V2 Retail Limited — Q2FY27 earnings call summary

Filed 06 November 2026 · Official transcript

Q2 FY27 revenue grew 28% y-y to INR905.6 Cr, volume-led; H1 revenue up 42% to INR1,902.8 Cr
SSSG adjusted for festival shift was +0.5% in Q2; calendar SSSG flat; expect 5-7% SSSG in Q3
Gross margin expanded 310 bps y-y to 31.1% in Q2; full year target 29-30%
EBITDA pre-Ind AS margin 5.9% in Q2; full year guidance 7-8%
Q3 expected to be best quarter ever in revenue and profitability
Opened 106 stores in H1 FY27; plan 60-70 in H2; mature stores PSF INR1,000+; new stores take 2-3 years to mature
AI and operational improvements underway; e-commerce pilot ongoing with plans to expand
Focus on vendor payments to improve gross margin and supply reliability