V2 Retail reported a 28.4% YoY revenue jump to Rs 905 crore for Q2 FY27, driven by aggressive store expansion. Despite a negative calendar-basis SSSG, the company noted stable performance after adjusting for the festive season shift. The firm also launched its V2Kart e-commerce platform and saw its long-term credit rating upgraded to IND A / Positive.
V2 Retail Q2 FY27 Revenue Surges 28%
Revenue: Rs 905 Crore | Store Count: 427
Reader Takeaway: Revenue grew via rapid store expansion, while normalized performance remains steady despite calendar-based festive shifts.
What just happened
V2 Retail reported standalone revenue of Rs 905 crore for the second quarter of FY27, a significant 28.4% increase from Rs 705 crore in the same quarter last year. The company expanded its network significantly, ending the quarter with 427 stores across a retail footprint of 46.28 lakh sq. ft. During the quarter alone, the firm added 49 new stores while closing 3.
Why this matters
The revenue growth signals strong momentum in the company's aggressive Tier 2 and Tier 3 market expansion strategy. While calendar-basis Same Store Sales Growth (SSSG) declined by 14.9%, management clarified this was primarily due to the timing of Navratri and Durga Puja shifting from Q2 into Q3. On a festival-normalized basis, SSSG stood at a stable 0.5%.
The backstory
In August 2026, India Ratings upgraded V2 Retail’s long-term rating to 'IND A / Positive' from 'IND A- / Stable', citing a strengthened financial profile. The company is now pivoting toward digital growth, having initiated a soft launch of its e-commerce channel, V2Kart, in September 2026 to serve Delhi NCR and Lucknow.
What changes now
The company is entering the festive season with a significantly larger store base. Management expects the shift of major festivals into the third quarter to act as a tailwind for sales performance in the coming months.
What to track next
Investors should monitor the scaling of the V2Kart e-commerce platform and the ramp-up efficiency of the 106 new stores opened during the first half of FY27. Sustaining monthly sales per square foot—currently at Rs 700—will be a key metric for long-term profitability.