3%.

• Nine months PAT: INR 144 crore, up 119% year-on-year; ROE at 24.5% (impacted by QIP fundraise).

• Pre-Ind AS Q3 EBITDA: INR 126 crore (13.5% margin); PAT: INR 82 crore.

Outlook and guidance

• Targeting 8%-10% same-store sales growth (SSSG) and at least 150 new stores in FY27.

• Revenue per sq ft expected to be maintained at INR 1,000 despite rapid expansion.

• Gross margin guidance remains at 28%-29%, with margin expansion expected from operating leverage.

• Lease term estimates for store leases were reassessed to align with evolving business and strategic plans.

• Management expects to utilize outstanding advertisement advances within the extended contract period.