V2 Retail (V2RETAIL) Q3 25/26 earnings summary

Executive summary

• Q3 FY26 revenue grew 57% year-on-year to INR 929 crore, with consolidated revenue for 9M FY26 at INR 2,270 crore, reflecting strong momentum across categories and geographies.

• PAT surged 99% year-on-year in Q3 FY26 to INR 102 crore, and 119% for 9M FY26, with net profit for the quarter at INR 10,206.54 lakhs.

• Retail footprint expanded to 294 stores across 225 cities in 25 states, with a total retail area of ~31.93 lakh sq.ft.

• Customer traction remains healthy, with 92% full-price sales and strong product refresh cycles.

• Expansion focused on rural and Tier 2/3 cities, with a robust pipeline and disciplined inventory management.

Financial highlights

• Q3 EBITDA rose 56% year-on-year to INR 174 crore, with margin at 18.7%; 9M EBITDA up 73% to INR 346 crore.

• Gross margin improved to 32.4% in Q3 and 30.2% for 9M FY26; gross profit increased 59% year-on-year in Q3.

• PAT margin improved to 10.9% in Q3 FY26 and 6.3% in 9M FY26.

• Earnings per share for the quarter stood at Rs. 29.17, up from Rs. 14.80 year-over-year.

• Pre-Ind AS Q3 EBITDA at INR 126 crore (up 50%); margin 13.5%.

Outlook and guidance

• Targeting 8%-10% SSSG and at least 50% revenue growth for next year, with plans to add 150 new stores in FY27.

• Expansion to focus 60%-70% on existing strong clusters, 30%-40% in new geographies.

• Lease term estimates for store leases were reassessed, resulting in an exceptional gain.

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

• No material impact from new labor code; ongoing focus on cost control and operating leverage.