V2 Retail Q4 FY26 Results (NSE: V2RETAIL)
Signal: Margin expansion
The read
V2 Retail delivered another quarter of strong performance with revenue up 60% YoY and EBITDA margin expanding 210bps to 13.7%, driven by robust volume growth (53%), improved gross margins (30.3% vs 27.6%), and operating leverage. Full year FY26 revenue crossed ₹3,067 Cr (+63% YoY) and PAT doubled to ₹162 Cr. The company added 136 stores in FY26, reaching 325 stores, and raised ₹400 Cr via QIP, positioning for continued expansion in Tier II/III cities. The trajectory points to sustained high growth and profitability improvement.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹797 Cr | 60% | -14.2% |
| Net profit | ₹17.5 Cr | 172% | |
| EBIT margin | 13.7% |
P&L walk
Q4FY26 revenue grew 60% YoY to ₹797 Cr, with EBITDA up 89% to ₹109.1 Cr and EBITDA margin expanding 210bps to 13.7%, driven by operating leverage (EBITDA growth +89% vs revenue +60%) and gross margin tailwind (+270bps to 30.3% on improved full-price sales mix and 53% volume growth).
Key positives
- Revenue growth of 60% YoY in Q4FY26 to ₹797 Cr
- EBITDA margin expansion of 210bps YoY to 13.7%
- Gross margin improvement of 270bps YoY to 30.3%
- Volume growth of 53% in Q4
- Same-store sales growth of 7.7%
- Store network expanded to 325 stores with 136 additions in FY26
- FY26 revenue crossed ₹3,067 Cr (+63% YoY) and PAT doubled to ₹162 Cr
- Raised ~₹400 Cr via QIP for growth
- Full price sales contribution at 89% in Q4
Key concerns
- Q4 sequential decline in revenue (-14.2%) and EBITDA margin (-500bps) from Q3FY26, typical seasonal pattern but notable
- EBITDA margin still below Q3 levels; full year margin at 14.9% vs 13.7% prior year but room for improvement
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