V2 Retail Ltd - Business Update for Q3 FY26 and 9M FY26

Building on strong quarterly performance, the 9M FY26 (April-December 2025) results reflect a transformative phase for V2 Retail, marked by aggressive network expansion and a continued evolution from a regional presence to a national footprint.

Q3 FY26 Highlights - Sustained Momentum in Scale and Store Productivity

1. Robust Top-Line Growth

- Standalone revenue stood at ₹ 927 Cr in Q3 FY26, vs. ₹ 591 Cr in Q3 FY25
- YoY growth of 57% delivered on a high base
- Sustained high-double-digit revenue growth delivered on an already high base from FY25, demonstrating the scalability of the Company's value-fashion model

2. Resilient Same Store Sales Growth (SSSG)

- Achieved a Normalized SSSG of ~12.8%, adjusted for the Durga Puja shift from Q3 to Q2 FY26
- Owing to the shift in the festive season, cumulative SSSG for Q2 and Q3 FY26 stood at 10.4%, with cumulative sales growth of 68%
- Reported SSSG: 2% YoY

3. Enhanced Store Productivity:

Monthly Sales Per Square Feet (PSF) reached ₹ 1,032 during Q3FY26, indicating faster ramp-up and improving productivity of recent store additions.

4. Aggressive Network Expansion

- Successfully added 35 new stores during the quarter, with a strategic focus on the consumptiondriven demand in Tier 2 and Tier 3 cities
- The total retail footprint expanded to ~31.93 lakh square feet across India with store count standing at 294 stores as on December 31, 2025
- This expansion has significantly strengthened the Company's presence in high-growth Tier 2 and Tier 3 markets

5. Operational Efficiency

- Performance was supported by data-led assortment curation and high sell-through rates, enabling the Company to maintain healthy margins with minimal markdowns
- Optimized inventory management resulted in faster churn and reduced aged stock, ensuring that store shelves remained aligned with prevailing seasonal trends

9M FY26 Highlights:

1. Standalone Revenue from operations grew by 63% to ₹ 2,262 Cr for the nine months ended December 31, 2025

2. Same Store Sales Growth (SSSG) of ~8.6% for 9M FY26

3. Monthly Sales per square feet per month (PSF) at ₹ 981 for 9M FY26

4. Net addition of 105 (One Hundred Five) new stores with 1 (One) closure during 9M FY26.

The 9M performance reinforces the portability of the Company's "Value and Variety" model across geographies. The encouraging performance of new stores in non-core territories such as Maharashtra, Punjab, Rajasthan, and South India has further strengthened management's confidence to maintain an aggressive expansion trajectory for the remainder of the financial year.

The Standalone Revenue from operations for quarter and nine month ended December 31, 2025 as stated above is subject to limited review / audit by the Statutory Auditors of the Company.

Shares of V2 Retail Limited was last trading in BSE at Rs. 2435.50 as compared to the previous close of Rs. 2451.95. The total number of shares traded during the day was 2034 in over 285 trades.

The stock hit an intraday high of Rs. 2454.25 and intraday low of 2397.10. The net turnover during the day was Rs. 4936583.00.

Source : Equity Bulls

Keywords

V2Retail INE945H01013 DepartmentStores BusinessUpdate Q3FY26 9MFY26