Q2 FY27 update: revenue up 28.4% YoY to ₹ 905 Cr, 49 stores opened, network at 427 stores

Q2 FY27 business update.

Fri 2 Oct 2026

Standalone Revenue

₹ 905 Cr vs ₹ 705 Cr in Q2 FY26 — up 28.4% YoY

Same-Store Sales Growth

0.5% on a festival-normalised basis; -14.9% on a calendar basis

Monthly Sales per sq ft

₹ 700

Store Openings/Closures

49 new stores opened, 3 closed in the quarter; H1 FY27 openings 106

Store Network

427 stores, about 46.28 lakh sq. ft., as of September 30, 2026

Q2 FY27 business update

V2 Retail shared a business update for the quarter ended September 30, 2026, covering revenue, same-store sales, store additions and a few other developments. The standalone revenue from operations for the quarter is subject to limited review / audit by the statutory auditors.

Revenue

• Standalone revenue was ₹ 905 Cr in Q2 FY27, against ₹ 705 Cr in Q2 FY26
• That works out to 28.4% year-on-year growth, achieved even though the festive season shifted out of this quarter, compared with last year

Same-store sales (SSSG)

• On a festival-normalised basis, which compares each day of the quarter with the corresponding day of last year's festival calendar, SSSG was 0.5%
• On a calendar basis, SSSG was -14.9%, because the base quarter Q2 FY26 included the Navratri and Durga Puja period, which this year falls in October 2026 (Q3 FY27)
• The company says this timing shift is why the two figures differ so widely

Store productivity

• Monthly sales per square foot (PSF) was ₹ 700 in Q2 FY27
• The quarter did not include the Navratri and Durga Puja season, and a larger share of the network is still ramping up

Network expansion

• 49 new stores opened and 3 stores closed during the quarter
• New store openings in H1 FY27 totalled 106
• 106 of the 427 stores were opened during H1 FY27
• Retail footprint stands at approximately 46.28 lakh sq. ft. across 427 stores as of September 30, 2026
• Expansion stayed focused on Tier 2 and Tier 3 consumption markets

Other updates

• India Ratings upgraded the long-term rating to IND A / Positive from IND A- / Stable in August 2026
• V2Kart e-commerce was soft-launched in September 2026 in Delhi NCR and Lucknow, with orders fulfilled directly from stores

How to read it

• The headline revenue number is a strong year-on-year jump, supported by more stores being added to the network
• The two SSSG figures point in opposite directions. The calendar-basis figure is a decline, while the festival-normalised figure is marginally positive, and both are shown together with the reason the company gives for the gap
• Store count, footprint and store opening numbers show how much of the growth is coming from a larger network rather than from existing stores

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