V2 Retail Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript V2 Retail Ltd filed with BSE on 02 Jun 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
V2 Retail reported Q4 FY26 revenue growth of 60% year-on-year to Rs. 797 crores, with EBITDA of Rs. 109 crores and PAT of Rs. 17.5 crores. For the full year, revenue grew 63% to Rs. 3,067 crores, EBITDA rose 77% to Rs. 455 crores, and PAT grew 125% to Rs. 162 crores. Management also discussed store expansion, with 136 net stores added in FY26 taking the total past 350, and outlined plans for further additions and margin trends going forward.
2 statements from this call are not shown because their supporting quotes could not be reproduced within our quoting limits. Nothing shown here is affected: every statement on this page carries its verified quote.
Numbers mentioned
Revenue: Rs. 797 crores (Q4 FY26)
p. 4
“Revenue for the 4 th Quarter grew at 60% year-on-year to Rs. 797 crores.”
Akash Agarwal, page 4 of the filed PDF · View the filing
EBITDA: Rs. 109 crores (Q4 FY26)
p. 4
“The EBITDA for the quarter stood at Rs. 109 crores as compared to Rs. 57.5 crores in the corresponding quarter last year, registering a stellar growth of 89%”
Akash Agarwal, page 4 of the filed PDF · View the filing
EBITDA margin: 13.7% (Q4 FY26)
p. 4
“EBITDA margins stood at 13.7% as compared to 11.6% in the corresponding quarter last year.”
Akash Agarwal, page 4 of the filed PDF · View the filing
PAT: Rs. 17.5 crores (Q4 FY26)
p. 4
“PAT for the quarter stood at a record Rs. 17.5 crores compared to Rs. 6.4 crores in the corresponding quarter last year.”
Akash Agarwal, page 4 of the filed PDF · View the filing
SSSG: 7.74% (Q4 FY26)
p. 5
“The SSSG for Quarter 4 stood at 7.74%.”
Akash Agarwal, page 5 of the filed PDF · View the filing
Volume growth: 53% (Q4 FY26)
p. 5
“There was a robust volume growth of 53% in the quarter.”
Akash Agarwal, page 5 of the filed PDF · View the filing
Full price sales: 89% (Q4 FY26)
p. 5
“The full price sales contributed 89% in the 4 th Quarter.”
Akash Agarwal, page 5 of the filed PDF · View the filing
Revenue: Rs. 3,067 crores (FY26)
p. 5
“Revenue for the year grew 63% to Rs. 3,067 crores.”
Akash Agarwal, page 5 of the filed PDF · View the filing
EBITDA: Rs. 455 crores (FY26)
p. 5
“EBITDA for the year stood at Rs. 455 crores compared to Rs. 258 crores in the corresponding period last year, registering a stellar growth of 77% year-on-year.”
Akash Agarwal, page 5 of the filed PDF · View the filing
EBITDA margin: 14.9% (FY26)
p. 5
“EBITDA margins improved to 14.9% compared to 13.7% in the same period last year.”
Akash Agarwal, page 5 of the filed PDF · View the filing
PAT: Rs. 162 crores (FY26)
p. 5
“Profit after tax for the financial year stood at a record Rs. 162 crores compared to Rs. 72 crores in FY '25, registering a strong growth of 125% year-on-year.”
Akash Agarwal, page 5 of the filed PDF · View the filing
Same-store sales growth: 8.6% (FY26)
p. 5
“Same-store sales growth for the financial year stood at approximately 8.6%.”
Akash Agarwal, page 5 of the filed PDF · View the filing
Volume growth: 47% (FY26)
p. 5
“Robust volume growth of 47% in the whole financial year.”
Akash Agarwal, page 5 of the filed PDF · View the filing
Full price sales: 90% (FY26)
p. 5
“The full price sales contribution was 90% in FY '26.”
Akash Agarwal, page 5 of the filed PDF · View the filing
ROE: 26% (FY26)
p. 5
“Our ROE continues to improve and now stands at 26% compared to 23.2% in FY '25 and around 10.7% in FY '24”
Akash Agarwal, page 5 of the filed PDF · View the filing
Store count: 325 stores (FY26)
p. 4
“achieved a net addition of 136 stores in the whole financial year, taking our total store count to 325 stores with approximately 3.5 million square feet of retail space.”
Akash Agarwal, page 4 of the filed PDF · View the filing
Assets written off: Rs. 5.77 crores (FY26)
p. 4
“we have written off assets with a carrying value of Rs. 5.77 crores and this has resolved the earlier audit qualification.”
Akash Agarwal, page 4 of the filed PDF · View the filing
Pre-IndAS Gross margin: 30.2% (FY26)
p. 5
“Gross margin improved to 30.2% from 29.2% last year.”
Akash Agarwal, page 5 of the filed PDF · View the filing
Pre-IndAS EBITDA: Rs. 277 crores (FY26)
p. 5
“EBITDA was Rs. 277 crores, up 83% year-on-year, with an EBITDA margin of 9%.”
Akash Agarwal, page 5 of the filed PDF · View the filing
Pre-IndAS PAT: Rs. 162 crores (FY26)
p. 5
“PAT stood at Rs. 162 crores, up 87% year-on year.”
Akash Agarwal, page 5 of the filed PDF · View the filing
Standalone PAT: Rs. 173 crores (FY26)
p. 5
“the company has achieved a PAT of Rs. 173 crores on a standalone basis.”
Akash Agarwal, page 5 of the filed PDF · View the filing
Old stores PSF: Rs. 1,124 per square feet (FY26)
p. 11
“So, our old stores were at Rs. 1,124 per square feet for the whole year.”
Akash Agarwal, page 11 of the filed PDF · View the filing
New stores PSF: Rs. 750 per square feet (FY26)
p. 11
“And new stores were at Rs. 750 per square feet.”
Akash Agarwal, page 11 of the filed PDF · View the filing
Marketing spend: 0.3% (FY26)
p. 13
“It was about 0.3%.”
Akash Agarwal, page 13 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Store additions — 170-200 stores · FY27
stated conditionally by Akash Agarwal
p. 6
“I think for this year, the target would be anywhere between 170-200 stores, completely dependent on how we are performing and how the momentum continues.”
Akash Agarwal, page 6 of the filed PDF · View the filing
Revenue growth — at least 50% · next 2 years
stated firmly by Akash Agarwal
p. 8
“No, we are guiding for at least 50% revenue growth over the next 2 years.”
Akash Agarwal, page 8 of the filed PDF · View the filing
Gross margin — 28%-30%
stated firmly by Akash Agarwal
p. 7
“So, going forward you can look for us to maintain this gross margin anywhere between 28%-30%.”
Akash Agarwal, page 7 of the filed PDF · View the filing
SSSG — 8%-10%
stated firmly by Akash Agarwal
p. 6
“Yes, so we have seen some movement in yarn prices and that would have to be transferred to the customer.”
Akash Agarwal, page 6 of the filed PDF · View the filing
EBITDA margin — similar margins · FY27
stated conditionally by Akash Agarwal
p. 14
“So, FY '27, you will see similar EBITDA margins and similar company PSF numbers.”
Akash Agarwal, page 14 of the filed PDF · View the filing
Store count — 2,500 stores
stated as an aspiration by Akash Agarwal
p. 9
“I think we don't want to dilute our focus till we have at least 2,500 V2 stores.”
Akash Agarwal, page 9 of the filed PDF · View the filing
Per square feet expenses — around Rs. 175 per square feet
stated as an aspiration by Akash Agarwal
p. 19
“And going forward, it should go down to I think 175.”
Akash Agarwal, page 19 of the filed PDF · View the filing
Fabric procurement savings — 3% to 5% savings
stated as an aspiration by Akash Agarwal
p. 19
“So, we have the potential to save at least 3% to 5% there by centralizing and nominating fabrics.”
Akash Agarwal, page 19 of the filed PDF · View the filing
Price increase — 3%-4%
stated conditionally by Akash Agarwal
p. 6
“So, we will maintain our gross margins and prices might go up in the future by 3%-4%.”
Akash Agarwal, page 6 of the filed PDF · View the filing
Marketing spend — less than 0.5% · FY27
stated firmly by Akash Agarwal
p. 13
“So, in fact, we have been more targeted in terms of marketing and more efficient, but going forward will be less than 0.5%.”
Akash Agarwal, page 13 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Target is 170-200 stores depending on performance and momentum.
Answered by Akash Agarwal
Asked by Priyanshu Jain: How many stores are planned for the coming year?
p. 6
“I think for this year, the target would be anywhere between 170-200 stores, completely dependent on how we are performing and how the momentum continues.”
Akash Agarwal, page 6 of the filed PDF · View the filing
No, the company would prefer to take on more debt given a healthy debt-to-equity ratio.
Answered by Akash Agarwal
Asked by Priyanshu Jain: Will another QIP be needed for future expansion funding?
p. 6
“No, but our debt-to-equity ratio is very healthy. We have the option of getting more debt on the books.”
Akash Agarwal, page 6 of the filed PDF · View the filing
Management expects to maintain gross margin between 28-30% by passing cost increases to customers via MRP hikes.
Answered by Akash Agarwal
Asked by Avinash Karumanchi: How should gross margin trend given rising cotton/yarn prices?
p. 7
“I don't want to comment on any competitors but our strategy is we won't absorb it in gross margins because 3%-4% increase is not significant”
Akash Agarwal, page 7 of the filed PDF · View the filing
Management cited India's long-term GDP and organized retail growth potential, and noted only a minor sales impact from geopolitical tension.
Answered by Akash Agarwal
Asked by Palash Kawale: What gives confidence in demand and expansion plans despite global uncertainty?
p. 8
“So, we have seen a little bit of sale impact in May because of the war but I think overall what we have seen in March, April, I think we can continue the positive momentum, and it will not have a huge impact, especially in Tier-2-3 towns.”
Akash Agarwal, page 8 of the filed PDF · View the filing
New stores started at about 70% of old store productivity, pulling down company-wide PSF even though old store PSF grew with SSSG.
Answered by Akash Agarwal
Asked by Raj Shah: Why has sales per square feet declined despite SSSG growth?
p. 9
“So, we opened 130 new stores and the new stores started about 70% of old stores per square feet sale.”
Akash Agarwal, page 9 of the filed PDF · View the filing
At least six senior people, many with over 10 years' tenure, could take the call as most decisions are data-driven.
Answered by Akash Agarwal
Asked by Kushal Goenka: Is there a succession plan if the CEO cannot attend a call?
p. 10
“So, there would be at least six people who would be able to take the call if I am not available.”
Akash Agarwal, page 10 of the filed PDF · View the filing
New stores are EBITDA positive from the first month, since breakeven is around Rs. 500 per square feet and new stores start at 700-750.
Answered by Akash Agarwal
Asked by Aman Bansal: How long does it take for a new store to become EBITDA positive?
p. 11
“So, it is EBITDA positive from the first month itself, because the breakeven point is around Rs. 500 per square feet of sale.”
Akash Agarwal, page 11 of the filed PDF · View the filing
Additional inventory of around Rs. 300 crores including new store stock and pre-GRC safety stock.
Answered by Akash Agarwal
Asked by Ankush Agrawal: What is the extra inventory from geopolitical-related early stocking?
p. 11
“So, I think if you include new stores and this together, it'll be about 300 crores of inventory.”
Akash Agarwal, page 11 of the filed PDF · View the filing
Management attributed this to a higher base compared to peers, noting the company still leads on profitability metrics.
Answered by Akash Agarwal
Asked by Smith Gala: Why was Q4 SSSG lower relative to peers?
p. 12
“So, growing at 8.5% on Rs. 1,040 per square feet of sale, we are all stores are now at 1,125, which is I think at least 40% to 50% more than our peers.”
Akash Agarwal, page 12 of the filed PDF · View the filing
A one-time accounting change to expense small items like tags and hangers instead of capitalizing them.
Answered by Akash Agarwal
Asked by Smith Gala: What caused the sequential jump in depreciation?
p. 12
“Yes, it is a one-time counting change. So, a lot of small items like nuts, hard tags, hangers, what we used to capitalize earlier, now we depreciated them because we want to expense it off.”
Akash Agarwal, page 12 of the filed PDF · View the filing
The rate of underperforming location choices has fallen from 10-12% to 2-3%, with product mix now seen as more important than location.
Answered by Akash Agarwal
Asked by Kushal Kasliwal: What is the store-opening error rate and evaluation process for new locations?
p. 16
“So, what we have understood is it's not about usually not about location being wrong. But it's more about your product and you as a brand.”
Akash Agarwal, page 16 of the filed PDF · View the filing
Yes, management said operating cash flow can remain positive even with the planned store additions.
Answered by Akash Agarwal
Asked by Onkar Ghurgardare: Will the company remain operating cash flow positive while opening 175-200 stores this year?
p. 18
“As I talked to you about operating cash flow, of course, that can be positive.”
Akash Agarwal, page 18 of the filed PDF · View the filing
April was strong, May slowed somewhat, and June is expected to be a key month for the quarter.
Answered by Akash Agarwal
Asked by Onkar Ghurgardare: How is May trending for the current quarter?
p. 19
“So, again, I think it's too early to say like I said, April was very good for us. And May has been a little slow and June is supposed to be one of the biggest months for us.”
Akash Agarwal, page 19 of the filed PDF · View the filing
Risks flagged
Geopolitical tension leading to increased safety stock and higher inventory levels
p. 4
“Lastly, due to geopolitical tension, we have increased our safety stock in the month of March for seamless availability of stock which has resulted into higher inventory levels in the month of March.”
Akash Agarwal, page 4 of the filed PDF · View the filing
Sales impact in May due to geopolitical conflict
p. 8
“So, we have seen a little bit of sale impact in May because of the war”
Akash Agarwal, page 8 of the filed PDF · View the filing
Company-level PSF and EBITDA margin expansion constrained by high pace of new store additions
p. 9
“Because we are again guiding for opening more than 50% new area. So, it becomes a challenge to increase the company level PSF and expand EBITDA margin along with a 50% growth.”
Akash Agarwal, page 9 of the filed PDF · View the filing
Supply chain disruptions prompting early goods receipt and extra safety stock
p. 11
“And about 100 to 150 is the pre GRC that we did, because we saw a lot of supply chain disruptions.”
Akash Agarwal, page 11 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.