VRV2 Retail532867Quarterly results

Q2 FY27: revenue up 28% to ₹905.6 crore, EBITDA up 41%, PAT up 6%

Q2 & H1 FY27 results released.

By ScoutQuest · Tue 3 Nov 2026, 7:05 PM IST · 2 min read

Q2 Revenue

₹905.6 crore, up 28% YoY

Q2 EBITDA

₹120.3 crore, up 41%

Q2 PAT

₹18.2 crore, up 6%

Results snapshot

V2 Retail has released its unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2026. The release is titled "Strong growth momentum despite festive shift; margins expand".

Consolidated Q2 FY27 (year-on-year)

• Revenue ₹ 905.6 crore against ₹ 708.6 crore, up 28%
• Gross profit ₹ 281.3 crore against ₹ 198.2 crore, up 42%
• Gross margin 31.1% against 28.0%, an expansion of 310 basis points
• EBITDA ₹ 120.3 crore against ₹ 85.4 crore, up 41%
• EBITDA margin 13.3% against 12.1%, up 120 basis points
• Profit after tax ₹ 18.2 crore against ₹ 17.2 crore, up 6%

Consolidated H1 FY27 (year-on-year)

• Revenue ₹ 1,902.8 crore against ₹ 1,340.9 crore, up 42%
• Gross profit ₹ 566.4 crore against ₹ 384.4 crore, up 47%
• Gross margin 29.8% against 28.7%
• EBITDA ₹ 259.7 crore against ₹ 172.7 crore, up 50%
• EBITDA margin 13.6% against 12.9%
• Profit after tax ₹ 60.1 crore against ₹ 41.9 crore, up 43%

What the company says drove the numbers

• The company states that reduced off-season discounting and a healthier sales mix lifted gross margin in Q2 FY27.
• Volume growth was 31% in Q2 FY27 and 43% in H1 FY27. Full-price sales accounted for 91% of total sales in both Q2 and H1 FY27.
• Q2 FY27 profit growth of 6% was below revenue growth; the release attributes this to higher depreciation and amortisation charges linked to store expansion undertaken in recent years.
• Same store sales growth for Q2 FY27 was ~(14.9)%, which the release links to festive demand shifting from Q2 to Q3. On a normalised basis it cites positive SSSG of 0.5%. H1 FY27 SSSG was (3.7)%.
• Sales per square foot (PSF) for H1 FY27 were ₹ 785 per month.

Store network

• 427 stores across 26 states and 1 Union Territory, with total retail area of ~46.3 lac sq. ft. as on September 30, 2026.

What to note when reading these numbers

• Revenue and operating profit grew faster than net profit in Q2 FY27, so the movement in depreciation and amortisation is the line that explains the gap.
• The negative same-store sales figure for Q2 sits alongside positive volume growth of 31% and full-price sales of 91%; the company expects the deferred festive demand to support Q3 FY27.
• The company describes its operating environment as favourable, citing increasing consumption in non-metro markets and rising penetration of organised retail, and says the timing-related impact is expected to normalise in the coming quarter.

Management comment

Chairman & Managing Director Mr. Ram Chandra Agarwal said the company delivered a resilient performance, citing revenue growth of 28%, EBITDA growth of 41%, expansion in both gross and EBITDA margins, volume growth of 31% and 91% contribution from full-price sales as evidence of its merchandising, pricing and inventory management strategies.

Nothing here is a view, opinion or recommendation of ScoutQuest, its parent, directors or employees. ScoutQuest is a technology company: this page was assembled automatically from public sources using artificial intelligence, and may contain errors or omissions. Confirm everything against the original source before you act on it. Any use of this page is at your own risk, and neither ScoutQuest nor its parent, directors or employees accepts liability for it.

About ScoutQuest · Logos provided by Logo.dev