V2 Retail Q2 FY27: revenue up 27.8% to ₹906 Cr, net profit up 5.7% to ₹18 Cr
Results · Finvezto · 4 Nov 2026 · V2 Retail (V2RETAIL)
Results Q2 FY27, ₹ Cr
| Q2 FY27 | ₹ Cr | QoQ | YoY |
|---|---|---|---|
| Revenue | 906 | - | +27.8% |
| Operating profit | 120 | - | +40.8% |
| Net profit | 18 | - | +5.7% |
| Operating margin | 13.3% | - | +1.2 pp |
| Net margin | 2.0% | - | -0.4 pp |
YoY is the company's own figure. QoQ shows where our quarterly series matches the filing.
Key points
- V2 Retail opened 106 stores in H1 FY27, its highest ever H1 addition, taking the network to 427 stores across 27 states, and delivered 31% year-on-year volume growth in Q2. Earnings call
- Q2 FY27 revenue from operations rose 28% year-on-year to INR905.6 crores, gross margin expanded 310 basis points to 31.1%, and EBITDA margin with Ind AS stood at 13.3% versus 12.1%. Earnings call
- PAT grew 6% to INR18.2 crores as depreciation rose to INR68 crores from INR37 crores for the 106 new stores, while Q2 same-store sales fell 14.9%, though normalized SSSG was plus 0.5%. Earnings call
What to watch
- Management on fy27 revenue growth: Yes, I think we are not changing our guidance in terms of revenue growth. I think we should still surpass the 50% guidance that we had for the whole year.
- Management on h2 store additions: We plan to open only 60 to 70 stores in the second half of the year, focus on consolidating operations and sweating our existing 427 stores.
Links
Company page · Results tracker
Anand Ganapathy K | SEBI Registered Research Analyst | INH000016630.