V2 Retail
V2RETAIL NSE
V2 Retail
Consumer DiscretionaryNSE: V2RETAIL BSE: 532867 Retailing
Key Fundamentals
MicrocapSpeciality RetailRetailMarket Cap
₹7,806 Cr
Volatility
Moderate
P/E Ratio
44.58
EBITDA
₹466 Cr
Return on Equity
17.96%
Debt to Equity
1.1
Book Value
₹24.75
52W High
₹259.25
52W Low
₹158.56
Tapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Strengths
3- Company is expected to give good quarter
- Company has delivered good profit growth of 72.6% CAGR over last 5 years
- Company's median sales growth is 33.6% of last 10 years
Weaknesses
2- Stock is trading at 8.81 times its book value
- Though the company is reporting repeated profits, it is not paying out dividend
Growth Rate
Revenue Growth
62.7% higher than
3Y
Net Income Growth
125% lower than
3Y
Cash Flow Change
-151% higher than
3Y
ROE
-13.65% lower than
3Y
ROCE
30.14% lower than
3Y
EBITDA Margin (Avg.)
8.14% lower than
3Y
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 69d agoAI opinion · based on fundamentals
Risk high
V2 Retail Ltd is a high-growth value fashion retailer with a market cap of ₹8,510 Cr, trading at a PE of 51.8x and PB of 9.29x. The company has delivered 73% profit CAGR over 5 years and 62% TTM sales growth, but pays no dividend and commands a premium valuation relative to its book value.
Bull Case 8
- Exceptional profit growth with 5-year compounded profit CAGR of 73%, accelerating to 111% on a TTM basis
- Revenue growth remains robust at 62% TTM and 54% CAGR over 3 years, indicating strong store expansion and same-store growth
- ROE has improved to 24% in the last year from a 5-year average of 13%, showing improving capital efficiency
- Median sales growth of 33.6% over the last 10 years demonstrates a consistent long-term demand trajectory
- 10-year compounded sales CAGR of 25% and profit CAGR of 31% reflect a durable business model in value retail
- Stock has delivered 148% CAGR over 3 years, reflecting market recognition of the company's execution
- 3-year ROE averaging 21% suggests the company is generating healthy returns on shareholder equity on a sustained basis
- Company is expected to deliver a good upcoming quarter, suggesting continued operational momentum
Bear Case 8
- PE ratio of 51.8x is elevated for a value retail business, leaving limited margin of safety if growth slows
- Price-to-book of 9.29x is significantly above typical retail sector averages, pricing in aggressive future growth
- Zero dividend yield despite repeated profitability means shareholders depend entirely on capital appreciation for returns
- 5-year stock CAGR of 81% has far outpaced 5-year profit CAGR of 73%, suggesting some valuation expansion beyond earnings growth
- 10-year ROE average of only 10% indicates that the recent 24% ROE improvement is relatively new and unproven over a full cycle
- Debt-to-equity data is unavailable, creating uncertainty around the company's leverage and financial risk profile
- Consumer discretionary sector is cyclical and V2 Retail's value segment customers are sensitive to inflation and economic slowdowns
- 1-year stock CAGR has moderated to 20% versus 148% over 3 years, potentially signaling decelerating market enthusiasm
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 69d ago Positives 1
- Q1FY27 revenue surges 58% YoY Jul 1
V2 Retail reported standalone revenue of ₹997 Cr in Q1FY27, up 58% YoY, added 57 new stores and achieved 7.5% same-store sales growth.
Neutral 1
- FY26 shareholding pattern disclosed Jun 17
Promoters hold 18.75 crore shares. Ricon Commodities pledged 33.50 lakh shares, indicating minor pledge activity.
TL;DR: V2 Retail is executing strongly on growth with 58% revenue expansion driven by aggressive store additions and healthy 7.5% SSSG. No material headwinds are visible in recent news, though a small promoter-group pledge exists. The trend is clearly improving with rapid expansion momentum heading into FY27.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 264 | 231 | 374 | 296 | 415 | 380 | 591 | 499 | 630 | 705 | 927 | 798 | 997 |
| Expenses | 231 | 213 | 313 | 266 | 362 | 349 | 480 | 441 | 539 | 619 | 750 | 685 | 858 |
| Operating Profit | 33 | 19 | 61 | 30 | 53 | 31 | 111 | 57 | 90 | 86 | 177 | 113 | 140 |
| OPM % | 12% | 8% | 16% | 10% | 13% | 8% | 19% | 11% | 14% | 12% | 19% | 14% | 14% |
| Other Income | 1 | 2 | 3 | 1 | 1 | 2 | 0 | 1 | 1 | 0 | 26 | 0 | 1 |
| Interest | 10 | 12 | 11 | 12 | 13 | 15 | 18 | 21 | 22 | 28 | 22 | 24 | 25 |
| Depreciation | 17 | 17 | 20 | 18 | 20 | 22 | 26 | 27 | 32 | 37 | 45 | 67 | 64 |
| PBT | 7 | -8 | 32 | 0 | 21 | -3 | 68 | 10 | 37 | 21 | 135 | 22 | 52 |
| Tax % | 25% | -33% | 25% | -1073% | 25% | -21% | 25% | 36% | 25% | 14% | 27% | 18% | 19% |
| Net Profit | 5 | -6 | 24 | 4 | 16 | -3 | 51 | 7 | 28 | 18 | 99 | 18 | 42 |
| EPS in Rs | 0.14 | -0.16 | 0.7 | 0.11 | 0.46 | -0.07 | 1.47 | 0.19 | 0.8 | 0.52 | 2.72 | 0.5 | 1.15 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 287 | 334 | 472 | 559 | 748 | 701 | 538 | 629 | 839 | 1,165 | 1,884 | 3,060 | 3,428 |
| Expenses | 258 | 302 | 429 | 506 | 699 | 623 | 487 | 566 | 759 | 1,021 | 1,630 | 2,585 | 2,913 |
| Operating Profit | 28 | 32 | 43 | 54 | 49 | 79 | 50 | 63 | 80 | 144 | 254 | 475 | 515 |
| OPM % | 10% | 10% | 9% | 10% | 7% | 11% | 9% | 10% | 10% | 12% | 13% | 16% | 15% |
| Other Income | 3 | 6 | 25 | 3 | -17 | 15 | 22 | 16 | 6 | 7 | 5 | 21 | 27 |
| Interest | 10 | 14 | 10 | 3 | 3 | 32 | 32 | 38 | 41 | 47 | 68 | 100 | 99 |
| Depreciation | 2 | 4 | 6 | 8 | 14 | 50 | 54 | 57 | 64 | 73 | 95 | 181 | 213 |
| PBT | 18 | 20 | 52 | 46 | 15 | 10 | -13 | -16 | -19 | 31 | 97 | 216 | 230 |
| Tax % | 47% | 40% | 24% | 32% | -36% | 3% | -16% | -21% | -23% | 11% | 27% | 24% | — |
| Net Profit | 10 | 12 | 39 | 31 | 20 | 10 | -11 | -13 | -14 | 27 | 71 | 163 | 177 |
| EPS in Rs | 0.41 | 0.49 | 1.26 | 0.92 | 0.6 | 0.3 | -0.32 | -0.38 | -0.42 | 0.79 | 2.05 | 4.48 | 4.89 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 24 | 25 | 31 | 34 | 34 | 34 | 34 | 34 | 34 | 35 | 35 | 36 |
| Reserves | 251 | 271 | 127 | 240 | 261 | 246 | 238 | 226 | 213 | 240 | 310 | 866 |
| Borrowings | 69 | 98 | 9 | 0 | 11 | 311 | 388 | 384 | 410 | 502 | 861 | 995 |
| Other Liabilities | 61 | 55 | 73 | 115 | 158 | 116 | 133 | 128 | 108 | 189 | 372 | 525 |
| Total Liabilities | 405 | 449 | 240 | 389 | 464 | 707 | 793 | 772 | 765 | 966 | 1,577 | 2,422 |
| Fixed Assets | 18 | 29 | 51 | 63 | 100 | 330 | 382 | 375 | 389 | 449 | 842 | 968 |
| CWIP | 1 | 4 | 4 | 7 | 4 | 4 | 5 | 0 | 0 | 0 | 4 | 36 |
| Investments | 30 | 25 | 0 | 90 | 0 | 15 | 15 | 15 | 15 | 15 | 15 | 5 |
| Other Assets | 355 | 391 | 185 | 231 | 360 | 359 | 391 | 382 | 361 | 502 | 716 | 1,412 |
| Total Assets | 405 | 449 | 240 | 389 | 464 | 707 | 793 | 772 | 765 | 966 | 1,577 | 2,422 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 36 | -15 | -1 | 27 | -48 | 94 | -15 | 61 | 80 | 85 | 191 | -96 |
| Investing | -6 | -9 | -12 | -110 | 41 | -5 | -16 | -12 | -9 | -29 | -128 | -231 |
| Financing | -30 | 26 | 16 | 81 | 11 | -37 | -14 | -59 | -75 | -52 | -62 | 325 |
| Net Cash Flow | -1 | 2 | 3 | -1 | 4 | 52 | -45 | -9 | -4 | 4 | 1 | -2 |
| Free Cash Flow | 29 | -32 | -13 | 5 | -99 | 87 | -38 | 50 | 70 | 57 | 63 | -328 |
| CFO/OP | 125 | -47 | -1 | 51 | -101 | 120 | -30 | 96 | 98 | 59 | 85 | -9 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 0 | 0 | 0 | 0 | 0 | 7 | 0 | 1 | 0 | 0 | 0 | 0 |
| Inventory Days | 141 | 177 | 126 | 154 | 195 | 142 | 255 | 221 | 151 | 155 | 140 | 195 |
| Days Payable | 60 | 61 | 71 | 97 | 100 | 75 | 113 | 93 | 57 | 69 | 85 | 79 |
| Cash Conversion Cycle | 81 | 116 | 54 | 58 | 95 | 73 | 143 | 130 | 94 | 87 | 56 | 116 |
| Working Capital Days | -27 | -28 | 42 | 56 | 77 | 39 | 75 | 67 | 50 | 43 | 19 | 47 |
| ROCE % | 8% | 8% | 14% | 21% | 13% | 7% | 3% | 3% | 3% | 11% | 17% | 20% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view V2 Retail insights
60 extracted metrics + investor summaries across FY12–FY26.
Documents
2
Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
9 Apr - Submitted Regulation 74(5) certificate for quarter ended 31 March 2026. 9 Apr - Submitted Regulation 74(5) certificate for quarter ended 31 March 2026.
3
Disclosures under Reg. 31(1) and 31(2) of SEBI (SAST) Regulations, 2011.
1 Apr - Ricon pledged 33,50,000 V2 Retail shares to Infinia Finance on March 30, 2026. 1 Apr - Ricon pledged 33,50,000 V2 Retail shares to Infinia Finance on March 30, 2026.
4
Business Update For Q4 FY26 & FY26 - Growth Delivered, Strategy Reinforced
1 Apr - Q4 revenue ₹798 Cr; FY26 revenue ₹3,060 Cr; 136 net stores added; 325 stores total. 1 Apr - Q4 revenue ₹798 Cr; FY26 revenue ₹3,060 Cr; 136 net stores added; 325 stores total.
5
Closure of Trading Window
27 Mar - Trading window closed Apr 1, 2026 until 48 hours after audited results for March 31, 2026. 27 Mar - Trading window closed Apr 1, 2026 until 48 hours after audited results for March 31, 2026.
Frequently Asked Questions about V2 Retail
What does V2 Retail Ltd do?
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.[1]
Where is V2 Retail Ltd (V2RETAIL) listed?
V2 Retail Ltd trades as V2RETAIL on the NSE and under code 532867 on the BSE.
Which sector does V2 Retail Ltd belong to?
V2 Retail Ltd is classified under the Consumer Discretionary sector, in the Retailing industry.
What is the market capitalisation of V2 Retail Ltd?
V2 Retail Ltd has a market capitalisation of ₹7,806 Cr, which places it in the Mid Cap band.
What is the PE ratio of V2 Retail Ltd?
V2 Retail Ltd trades at a PE ratio of 44.58, against a book value of ₹24.75 per share.
What is the 52-week high and low of V2 Retail Ltd?
Over the last 52 weeks V2 Retail Ltd has traded between ₹158.56 and ₹259.25.
What is the Return on Equity (ROE) of V2 Retail Ltd?
V2 Retail Ltd reported a return on equity of 17.96%. Its debt-to-equity ratio is 1.10.
Company Information
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.[1]
Website v2retail.com
CEO Mr. Ram Chandra Agarwal B.Com.
Employees 6,485
Listed 2007-07-04
Face Value ₹ 1
Issued Size 3,64,63,755
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