Highlights

• V2 Retail delivered 86% year-on-year revenue growth in Q2 FY26, reaching ₹708.6 crores.
• EBITDA rose 158% year-on-year to ₹85.4 crores, while net profit increased to ₹17.2 crores.
• The company expanded its store network to 259 locations, adding 43 stores during the quarter.

V2 Retail Limited (NSE:V2RETAIL) has reported a period of accelerated financial and operational performance in Q2 FY26, marked by revenue growth, expanded profitability and continued expansion of its retail footprint across India. With rising consumer demand and wider store coverage, the company delivered its highest-ever second-quarter financial results.

V2 Retail Delivers Accelerated Growth in Q2 FY26

V2 Retail reported revenue from operations of ₹708.6 crores for Q2 FY26, an 86% rise compared to the same period last year. Gross margin improved to 28%, supported by increased throughput across its stores and higher contribution from full-price sales. For the first half of FY26, revenue reached ₹1,340.9 crores, up 69% year-on-year.

Earnings Rise Sharply as Operating Performance Improves

EBITDA for the quarter grew to ₹85.4 crores, marking a 158% year-on-year increase, with margins improving to 12.1% from 8.7% in Q2 FY25. Net profit for the quarter reached ₹17.2 crores, compared to a loss of ₹1.9 crores a year ago. The company attributed this uplift to higher operating efficiency and improved sales mix. In H1 FY26, EBITDA climbed to ₹172.7 crores, while profit after tax increased to ₹41.9 crores, representing a 191% year-on-year rise.

Store Expansion Strengthens Market Presence

As of 30 September 2025, V2 Retail operated 259 stores across 23 states and over 195 cities, covering approximately 27.94 lakh sq. ft. of retail space. The company opened 43 new stores during Q2 FY26 and a total of 71 stores in H1 FY26, while closing one store. Same-store sales growth was recorded at 23.4% for the quarter, with normalized SSSG at 10.3% after accounting for the shift in festival timings.

Volume Growth and Customer Metrics Improve

The quarter recorded volume growth of 58%, driven by higher footfall and strong consumer engagement in Tier II and Tier III markets. Full-price sales comprised 92% of quarterly revenue, reflecting healthy demand across apparel segments. For H1 FY26, volume growth stood at 43%, and full-price sales contributed a similar 92%.