V2 Retail (V2RETAIL) Q1 26/27 earnings summary

Executive summary

• Achieved Q1 FY27 revenue growth of 58% year-on-year to INR 997 crore (₹997.2 Cr), with PAT up 70% to INR 41.9 crore, reflecting strong demand and disciplined execution.

• Store network expanded by 56 net new stores, reaching 381 stores as of June 30, 2026, across 25 states and 1 Union Territory, covering over 40.7 lakh sq.ft.

• Customer repeat rate improved from 40% to 55% over three years, supporting robust same-store sales growth.

• Maintained focus on product innovation, technology, and operational efficiency, with adoption of AI-enabled analytics and workflow automation.

• Key senior management appointments made, and unaudited Q1 FY27 results approved by Board and auditors.

Financial highlights

• Q1 FY27 EBITDA was INR 139.5 crore (14% margin), up 60% year-on-year; gross margin was 28.6%, slightly down from 29.5% in Q1 FY26.

• Profit after tax for Q1 FY27 was INR 41.9 crore (Rs. 4,185.16 lakhs), up from INR 24.66 crore in Q1 FY26.

• SSSG for Q1 FY27 was 7.5% according to one source, but -7.5% according to another.

• Sales per square foot per month was 886 in Q1 FY27, down from 960 in Q1 FY26.

• Average bill value increased to 941 in Q1 FY27 from 901 in Q1 FY26.

Outlook and guidance

• Targeting 170-200 new store openings in FY27, funded by internal accruals and working capital management.

• Revenue growth guidance remains at least 50% for the year; gross margin expected between 29%-30%, EBITDA margin to be maintained.

• SSSG guidance for the year is 8%-10%.

• Price increases of 4%-5% expected in Q3 due to higher raw material costs.

• Focus on profitable growth, customer delight, and long-term value, with continued expansion in Tier-II and Tier-III cities.