The call ran from 12:01 PM to 12:58 PM IST (58 min).
Key takeaways
Aggressive store expansion drove 28% revenue growth but suppressed short-term margins and same-store sales due to festive shifts.
| Management target | Revenue 50.0% FY27 |
|---|
| Revenue growth | Revenue grew 28% YoY in Q2, entirely volume-driven expansion. |
|---|---|
| Margins | Gross margins improved 310 bps to 31.1% via better mix. |
| Demand visibility | High visibility for Q3 due to festive and wedding season. |
| Management confidence | Aggressive and optimistic, emphasizing long-term gain over short-term metrics. |
Growth
Volume-led 28% revenue growth in Q2; H1 revenue up 42% YoY.
Outlook
Targets 60-70 new stores in H2; expects strong Q3 recovery with winter/festive sales.
Risks
High inventory and debt levels for expansion; weak SSG of -14.9% due to festive shifts.
Last quarter's promises, checked
Delivered
- GM 29–30% → Q2 31.1% (= BEAT)
Partly delivered
- 170–200 stores FY27 → H1 106, H2 target 60–70 (= PARTIAL)
- Revenue ≥50% FY27 → H1 +42% (= PARTIAL)
Missed
- SSSG 8–10% → Q2 -14.9% (= MISS)
- Accruals fund expansion, ₹150–200 Cr release → debt ₹528 Cr (= MISS)
Summary by ALFA Finder, written with AI assistance from our own recording of the call, published . Open it on ALFA Filings ›
The results behind this call
V2 Retail Q2 FY27 Results: Net Profit ₹18.2 Cr, Up 5.8% YoY
V2 Retail Ltd reported revenue from operations of ₹905.6 Cr (+27.8% YoY) and net profit of ₹18.2 Cr (+5.8% YoY) for Q2 FY27.
- Key figure
- Net profit ₹18.2 Cr · +5.8% YoY
What management said last time
Full summary →From the call summary published .
Outlook they gave
Management targets 50% Revenue CAGR for next 2-3 years, opening 170-200 stores in FY27.
Growth they described
Revenue grew 58% YoY to ₹997Cr, driven by a 56% volume surge and 56 net new stores.
Call details
| Company | V2 Retail Ltd |
|---|---|
| NSE symbol | V2RETAIL |
| ISIN | INE945H01021 |
| Call | Q2 FY27 earnings call |
| Date | Wednesday, 4 November 2026 |
| Time | 12:00 PM IST |
| Length | 58 min |
| Audio | Our stream on YouTube ↗ |
V2 Retail Ltd: key numbers
- Share price
- ₹147.99
- Market cap
- ₹5,396 Cr
- Revenue (annual)
- ₹3,067 Cr
- Net profit (annual)
- ₹162.1 Cr
- P/E (TTM)
- 30.0×Sector 63.3×
- Promoter holding
- 51.43%+0.00% QoQ
- FII holding
- 3.69%Current quarter
Reference market data from a third-party provider, updated daily. Not a valuation or a recommendation.
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