Sector Alpha Week of 2026-07-24
Sector Alpha — machine-written from the numbers · Data as of 2026-07-24

V2 Retail Ltd

V2RETAIL
Textiles - Readymade Apparel

V2 Retail Ltd's earnings have outrun its stock. EPS grew +113.5% in a year against a +17.4% price move.

The sharpest disagreement: annual EPS moved +113.5% against a +17.4% price move — the market has not yet caught up with the delivery.

The price is in a confirmed uptrend (9 weeks in) while the P/E sits at the 39th percentile of its own 10-year range. Underneath, the last four quarters read improving — profit +200.0% year on year, and 73% of the last 3 years' profit arrived as cash. What settles it: whether the price catches up with earnings that have already moved.

Price
₹221
+17.4% 1Y
P/E
56.0×
39th pctile
of its own 10-year range
Revenue (Mar 26)
₹797 Cr
+59.7% YoY
Profit (Mar 26)
₹18.0 Cr
+200.0% YoY
Operating margin
14.0%
+2.0 pp YoY
ROCE
19%
FY26
ROIC
12.3%
vs WACC 12.0% → +0.3 pp
Cash conversion
73%
of profit, last 3 FY
01 · Price story

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

V2 Retail Ltd trades at ₹221, in a confirmed uptrend and 9 weeks into that stage. That is +5.0% against its own 200-day average. It sits at 63% of a 52-week range of ₹161 to ₹256. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (3 weeks and counting).

Today the stock is in a confirmed uptrend — week 9 of stage 2, confirmed. At ₹221 it trades +5.0% versus its 200-day average and sits at 63% of its 52-week range (₹161–₹256).

Jul 26: ₹221 Weekly closing price (₹) with 50- and 200-day averages; shaded bands mark the price stage (grey base, green advance, amber top, red decline). 3-year window.
+5.0% versus the 200-day line, week 9 of stage 2
Price50-day avg200-day avg
S2S2₹276₹205₹133₹61.9₹−9.5₹221₹211Jul 23Apr 24Feb 25Nov 25Jul 26
S2S2₹276₹205₹133₹61.9₹−9.5₹221₹211Jul 23Feb 25Jul 26
Beating or trailing, week by week since 2016 Each cell is one week from 2016 to now (547 weeks): the stock's trailing 13-week return minus the NIFTY 500's, green ahead / red behind (±25% ramp). Grey cells are the 13-week warm-up or weeks where the NIFTY 500 reading is not held.
trailing 13-week return vs the NIFTY 500
Mar 16Jul 26

Against the market, two honest reads. Cumulative: over the last 10.3 years the stock moved +351% while the NIFTY 500 moved +274% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (3 weeks and counting; last ahead the week of 2026-07-01) — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 39th percentile of its own range.

02 · Valuation

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

V2 Retail Ltd trades at 56.0× P/E, mid-range by its own standards (39th percentile). Its long-run median P/E is 65.6×, measured across 10.4 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 56.0× is mid-range by its own standards (39th percentile), against a long-run median of 65.6× measured over 10.4 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

One caveat before moving on: margins are the best this company has ever printed — cheap against its own history on record margins is not the same thing as cheap. If profitability mean-reverts, today's multiple is higher than it looks.

P/E 56.0× vs a 65.6× long-run median P/E, weekly (left axis); earnings per share, trailing twelve months, weekly (right axis). 10.4-year window; loss-period spikes above 197× shown pinned at the top. The eps (ttm) bars are red where the reading is lower than the quarter before.
mid-range by its own standards (39th percentile)
P/EMedianEPS (TTM) (quarterly)
211.8×₹4.4158.8×₹3.3105.9×₹2.252.9×₹1.10.0×₹0.0×55.90×₹4Mar 16Dec 17Nov 19Nov 24Jul 26
211.8×₹4.4158.8×₹3.3105.9×₹2.252.9×₹1.10.0×₹0.0×55.90×₹4Mar 16Nov 19Jul 26
PEG 0.36 PEG ratio per quarter — the P/E divided by the earnings-growth rate. The dashed line marks 1.0: below it the growth is cheap against the multiple, above it the price already prices the growth in. Computed here as quarter-end P/E ÷ trailing-twelve-month EPS growth (only quarters with positive growth), because a reported quarterly PEG is not held for this stock. Last 6 quarters.
below 1.0, the growth looks cheap against the multiple
PEGPEG = 1.0
1.1×0.8×0.6×0.4×0.2××0.36×Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q4 FY26
1.1×0.8×0.6×0.4×0.2××0.36×Q3 FY25Q1 FY26Q4 FY26
P/E
56.0×
39th percentile of 10y
PEG
n/m
not derivable — 3-year earnings growth unavailable

Why the multiple sits where it does: over the past year annual EPS moved +113.5% against a +17.4% price move — earnings outran the price, pushing the multiple DOWN its own range.

The price move, decomposed: over 10y, of the +43.1%/yr price move, ~+25.3%/yr came from earnings growth and ~+17.8 pp from the multiple (expanding). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is unremarkable against its own past, so the story rests on the earnings line underneath it, not the multiple.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

03 · Stage: No read

Stage: No read Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

V2 Retail Ltd reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read. The read is built from 12 quarters across 2 curves, on partial evidence.

Three growth curves, twelve quarters Year-on-year growth of trailing-twelve-month revenue (left axis), profit and EPS (right axis — they swing far wider), % at each quarter-end. Base-effect spikes shown pinned (▲). A missing point means that reading is not held for the quarter.
the trajectory the stage is read from
RevenueProfitEPS
70%315%55%260%41%205%26%150%12%95%%%62.7%129.6%116.8%Jun 23Sep 24Mar 26
70%315%55%260%41%205%26%150%12%95%%%62.7%129.6%116.8%Jun 23Sep 24Mar 26
ROCE Annual readings — the quarterly balance-sheet pieces this curve needs are not held for this stock, so the returns read moves once a year and carries less weight in the call.
the return curve, annual readings
ROCE
20%16%12%7.2%2.8%%19%FY23FY24FY26
20%16%12%7.2%2.8%%19%FY23FY24FY26
Revenue growth
Steady high
latest +62.7% · span +15.6% to +65.9%
ROCE
Rising
latest 19.0% · span 4.0%–19.0%

Why it matters: with too little history, an honest page says so instead of guessing a trajectory.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.

Growth, year by year: revenue +62.8% in FY26, profit +125.0% Year-over-year growth per fiscal year, %: revenue (left axis); net profit and EPS (right axis — profit growth swings far wider). Zero line drawn.
Revenue YoYProfit YoYEPS YoY
180%192%106%75%32%−43%−43%−161%−117%−279%%%62.8%125%FY12FY21FY26
180%192%106%75%32%−43%−43%−161%−117%−279%%%62.8%125%FY12FY21FY26
TTM growth by quarter Trailing-twelve-month growth versus the year-ago TTM, per quarter, %: revenue (left axis); profit and EPS (right axis). The acceleration read compares the last 4 quarters (+62.7%) with the last 8 annualized (+62.3%). Spikes shown pinned (▲).
revenue stabilising, profit rolling over
Revenue TTM YoYProfit TTM YoYEPS TTM YoY
70%315%55%260%41%205%26%150%12%95%%%62.7%129.6%Jun 23Sep 24Mar 26
70%315%55%260%41%205%26%150%12%95%%%62.7%129.6%Jun 23Sep 24Mar 26
Compound annual growth rate (%) Compound annual growth rate over each window, %. Revenue, profit and EPS from fiscal-year figures; share price is the price CAGR over the same spans. A dash = that window is not held, or the base was a loss.
1yr3yr5yr10yr
Revenue+62.8%+54.0%+41.6%
Profit+125.0%
EPS+113.5%
Share price+17.4%+152.8%+76.4%+43.1%
Revenue YoY (Mar 26)
+59.7%
latest quarter vs a year ago
Profit YoY (Mar 26)
+200.0%
latest quarter vs a year ago
Revenue 10y
35.9%
long-run compound pace

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

04 · 4-Factor Sector Score

4-Factor Sector Score

64.2/100 — rank 3 of 26 in Textiles - Readymade Apparel · 76% evidence confidence

V2 Retail Ltd scores 64.2 out of 100 against the 26 companies it is compared with in Textiles - Readymade Apparel, ranking 3. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 28 + 13.3 + 9.4 + 13.5 = 64.2. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

05 · Revenue

Revenue Revenue is the top line: everything the company billed its customers in the period.

V2 Retail Ltd reported ₹797 Cr of revenue in the Mar 26 quarter, +59.7% year on year. That is the 12th straight quarter of year-on-year growth. Over 14 years it has compounded at 35.9% a year. The last full year, FY26, came in at ₹3,067 Cr. The last four reported quarters add to ₹3,067 Cr.

V2 Retail Ltd reported ₹797 Cr of revenue in the Mar 26 quarter, +59.7% year on year. That is the 12th straight quarter of year-on-year growth. Over 14 years it has compounded at 35.9% a year. The last full year, FY26, came in at ₹3,067 Cr. The last four reported quarters add to ₹3,067 Cr.

FY26 revenue came in at ₹3,067 Cr (+62.8% on the year), capping 14 years at 35.9% compound. The latest quarter (Mar 26) printed ₹797 Cr, +59.7% year on year — the 12th consecutive quarter of year-over-year growth.

FY26 revenue ₹3,067 Cr (+62.8% YoY) Revenue bars, ₹ Cr (left); YoY growth-% line (right). 11-year window. A bar is red when it is lower than the year before.
35.9% a year over 14 years
RevenueYoY growth
3.3k180%2.5k106%1.7k32%828−43%0−117%₹ Cr%₹3,06762.8%FY12FY21FY26
3.3k180%2.5k106%1.7k32%828−43%0−117%₹ Cr%₹3,06762.8%FY12FY21FY26
Mar 26: ₹797 Cr (+59.7% YoY) Quarterly revenue bars, ₹ Cr (left); YoY growth-% line (right). Last 12 quarters. A bar is red when it is lower than the quarter before.
12th straight quarter of growth
Revenue (quarterly)YoY growth
1.0k92%75272%50253%25133%013%₹ Cr%₹79759.7%Jun 23Sep 24Mar 26
1.0k92%75272%50253%25133%013%₹ Cr%₹79759.7%Jun 23Sep 24Mar 26

Pace check: the last four quarters averaged +63.9% growth against the decade's 35.9% — the current year is running faster than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +62.7% over the last 4 quarters against +62.3%/yr over the last 8 — stabilising; TTM profit +129.6% vs +141.3%/yr — rolling over.

→ Revenue grew — did margins hold as it scaled? Next: 14.0% this quarter (+2.0 pp YoY).

06 · Operating margin

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

V2 Retail Ltd's operating margin is 14.0% in the Mar 26 quarter, +2.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 13 fiscal years the operating margin has ranged −42.0% to 15.0%. The current quarter sits inside that band.

V2 Retail Ltd's operating margin is 14.0% in the Mar 26 quarter, +2.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 13 fiscal years the operating margin has ranged −42.0% to 15.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 14.0%, +2.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged −42.0%–15.0%, and FY26's 15.0% is the top of that band — a record year.

Why the margin moved: operating margin went +2.1 pp year on year while gross margin went +2.0 pp — the gain came mostly from the gross line: input costs and pricing.

Worth repeating from the valuation section: cheap against its own history on record margins is not the same thing as cheap — a record margin flatters every ratio built on top of it.

FY26: 15.0% Operating margin by fiscal year, %, line (left); year-on-year change in the margin, in percentage points, line (right). 13-year window.
the widest a −42.0–15.0% band over 13 years
operating marginYoY change (pp)
20%27%3.0%8.6%−14%−10.0%−30%−29%−47%−47%%%15%1%FY09FY20FY26
20%27%3.0%8.6%−14%−10.0%−30%−29%−47%−47%%%15%1%FY09FY20FY26
Mar 26: 14.0% operating margin (+2.0 pp YoY) Quarterly operating margin, %, line (left); year-on-year change in the margin, in percentage points, line (right). Last 12 quarters. Operating profit as a share of revenue, per quarter.
Operating marginYoY change (pp)
20%4.4%17%3.0%14%1.5%11%0.0%8.2%−1.4%%%14%2%Jun 23Sep 24Mar 26
20%4.4%17%3.0%14%1.5%11%0.0%8.2%−1.4%%%14%2%Jun 23Sep 24Mar 26

→ Margins held — did that reach the bottom line? Next: profit +200.0% in the latest quarter.

07 · Net profit

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

V2 Retail Ltd earned ₹18.0 Cr of net profit in the Mar 26 quarter, +200.0% year on year. It is the 2nd consecutive quarter of growth. Full-year FY26 profit was ₹162 Cr. That is 2.3% of the quarter's revenue. The same quarter a year earlier earned ₹6.0 Cr. 2 of the last 12 reported quarters were loss-making.

V2 Retail Ltd earned ₹18.0 Cr of net profit in the Mar 26 quarter, +200.0% year on year. It is the 2nd consecutive quarter of growth. Full-year FY26 profit was ₹162 Cr. That is 2.3% of the quarter's revenue. The same quarter a year earlier earned ₹6.0 Cr. 2 of the last 12 reported quarters were loss-making.

Mar 26 profit was ₹18.0 Cr, +200.0% year on year — the 2nd consecutive quarter of growth. On the full year, FY26 printed ₹162 Cr (+125.0%).

FY26 profit ₹162 Cr (+125.0% YoY) Net profit bars, ₹ Cr (left); YoY growth-% line (right). 11-year window. A bar is red when it is lower than the year before.
Net profitYoY growth
178189%12173%64−44%6−160%−51−277%₹ Cr%₹162125%FY12FY21FY26
178189%12173%64−44%6−160%−51−277%₹ Cr%₹162125%FY12FY21FY26
Mar 26: ₹18.0 Cr (+200.0% YoY) Quarterly net profit bars, ₹ Cr (left); YoY growth-% line (right). Last 12 quarters. A bar is red when it is lower than the quarter before.
2nd straight quarter of growth
Net profit (quarterly)YoY growth
112212%80169%49125%1782%−1538%₹ Cr%₹18200%Jun 23Sep 24Mar 26
112212%80169%49125%1782%−1538%₹ Cr%₹18200%Jun 23Sep 24Mar 26

Why profit moved: revenue contributed +59.7% and the margin +2.0 pp — the quarter was margin-led: most of the profit growth came from keeping more of each sale.

Pace comparison, last four quarters: profit +119.4% vs revenue +63.9%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.

→ Profit rose — but did the cash follow? Next: 73% of the last 3 years' profit arrived as cash.

08 · Cash flow — the router

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 73% of V2 Retail Ltd's reported profit arrived as operating cash — most of the profit is real cash. In FY26 that was ₹−103 Cr of operating cash against ₹162 Cr of profit. After ₹319 Cr of capital spending, ₹−422 Cr was left as free cash.

FY26: operating cash of ₹−103 Cr against reported profit of ₹162 Cr, leaving free cash of ₹−422 Cr after ₹319 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 73% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

FY26: CFO ₹−103 Cr vs profit ₹162 Cr Operating cash flow and net profit by fiscal year, ₹ Cr; the line is free cash flow (CFO minus capital spending). 11-year window, annual resolution. FY21 reflects an acquisition year — point shown clipped.
73% of 3-year profit arrived as cash
Operating cashNet profitFree cash
25170−111−291−472₹ Cr₹−103₹162₹−422FY12FY21FY26
25170−111−291−472₹ Cr₹−103₹162₹−422FY12FY21FY26
FY26: CFO = −64% of profit (three-year rate 73%) Operating cash as a share of net profit, per fiscal year, % (line). Dashed line = 100% — every unit of profit arriving as cash; outlier years shown pinned.
Conversion100%
329%224%118%12%−93%%−64%FY12FY21FY26
329%224%118%12%−93%%−64%FY12FY21FY26

Why conversion sits at 73%: the cash cycle tightened 58 days between FY21 and FY26 — cash that used to wait in the cycle now reaches the bank sooner.

Router verdict: the bigger cash user is investment — capital spending ran 2.7× depreciation over three years, so the next section's job is to check what that build-out is buying.

→ So follow the cash to where it goes. Next: ₹954 Cr of building over 3 years.

09 · Where the cash goes

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

V2 Retail Ltd's cash conversion cycle runs 116 days in FY26, down from 174 days in FY21. Capital spending ran ₹954 Cr over the last 3 years. At FY26 sales of ₹3,067 Cr each day of that cycle holds about ₹8.4 Cr, so roughly ₹975 Cr sits inside the business at any moment.

FY26: debtors at 0 days, inventory at 195 days — roughly 6.4 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 116 days, tighter than FY21's 174.

The full loop: cash goes out to suppliers and production on day 0; stock waits 195 days to sell; customers pay about 0 days after that; and suppliers themselves are paid at 79 days — netting out to the 116-day cycle.

In money terms: at FY26 sales of ₹3,067 Cr, each day of the cycle holds about ₹8.4 Cr — so the 116-day loop keeps roughly ₹975 Cr sitting inside the business at any moment.

FY26: a 116-day cash cycle Debtor days, inventory days, payable days and the cash conversion cycle by fiscal year. 13-year window.
−58 days vs FY21
Cash cycleInventory daysDebtor daysPayable days
33324315465−25days116d195d0d79dFY09FY13FY20FY23FY26
33324315465−25days116d195d0d79dFY09FY20FY26

On the investment side: capital spending of ₹954 Cr over the last 3 fiscal years against ₹358 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹36.0 Cr (FY26) — capacity paid for but not yet earning.

FY26: capex ₹319 Cr, work-in-progress ₹36.0 Cr Capital spending per fiscal year, ₹ Cr (bars); capital work-in-progress, ₹ Cr (line). Quarterly capital-spending history is not held for India — annual is the honest resolution.
a build-out
CapexWork-in-progress
52638223996−48₹ Cr₹319₹36FY10FY14FY21FY23FY26
52638223996−48₹ Cr₹319₹36FY10FY21FY26

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

→ Does all this activity actually earn its cost of capital? Next: ROCE is 19% and the ROIC − WACC spread is +0.3 pp.

10 · Return on capital

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

V2 Retail Ltd earns a ROCE of 19% in FY26. That is up from a trough of −68% in FY10. Return on invested capital clears the cost of that capital by +0.3 percentage points, so growth here adds value rather than only size. The wiring behind it is 5.3% net margin on 1.27× asset turns.

FY26 ROCE is 19%, recovered from a FY10 trough of −68% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 5.3% net margin × 1.27× asset turns × 2.69× balance-sheet leverage ≈ 18.1% on equity. Margin does its share; leverage is a meaningful part of the equation.

The capstone test — ROIC − WACC: 12.3% − 12.0% = a +0.3 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Positive but thin — value creation with little room for error.

FY26: ROCE 19% Return on capital employed by fiscal year, % (line); ROIC by fiscal year, % (line). 11-year window, dips included. Dashed line = the 12.0% cost of capital used on this page.
the climb back from FY10's −68%
ROCEROIC (annual)WACC
26%0.0%−24%−50%−75%%19%14.2%FY09FY21FY26
26%0.0%−24%−50%−75%%19%14.2%FY09FY21FY26
Q4 FY26: ROCE 19.3% (TTM) vs WACC 12.0% Trailing-twelve-month ROCE and ROIC, per quarter, %; dashed line = the cost of capital. Last 12 quarters, put on a trailing-twelve-month basis and anchored to the annual figure.
ROCE (TTM)ROIC (TTM)WACC
20%17%13%8.8%4.9%%19.3%13.6%Q1 FY24Q2 FY25Q4 FY26
20%17%13%8.8%4.9%%19.3%13.6%Q1 FY24Q2 FY25Q4 FY26

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 1.10.

11 · Debt

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.

V2 Retail Ltd carries total debt of ₹995 Cr against shareholder equity of ₹902 Cr as of Mar 26, a debt-to-equity of 1.10. On the annual view that ratio went from 1.54 in FY22 to 1.10 in FY26. Read the returns elsewhere on this page with that leverage in mind.

Mar 26: total debt of ₹995 Cr against shareholder equity of ₹902 Cr — a debt-to-equity of 1.10. On the annual view, debt-to-equity went from 1.54 (FY22) to 1.10 (FY26). Read the returns on this page with that leverage in mind.

FY26: debt ₹995 Cr at 1.10× equity Total debt by fiscal year, ₹ Cr (bars); debt-to-equity, × (line). 5-year window.
Total debtDebt-to-equity
1.1k2.6×8062.2×5371.8×2691.4×01.0×₹ Cr×₹9951.10×FY22FY24FY26
1.1k2.6×8062.2×5371.8×2691.4×01.0×₹ Cr×₹9951.10×FY22FY24FY26
Mar 26: debt ₹995 Cr, debt-to-equity 1.10 Total debt per quarter, ₹ Cr (bars); debt-to-equity, × (line). Last 12 quarters. India reports the full balance sheet half-yearly, so the intervening quarter carries the prior reading forward.
Total debt (quarterly)Debt-to-equity
1.4k3.6×1.1k2.9×7092.2×3551.6×00.9×₹ Cr×₹9951.10×Jun 23Sep 24Mar 26
1.4k3.6×1.1k2.9×7092.2×3551.6×00.9×₹ Cr×₹9951.10×Jun 23Sep 24Mar 26

→ Who owns this, and are they adding or leaving? Next: Domestic institutions added 10.2 points over 8 quarters.

12 · Ownership

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Domestic institutions added 10.2 points of V2 Retail Ltd over 8 quarters, the biggest move on the register. That takes domestic institutions to 10.7% of the company. Foreign institutions moved −3.6 points over the same window, to 3.1%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Domestic institutions: +10.2 points over 8 quarters to 10.7%; Foreign institutions: −3.6 points over 8 quarters to 3.1%; Promoters: −2.9 points over 8 quarters to 51.4%.

Why the register moved: rotation — foreign institutions −3.6 points against domestic institutions +10.2 points over 8 quarters, with promoters −2.9 points — one class of institutions handing the register to the other, not a verdict change by the people closest to the numbers.

Fiscal-year ends: promoters −2.9 pts from Mar 24 to Mar 26 Shareholding at each fiscal-year end (March quarter), % of the company. 3 year-ends held.
PromotersForeign inst.Domestic inst.Public
59%43%27%12%−4.0%%51.4%2.6%9.3%36.7%Mar 24Mar 25Mar 26
59%43%27%12%−4.0%%51.4%2.6%9.3%36.7%Mar 24Mar 25Mar 26
Domestic institutions added 10.2 points over 8 quarters Shareholding by holder class, % of the company, quarterly, last 13 quarters.
PromotersForeign inst.Domestic inst.Public
59%43%27%12%−4.0%%51.4%3.1%10.7%34.8%Jun 23Dec 24Jun 26
59%43%27%12%−4.0%%51.4%3.1%10.7%34.8%Jun 23Dec 24Jun 26

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

13 · Safety line

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

V2 Retail Ltd: the Z-score reads 4.38. A Z-score above roughly 3 reads as safe and below roughly 1.8 as the distress zone, so this sits well clear of distress. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure.

Why it matters: a Z-score of 4.38 sits well clear of the distress zone — the balance sheet is not the risk here.

The safety line in one sentence: the Z-score reads 4.38.

Related companies · same sector · Textiles - Readymade Apparel Every company is compared on the shape of its own curves, not static ratios. The Revenue, EPS and ROCE columns each draw that company's last 12 quarters as a mini line of the ACTUAL level (trailing-twelve-month revenue and EPS, and the ROCE itself) — so a line that climbs is a business getting bigger, a line that sinks is one shrinking. The colour tracks the same line: green when it is rising or steadily healthy, amber when it is rolling over from a high (still elevated but turning down), red when it is falling, grey when flat or stuck. Colour and direction always agree — a green line never points down. The ROCE curve is the return on capital (annual readings for peers, so a slightly coarser line than the quarterly one at the top of this page). The Stage column then runs the same 12-quarter trajectory classifier used at the top of the page on each company and names where it sits. What lands a company in each bucket: CONSISTENT — growth stays positive across the window and returns are healthy (ROCE ≥ 15%, or ROE ≥ 12% for lenders); IMPROVING — profit or EPS fell into real decline, bottomed a few quarters back, and has climbed back to positive and held there; TURNING AROUND — the same kind of trough but more recent, with the latest quarters just lifting off it (an early, unconfirmed turn); TOPPING OUT — growth is still positive but decelerating hard from its own peak while returns have stopped rising; DETERIORATING — two or more growth curves are shrinking (latest below zero) and staying there, not one soft quarter; MIXED — the curves genuinely disagree, or no clean majority, so no single word fits; NO READ — fewer than eight usable quarters. It is a like-for-like read of every company against its own past, not a ranking against the group.
CompanyP/EMkt capRevenueEPSROCEStage
V2 Retail Ltd this page56.0×₹7,996 CrNo read
Trent Ltd89.3×₹1.5L CrConsistent
Vishal Mega Mart Ltd56.7×₹50,609 CrNo read
Aditya Birla Lifestyle Brands Ltd54.9×₹11,474 CrNo read
Vedant Fashions Ltd24.3×₹9,775 CrTurning around
Pearl Global Industries Ltd33.2×₹9,119 CrMixed
Aditya Birla Fashion & Retail Ltd₹6,865 CrNo read
Arvind Fashions Ltd47.2×₹6,182 CrTurning around
Gokaldas Exports Ltd60.8×₹6,085 CrMixed
V-Mart Retail Ltd41.6×₹5,764 CrNo read
Raymond Lifestyle Ltd39.6×₹4,356 CrNo read
Lux Industries Ltd34.0×₹3,689 CrMixed
Kewal Kiran Clothing Ltd21.8×₹3,095 CrMixed
Kitex Garments Ltd293.0×₹2,933 CrDeteriorating
S P Apparels Ltd25.0×₹2,521 CrMixed
Baazar Style Retail Ltd97.0×₹2,134 CrNo read
Cantabil Retail India Ltd21.0×₹2,006 CrMixed
SBC Exports Ltd79.3×₹2,003 CrConsistent
Go Fashion (India) Ltd28.8×₹1,705 CrDeteriorating
SBC Exports Ltd58.3×₹1,541 CrTurning around
Sai Silks (Kalamandir) Ltd9.9×₹1,356 CrMixed
Monte Carlo Fashions Ltd9.9×₹1,114 CrNo read
Iris Clothings Ltd56.2×₹910 CrConsistent
Karnika Industries Ltd25.0×₹700 Cr
Credo Brands Marketing Ltd7.8×₹542 CrTopping out
Thomas Scott India Ltd21.0×₹369 CrMixed
Bella Casa Fashion & Retail Ltd16.6×₹330 CrMixed
12 · Frequently asked questions

Frequently asked questions

What is V2 Retail Ltd's share price today?

V2 Retail Ltd trades at ₹221, +17.4% over the past year. The company is valued at ₹7,996 Cr. The stock sits at 63% of its 52-week range of ₹161–₹256, +5.0% versus its 200-day average. On the tape, the price is in a confirmed uptrend, 9 weeks in. — as of 24 July 2026.

What were V2 Retail Ltd's latest quarterly results?

V2 Retail Ltd reported revenue of ₹797 Cr and net profit of ₹18.0 Cr for the Mar 26 quarter. Revenue rose 59.7% and profit rose 200.0% year on year. Earnings per share were ₹0.48. The operating margin was 14.0%, 2.0 pp higher than a year earlier. — as of 24 July 2026.

What is V2 Retail Ltd's revenue?

V2 Retail Ltd reported revenue of ₹797 Cr in the Mar 26 quarter, +59.7% year on year. For the full FY26 fiscal year, revenue was ₹3,067 Cr (+62.8%). Over the last 14 years revenue compounded at 35.9% a year. — as of 24 July 2026.

What is V2 Retail Ltd's profit?

V2 Retail Ltd earned ₹18.0 Cr of net profit in the Mar 26 quarter, +200.0% year on year — the 2nd straight quarter of growth. Full-year FY26 profit was ₹162 Cr. The operating margin ran 14.0% in the latest quarter. — as of 24 July 2026.

What is V2 Retail Ltd's market cap?

V2 Retail Ltd's market capitalisation is ₹7,996 Cr at a share price of ₹221. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 24 July 2026.

What is V2 Retail Ltd's P/E ratio?

V2 Retail Ltd trades at a P/E of 56.0×, at the 39th percentile of its own 10-year range, against a long-run median of 65.6×. This is a comparison with the stock's own history, not a value call — as of 24 July 2026.

Does V2 Retail Ltd pay a dividend?

No — V2 Retail Ltd has recorded a dividend payout of 0% of profit in each of its last 13 reported fiscal years, so there is no payout history to quote. That is a reading of the filed annual statements, not an estimate. — as of 24 July 2026.

Is V2 Retail Ltd overvalued?

On its own history, V2 Retail Ltd looks mid-range against its own history: its P/E of 56.0× sits at the 39th percentile of its 10-year range (long-run median 65.6×). That is a percentile read against the stock's own past, not a price opinion or a direction call. One caveat: margins are the best this company has ever printed — cheap on record margins is not the same thing as cheap. — as of 24 July 2026.

Is V2 Retail Ltd growing?

Yes — V2 Retail Ltd is growing: latest-quarter revenue +59.7% year on year, profit +200.0%, and the margin +2.0 pp at 14.0%. The earnings engine currently reads: improving — as of 24 July 2026.

How is V2 Retail Ltd performing?

V2 Retail Ltd is in a confirmed uptrend, 9 weeks in. Its latest quarter's revenue rose 59.7% and profit rose 200.0% year on year. Against the NIFTY 500 it has been behind on a trailing-13-week view for 3 weeks. This describes what the data did, not a rating. — as of 24 July 2026.

Is V2 Retail Ltd in an uptrend?

Yes — the price is in a confirmed uptrend (week 9 of stage 2), trading +5.0% versus its 200-day average and at 63% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 24 July 2026.

Is V2 Retail Ltd beating the market?

Not lately — on a trailing-13-week view V2 Retail Ltd is currently behind the NIFTY 500 (3 weeks and counting; last ahead the week of 2026-07-01), the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 10.3 years the stock moved +351% against the NIFTY 500's +274% — ahead of the index over the full window. — as of 24 July 2026.

Will V2 Retail Ltd's share price go up?

This page publishes no price forecast for V2 Retail Ltd. What it measures instead: the share price is ₹221, the price is in a confirmed uptrend 9 weeks in. Its P/E of 56.0× sits at the 39th percentile of its own 10-year range. — as of 24 July 2026.

Who owns V2 Retail Ltd?

Promoters hold 51.4% of V2 Retail Ltd, foreign institutions 3.1%, domestic institutions 10.7% and the public 34.8% (latest quarter). The biggest move on the register over the last two years: Domestic institutions added 10.2 points over 8 quarters. — as of 24 July 2026.

Does V2 Retail Ltd have too much debt?

It carries real leverage — V2 Retail Ltd's debt-to-equity is 1.10, and operating profit covers the interest bill 5×. FY26 borrowings were ₹995 Cr against equity of ₹902 Cr. Read the returns on this page with that leverage in mind — as of 24 July 2026.

What is V2 Retail Ltd's capex?

V2 Retail Ltd spent ₹954 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹319 Cr, with ₹36.0 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 24 July 2026.

What is V2 Retail Ltd's cash flow?

V2 Retail Ltd generated ₹−103 Cr of operating cash flow in FY26 and ₹−422 Cr of free cash flow after ₹319 Cr of capital spending. Reported profit that year was ₹162 Cr, so operating cash ran behind profit. Cash-flow resolution for India is annual. — as of 24 July 2026.

Is V2 Retail Ltd's profit real cash?

Mostly — over the last 3 fiscal years, 73% of V2 Retail Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹−103 Cr against reported profit of ₹162 Cr. The cash then goes mostly into building capacity. Cash-flow resolution is annual — as of 24 July 2026.

How financially safe is V2 Retail Ltd?

On the balance sheet, the Z-score reads 4.38 — above roughly 3 is safe, below roughly 1.8 is the distress zone. That sits well clear of trouble. — as of 24 July 2026.

Where is V2 Retail Ltd in its business cycle?

V2 Retail Ltd's FY26 operating margin was 15.0%, against a 13-year band of −42.0%–15.0%: the top of the band — a record year. Record profitability is late-cycle territory: every ratio flatters at the top, and the story leans on margins holding. The latest quarter ran 14.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 24 July 2026.

What could break the V2 Retail Ltd story?

The sharpest disagreement: annual EPS moved +113.5% against a +17.4% price move — the market has not yet caught up with the delivery. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 24 July 2026.

Is V2 Retail Ltd a stock worth studying right now?

This is not investment advice. The machine read: V2 Retail Ltd's earnings have outrun its stock. EPS grew +113.5% in a year against a +17.4% price move. The sharpest open question: whether the price catches up with earnings that have already moved. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 24 July 2026.

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