Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 2 Sep - India Ratings upgraded V2 Retail bank facilities to IND A/Positive/IND A1 on 1,750 million limits.
Source: Bse
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'.
₹171.19
-3.61 · -2.07%
Market cap ₹6,201 Cr
Data qualityFresh enough for analysisQuote updated 21 Oct, 10:45 am ISTDetails
Quote21 Oct, 10:45 am IST
Base fundamentals14 Oct 2026 · screener
Latest result16 Aug, 01:08 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Consumer P/E 22.2 (n=441)
Technical timing lens
Trend score and candlestick chart
29Bearishfull bear SMA stack · SMA20 -15.2% / mo · MACD + · sector -4.4pp vs Nifty 500 (3M)
Stock trend: 27
Sector RS: 32
Sector 3M: -9.5% vs Nifty 500 -5.1%
Consumer FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
V2RETAILD candles · FIT view-16.0%TODAY · PROVISIONALLatest price ₹171.19 on 2026-10-21
Today's candle is provisional from the latest intraday quote; completed-candle scans remain unchanged.
Bar
-1.6%
RSI
39
MACD hist
0.75
52W pos
20%
2026-10-21O ₹173.92H ₹173.97L ₹170.21C ₹171.19Vol 2.6L shIntraday candle
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
V2RETAILNifty Consumer DurablesNifty 500
- V2RETAIL
- -22.6%
- Nifty 500
- -5.6%
- Nifty Consumer Durables
- -9.7%
- Vs Nifty 500
- -17.1 pp
Chart stats
19 Oct 2026- From 52W high
- -32.6%
- 52W range position
- 23%
- ATR (14)
- 5.3%
- Volume vs 20D
- 0.27x
- Avg traded value
- ₹66.2 Cr
- 20D price channel
- ₹149.3 - ₹216.9
₹259.3
₹149.3 - ₹259.3
₹9.3
Latest completed session
20-session average
83.6% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · FAIR VALUE56
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent77
Revenue +57.8% · PAT +68.0% YoY
Technical
Bearish29
Price trend and sector-relative-strength timing.
Valuation
Legacy model-3.8%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence71
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Excellent · 77/100Rev +58% YoY · PAT +68% YoY · +25% QoQ · operating leverage · margin compression
Filed 30 Jun 2026
Open results browser →| 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.
Fundamentals
Valuation
- P/E
- 39.00
- P/B
- 6.85
- EV/EBITDA
- 9.97
- Market Cap
- 6201.00Cr
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
- 5.19
- 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
- 19%
Financial History
Updated 19/10/2026
Revenue
₹ CrLatest: 997+25.1% vs prev
Net Profit
₹ CrLatest: 42.0+133.3% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 39.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- Recent death cross (SMA50 crossed below SMA200).
- SMA20 falling (~19.0% over last month) — short-term momentum negative.
- RSI(14) at 39 — rising, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 34% off 52W high · 15% 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.
Nifty 500 leadership
Relative Strength & Trend Stage
31
RS percentile
Stage 4 Downtrend
1M return
-18.3%
3M return
-22.6%
6M return
-14.9%
1Y return
-22.2%
RS 1D
+3
RS 20D
-24
Sector rank
#9
Industry rank
#22
Stage evidence
- Price is 18.0% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -0.6%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
improving
Relative-strength line vs Nifty 500 (base 100)
261 observations
19 Oct 2026Value 86.95+2.83%
RS vs Nifty 50087
Valuation & peers
U-Score 56 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 56 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Premium Compounder
Fundamental score breakdown
U band · FAIR VALUEValuation1/30
Growth25/25
Quality17/20
Balance Sheet6/15
Cash Flow3/10
Piotroski
5/9 (+3)
Penalties
1
Raw sum
56
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
56/100 · legacy band FAIR VALUE
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 -3.8%.
- Valuation is weaker at 1/30; verify the latest quarterly trend.
- Cash flow is weaker at 3/10; verify the latest quarterly trend.
Sector valuation model
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Primary lens
PE and PEG relative to growth, ROE, margins, and brand strength.
Secondary checks
Volume growth, pricing power, distribution, same-store or category growth.
Main risk check
Premium valuation needs durable growth and margin resilience.
PE
39.0
PB
6.8
EV/EBITDA
10.0
ROE
22.9%
ROCE
19.3%
FCF Yield
—
Debt/Equity
1.1
MoS
-3.8%
Score movement
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.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
56
Previous: 56
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
-3.8%
Previous: -6.0%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
58
58
58
58
58
56
56
56
56
56
56
56
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹52.56
-225.7% MoS
Growth-justified P/E
33.3
Growth-justified Value
₹164.83
-3.8% MoS
PEG
0.41
Comparable companies
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
VMART
Micro
V-Mart Retail Limited
Retail
match 94
55
45.4
14.2%
-35%
FAIR VALUE
ARVINDFASN
Micro
Arvind Fashions Limited
Retail
match 92
46
40.8
14.1%
-32%
FAIR VALUE
CANTABIL
Small
Cantabil Retail India Limited
Retail
match 80
70
19.3
22.1%
+36%
UNDERVALUED
GOCOLORS
Small
Go Fashion (India) Limited
Retail
match 80
64
86.8
19.3%
+55%
UNDERVALUED
STYLEBAAZA
Small
Baazar Style Retail Limited
Retail
match 80
24
100.0
2.2%
-88%
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-06-11T07:53:20.215Z
Management commentary snapshot
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.
Current business mix
Revenue Mix (FY26)
Latest issuer-disclosed distribution across 4 reported categories.
Men’s Wear41.0%
Ladies Wear28.0%
Kids Wear24.0%
LifeStyle7.0%
Growth engines
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.
Capacity and execution
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.
Tailwinds
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.
Risk radar
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
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
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.
Sector KPIs management disclosed
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.
Management forward view
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.
Thesis monitor
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.
Trust Score
71Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: 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.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
93 docs text-extracted · 20 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
66th percentile
overall median 67 · Consumer: 69th pctile, median 66 · Micro: 46th pctile, median 73
Evidence depth
Financial-only
93 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read 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.
Promoter
70
acceptable · holding, pledge, alignment
Cash flow
52
watch · profit to cash conversion
Balance sheet
69
acceptable · leverage and solvency
Discipline
84
strong · capital discipline
Results
87
strong · quarterly consistency
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.
Continue researching V2 Retail Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 14 Aug - V2 Retail to attend Motilal Oswal's 22nd Annual Global Investor Conference on August 19, 2026.
Source: Bse
Annual reportJul 2026
Jul 2026 · Reg. 34 (1) Annual Report. 8 Jul - Integrated Annual Report FY2025-26 filed; 25th AGM on July 31, 2026 at 2:00 PM via OAVM.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 10 Jul
Source: Bse
Investor presentationJun 2026
Jun 2026 · PPT
Source: Bse
Concall transcriptJun 2026
Jun 2026 · Transcript
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Press Release / Media Release 13 Aug - V2 Retail Q1 FY27 revenue rose 58% to ₹997.2 crore; PAT increased 70% to ₹41.9 crore.
Source: Bse
Investor presentationJun 2026
Jun 2026 · PPT
Source: Bse
Concall transcriptJun 2026
Jun 2026 · Transcript
Source: Bse
AnnouncementMay 2026
May 2026 · Board Meeting Outcome for Outcome Of The Meeting Of The Board Of The Company Held On 28Th May 2026 28 May - V2 Retail approved audited FY26 standalone and consolidated results; consolidated profit rose to Rs 16,206 lakh.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.