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V2RETAIL - V2 Retail

📊 NSE: V2RETAIL 🏢 Textiles - Products 📅 Last Updated: 12/14/2025 14:52

📢 Recent Corporate Announcements

V2 Retail Sets March 26, 2026 as Record Date for 10:1 Stock Split

🟡 NEUTRAL ⭐ 7/10

ROUTINE 📅 11 Mar 2026, 04:39 PM

V2 Retail Limited has officially fixed March 26, 2026, as the record date for its 10:1 stock split. Each equity share with a face value of Rs. 10 will be subdivided into ten equity shares with a face value of Rs. 1 each. This decision follows shareholder approval obtained via postal ballot on March 8, 2026. The split is expected to enhance market liquidity and make the stock more affordable for retail participants.

Record date for the 10:1 stock split is set for March 26, 2026
Face value of equity shares will be reduced from Rs. 10 to Rs. 1 per share
The sub-division was approved by shareholders through a postal ballot on March 8, 2026
The total number of shares held by investors will increase tenfold post-split

💡 Investors should note that the share price will adjust downward proportionally on the ex-split date. No action is required for existing shareholders as the additional shares will be credited automatically to demat accounts.

V2 Retail Shareholders Approve Stock Split with 99.99% Majority

🟢 POSITIVE ⭐ 7/10

ROUTINE 📅 09 Mar 2026, 02:42 PM

V2 Retail Limited has received overwhelming shareholder approval for the sub-division of its equity shares via a postal ballot concluded on March 08, 2026. The results showed that 99.99% of the votes (22,950,857 votes) were in favor of both the stock split and the subsequent alteration of the Capital Clause in the Memorandum of Association. This corporate action is typically intended to enhance stock liquidity and make shares more accessible to retail investors. High participation was noted from both the promoter group and public institutions, signaling strong alignment on the proposal.

Shareholders approved the sub-division of equity shares with 99.99% of votes in favor (22,950,857 votes).
Alteration of the Capital Clause of the Memorandum of Association was approved with a matching 99.99% majority.
Promoter and Promoter Group participation was high, with 18,564,428 votes polled, representing 98.98% of their holdings.
Public Institutional voting showed 84.53% participation with 3,618,191 votes, all cast in favor of the resolutions.
The voting process was conducted through remote e-voting from February 06 to March 08, 2026.

💡 Investors should monitor for the upcoming announcement of the record date for the stock split. While the split increases liquidity, it does not affect the company's fundamental valuation, so long-term decisions should remain focused on retail growth performance.

V2 Retail Submits Clarification and Updated XBRL Filing for H1 FY26 Results

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 12 Feb 2026, 04:56 PM

V2 Retail Limited has responded to clarifications sought by the BSE and NSE regarding discrepancies in its XBRL filing for the half-year ended September 30, 2025. The exchanges had flagged specific issues related to the half-yearly figures submitted under Regulation 33 of SEBI LODR. In response, the company has filed an updated XBRL document on the exchange portals to rectify the observed discrepancies. This is a procedural compliance matter and does not impact the previously reported financial performance of the company.

Exchange sought clarification on January 13, 2026, regarding H1 FY26 XBRL filing discrepancies.
Discrepancies were specifically identified in the half-yearly figures for the period ended September 30, 2025.
Company has officially submitted the updated and corrected XBRL document to the exchange portals.
The filing ensures compliance with Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

💡 No action is required as this is a routine administrative correction of a filing error. Investors should focus on the company's core operational performance and quarterly growth trends.

V2 Retail Announces Resignation of Senior Manager Sunil Kumar

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 09 Feb 2026, 04:38 PM

V2 Retail Limited has reported the resignation of Mr. Sunil Kumar, who served as a Senior Managerial Personnel (SMP) of the company. The resignation was effective from the close of business hours on February 6, 2026. Mr. Kumar cited personal reasons and an inability to meet the expectations of his role as the primary drivers for his departure. The company has formally accepted the resignation and completed the transition process as of the same date.

Mr. Sunil Kumar resigned from his position as Senior Managerial Personnel effective February 6, 2026.
The resignation was submitted and accepted on the same day, February 6, 2026.
The outgoing manager specifically noted an inability to meet role expectations in his resignation letter.
The filing was made in compliance with Regulation 30 of SEBI (LODR) Regulations, 2015.

💡 This is a routine management change at the senior manager level and is unlikely to impact the company's core operations or stock performance. No immediate action is required from investors.

V2 Retail Q3 FY26 PAT Surges 99% to ₹102 Cr; Revenue Up 57% with Aggressive Store Expansion

🟢 POSITIVE ⭐ 9/10

EARNINGS 📅 09 Feb 2026, 09:04 AM

V2 Retail reported a stellar Q3 FY26 with revenue growing 57% YoY to ₹929 crores and PAT doubling to ₹102 crores, surpassing the full-year profit of FY25. The company added 105 net new stores in the first nine months of FY26, bringing its total count to 304 stores. Operational metrics remained strong with a normalized SSSG of 12.8% and a 48% growth in volumes. Additionally, the company raised ₹400 crores via QIP to fuel further expansion and improved its ROE to 24.5%.

Revenue for Q3 FY26 grew 57% YoY to ₹929 crores; 9M FY26 revenue up 64% to ₹2,270 crores.
PAT for the quarter surged 99% YoY to ₹102 crores, aided by an exceptional gain of ₹27.69 crores from lease reassessment.
Aggressive expansion with 105 net new stores added in 9M FY26, taking total retail space to 31.9 lakh sq. ft.
Normalized SSSG stood at 12.8% for Q3 FY26, with volume growth reaching 48%.
Successfully raised ₹400 crores through a QIP, utilizing funds to prepay vendors and support growth.

💡 Investors should note the company's rapid scalability and strong volume growth in the value fashion segment. The stock remains a high-growth play given the aggressive store rollout and improving capital efficiency (ROE at 24.5%).

V2 Retail to Participate in Nuvama India Conference 2026 on February 11

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 06 Feb 2026, 01:00 PM

V2 Retail Limited has announced its participation in the Nuvama India Conference 2026 scheduled for February 11, 2026, in Mumbai. The company will engage in one-on-one and group meetings with institutional investors between 9:00 am and 6:00 pm. Management has clarified that no unpublished price sensitive information (UPSI) will be shared during these interactions. Investors are directed to the existing Q3 & 9M FY26 investor presentation for current financial data and business updates.

Meeting scheduled for February 11, 2026, at the Nuvama India Conference in Mumbai.
Interaction window spans from 9:00 am to 6:00 pm involving one-on-one and group sessions.
The company will utilize the previously released Q3 & 9M FY26 Investor Presentation for discussions.
Explicit confirmation that no unpublished price sensitive information (UPSI) will be shared.
The event focuses on the theme 'India: Shoring up Self-Reliance' with various institutional investors.

💡 Investors should review the Q3 & 9M FY26 presentation available on the company website to understand recent performance trends. No immediate action is required as this is a routine investor engagement activity.

V2 Retail Announces 1:10 Stock Split; Face Value to Decrease from ₹10 to ₹1

🟢 POSITIVE ⭐ 7/10

ROUTINE 📅 05 Feb 2026, 02:00 PM

V2 Retail Limited has issued a postal ballot notice to seek shareholder approval for a 1:10 stock split. The proposal involves subdividing each existing equity share with a face value of ₹10 into ten equity shares with a face value of ₹1 each. The company also plans to alter its Memorandum of Association to reflect an authorized share capital of 45.84 crore equity shares. The e-voting process for these resolutions will take place from February 6, 2026, to March 8, 2026.

Proposed sub-division of 1 equity share of ₹10 face value into 10 equity shares of ₹1 face value.
Authorized Share Capital to be restructured into 45,84,00,000 equity shares of ₹1 each.
Remote e-voting period is scheduled from February 6, 2026, to March 8, 2026.
The record date for the stock split will be determined and announced by the Board at a later date.

💡 Investors should note that while the number of shares held will increase tenfold, the total value of the investment remains unchanged. This corporate action is typically aimed at improving trading liquidity and making the stock more affordable for retail participants.

V2 Retail Releases Audio Recording of Q3 FY26 Earnings Call

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 04 Feb 2026, 04:34 PM

V2 Retail Limited has officially released the audio recording of its Q3 FY26 earnings conference call held on February 4, 2026. This disclosure follows the company's announcement of its financial results for the quarter ended December 31, 2025. The recording provides a platform for investors to hear management's detailed commentary on operational performance and future growth strategies. Accessing these recordings is a standard part of corporate transparency under SEBI regulations.

Audio recording of the Q3 FY26 earnings call is now available for public access.
The conference call was conducted via digital means on February 4, 2026.
Disclosure submitted in compliance with Regulation 30 of SEBI (LODR) Regulations, 2015.
The recording link is hosted on the company's official website for investor review.

💡 Investors should listen to the recording to understand management's outlook on consumer demand and store expansion plans for the upcoming quarters.

V2 Retail Q3 FY26 PAT Surges 99% YoY to ₹102 Cr; Revenue Up 57%

🟢 POSITIVE ⭐ 9/10

EARNINGS 📅 03 Feb 2026, 08:20 PM

V2 Retail reported a stellar performance for Q3 FY26, with revenue growing 57% YoY to ₹929 crores and PAT doubling to ₹102 crores. The company's 9M FY26 PAT of ₹144 crores has already surpassed the total PAT for the previous full fiscal year (FY25). Operational expansion remains aggressive, with 106 new stores added in the first nine months, bringing the total count to 294 stores. Additionally, the company strengthened its capital position by raising ₹400 crores through a QIP during the quarter.

Revenue from operations grew 57% YoY to ₹929 crores in Q3 FY26
Net Profit (PAT) surged 99% YoY to ₹102.1 crores, surpassing the record FY25 full-year PAT
Aggressive expansion with 106 new stores added in 9M FY26, reaching a total of 294 stores
Normalized Same Store Sales Growth (SSSG) stood at 12.8% for the quarter
Raised ₹400 crores via QIP route from marquee institutional investors

💡 V2 Retail is demonstrating exceptional growth and operational efficiency in the value fashion segment. Investors should maintain a positive outlook given the rapid store expansion and strong volume growth, while monitoring the execution of the newly added store pipeline.

V2 Retail Q3 FY26 PAT Surges 99% to ₹102 Cr; Revenue Up 57% YoY

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 03 Feb 2026, 08:16 PM

V2 Retail reported a robust performance for Q3 FY26, with consolidated revenue growing 57% YoY to ₹929.2 crore. Net profit (PAT) nearly doubled to ₹102.1 crore, supported by a ₹27.7 crore exceptional gain from lease reassessments. The company has aggressively expanded its footprint, opening 106 stores in the first nine months of FY26, bringing the total count to 294. Operational metrics remain strong with 48% volume growth and an increase in Average Selling Price to ₹363.

Consolidated Revenue for Q3 FY26 rose 57% YoY to ₹929.2 Cr; 9M FY26 revenue reached ₹2,270 Cr.
PAT for Q3 FY26 surged 99% YoY to ₹102.1 Cr, while 9M FY26 PAT grew 119% to ₹144 Cr.
Aggressive expansion with 106 new stores opened in 9M FY26, reaching a total of 294 stores across 225 cities.
Volume growth stood at 48% YoY for Q3 FY26, with Average Bill Value increasing to ₹964.
Successfully raised ~₹400 Cr through a QIP in November 2025 at an issue price of ₹2,134 per share.

💡 The company is in a high-growth phase driven by rapid store expansion and strong volume growth. Investors should maintain a positive outlook but monitor the increase in Net Working Capital days, which rose to 69 days from 37 days in FY25.

V2 Retail Approves 1:10 Stock Split to Boost Liquidity and Retail Participation

🟢 POSITIVE ⭐ 7/10

ROUTINE 📅 03 Feb 2026, 07:32 PM

V2 Retail Limited has announced a 1:10 stock split, subdividing each equity share of face value ₹10 into ten shares of face value ₹1. The move is intended to enhance liquidity and make the shares more affordable for retail investors. The company's paid-up share capital of ₹36.46 crore will now be represented by 36.46 crore shares instead of 3.64 crore. This action is subject to shareholder approval via postal ballot and is expected to conclude within two months.

Stock split ratio of 1:10 approved by the Board of Directors on February 03, 2026.
Face value of equity shares to be reduced from ₹10 per share to ₹1 per share.
Total number of paid-up equity shares to increase from 3,64,63,755 to 36,46,37,550.
Authorized share capital reclassified to 45.84 crore equity shares of ₹1 each.
Completion expected within 2 months from the date of shareholder approval.

💡 Existing shareholders will see their share count increase tenfold with a proportional reduction in share price after the record date. Investors should monitor for the announcement of the record date to understand the timing of the adjustment.

V2 Retail Q3 FY26 Net Profit Jumps 95% YoY to ₹99.3 Cr; Revenue Up 62%

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 03 Feb 2026, 05:55 PM

V2 Retail reported a strong performance for Q3 FY26, with revenue from operations growing 62% YoY to ₹827.3 crore. Net profit surged by 95% YoY to reach ₹99.3 crore, although this includes a one-time exceptional gain of ₹21.7 crore related to lease reassessments. The company also successfully completed a significant ₹400 crore fundraise through a QIP during the quarter, which has bolstered its equity base. Despite some write-offs and impairment provisions, the overall growth trajectory remains robust.

Revenue from operations grew 62.4% YoY to ₹82,730 lakhs for the quarter ended December 2025.
Net Profit increased by 95.2% YoY to ₹9,932 lakhs, aided by an exceptional gain of ₹2,169 lakhs.
Successfully raised ₹400 crore through a QIP at an issue price of ₹2,134 per share in November 2025.
Nine-month (9M FY26) revenue reached ₹2,26,160 lakhs, a 63% increase over the previous year's ₹1,38,506 lakhs.
Recorded an exceptional gain of ₹2,169 lakhs due to the reassessment of lease terms and Right-of-Use assets.

💡 Investors should view the strong revenue growth and successful capital raise as positive indicators for expansion. However, keep an eye on the core operating margins excluding the one-time lease reassessment gains.

V2 Retail to Discuss Q3 & 9MFY26 Results via Earnings Call on February 4, 2026

🟡 NEUTRAL ⭐ 4/10

EARNINGS 📅 28 Jan 2026, 11:01 AM

V2 Retail Limited has scheduled a conference call for February 4, 2026, at 12:00 PM IST to discuss its financial and operational performance for Q3 and 9MFY26. The management team, led by Director & CEO Mr. Akash Agarwal, will represent the company during the session. This call is a critical touchpoint for investors to understand the company's performance during the peak festive quarter. The event will be facilitated by Marathon Capital Advisory and includes international dial-in options for global investors.

Earnings call scheduled for February 4, 2026, at 12:00 PM IST.
Discussion to focus on Q3 and 9MFY26 operational and financial performance.
Management representation by Director & CEO Mr. Akash Agarwal.
Universal access numbers provided: +91 22 6280 1545 and +91 22 7115 8367.
International dial-in available for Singapore, Hong Kong, UK, and USA.

💡 Investors should attend the call to gain insights into same-store sales growth (SSSG) and margin performance during the festive season. Key focus areas should be the management's commentary on store expansion plans and inventory management.

V2 Retail Hits Milestone with 300th Store Opening; 111 Stores Added in Current FY

🟢 POSITIVE ⭐ 8/10

EXPANSION 📅 16 Jan 2026, 10:28 AM

V2 Retail Limited has achieved a significant operational milestone by opening its 300th store. The company has demonstrated aggressive expansion in the current financial year, adding 111 new stores on a net basis. This rapid growth phase reflects a strong commitment to increasing market footprint and brand presence across India. Management remains focused on operational excellence and building customer trust to drive long-term stakeholder value.

Successfully reached the milestone of opening the 300th store
Added 111 new stores (net) in the current financial year alone
Demonstrates a significant acceleration in retail footprint expansion
Management emphasizes a focus on operational excellence and customer trust

💡 Investors should view this rapid expansion as a positive growth indicator; monitor upcoming quarterly earnings to ensure that revenue growth and store-level profitability are keeping pace with the increased store count.

V2 Retail Submits Quarterly SEBI Compliance Certificate for Q3 FY26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 07 Jan 2026, 08:29 AM

V2 Retail Limited has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. This document confirms that the Registrar and Share Transfer Agent (RTA) has processed share certificates for the quarter ended December 31, 2025. The filing is a standard procedural requirement to ensure the integrity of the dematerialization process. It indicates that the company is maintaining its regulatory obligations with the depositories.

Compliance with Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018
Reporting period covers the quarter ended December 31, 2025
Confirmation certificate provided by the company's Registrar and Share Transfer Agent (RTA)
Official submission made to BSE and NSE on January 7, 2026

💡 No action is required as this is a routine regulatory disclosure. Investors should monitor the company's upcoming quarterly financial results for material performance insights.

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💰 Financial Performance

Revenue Growth by Segment

Revenue grew 62% YoY in FY25 to INR 1,884.5 Cr. Product mix contribution: Mens Wear (40%), Ladies Wear (27%), Kids Wear (25%), and Lifestyle (8%). Q2 FY26 revenue grew 86% YoY to INR 708.6 Cr.

Geographic Revenue Split

Regional space mix: East (44.39%), North (29.13%), South (7.12%), and West (not explicitly detailed but part of the remaining mix).

Profitability Margins

Gross margin target is 28-29%. Q2 FY26 gross margin improved to 28% from 27.2% YoY. Net profit ratio improved to 3.76% in FY25 from 2.34% in FY24.

EBITDA Margin

Pre-Ind AS EBITDA margin for Q2 FY26 was 6.3% (up from 2.1% YoY). Standalone EBITDA for FY25 was INR 252.3 Cr compared to INR 142.4 Cr in FY24.

Capital Expenditure

Store setup capex is approximately INR 1,100 per square foot. Management plans to add 60-70% new area annually to support a 40% revenue contribution from new stores.

Credit Rating & Borrowing

Liquidity profile is characterized as 'Stretched' by ICRA, with fund-based working capital limit utilization averaging 84% and peaking at 99%. Debt-Equity ratio increased to 2.43 in FY25 from 1.83 in FY24.

⚙️ Operational Drivers

Raw Materials

Apparel and Lifestyle stock-in-trade (Mens, Ladies, Kids wear). Purchases of stock-in-trade for H1 FY26 totaled INR 1,234.03 Cr.

Import Sources

Localized sourcing is prioritized to maintain operational efficiency and lower costs.

Key Suppliers

Sourced from various vendors, including a focus on MSMED (Micro, Small and Medium Enterprises) vendors to manage finances and supply chain properly.

Capacity Expansion

Current regional space mix is dominated by the East (44.39%). Planned expansion involves adding 60-70% new square footage annually to achieve a 50% total revenue growth target.

Raw Material Costs

Purchases of stock-in-trade represented approximately 92% of revenue in H1 FY26 (INR 1,234 Cr against INR 1,334 Cr revenue), though this includes inventory build-up.

Manufacturing Efficiency

Subsidiary 'V2 Smart Manufacturing Private Limited' handles manufacturing. All stores older than one year are EBITDA positive.

Logistics & Distribution

Prioritizes efficient SCM and localized sourcing to bolster emerging market penetration.

📈 Strategic Growth

Expected Growth Rate

50%

Growth Strategy

Growth is targeted through 8-10% Same Store Sales Growth (SSSG) and 40% revenue from new stores. Achieving this requires adding 60-70% new area annually because new stores initially generate ~70% of the sales per square foot of older stores.

Products & Services

Mens Wear, Ladies Wear, Kids Wear, and Lifestyle products (consumer goods).

Brand Portfolio

V2 Retail, V2 Smart Manufacturing.

New Products/Services

Focus on augmenting revenue through private label brands and maintaining inventory freshness to drive higher sales per square foot.

Market Expansion

Aggressive offline store expansion targeting emerging markets and increasing penetration in existing regions like the East and North.

Strategic Alliances

Marathon Capital serves as the Investor Relations advisor.

🌍 External Factors

Industry Trends

The organized value retail segment is growing but attracting aggressive expansion from both established players and new entrants, leading to margin compression risks.

Competitive Landscape

Intense competition from new entrants in the value retail segment and established organized players.

Competitive Moat

Moat is built on cost leadership and operating leverage. By maintaining high sales per square foot, the company reduces per-unit operating costs, though this is vulnerable to intense competition.

Macro Economic Sensitivity

High sensitivity to discretionary consumer spending and economic slowdowns, which directly impact footfalls and average sales per square foot.

Consumer Behavior

Consumer skepticism to step out during economic slowdowns or health crises significantly affects footfalls and discretionary spending.

Geopolitical Risks

General macroeconomic and geopolitical developments are cited as factors that could materially impact operations.

⚖️ Regulatory & Governance

Industry Regulations

Subject to standard Companies Act and SEBI (LODR) regulations. Internal audit systems are under constant review to ensure adherence to relevant regulations.

Taxation Policy Impact

Standalone tax expense for H1 FY26 was INR 12.3 Cr.

Legal Contingencies

The company has disclosed the impact of pending litigations in Note 35 of the standalone financial statements; specific INR values for these cases were not provided in the snippets.

⚠️ Risk Analysis

Key Uncertainties

Rapid expansion risks (60-70% area growth/year), inventory aging/obsolescence in apparel, and the ability to maintain liquidity with a 'Stretched' profile.