V2 Retail Limited (V2RETAIL)
Micro CapConsumer stocks · Micro cap · NSE
V2 Retail Limited offers high-quality, trendy apparel at affordable prices to value-conscious consumers across all tiers of cities. Established in 2001, it operates a chain of 'V2 Retail' stores primarily in Tier-II and Tier-III cities, providing apparel and general merchandise for the entire family under the motto 'Value & Variety'.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is acceptable, price trend argues for patience, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Excellent · 77/100Rev +58% YoY · PAT +68% YoY · +25% QoQ · operating leverage · margin compression
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹997 Cr | +57.8% | +25.1% |
| EBITDA | ₹139 Cr | +59.8% | +27.5% |
| Operating margin | 14.0% | +0 bps | +0 bps |
| PAT | ₹42 Cr | +68.0% | +133.3% |
| PAT margin | 4.2% | +25 bps | +195 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
V2 Retail reports strong Q4FY26 and FY26 revenue and PAT growth, driven by significant store expansion and volume. However, sales per square foot declined, and net working capital days increased due to higher inventory.
While top-line and bottom-line growth are robust, fueled by aggressive store expansion and volume, the decline in sales per square foot and substantial increase in NWC days due to inventory build-up raise concerns about operational efficiency and cash flow management. The growth appears more driven by footprint expansion than improved productivity per store.
Revenue Mix (FY26)
Latest issuer-disclosed distribution across 4 reported categories.
Store Expansion
Opened 139 stores in FY26 and 33 stores in Q4FY26, significantly expanding retail footprint.
Volume Growth
Volume growth for Q4FY26 stood at 53% (Y-o-Y) and for FY26 at 47% (Y-o-Y).
Affordable Fashion Strategy
Mission to democratize fashion by offering high-quality, trendy apparel at affordable prices to value-conscious consumers.
Store Count
325 Stores at the end of Q4FY26 (Opened 33 & Closed 2 in Q4FY26; Opened 139 & Closed 3 in FY26).
Total Retail Area
Total Retail Area ~35.35 lakh sq.ft. at the end of Q4FY26.
Growing Middle Class Population
V2 Retail proudly serves India’s growing ‘neo middle class’ and ‘middle class’ population.
Occasion-Driven Purchases
Festivals, weddings, and social functions drive apparel purchases.
Increased Inventory Holding
NWC days stood at 81 days compared to 45 days in FY25, primarily on account of increase in inventory holding.
Declining Sales Per Square Feet
Sales per square feet (PSF) per month was ₹794 in Q4FY26 as compared to ₹896 in Q4FY25, and ₹925 in FY26 as compared to ₹1,017 in FY25.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY is essential for understanding the impact of store expansion and overall market demand trends in a seasonal retail business. QoQ is relevant for sequential momentum, especially for profitability and operational efficiency metrics like NWC days and sales per square foot.
Volume Growth
Volume growth for Q4FY26 stood at 53% (Y-o-Y). Volume growth for FY26 stood at 47% (Y-o-Y).
Average Selling Price (ASP)
ASP was ₹321 in Q4FY26 as compared to ₹308 in Q4FY25. ASP was ₹327 in FY26 as compared to ₹297 in FY25.
Gross Profit Margin
GP Margin % was 30.3% in Q4FY26 compared to 27.6% in Q4FY25. GP Margin % was 30.2% in FY26 compared to 29.3% in FY25.
Same Store Sales Growth (SSG)
Same Stores Sales Growth (SSG) stood at ~7.74% for Q4FY26. Same Stores Sales Growth (SSG) stood at ~8.58% for FY26.
Democratizing Fashion
Our mission is to democratize fashion by offering high-quality, trendy apparel at affordable prices to value conscious consumers.
Integrated Supply Chain
Dedicated job workers for own designed products, centralized warehouse, own fleet for weekly inventory refills, and in-house product development team of 60 designers.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Same Store Sales Growth (SSG) | ~7.74% for Q4FY26 | Sustained positive growth, indicating demand in existing stores. |
| Sales Per Square Feet (PSF) per month | ₹794 in Q4FY26 | Stabilization or improvement, indicating better efficiency of new and existing stores. |
| Net Working Capital Days | 81 days in FY26 | Reduction, indicating improved inventory management and cash conversion. |
| Store Additions | 325 stores at end of Q4FY26 | Continued expansion pace and profitability of new stores. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
36Bearishfull bear SMA stack · MACD + · near 52W low
Technical chart
V2RETAILdaily · 1Y · AUTO-88.9%Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 42.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 roughly flat — short-term momentum stalled.
- RSI(14) at 42 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 92% off 52W high · 20% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation & score drivers
U-Score 54 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 54 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Growth contributes 25/25 to the score.
- Quality contributes 17/20 to the score.
- Balance sheet contributes 6/15 to the score.
Main drags
- Fair-value margin of safety is negative at -25.1%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Cash flow is weaker at 3/10; verify the latest quarterly trend.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 66th percentile of the scored universe and 69th percentile within Consumer. Main check: cash conversion is weak at 52/100.
Healthy Trust Lite: Promoter pledge is zero. Key concern: Operating cash flow is negative at ₹-103 Cr.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Consumer: 69th pctile, median 66 · Micro: 46th pctile, median 73
93 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸8 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
- ▸4/4 latest quarters had positive YoY PAT growth.
Trust risks
- ▸Operating cash flow is negative at ₹-103 Cr.
- ▸Promoter holding fell 2.8%.
- ▸Debt/equity is 1.10.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 49.80
- P/B
- 8.71
- EV/EBITDA
- 12.31
- Market Cap
- 7894.00Cr
Profitability
- ROE
- 22.90%
- ROCE
- 19.30%
- ROA
- 7.39%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 42.00%
- EPS 5Y
- 67.00%
- Revenue 3Y
- 54.00%
- EPS 3Y
- 135.00%
Balance Sheet
- Debt/Equity
- 1.10
- Interest Coverage
- 5.13×
- Altman Z
- 5.86
- Book Value
- 24.80
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 8/5
- OCF
- -103.00 Cr
- EPS TTM
- 4.95
Shareholding
- Promoter Hold
- 51.43%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 58%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Consumer, ranked by similarity
Peers
Business-comparable names in Consumer, ranked by similarity
Peers
Business-comparable peers in Consumer — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.