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Stock Analysis

Description

Company primarily operates in Tier-II and Tier-III cities, with a chain of “V2 Retail” stores offering apparel and general merchandise, catering to the entire family.

Key Growth Triggers

Aggressive expansion of the retail footprint, marked by the opening of its 300th store and the addition of 111 new stores in the current financial year. This strategic expansion focuses on capturing opportunities in Tier-II and Tier-III cities.

Order Book

Currently no data available for Order Book.

Key Red Flags

This announcement focuses solely on expansion milestones and does not contain explicit red flags. However, investors should monitor profitability metrics and operational efficiency to ensure the sustainability of rapid store network growth.

Key Dates To Watch

The company's ongoing aggressive expansion strategy indicates a continued focus on growth. Future financial performance reports will be crucial for assessing the impact of these new store openings on overall profitability and sales momentum.

Corporate Announcements

1st Apr 26

Impact Rating: 9

V2 Retail announced strong Q4 FY26 results, with standalone revenue at ₹798 crore, up 59% year-on-year. For the full year FY26, revenue grew 61% to ₹3,060 crore.

1st Apr 26

Impact Rating: 7

Ricon Commodities Private Limited has disclosed the creation of a pledge on 33,50,000 equity shares of V2 Retail Limited, representing 0.91% of its total share capital. The pledge was made on March 30, 2026, in favour of Infina Finance (P) Ltd.

27th Mar 26

Impact Rating: 6

V2 Retail Limited will close its trading window for all designated persons from April 1, 2026. This closure will remain in effect until 48 hours after the company declares its Audited Financial Results for the financial year and quarter ending March 31, 2026.

20th Mar 26

Impact Rating: 8

Motilal Oswal Mutual Fund schemes have acquired shares in V2 Retail Ltd, boosting their total stake to 25,81,527 shares, equivalent to 7.0797% of the company's total voting capital, up from 7.0403%.

11th Mar 26

Impact Rating: 5

V2 Retail Limited announced a 10:1 stock sub-division, where existing equity shares of ₹10 face value will be split into ten shares of ₹1 face value each. The record date is March 26, 2026.

Peer Comparision

S.No.	Name	Current Price (Rs.)	Price to Earning	Market Capitalization (Rs.Cr.)	Dividend yield (%)	Net Profit latest quarter (Rs.Cr.)	YOY Quarterly profit growth (%)	Sales latest quarter (Rs.Cr.)	YOY Quarterly sales growth (%)	Return on capital employed (%)	Sales (Rs.Cr.)	OPM (%)	Profit after tax (Rs.Cr.)	Profit after tax latest quarter (Rs.Cr.)	Price to book value	Return on assets (%)	Debt to equity
1.	Trent	4060.50	88.99	144342.11	0.12	373.42	11.25	4817.68	15.90	30.71	18574.66	17.02	1621.95	376.86	23.66	17.32	0.38
2.	Lenskart Solut.	453.20	298.38	78624.32	0.00	103.45	19.60	2096.15	20.77	5.57	6652.52	14.69	246.75	102.22	–	2.50	0.45
3.	A B Lifestyle	119.49	133.93	14557.13	0.00	23.44	-40.75	2037.90	3.71	–	7829.96	15.62	124.81	23.44	11.13	–	2.67
4.	Vedant Fashions	557.40	35.10	13527.72	1.44	56.08	-16.17	263.15	-1.79	25.93	1423.06	44.93	385.43	56.08	7.87	14.35	0.27
5.	Aditya Bir. Fas.	77.29	–	9430.75	0.00	-295.09	-13.93	1981.66	12.56	-2.87	7733.12	8.53	-705.45	-263.33	1.51	-3.76	0.91
6.	V2 Retail	2244.40	79.21	8188.74	0.00	18.08	820.32	704.89	85.49	16.81	2424.04	14.21	103.38	18.08	19.93	5.57	3.36
7.	Arvind Fashions.	492.40	–	6581.04	0.32	56.35	26.80	1417.51	11.34	16.93	4916.64	13.12	-15.19	37.63	6.62	0.89	1.22
–	Median: 18 Co.	293.65	53.47	2853.82	0.0	20.34	4.92	450.91	14.92	15.09	1668.58	14.45	49.36	15.4	4.23	4.57	0.69

Quarterly Results

Standalone figures in ₹ crores

	Dec 2022	Dec 2023	Dec 2024	Jun 2023	Jun 2024	Jun 2025	Mar 2023	Mar 2024	Mar 2025	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Sales	240	374	591	264	415	630	193	296	499	195	231	380	705
Expenses	202	313	480	231	362	539	181	266	441	187	213	349	619
Operating Profit	37	61	111	33	53	90	13	30	57	7	19	31	86
Other Income	2	3	0	1	1	1	2	1	1	1	2	2	0
Profit before tax	13	32	68	7	21	37	-11	0	10	-18	-8	-3	21
Tax %	26%	25%	25%	25%	25%	25%	-26%	-1,073%	36%	-24%	-33%	-21%	14%
Net Profit	9	24	51	5	16	28	-8	4	7	-13	-6	-3	18
EPS in Rs	2.70	6.96	14.71	1.42	4.59	8.02	-2.38	1.12	1.93	-3.89	-1.64	-0.73	5.23

Profit & Loss

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	229	287	334	472	559	748	701	538	629	839	1,165	1,884	2,424
Expenses	224	258	302	429	506	699	623	487	566	759	1,021	1,630	2,080
Operating Profit	5	28	32	43	54	49	79	50	63	80	144	254	344
Other Income	2	3	6	25	3	-17	15	22	16	6	7	5	3
Interest	9	10	14	10	3	3	32	32	38	41	47	68	89
Depreciation	3	2	4	6	8	14	50	54	57	64	73	95	122
Profit before tax	-5	18	20	52	46	15	10	-13	-16	-19	31	97	137
Net Profit	-5	10	12	39	31	20	10	-11	-13	-14	27	71	103
EPS in Rs	-2.01	4.14	4.89	12.62	9.16	6.01	2.98	-3.24	-3.75	-4.21	7.89	20.50	29.89
Dividend Payout %	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	–

Balance Sheet

Standalone figures in ₹ crores

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	22	24	25	31	34	34	34	34	34	34	35	35	35
Reserves	241	251	271	127	240	261	246	238	226	213	240	310	355
Borrowings	83	69	98	9	0	11	311	388	384	410	502	839	1,309
Other Liabilities	39	61	55	73	115	158	116	133	128	108	189	393	686
Total Liabilities	385	405	449	240	389	464	707	793	772	765	966	1,577	2,385
Fixed Assets	14	18	29	51	63	100	330	382	375	389	449	842	1,312
Gross Block	19.43	24.64	38.99	66.99	87.12	138.47	502.73	609.48	657.38	655.08	778.83	1,244.43	–
Accumulated Depreciation	5.10	6.39	10.03	16.18	24.59	38.76	173.20	226.99	282.68	266.02	329.89	402.48	–
CWIP	0	1	4	4	7	4	4	5	0	0	0	4	4
Investments	31	30	25	0	90	0	15	15	15	15	15	15	15
Other Assets	340	355	391	185	231	360	359	391	382	361	502	716	1,053
Total Assets	385	405	449	240	389	464	707	793	772	765	966	1,577	2,385

Cash Flows

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	12	36	-15	-1	27	-48	94	-15	61	80	85	213
Cash from Investing Activity	-7	-6	-9	-12	-110	41	-5	-16	-12	-9	-29	-128
Cash from Financing Activity	-4	-30	26	16	81	11	-37	-14	-59	-75	-52	-83
Net Cash Flow	0	-1	2	3	-1	4	52	-45	-9	-4	4	1

Ratios

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	0	0	0	0	0	0	7	0	1	0	0	0
Inventory Days	118	141	177	126	154	195	142	255	221	151	155	140
Days Payable	60	60	61	71	97	100	75	113	93	57	69	85
Cash Conversion Cycle	58	81	116	54	58	95	73	143	130	94	87	56
Working Capital Days	-31	-27	-28	42	56	77	39	75	67	50	43	19
ROCE %	1%	8%	8%	14%	21%	13%	7%	3%	3%	3%	11%	17%

Shareholding Pattern

Numbers in percentages

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Nov 2025
Promoters	53.57%	53.57%	54.26%	54.26%	54.28%	54.28%	54.30%	54.30%	54.30%	54.24%	54.22%	54.22%	51.43%
FIIs	6.40%	6.40%	6.37%	6.36%	6.36%	6.57%	6.69%	0.80%	0.91%	1.31%	1.90%	2.10%	3.77%
DIIs	1.53%	1.91%	0.37%	0.37%	0.37%	0.36%	0.43%	4.34%	5.98%	6.70%	7.35%	7.12%	10.36%
Public	38.51%	38.13%	39.00%	39.01%	38.99%	38.80%	38.60%	40.57%	38.82%	37.75%	36.53%	36.56%	34.43%