V2 Retail (V2RETAIL) Q4 25/26 earnings summary

Executive summary

• Achieved 60% year-on-year revenue growth in Q4 and 63% for FY 2026, with Q4 revenue at ₹797 Cr and FY 2026 revenue at ₹3,067 Cr.

• EBITDA increased 89% in Q4FY26 and 77% for FY26, with margins improving to 13.7% and 14.9%.

• PAT surged 172% in Q4FY26 and 125% for FY26, with margins at 2.2% and 5.3%.

• Store network expanded to over 350 stores nationwide, with 136-139 new stores added in FY26.

• Transitioned to a pure retail model, exiting in-house manufacturing.

Financial highlights

• FY26 consolidated revenue was ₹306,705.13 lakhs, up from ₹188,449.52 lakhs in FY25.

• FY26 consolidated net profit was ₹16,206.33 lakhs, up from ₹7,203.23 lakhs in FY25.

• Gross profit rose 75% in Q4FY26 and 68% in FY26, with gross margins at 30.3% and 30.2%.

• Q4 EBITDA: INR 109 crores (up 89%); EBITDA margin: 13.7% (vs 11.6% last year).

• Net working capital days increased to 81 from 45, mainly due to higher inventory for store expansion.

Outlook and guidance

• Targeting 170-200 new store openings in FY 2027, with expansion funded by internal accruals and cash.

• Guiding for at least 50% revenue growth over the next two years.

• SSSG guidance maintained at 8%-10% for coming years.

• Focus remains on profitable growth, customer delight, and long-term value.

• Gross margin expected to be maintained at 28%-30%, with price increases passed to customers.