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V2 Retail
V2 Retail (V2RETAIL) investor relations material
V2 Retail Q3 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 25/26 earnings summary4 Feb, 2026
Executive summary
Achieved 57% year-on-year revenue growth in Q3 FY26 and 64% for 9M FY26, with consolidated revenue reaching INR 929 crore for Q3 and INR 2,270 crore for 9M FY26, reflecting strong business momentum and scalability in value fashion retail.
PAT surged 99% year-on-year in Q3 FY26 and 119% for 9M FY26, with Q3 PAT at INR 102 crore, surpassing FY25 full-year PAT.
Expanded retail footprint to 294 stores across 225 cities in 25 states, totaling 31.9 lakh sq ft retail space by Q3 end.
Focused on analytics-driven merchandising, supply chain responsiveness, and disciplined expansion for sustainable growth.
Exceptional gain of INR 27.69 crore recognized from lease reassessment, with a tax impact of INR 6.97 crore.
Financial highlights
Q3 FY26 revenue: INR 929 crore, up 57% year-on-year; EBITDA: INR 174 crore (56% growth); EBITDA margin: 18.7%.
Q3 PAT: INR 102 crore, up 99% year-on-year; PAT margin improved to 10.9%.
Nine months FY26 revenue: INR 2,270 crore, up 64%; EBITDA: INR 346 crore (73% growth); EBITDA margin: 15.3%.
Nine months PAT: INR 144 crore, up 119% year-on-year; ROE at 24.5% (impacted by QIP fundraise).
Pre-Ind AS Q3 EBITDA: INR 126 crore (13.5% margin); PAT: INR 82 crore.
Outlook and guidance
Targeting 8%-10% same-store sales growth (SSSG) and at least 150 new stores in FY27.
Revenue per sq ft expected to be maintained at INR 1,000 despite rapid expansion.
Gross margin guidance remains at 28%-29%, with margin expansion expected from operating leverage.
Lease term estimates for store leases were reassessed to align with evolving business and strategic plans.
Management expects to utilize outstanding advertisement advances within the extended contract period.
BCCL advance utilization plan by July 2026
Primary use of Rs. 400 Cr QIP funds
Drivers for Ind AS 116 lease term reassessment
Lease accounting change: What's the strategic rationale?
QIP funds: Future working capital strategy?
Gross margin strategy: Long-term competitive edge?
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Raising capital for global EV and AI expansion, with regulatory and dilution risks highlighted.
Next V2 Retail earnings date
Q4 202630 May, 2026
V2 Retail
Next V2 Retail earnings date
Q4 202630 May, 2026
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Frequently asked questions
V2 Retail Limited is an India-based company primarily engaged in the retail trade of a wide range of products, focusing on garments, textiles, accessories, lifestyle products, footwear, purses, wallets, personal care items, sunglasses, and sportswear. The company markets its diverse product offerings under various brand names, including Godspeed, Herrlich, Glamora, Ebellia, and Honey Brats. The company is headquartered in New Delhi, India, and its shares are listed on the NSE.
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