Just when most apparel retailers were blaming weather, weddings, and WhatsApp discounts for weak demand, V2 Retail casually dropped an 86% revenue growth quarter. No drama, no excuses—just a management team sounding like they accidentally found a cheat code.
While peers are still arguing whether Tier-3 works, V2 is already counting stores like Pokémon cards. Margins expanded, stores broke even from month one, and vendors apparently line up because V2 pays early—capitalism, but polite.
Of course, not everything is silk kurtas and winter jackets. Leadership churn rumours, wafer-thin margin guidance, and a refusal to promise anything fancy keep the sceptics entertained.
Still, when a company grows this fast and sounds this calm, you know something interesting is brewing. Stick around—this concall gets spicier once the numbers start talking back.
2. At a Glance
Revenue up 86% – Apparently “value fashion” isn’t out of fashion anymore.
EBITDA up 465% – From pocket change to proper money, finally.
PAT up 3,561% – When your base year was basically zero.
SSSG at 23.4% – Festive calendar gymnastics included, honesty optional.
Store count at 275 – Expansion speed closer to QSR than retail.
ROE at 22.9% – Capital sweating harder than management guidance.
3. Management’s Key Commentary
“We delivered 86% year-on-year revenue growth.” (Translation: Please stop comparing us with normal retailers.) 😏
“Our stores break even from the first month itself.” (Translation: If this is true everywhere, landlords should be nervous.)
“We aspire to be a national-level retailer in all states.” (Translation: India map, but with V2 pins everywhere.)
“We guide for the same EBITDA margins despite growth.” (Translation: Don’t ask us for 10% margins while we’re opening 150 stores.)
“Winter contribution rose from 40% to 55%.” (Translation: Thank you, early cold wave, very cool of you.) 🧥
“Paying vendors early gives us 1.5–2% monthly discount.” (Translation: Working capital is now a profit centre.)
“Attrition at HO is below 15%.” (Translation: LinkedIn rumours, please calm down.) 😬
4. Numbers Decoded
Source table
Metric
Q2 FY26
YoY Insight
Revenue
₹708.6 Cr
Growth on steroids
Gross Margin
28.0%
Slow, but steady
EBITDA (Pre-Ind AS)
₹44.4 Cr
From meme to meaningful
EBITDA Margin
6.3%
Still warming up
PAT
₹25.3 Cr
Base effect doing push-ups
SSSG
23.4%
Festive calendar assisted
Decoded: Growth is doing the heavy lifting. Margins are jogging
