V2 Retail share price today

V2 Retail Ltd's share price was ₹148.95 at the close on 30 October 2026. It has been falling for 3 weeks. That is 27.2% below its average price over the last 200 trading days. In the last 52 weeks it traded between ₹149 and ₹256, and at that close it was at the low of that range.

A share price tends to move through four phases: moving sideways (stage 1), rising (stage 2), stalling near a high (stage 3) and falling (stage 4). Today V2 Retail Ltd is in stage 4. The phase helps read everything below.

Over the past 13 weeks it has done worse than the NIFTY 500, and it has been behind for 18 weeks running.

Over the last 11 years the share price moved +2,934% while the NIFTY 500 moved +251%, so it is ahead of the index over that whole period. It was last ahead over 13 weeks in the week of 1 July 2026. The chart above shows the 13-week comparison for every week.

This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row.

Three changes stood out: revenue up on a year earlier for 11 quarters in a row (every quarter we can compare), profit up on a year earlier for 11 quarters in a row (every quarter we can compare) and indian funds and insurers (DIIs) raised their stake for 4 quarters in a row.

1. Revenue up on a year earlier for 11 quarters in a row (every quarter we can compare)

   In the June 2026 quarter revenue was ₹997 crore, +57.8% on a year earlier.

   Why: Revenue rose because the company kept opening new stores.

   Next results: check whether festive demand lifts sales and whether the new stores and the acquisition completed at the end of June add revenue.

   From the earnings call on 14 Aug 2026.

2. Profit up on a year earlier for 11 quarters in a row (every quarter we can compare)

   In the June 2026 quarter profit was ₹42 crore, +68% on a year earlier.

   Why: Profit rose because the company opened stores that were profitable from the first month.

   Next results: check whether price rises protect the profit left after product costs as raw material costs go up.

   From the earnings call on 14 Aug 2026.

3. Indian funds and insurers (DIIs) raised their stake for 4 quarters in a row

   From 7.1% to 12.3% of the company by the September 2026 quarter.

For April to June 2026 (the quarter ended 30 June 2026), V2 Retail reported revenue of ₹997 crore, up 57.8% from ₹632 crore a year earlier, and a profit of ₹42.0 crore, up 68.0% from ₹25.0 crore.

V2 Retail results: April to June 2026 against a year earlier

The next results, for July to September 2026, are due by 14 November 2026: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter).

V2 Retail's management discussed these results on a call held on 14 August 2026; what it said is further down this page.

From the company's reported quarterly results (quarter ended 30 June 2026). Revenue and profit in ₹ crore.

V2 Retail closed at ₹148.95 on 30 October 2026, down 39.0% from ₹244.20 a year earlier (31 October 2025) and up 814.9% over five years. Its highest weekly close since March 2016 was ₹256.40 on 4 June 2026.

V2 Retail share price: then and now

Weekly closing prices, adjusted for splits and bonuses so every price is on today’s share count. Each change is the move from that price to the 30 Oct 2026 close. A day's intraday high or low can go beyond these weekly closes.

562 weekly closes from 11 March 2016 to 30 October 2026.

30 Oct 2026: V2 Retail closed at ₹148.95, down 8.7% on the week and down 26.2% on the month. 14 Aug 2026: V2 Retail held its results call for April to June 2026. Management guided: FY27 store openings 170-200.

Earlier

• Results for April to June 2026: Revenue up 57.8% and profit up 68.0% on a year earlier.
• Our read, 31 May 2026: FY26: revenue ₹3,067 crore (+63% on a year earlier), profit ₹162 crore (+125% on a year earlier), operating margin 14.9%; 136 net stores added reaching 325 total, all via internal accruals plus QIP, COCO model, operating profit-positive from month one. ,Gross margin expanded 100 basis points to 30.2%, per-sq-ft cost down from ₹200 to ₹190; SSG 8.6% full year; 90% full-price sales; old stores compounding 11-12% operating profit with new stores contributing 5-6%.
• 25 Mar 2026: Share split: face value cut from ₹10 to ₹1 a share (ex-date).

Our read of the business

FY26: revenue ₹3,067 crore (+63% on a year earlier), profit ₹162 crore (+125% on a year earlier), operating margin 14.9%; 136 net stores added reaching 325 total, all via internal accruals plus QIP, COCO model, operating profit-positive from month one. ,Gross margin expanded 100 basis points to 30.2%, per-sq-ft cost down from ₹200 to ₹190; SSG 8.6% full year; 90% full-price sales; old stores compounding 11-12% operating profit with new stores contributing 5-6%.

Latest quarter: FY26 closed at ₹3,067 crore +63% on a year earlier; Q4 seasonally weak at ₹18 crore profit; 136 stores added full year, goal revised up for FY27.

Our read after the latest results, written 31 May 2026.

V2 Retail has paid no dividend on the NSE since 1 April 2021, the start of the period we checked.

No. V2 Retail Ltd paid out 0% of its profit as dividends in each of its last 13 reported years, so there is no payout history to show. That comes from the filed annual statements, not an estimate.

From the NSE corporate-actions record, read 5 November 2026.

On the call for April to June 2026, held on 14 August 2026, V2 Retail's management guided: FY27 store openings 170-200.

“If we continue opening more than 50% new area and growing this aggressively, then even after achieving operating leverage, expanding EBITDA margins becomes difficult because the newer stores operate at approximately 65-70% of the level of old stores.”Akash Agarwal, Director & CEO, on the call for April to June 2026

What management guided

• FY27 revenue growth at least 50%, alongside a 50% yearly growth ambition for the next 2-3 years.
• Gross margin 29-30% in later guidance, versus an earlier 28-30% range on the call.
• Full-year SSG 8-10%.
• Working-capital cycle 50-55 days, inventory 90-100 days and creditors 45-50 days.

Management’s own plans and goals, from our notes of the call. A plan is not a result.

Source: the call transcript.

From the call for April to June 2026, 14 August 2026.

What is changing at V2 Retail, from the latest results and calls: rapid store network expansion (170-200 stores fy27 guide), operating leverage, per-sq-ft cost structure improvement and value fashion formalization / tam capture (tier 2/3).

• Rapid Store Network Expansion (170-200 stores FY27 guide). 325 stores at FY26 end (136 net additions); FY27 guidance upgraded to 170-200 stores, 52-61% area expansion continues as primary revenue driver. ⚠ estimate
• Operating Leverage, Per-sq-ft Cost Structure Improvement. Per-sq-ft operating cost ₹200→₹190 (FY26), aiming for ₹175. ⚠ estimate
• Value Fashion Formalization / TAM Capture (Tier 2/3). SSG 8.6% FY26 on 90% full-price sales; repeat purchase rate 68% (from 56%); purchase frequency 4.25 months (from 5.5 months), customer loyalty metrics improving structurally. ⚠ estimate
• Gross Margin Improvement, Inventory Freshness + Pricing Discipline. Gross margin 29.2%→30.2% FY26 (+100 basis points); January to March 2026 270 basis points expansion (30.3% vs 27.6%); 90% full-price sales; inventory: 76% under 6 months, <5% over 1 year. ⚠ estimate

We check 16 kinds of change in every company, such as costs spread over more sales, higher-value products, new orders, new regions or falling debt, against its reported numbers and what management said on its calls. Only changes the numbers back are shown.

Our read after the latest results, written 31 May 2026.

7th deviation added in May 2026: store maturity extended from 2-3 to 3-4 years without explanation, each new call adds to the reliability discount; guidance haircut now ~35-40%.

The main risks

• Management Consistency, 7 Documented Cross-Call Contradictions: 7th deviation added in May 2026: store maturity extended from 2-3 to 3-4 years without explanation, each new call adds to the reliability discount; guidance haircut now ~35-40%. ✓ fact
• Geopolitical / Near-Term Demand Disruption (May 2026): Management acknowledged May 2026 demand slowdown from geopolitical tensions; ₹300 crore safety stock built pre-emptively, recovery depends on June seasonal strength. ✓ fact
• Working Capital / free cash flow Profile Under 50%+ Area Expansion: ₹300 crore safety stock + ₹459-560 Cr annual store capital spending/inventory + creditor normalization to 45 days = free cash flow likely negative or minimal in FY27 despite ₹162 crore profit. ✓ fact

Our read after the latest results, written 31 May 2026.

When V2 Retail reports July to September 2026, these are the 3 checks that show whether the story is still on course. First: Q2 gross margin before Q3 raw-material pressure - check whether planned price pass-through preserves the stated margin framework.

V2 Retail is on one of our India lists: 52 week high & low.

V2 Retail Ltd earned ₹42.0 Cr of net profit in the Jun 2026 quarter, +68.0% on the same quarter a year earlier. That is the 3rd quarter in a row of profit growth. Full-year FY26 profit was ₹162 Cr. That is 4.2% of the quarter's revenue. The same quarter a year earlier earned ₹25.0 Cr.

Net profit is what is left after every cost, interest and tax. Earnings per share, dividends and book value all grow from it.

2 of the last 12 reported quarters were loss-making.

For the full year, FY26 profit was ₹162 Cr (+125.0% on the year before).

Why profit moved: revenue changed +57.8% on a year earlier and the margin moved +0.0 percentage points. Sales did the work, and the margin was about flat.

On average over the last four quarters, profit changed +123.3% and revenue +65.3%. Profit is growing faster than sales: fixed costs are spread over more sales, so each extra rupee of revenue adds more to profit.

V2 Retail Ltd reported ₹997 Cr of revenue in the Jun 2026 quarter, +57.8% on the same quarter a year earlier. That is the 12th quarter in a row with growth on the year before. Over 14 years it has grown 35.9% a year on average. The last full year, FY26, came in at ₹3,067 Cr.

Revenue is everything the company billed its customers in the period.

Why this happened. FY26 ended with 325 stores (136 net additions), entering 25 states including 9 new states (AP, Telangana, Maharashtra, Gujarat, Rajasthan, Punjab, Haryana, Karnataka, West Bengal). FY27 goal raised from 150 to 170-200 new stores. At Rs 2.7-2.8 Cr per store (capex + inventory), total FY27 capex requirement is ~Rs 459-560 Cr, funded via internal accruals per management. New cohort PSF goal Rs 700-750 (EBITDA-positive from month one, breakeven Rs 500). Mature stores at Rs 1,124 PSF. New store maturity timeline now 3-4 years (extended from 2-3 years in prior calls).

The last four reported quarters add to ₹3,432 Cr.

FY26 revenue was ₹3,067 Cr, +62.8% on the year before.

Recent pace: the last four quarters grew +65.3% on average, against 35.9% a year over the longer run, so this year is growing faster than its own long-run rate.

Is growth speeding up? Revenue over the last 12 months grew +63.3%, against +61.5% a year over the last 8 quarters (stabilising); profit over the last 12 months grew +125.0%, against +117.6% a year (accelerating).

V2 Retail Ltd's operating margin was 14.0% in the Jun 2026 quarter, about the same as the same quarter a year ago. Its latest full-year margin is the highest it has ever reported. Across 13 years it has been between −42.0% and 15.0%. The latest quarter is within that range.

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

Why this happened. FY26 EBITDA margin 14.9% (vs 13.7% FY25, +120 bps). Pre-IndAS EBITDA margin 9% stable despite 50%+ new area addition, old store compounding (11-12% EBITDA) offsetting new store dilution (5-6%). Per-sq-ft operating expense declined from Rs 200 to Rs 190; aiming for Rs 175. Fabric purchase centralization: only 20% currently tendered, capturing 3-5% COGS savings is an available but not-yet-captured lever. Head office cost per sq ft Rs 26-27 with scope to Rs 15-16 through scale.

In the latest quarter it moved +0.0 percentage points on the same quarter a year ago.

Why the margin moved: operating margin changed +0.2 percentage points on the year while gross margin changed −1.0 points. So the gain came mostly from the gross margin, which means input costs and prices charged.

As noted under valuation: when margins are at a record, every ratio built on profit looks better than usual, so a low multiple can mislead.

Over the last 3 years, 73% of V2 Retail Ltd's reported profit came in as cash from its operations, so most of the profit is real cash. In FY26 its operations used ₹103 Cr of cash, against ₹162 Cr of profit.

The profit and loss account shows what was earned. The cash-flow statement shows the cash that actually came in. Comparing operating cash flow with profit is one of the best checks that a profit is real.

After ₹319 Cr of spending on assets, free cash was −₹422 Cr: it spent more than its operations brought in.

Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year.

Why 73% of profit came in as cash: the cash cycle got 58 days shorter between FY21 and FY26, so cash that used to wait in the business now arrives sooner.

What to look at next: the bigger use of cash is spending on new assets, at 2.7× depreciation over three years. The next section checks what that spending is building.

V2 Retail Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 116 days in FY26, down from 174 days in FY21. It spent ₹954 Cr on assets over the last 3 years. Customers take 0 days to pay, and stock sits for 195 days on average.

Working capital is the cash tied up between paying suppliers and getting paid. Debtor days: how long customers take to pay. Inventory days: how long stock sits. The cash cycle: the whole loop, in days of sales.

At FY26 sales of ₹3,067 Cr, each day of that cycle ties up about ₹8.4 Cr, so roughly ₹975 Cr is tied up in the business at any time.

FY26: customers took 0 days to pay and stock sat for 195 days, about 6.4 months of sales sitting as stock, for a full cycle of 116 days, shorter than FY21's 174.

The full loop: cash goes out to suppliers and production on day 0. Stock sits for 195 days. Customers pay about 0 days after that. Suppliers are paid at 79 days. Together that makes the 116-day cycle.

Spending on assets: ₹954 Cr over the last 3 years, against ₹358 Cr of depreciation (the yearly wear and tear on existing assets). So it is building well beyond replacing what wears out. Work still in progress is ₹36.0 Cr (FY26): assets paid for that are not earning yet.

In short: the cash is going into new capacity, not getting stuck in the daily cycle. The question is whether the new capacity earns.

V2 Retail Ltd's P/E is 33.9×, near the low end of its own history: it has been lower only 17% of the time. Its usual P/E (the middle reading) is 78.5×, over 11 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth.

P/E is the share price divided by a year's profit per share: how many rupees the market pays for each rupee of yearly profit.

The P/E here, and its history, use a profit figure that can leave out one-off items, so it can differ from a P/E worked out on the quarterly results. Those results' earnings per share for the four quarters to Jun 2026 add up to ₹4.95.

Keep one thing in mind: margins are the best this company has ever reported. A multiple that looks low against its own past can mislead when profit is at a record. If margins fall back, today's multiple is higher than it looks.