NSE: V2RETAIL · BSE: 532867 · ISIN INE945H01021
V2 Retail Limited stock analysis
V2 Retail Limited ranks #859 in the TickerSutra evidence-ranked universe with a score of 59/100 and 95% data confidence. The latest captured fundamentals show ROCE of 19.5%, quarterly sales growth of 58.4% and quarterly profit growth of 51.0%.Monitor only
INVESTMENT EVIDENCE
What supports—and challenges—the thesis
Evidence in favour
- 53.9% three-year sales CAGR
- Institutional ownership is rising
- CWIP indicates an active capacity pipeline
Risks and constraints
- Debt/equity is above 0.5×
- CFO/EBITDA is below 0.6×
- Valuation is above 40× earnings
Still unresolved: Related-party exposure · Broad media sentiment
FINANCIAL TRAJECTORY
Recent operating history
| Period | Revenue | Operating profit | Net profit | Operating margin |
|---|---|---|---|---|
| 2022 | ₹629cr | ₹63cr | ₹-13cr | 10.0% |
| 2023 | ₹839cr | ₹80cr | ₹-14cr | 10.0% |
| 2024 | ₹1,165cr | ₹144cr | ₹27cr | 12.0% |
| 2025 | ₹1,884cr | ₹254cr | ₹71cr | 13.0% |
| 2026 | ₹3,060cr | ₹475cr | ₹163cr | 16.0% |
| TTM | ₹3,428cr | ₹515cr | ₹177cr | 15.0% |
EXCHANGE EVENT TRIGGERS
Latest corporate disclosures
MANAGEMENT COMMENTARY
Signals from filed documents
Net profit ratio (%) 5.34 3.76 158 bps Revenue scale, gross margin expansion and better operating conversion improved PAT margin. Trade payable turnover ratio (x) 7.05 6.44 9.4% Higher purchases linked to the expanded store base and inventory build-up were supported by a larger vendor payable base. Return on capital employed (%) 38.23 38.55 (32) bps ROCE remained broadly stable as stronger EBIT was offset by the expa
If we keep opening more than 50% new area and growing this aggressively, then of course, even after getting tha t operating leverage, expansion of EBITDA margins becomes tough because the newer stores operate at about 65% to 70% of old stores. But once our growth rate normalizes, then you will see that margin expansion and operating leverage kick in. Moderator: Due to paucity of time, we will take that as the last qu
Alongside our strong top line performance, we continue to make strategic investments that strengthen our ability to scale efficiently within India's value fashion segment. Our focus on analytics-led merchandising, supply chain responsiveness, technology and operational discipline is helping us improve productivity, strengthen operating leverage and capture growth at scale. Customer traction across categories remains
And currently, we are using a lot of our cash in prepaying our vendors. So once we want to use that money for expansion plans, we just get the creditor days back to normal. So I think that releases almost INR150 crores to INR200 crores of V2 Retail Limited August 14, 2026 Page 5 of 14 capital plus the EBITDA we'll generate this year.
Customer traction across categories remains healthy, demonstrating the cont inued relevance of our price value proposition and product refresh strategy. A consistent flow of trend -relevant assortments, supported by strong quality standards and competitive pricing has helped us drive V2 Retail Limited August 14, 2026 Page 3 of 14 growth across our store network. This validates our approach of combining affordability
Our objective is not simply to build a larger company, but to build a stronger, more efficient and more sustainable business that consistently creates value for our customers and all stakeholders. The foundation is stronger than ever, and we remain confident about the opportunities ahead. With this, I would like to open the floor for questions.
Beyond the regular outlook, what are the top 2 to 3 execution priorities you're focusing on in the immediate quarters? And alongside that, what do you see as the biggest risk in consumer demand shifts, competitive pricing or regulatory changes? And how are you preparing to mitigate them while strengthening the company's position in value retail?
Deposits During the year under review, the Company has not accepted any deposits covered under Chapter V of the Companies Act, 2013 read with The Companies (Acceptance of Deposits) Rules, 2014. Secretarial Standards of ICSI During the year under review, the Company has complied with all the applicable Secretarial Standards issued by The Institute of Company Secretaries of India and approved by the Central Government
The distribution will be in proportion to the number of equity shares held by the shareholders. (c) Qualified Institutional Placement: The Fund-Raising Committee, constituted by Board of Directors, at its meeting held on November 03, 2025 has approved the allotment of 18,74,414 Equity Shares of ` 10/- each to the eligible Qualified Institutional Buyers, at the issue price of ` 2,134 per Equity Share (including a prem
The Company manages the capital structure and makes adjustments to it in the light of changes in economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Company may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares, or sell assets to reduce debt. The Company’s adjusted net debt to equity ra
Priyanshu Jain: Do we have any kind of a data like -- because in the past few years, like the commodity prices are at a stable level. But like do we have any kind of a data like when there is a price increase, what kind of impact we face or like the 3% or 4%, 5% increase in the prices wil l not affect our demand? Akash Agarwal: Historically, what we have seen is there have been multiple instances.
MANAGEMENT PROMISE LEDGER
Quantified statements on the clock
“Akash Agarwal: Again, it completely depends on the growth that we are targeting. If we keep opening more than 50% new area and growing this aggressively, then of course, even after getting tha t operating leverage, expansion of EBITDA margins becomes tough because the newer stores operate at about 65% to 70% of old stores. But once our growth rate normalizes, then you will see that margin expansion and operating leve”
HOW TO READ THIS PAGE
Evidence, freshness and limitations
What does the TickerSutra score mean?
The score ranks captured evidence across financial quality, growth, moat and margins, regulatory catalysts, governance, institutional trend and valuation comfort. It is a research-prioritization tool—not a buy recommendation or price target.
Which sources support this page?
Financial history, ownership and pledge data, NSE and BSE filings, annual reports and available earnings-call transcripts are combined here. Use the source trail and original exchange document before relying on a decision-critical fact.
Why can an item be unresolved?
Unresolved means the current captured source window did not provide enough evidence for that check. It does not establish that a risk or relationship is absent.
Maintained by TickerSutra Research · Snapshot updated 29 Sept 2026 · Read the methodology · Read the disclaimer
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