V2RETAIL
Micro CapV2 Retail Limited
Consumer
V2 Retail Limited offers affordable, high-quality fashion and general merchandise to value-conscious consumers. Operates 325 stores across 25 states and 1 UT, covering ~35.35 lakh sq.ft., primarily in Tier-II and Tier-III cities. Mission: democratize fashion.
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.
Investable 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 31 Mar 2026
Excellent · 90/100Rev +60% YoY · PAT +200% YoY · margin expansion · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹797 Cr | +59.7% | -14.2% |
| EBITDA | ₹109 Cr | +87.9% | -37.4% |
| Operating margin | 14.0% | +200 bps | -500 bps |
| PAT | ₹18 Cr | +200.0% | -82.5% |
| PAT margin | 2.3% | +106 bps | -883 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Q4 FY26 Revenue up 60% YoY to 797 Cr, PAT up 172% YoY to 17.5 Cr. FY26 Revenue up 63% YoY to 3,067 Cr, PAT up 125% YoY to 162.1 Cr. Strong volume growth and aggressive store expansion drive performance, but efficiency metrics show stress.
V2 Retail delivered robust revenue and profit growth, fueled by significant store expansion and volume. However, the sharp increase in Net Working Capital days due to inventory build-up and declining sales per square foot raise concerns about operational efficiency and capital deployment.
Revenue Mix (%) FY26
Latest issuer-disclosed distribution across 4 reported categories.
Store Expansion
Opened 139 stores in FY26 (net 136), reaching 325 stores at the end of Q4FY26.
Volume Growth
Volume growth for Q4FY26 stood at 53% (Y-o-Y). Volume growth for FY26 stood at 47% (Y-o-Y).
Affordable Fashion
Mission to democratize fashion by offering high-quality, trendy apparel at affordable prices.
Targeting Middle Class
V2 Retail proudly serves India’s growing ‘neo middle class’ and ‘middle class’ population.
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.
Occasions Drive Purchases
Festivals, weddings, and social functions are key factors driving apparel business.
Emotional Needs
New seasons, new trends, and fun times drive purchases.
Functional Needs
Discounts, offers, sales, and replacing old clothes drive purchases.
Increased Working Capital
NWC days stood at 81 days compared to 45 days in FY25, primarily due to increased inventory holding for existing stores and planned additions.
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.
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.
Both Q4 and full-year YoY comparisons are essential for understanding seasonal and annual performance in retail. QoQ P&L data also provides insight into sequential momentum.
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 Margin
GP Margin % was 30.3% in Q4FY26 vs 27.6% in Q4FY25. GP Margin % was 30.2% in FY26 vs 29.3% in FY25.
Sales Per Square Feet (PSF)
Sales per square feet (PSF) per month was 794 in Q4FY26 as compared to 896 in Q4FY25. Sales per square feet (PSF) per month was 925 in FY26 as compared to 1,017 in FY25.
Mission
Our mission is to democratize fashion by offering high-quality, trendy apparel at affordable prices to value conscious consumers.
Value & Variety Motto
Our motto 'Value & Variety' comes to life through a wide-ranging product portfolio that delivers exceptional quality and affordability.
Operational Excellence
V2 Retail proudly serves India’s growing ‘neo middle class’ and ‘middle class’ population delivering unbeatable value with monthly sales of 925 per square feet in FY26.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Net Working Capital Days | 81 days (FY26) | Stabilization or reduction, indicating improved inventory management efficiency. |
| Sales Per Square Feet (PSF) | 925 (FY26) | Reversal of the declining trend and improvement in store productivity. |
| Store Expansion & Ramp-up | 325 stores (FY26) | Continued successful integration and profitability of new stores. |
| Gross Profit Margin | 30.2% (FY26) | Sustained margins despite aggressive expansion and inventory build-up. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
42NeutralSMA20 -88.2% / mo · near 52W low
Technical chart
V2RETAILdaily · 3Y-89.5%Technical trend read
NeutralTrend is undirectional — long-term trend unclear. RSI 40.
- SMA20 rising (~13.6% over last month) — short-term momentum positive.
- RSI(14) at 40 — sideways, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 91% off 52W high · 33% 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, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
UNDERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Fair-value margin of safety is positive at 30.6%.
- Growth contributes 25/25 to the score.
- Quality contributes 15/20 to the score.
Main drags
- Cash flow is weaker at 3/10; verify the latest quarterly trend.
- Valuation is weaker at 10/30; verify the latest quarterly trend.
- Balance sheet is weaker at 6/15; 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: +2 points.
Factor attribution
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 70th percentile of the scored universe and 70th percentile within Consumer. Main check: balance sheet trust is weak at 48/100.
Healthy Trust Lite: Promoter pledge is zero. Key concern: Debt/equity is 3.39.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Consumer: 70th pctile, median 67 · Micro: 56th pctile, median 71
0 documents indexed, 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.
- ▸FCF yield is positive at 1.1%.
- ▸8 years of positive FCF.
- ▸8/8 recent quarters had positive YoY revenue growth.
Trust risks
- ▸Debt/equity is 3.39.
- ▸Promoter holding fell 2.8%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 61.80
- P/B
- 9.64
- EV/EBITDA
- 15.26
- Market Cap
- 8740.00Cr
Profitability
- ROE
- 22.70%
- ROCE
- 18.30%
- ROA
- 6.69%
- 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
- 4.70×
- Altman Z
- 5.97
- Book Value
- 24.80
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 8/5
- OCF
- -103.00 Cr
- EPS TTM
- 4.44
Shareholding
- Promoter Hold
- 51.43%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 80%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%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.