V2 Retail Ltd
V2RETAILV2 Retail Ltd's multiple sits at its floor because earnings outran a 17× five-year rally — compression born of growth, not neglect. The quarters are still improving, and the P/E sits at the 34th percentile of its own 11-year range.
The sharpest disagreement: annual EPS moved +113.5% against a +35.1% price move — the market has not yet caught up with the delivery.
The price is in a confirmed uptrend (17 weeks in) while the P/E sits at the 34th percentile of its own 11-year range. Underneath, the last four quarters read improving — profit +68.0% 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 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 ₹218, in a confirmed uptrend and 17 weeks into that stage. That is +2.0% against its own 200-day average. It sits at 48% of a 52-week range of ₹183 to ₹256. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (11 weeks and counting).
Today the stock is in a confirmed uptrend — week 17 of stage 2, confirmed. At ₹218 it trades +2.0% versus its 200-day average and sits at 48% of its 52-week range (₹183–₹256).
Against the market, two honest reads. Cumulative: over the last 10.5 years the stock moved +4,340% while the NIFTY 500 moved +267% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (11 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.
Story check
V2 Retail Ltd's story is not scored yet against the markers our research file set on 31 May 2026. Where it sits in its own cycle: EARLY_GROWTH. Still open: 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%.
Our read, 31 May 2026. India's fastest-scaling value fashion chain — FY26 delivered Rs 3,067 Cr revenue (+63% YoY) and Rs 162 Cr PAT (+125% YoY); the store-compounding engine is intact but management's 7th documented target revision (store maturity 2-3→3-4 years) compounds the reliability discount.
From the numbers. PE 55.6x at 40th percentile of 10Y range, below median 67.1x. However the 10Y median is distorted by the pre-profit era when PE of 388.9x (Sep 2023) reflected negligible earnings. On FY27E earnings of Rs 8-9 EPS…
From the price. Price stage 2, week 17 — above its 200-day line, relative strength falling.
From the research. India's fastest-scaling value fashion chain — FY26 delivered Rs 3,067 Cr revenue (+63% YoY) and Rs 162 Cr PAT (+125% YoY); the store-compounding engine is intact but management's 7th documented target revision (store…
🚨 Where they disagree. PE 55.6x at 40th percentile of 10Y range, below median 67.1x. However the 10Y median is distorted by the pre-profit era when PE of 388.9x (Sep 2023) reflected negligible earnings. On FY27E earnings of Rs 8-9 EPS, current price Rs 230 implies 25-29x forward PE — consistent with a PAT-compounding retailer in early-growth phase. Earnings-driven compression is the value thesis: EPS +295% in last 8 quarters while PE falling -28%.
What is proven. India's fastest-scaling value fashion chain — FY26 delivered Rs 3,067 Cr revenue (+63% YoY) and Rs 162 Cr PAT (+125% YoY); the store-compounding engine is intact but management's 7th documented target revision (store maturity 2-3→3-4 years) compounds the reliability discount.
What is not proven yet. 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 test written in advance. Management Consistency — 7 Documented Cross-Call Contradictions — Management Consistency — 7 Documented Cross-Call Contradictions Q1 FY27 store additions vs 170-200 pace; actual new store PSF at 6-month mark vs Rs 700-750 target by the next result.
The test written in advance. Scale Execution Risk (170-200 stores/year + 3-4 year maturity period) — Scale Execution Risk (170-200 stores/year + 3-4 year maturity period) New FY27 cohort PSF at 6-month mark; COO appointment; store count run-rate in Q1 FY27 by the next result.
The test written in advance. Seasonality Concentration (Q3 = 60%+ of annual PAT) — Seasonality Concentration (Q3 = 60%+ of annual PAT) Q3 FY27 winter onset timing; geopolitical normalization post-May 2026 slowdown by the next result.
| Dial | Now | Was | Why it matters | Watch line |
|---|---|---|---|---|
| Rapid Store Network Expansion (170-200… | HIGH | — | 325 stores at FY26 end (136 net additions); FY27 guidance upgraded to 170-200 stores — 52-61% area expansion continues as… | Q1 FY27 store additions vs 170-200 pace; actual new store PSF at 6-month mark vs Rs 700-750 target |
| Value Fashion Formalization / TAM Capture… | MEDIUM_HIGH | — | SSG 8.6% FY26 on 90% full-price sales; repeat purchase rate 68% (from 56%); purchase frequency 4.25 months (from 5.5 months)… | Q1 FY27 store additions vs 170-200 pace; actual new store PSF at 6-month mark vs Rs 700-750 target |
| Gross Margin Improvement — Inventory… | MEDIUM | — | Gross margin 29.2%→30.2% FY26 (+100 bps); Q4 FY26 270 bps expansion (30.3% vs 27.6%); 90% full-price sales; inventory: 76% under… | Q1 FY27 store additions vs 170-200 pace; actual new store PSF at 6-month mark vs Rs 700-750 target |
| Geographic Diversification — 25-State… | MEDIUM | — | 9 new states entered FY26; 18 district hubs + 3 zonal warehouses (Kolkata operational, South being finalized); 30-40% of FY27… | Q1 FY27 store additions vs 170-200 pace; actual new store PSF at 6-month mark vs Rs 700-750 target |
Lever 7 · Consolidation — BUILDING. 325 stores at FY26 end (136 net additions); FY27 guidance upgraded to 170-200 stores — 52-61% area expansion continues as primary revenue driver. What proves it keeps working: Rapid Store Network Expansion (170-200 stores FY27 guide). It stops working if Q1 FY27 store additions vs 170-200 pace; actual new store PSF at 6-month mark vs Rs 700-750 target.
Lever 14 · A bigger market to sell into — BUILDING. 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. What proves it keeps working: Value Fashion Formalization / TAM Capture (Tier 2/3). It stops working if Q1 FY27 store additions vs 170-200 pace; actual new store PSF at 6-month mark vs Rs 700-750 target.
Lever 2 · Value-added mix — BUILDING. Gross margin 29.2%→30.2% FY26 (+100 bps); Q4 FY26 270 bps expansion (30.3% vs 27.6%); 90% full-price sales; inventory: 76% under 6 months, <5% over 1 year. What proves it keeps working: Gross Margin Improvement — Inventory Freshness + Pricing Discipline. It stops working if Q1 FY27 store additions vs 170-200 pace; actual new store PSF at 6-month mark vs Rs 700-750 target.
Sources: our stock research file (31 May 2026) · quarterly results through Jun 26 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes.
Revenue Revenue is the top line: everything the company billed its customers in the period.
V2 Retail Ltd reported ₹997 Cr of revenue in the Jun 26 quarter, +57.8% 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 ₹3,432 Cr.
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 target 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 target 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).
FY26 revenue came in at ₹3,067 Cr (+62.8% on the year), capping 14 years at 35.9% compound. The latest quarter (Jun 26) printed ₹997 Cr, +57.8% year on year — the 12th consecutive quarter of year-over-year growth.
Pace check: the last four quarters averaged +65.3% 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 +63.3% over the last 4 quarters against +61.5%/yr over the last 8 — stabilising; TTM profit +125.0% vs +117.6%/yr — accelerating.
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 Jun 26 quarter, +0.0 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.
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; targeting 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.
The latest quarter's operating margin is 14.0%, +0.0 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 +0.2 pp year on year while gross margin went −1.0 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.
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 ₹42.0 Cr of net profit in the Jun 26 quarter, +68.0% year on year. It is the 3rd consecutive quarter of 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. 2 of the last 12 reported quarters were loss-making.
Jun 26 profit was ₹42.0 Cr, +68.0% year on year — the 3rd consecutive quarter of growth. On the full year, FY26 printed ₹162 Cr (+125.0%).
Why profit moved: revenue contributed +57.8% and the margin +0.0 pp — the quarter was revenue-led, with the margin roughly flat.
Pace comparison, last four quarters: profit +123.3% vs revenue +65.3%. 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.
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.
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.
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.
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.
The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.
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 +0.7 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: 12.7% − 12.0% = a +0.7 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.
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.
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.
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 is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.
The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.
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 50.1× P/E, near the bottom of its own range — cheaper only 34% of the time. Its long-run median P/E is 64.0×, measured across 10.5 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 50.1× is near the bottom of its own range — cheaper only 34% of the time, against a long-run median of 64.0× measured over 10.5 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.
Why the multiple sits where it does: over the past year annual EPS moved +113.5% against a +35.1% price move — earnings outran the price, pushing the multiple DOWN its own range.
The price move, decomposed: over 10y, of the +36.8%/yr price move, ~+26.7%/yr came from earnings growth and ~+10.1 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 low against its own past, so the story rests on the earnings line underneath it, not the multiple.
What the price assumes This reading works the multiple backwards. It asks one question: what yearly rate of profit growth is a buyer at the market price already paying for? The number is the growth rate that makes eleven years of profit — six years growing, then five fading — add up to that day's market price, once each year is discounted at 11% a year.
Solved at its 15 June 2026 price, V2 Retail Ltd was paying for profit growth of about 26.9% a year. Today the market pays 50.1× P/E, the 34th percentile of its own 11-year range.
What the two numbers say together. The multiple is low against its own past, and the growth the price is paying for is the whole of what a buyer is backing.
How to hold this number: it is a reading of one day's price, taken on 15 June 2026, not a running figure — every other number on this page, the multiple included, is read off the live quote as of 11 September 2026. A higher price is paying for more growth and a lower price for less, so it moves whenever the price does, and this page does not restate it between measurements.
Stage: Consistent 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 consistent on its fundamental arc. Consistent — revenue, profit and EPS growth have stayed positive through the window, with ROCE at 24.3% and holding. The read is built from 12 quarters across 4 curves, on full evidence.
Why it matters: steady curves with healthy returns are the compounding setup — the risk is the price, not the business.
| 1yr | 3yr | 5yr | 10yr | |
|---|---|---|---|---|
| Revenue | +62.8% | +54.0% | +41.6% | — |
| Profit | +125.0% | — | — | — |
| EPS | +113.5% | — | — | — |
| Share price | +35.1% | +151.2% | +76.1% | +36.8% |
4-Factor Sector Score
58.9/100 — rank 5 of 26 in Textiles - Readymade Apparel · 83% evidence confidence
V2 Retail Ltd scores 58.9 out of 100 against the 26 companies it is compared with in Textiles - Readymade Apparel, ranking 5. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
The four contributions add to the total exactly: 27.4 + 12.1 + 9.3 + 10.1 = 58.9. 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.
Said versus delivered
What V2 Retail Ltd's management promised, set against what actually arrived — 4 tracked promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met.
Unexplained Acquisition vs. Single-Model Strategy · 14 August 2026. In May 2026, management said it would not dilute its focus and had no other model planned. In Aug 2026, management confirmed that an acquisition had been completed and would affect Q2, without explaining whether the transaction fits within the previously stated single-model strategy or what changed in its capital allocation priorities.
Store Expansion Target Revision · 29 May 2026. In the Feb 2026 call, management provided explicit guidance to add 150 new stores for the upcoming year. However, in the May 2026 call, management materially revised this guidance upward to 170-180 stores per year without explaining the operational or financial drivers behind the accelerated capital deployment, instead attributing it vaguely to a twenty-year vision.
New Store Maturity Timeline Delayed · 29 May 2026. Across the Nov 2025 and Feb 2026 calls, management presented a consistent unit economics timeline, stating that it takes a new store two to three years to mature and match old store throughput. In the May 2026 call, management quietly extended this timeline to three to four years, representing a material degradation in the investment payback expectations with no explanation for the slowdown.
Lease Accounting Strategy Reversal · 4 February 2026. In the November 2025 call, management explicitly dismissed the need to restructure lease accounting to align with peers, stating it was 'redundant' given their focus on pre-IND AS metrics. However, in the February 2026 call, they executed this exact restructuring, resulting in a ~499 crore reduction in lease liabilities, now citing the determination to be 'at par with peers' like Trent and V-Mart. Earlier call (Nov 2025): “We track business performance on just pre-Ind AS basis... I think it would be redundant to focus on the post-Ind AS... So we don”. Later call (Feb 2026): “Everyone including Trent... moved to this new accounting standard. We wanted to be at par with our peers and so we took a decision along with our auditors to move to the same.”
Every quote above is taken word for word from the company’s own earnings calls.
| Company | Score | Price stage | Growth & earnings/35 | Capital efficiency/25 | Valuation/20 | Relative strength/20 |
|---|---|---|---|---|---|---|
| 1Kewal Kiran Clothing LtdKKCL | 69.0/100Favorable setup100% evidence | BREAKING OUT | 18.9/35 Revenue 15.9% · PAT 3.2% · OPM change 1 pp 100% evidence | 18.4/25 ROCE 17.2% · OPM 19% 100% evidence | 17.1/20 P/E 20.6× · PEG 0.59 100% evidence | 14.6/20 RS sector 0.5% · RS bench 1.8% · 1Y -5.4%7 of 12 weeks ahead 100% evidence |
| Exact sum: 18.9 + 18.4 + 17.1 + 14.6 = 69 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 2SBC Exports LtdSBC | 68.9/100Favorable setup87% evidence | LEADER | 32.4/35 Revenue 47.3% · PAT 100% · OPM change 3.4 pp 95% evidence | 12.9/25 ROCE 18.2% · OPM 10.8% 95% evidence | 6.6/20 P/E 60.2× · PEG — 50% evidence | 17.0/20 RS sector 46% · RS bench 48.8% · 1Y 136.2%10 of 12 weeks ahead 100% evidence |
| Exact sum: 32.4 + 12.9 + 6.6 + 17 = 68.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 3Iris Clothings LtdIRISDOREME | 64.8/100Mixed-positive evidence87% evidence | LEADER | 22.5/35 Revenue 31.8% · PAT 31.9% · OPM change 3 pp 95% evidence | 15.2/25 ROCE 16% · OPM 17% 95% evidence | 7.1/20 P/E 66.6× · PEG — 50% evidence | 20.0/20 RS sector 61.1% · RS bench 63.4% · 1Y 92%12 of 12 weeks ahead 100% evidence |
| Exact sum: 22.5 + 15.2 + 7.1 + 20 = 64.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 4Cantabil Retail India LtdCANTABIL | 63.6/100Mixed-positive evidence87% evidence | BREAKING OUT | 22.2/35 Revenue 15.8% · PAT 22.8% · OPM change 2 pp 95% evidence | 18.5/25 ROCE 19.4% · OPM 33% 95% evidence | 12.8/20 P/E 20.6× · PEG — 50% evidence | 10.1/20 RS sector -4.6% · RS bench -3.1% · 1Y -6.4%6 of 12 weeks ahead 100% evidence |
| Exact sum: 22.2 + 18.5 + 12.8 + 10.1 = 63.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 5V2 Retail Ltdthis pageV2RETAIL | 58.9/100Mixed-positive evidence83% evidence | ASLEEP | 27.4/35 Revenue 63.3% · PAT 100% · OPM change 0 pp 100% evidence | 12.1/25 ROCE 19.3% · OPM 14% 100% evidence | 9.3/20 P/E 50.1× · PEG — 15% evidence | 10.1/20 RS sector 0.6% · RS bench 2% · 1Y 33.2%4 of 12 weeks ahead 100% evidence |
| Exact sum: 27.4 + 12.1 + 9.3 + 10.1 = 58.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 6V-Mart Retail LtdVMART | 57.7/100Mixed-positive evidence93% evidence | LEADER | 25.4/35 Revenue 19.1% · PAT 100% · OPM change 1 pp 100% evidence | 7.4/25 ROCE 13.2% · OPM 15% 100% evidence | 7.8/20 P/E 46.4× · PEG 2.5 65% evidence | 17.1/20 RS sector 15.1% · RS bench 16.1% · 1Y 8.4%12 of 12 weeks ahead 100% evidence |
| Exact sum: 25.4 + 7.4 + 7.8 + 17.1 = 57.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 7Arvind Fashions LtdARVINDFASN | 54.8/100Mixed-positive evidence93% evidence | TURNING | 22.9/35 Revenue 14% · PAT 100% · OPM change 0 pp 100% evidence | 15.4/25 ROCE 19.6% · OPM 12% 100% evidence | 9.6/20 P/E 45.5× · PEG 1.95 65% evidence | 6.9/20 RS sector -5% · RS bench -3.9% · 1Y -17.5%1 of 12 weeks ahead 100% evidence |
| Exact sum: 22.9 + 15.4 + 9.6 + 6.9 = 54.8 · Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -5% and the one-year return is -17.5%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth. | ||||||
| 8Trent LtdTRENT | 53.9/100Mixed-positive evidence93% evidence | FADING | 18.3/35 Revenue 16.9% · PAT 15.6% · OPM change 2 pp 100% evidence | 19.7/25 ROCE 28.3% · OPM 19% 100% evidence | 4.5/20 P/E 81.7× · PEG 5.17 65% evidence | 11.4/20 RS sector -1.2% · RS bench -0.1% · 1Y -24%5 of 12 weeks ahead 100% evidence |
| Exact sum: 18.3 + 19.7 + 4.5 + 11.4 = 53.9 · Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression. | ||||||
| 9Baazar Style Retail LtdSTYLEBAAZA | 53.4/100Mixed-positive evidence83% evidence | TURNING | 22.9/35 Revenue 34.9% · PAT 100% · OPM change -0.6 pp 100% evidence | 4.1/25 ROCE 7.6% · OPM 14.8% 100% evidence | 8.5/20 P/E 108× · PEG — 15% evidence | 17.9/20 RS sector 20% · RS bench 21.6% · 1Y 12%4 of 12 weeks ahead 100% evidence |
| Exact sum: 22.9 + 4.1 + 8.5 + 17.9 = 53.4 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 10S P Apparels LtdSPAL | 52.8/100Mixed-positive evidence100% evidence | LEADER | 16.9/35 Revenue 1.6% · PAT 9.3% · OPM change 2 pp 100% evidence | 12.6/25 ROCE 14% · OPM 15% 100% evidence | 4.5/20 P/E 24.5× · PEG 3.72 100% evidence | 18.8/20 RS sector 26.2% · RS bench 28% · 1Y 39.5%12 of 12 weeks ahead 100% evidence |
| Exact sum: 16.9 + 12.6 + 4.5 + 18.8 = 52.8 · Decision use: Price leads the evidence: RS versus the benchmark is 28%, but earnings trajectory is weak. Wait for revenue and profit confirmation. | ||||||
| 11Aditya Birla Lifestyle Brands LtdABLBL | 52.5/100Mixed-positive evidence78% evidence | BASING | 20.4/35 Revenue 9.1% · PAT 100% · OPM change 1 pp 100% evidence | 12.6/25 ROCE 15% · OPM 15% 100% evidence | 11.5/20 P/E 47.8× · PEG 1.39 65% evidence | 8.0/20 RS sector — · RS bench -22.5% · 1Y -41%0 of 10 weeks ahead 25% evidence |
| Exact sum: 20.4 + 12.6 + 11.5 + 8 = 52.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 12Vishal Mega Mart LtdVMM | 52.1/100Mixed-positive evidence87% evidence | BASING | 23.5/35 Revenue 19.8% · PAT 29.6% · OPM change 0 pp 100% evidence | 12.8/25 ROCE 15.2% · OPM 15% 100% evidence | 4.6/20 P/E 53.4× · PEG 5.39 65% evidence | 11.2/20 RS sector 2.7% · RS bench -16.5% · 1Y -33.3%0 of 10 weeks ahead 70% evidence |
| Exact sum: 23.5 + 12.8 + 4.6 + 11.2 = 52.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 13Bella Casa Fashion & Retail LtdBELLACASA | 51.2/100Mixed-positive evidence61% evidence | 21.9/35 Revenue 21.8% · PAT 37% · OPM change -0.3 pp 53% evidence | 13.6/25 ROCE 17.2% · OPM 8.7% 71% evidence | 11.4/20 P/E 16.6× · PEG — 50% evidence | 4.3/20 RS sector -20.8% · RS bench -31.3% · 1Y -40%0 of 12 weeks ahead to 2026-03-29 70% evidence | |
| Exact sum: 21.9 + 13.6 + 11.4 + 4.3 = 51.2 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 14Thomas Scott India LtdTHOMASCOTT | 50.5/100Thin evidence · provisional54% evidence | 17.7/35 Revenue 61.5% · PAT 54.4% · OPM change -0.4 pp 53% evidence | 15.4/25 ROCE 20.4% · OPM 11.8% 71% evidence | 10.7/20 P/E 21× · PEG — 15% evidence | 6.7/20 RS sector -5.2% · RS bench -17.3% · 1Y -28.8%1 of 12 weeks ahead to 2026-03-29 70% evidence | |
| Exact sum: 17.7 + 15.4 + 10.7 + 6.7 = 50.5 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
| 15Pearl Global Industries LtdPGIL | 50.3/100Mixed-positive evidence82% evidence | BASING | 20.5/35 Revenue 13.7% · PAT 29.4% · OPM change 2 pp 95% evidence | 17.1/25 ROCE 19.9% · OPM 11% 76% evidence | 7.0/20 P/E 35× · PEG — 50% evidence | 5.7/20 RS sector -22% · RS bench 42.1% · 1Y -1.3%4 of 12 weeks ahead 100% evidence |
| Exact sum: 20.5 + 17.1 + 7 + 5.7 = 50.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 16Monte Carlo Fashions LtdMONTECARLO | 49.4/100Mixed-negative evidence73% evidence | TURNING | 16.7/35 Revenue 15.4% · PAT 32.9% · OPM change -4.8 pp 71% evidence | 8.7/25 ROCE 14% · OPM -9% 95% evidence | 13.9/20 P/E 11× · PEG — 50% evidence | 10.1/20 RS sector 0% · RS bench -6% · 1Y -7.5%0 of 10 weeks ahead 70% evidence |
| Exact sum: 16.7 + 8.7 + 13.9 + 10.1 = 49.4 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 17Sai Silks (Kalamandir) LtdKALAMANDIR | 47.8/100Mixed-negative evidence81% evidence | ASLEEP | 12.8/35 Revenue 4.8% · PAT 20.2% · OPM change -1 pp 95% evidence | 15.3/25 ROCE 14.4% · OPM 14% 95% evidence | 15.0/20 P/E 9.3× · PEG — 50% evidence | 4.7/20 RS sector -16.9% · RS bench -31.5% · 1Y -51.6%0 of 10 weeks ahead 70% evidence |
| Exact sum: 12.8 + 15.3 + 15 + 4.7 = 47.8 · Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity. | ||||||
| 18Vedant Fashions LtdMANYAVAR | 44.9/100Mixed-negative evidence94% evidence | BREAKING OUT | 10.0/35 Revenue 2% · PAT -2.5% · OPM change 0 pp 100% evidence | 19.4/25 ROCE 22.8% · OPM 43% 100% evidence | 7.9/20 P/E 36.7× · PEG 9.55 100% evidence | 7.6/20 RS sector -32% · RS bench 17.2% · 1Y -19.6%7 of 10 weeks ahead 70% evidence |
| Exact sum: 10 + 19.4 + 7.9 + 7.6 = 44.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 19Raymond Lifestyle LtdRAYMONDLSL | 40.9/100Mixed-negative evidence78% evidence | ASLEEP | 17.9/35 Revenue 9.2% · PAT 4.9% · OPM change 1 pp 74% evidence | 2.5/25 ROCE 3.5% · OPM 6% 100% evidence | 14.9/20 P/E 28.3× · PEG 0.74 65% evidence | 5.6/20 RS sector -8.1% · RS bench -22.4% · 1Y -43.9%0 of 10 weeks ahead 70% evidence |
| Exact sum: 17.9 + 2.5 + 14.9 + 5.6 = 40.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 20Credo Brands Marketing LtdMUFTI | 36.4/100Mixed-negative evidence87% evidence | ASLEEP | 5.3/35 Revenue -2.7% · PAT -33.1% · OPM change -4.7 pp 95% evidence | 15.5/25 ROCE 14.4% · OPM 21.2% 95% evidence | 12.1/20 P/E 10.7× · PEG — 50% evidence | 3.5/20 RS sector -19.3% · RS bench -18.5% · 1Y -42.1%4 of 12 weeks ahead 100% evidence |
| Exact sum: 5.3 + 15.5 + 12.1 + 3.5 = 36.4 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 21Lux Industries LtdLUXIND | 33.3/100Adverse evidence82% evidence | BASING | 12.1/35 Revenue 10.6% · PAT -31.6% · OPM change 1 pp 95% evidence | 8.2/25 ROCE 8.1% · OPM 7% 76% evidence | 9.1/20 P/E 31.1× · PEG — 50% evidence | 3.9/20 RS sector -7.1% · RS bench -6.1% · 1Y -15.6%2 of 12 weeks ahead 100% evidence |
| Exact sum: 12.1 + 8.2 + 9.1 + 3.9 = 33.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 22Go Fashion (India) LtdGOCOLORS | 32.5/100Adverse evidence81% evidence | ASLEEP | 5.7/35 Revenue -1.6% · PAT -39.1% · OPM change -4 pp 95% evidence | 10.7/25 ROCE 10.8% · OPM 27% 95% evidence | 12.3/20 P/E 32× · PEG — 50% evidence | 3.8/20 RS sector -47.6% · RS bench -19.2% · 1Y -55.5%7 of 10 weeks ahead 70% evidence |
| Exact sum: 5.7 + 10.7 + 12.3 + 3.8 = 32.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 23Aditya Birla Fashion & Retail LtdABFRL | 27.9/100Adverse evidence64% evidence | ASLEEP | 12.8/35 Revenue 11.4% · PAT -77.9% · OPM change -1 pp 71% evidence | 3.1/25 ROCE -3.8% · OPM 5% 76% evidence | 10.0/20 P/E — · PEG — 0% evidence | 2.0/20 RS sector -25.3% · RS bench -24.5% · 1Y -41.3%0 of 12 weeks ahead 100% evidence |
| Exact sum: 12.8 + 3.1 + 10 + 2 = 27.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 24Gokaldas Exports LtdGOKEX | 27.0/100Adverse evidence94% evidence | BREAKING OUT | 9.2/35 Revenue 7.7% · PAT -40.1% · OPM change 0 pp 100% evidence | 6.4/25 ROCE 7.7% · OPM 10% 100% evidence | 1.9/20 P/E 55.9× · PEG 4.98 100% evidence | 9.5/20 RS sector -6.8% · RS bench 5.5% · 1Y 7.2%10 of 10 weeks ahead 70% evidence |
| Exact sum: 9.2 + 6.4 + 1.9 + 9.5 = 27 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 25Kitex Garments LtdKITEX | 18.0/100Adverse evidence79% evidence | BASING | 1.9/35 Revenue -36.5% · PAT -80% · OPM change -11 pp 95% evidence | 4.7/25 ROCE 1.5% · OPM 6% 76% evidence | 9.3/20 P/E — · PEG — 35% evidence | 2.1/20 RS sector -27.7% · RS bench -26.9% · 1Y -32.4%0 of 12 weeks ahead 100% evidence |
| Exact sum: 1.9 + 4.7 + 9.3 + 2.1 = 18 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 26Karnika Industries LtdKARNIKA | 60.8/100Thin evidence · provisional48% evidence | ASLEEP | 20.4/35 Revenue — · PAT — · OPM change 2.3 pp 19% evidence | 21.4/25 ROCE 51.2% · OPM 17.2% 95% evidence | 10.5/20 P/E 26.4× · PEG — 15% evidence | 8.5/20 RS sector -2.4% · RS bench -8.4% · 1Y -37%1 of 10 weeks ahead 70% evidence |
| Exact sum: 20.4 + 21.4 + 10.5 + 8.5 = 60.8 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step curve the sector itself is placed on — basing, turning, breaking out, leader, fading, asleep — read from how many weeks running it has led NIFTY 500 and whether that lead is widening or shrinking. It describes where the PRICE stands, not the earnings trajectory and not a recommendation, and it is left blank for a company whose weekly history is too short or too stale to read.
Frequently asked questions
What is V2 Retail Ltd's share price today?
V2 Retail Ltd trades at ₹218, +35.1% over the past year. The company is valued at ₹7,949 Cr. The stock sits at 48% of its 52-week range of ₹183–₹256, +2.0% versus its 200-day average. On the tape, the price is in a confirmed uptrend, 17 weeks in. — as of 11 September 2026.
What were V2 Retail Ltd's latest quarterly results?
V2 Retail Ltd reported revenue of ₹997 Cr and net profit of ₹42.0 Cr for the Jun 26 quarter. Revenue rose 57.8% and profit rose 68.0% year on year. Earnings per share were ₹1.15. The operating margin was 14.0%, 0.0 pp higher than a year earlier. — as of 11 September 2026.
What is V2 Retail Ltd's revenue?
V2 Retail Ltd reported revenue of ₹997 Cr in the Jun 26 quarter, +57.8% 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 11 September 2026.
What is V2 Retail Ltd's profit?
V2 Retail Ltd earned ₹42.0 Cr of net profit in the Jun 26 quarter, +68.0% year on year — the 3rd straight quarter of growth. Full-year FY26 profit was ₹162 Cr. The operating margin ran 14.0% in the latest quarter. — as of 11 September 2026.
What is V2 Retail Ltd's market cap?
V2 Retail Ltd's market capitalisation is ₹7,949 Cr at a share price of ₹218. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 11 September 2026.
What is V2 Retail Ltd's P/E ratio?
V2 Retail Ltd trades at a P/E of 50.1×, at the 34th percentile of its own 11-year range, against a long-run median of 64.0×. This is a comparison with the stock's own history, not a value call — as of 11 September 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 11 September 2026.
Is V2 Retail Ltd overvalued?
On its own history, V2 Retail Ltd looks cheap: its P/E of 50.1× has been cheaper only 34% of the time in 11 years (long-run median 64.0×). 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 11 September 2026.
Is V2 Retail Ltd growing?
Yes — V2 Retail Ltd is growing: latest-quarter revenue +57.8% year on year, profit +68.0%, and the margin +0.0 pp at 14.0%. The earnings engine currently reads: improving — as of 11 September 2026.
How is V2 Retail Ltd performing?
V2 Retail Ltd is in a confirmed uptrend, 17 weeks in. Its latest quarter's revenue rose 57.8% and profit rose 68.0% year on year. Against the NIFTY 500 it has been behind on a trailing-13-week view for 11 weeks. This describes what the data did, not a rating. — as of 11 September 2026.
What stage is V2 Retail Ltd in?
Consistent — revenue, profit and EPS growth have stayed positive through the window, with ROCE at 24.3% and holding. The read comes from the last 12 quarters of growth (revenue growth +63.3% latest, profit growth +125.0% latest, eps growth +113.4% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 11 September 2026.
Is V2 Retail Ltd in an uptrend?
Yes — the price is in a confirmed uptrend (week 17 of stage 2), trading +2.0% versus its 200-day average and at 48% 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 11 September 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 (11 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 10.5 years the stock moved +4,340% against the NIFTY 500's +267% — ahead of the index over the full window. — as of 11 September 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 ₹218, the price is in a confirmed uptrend 17 weeks in. Its P/E of 50.1× sits at the 34th percentile of its own 11-year range. — as of 11 September 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 11 September 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 11 September 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 11 September 2026.
What is V2 Retail Ltd's cash flow?
V2 Retail Ltd consumed ₹103 Cr of operating cash in FY26 — cash flowed out rather than in (free cash flow: ₹−422 Cr). Operating cash was negative while the company reported a profit of ₹162 Cr. Cash-flow resolution for India is annual. — as of 11 September 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 11 September 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 11 September 2026.
What growth does V2 Retail Ltd's price assume?
At its price on 15 June 2026, V2 Retail Ltd was priced for profit growth of about 26.9% a year. The figure reads the multiple backwards: the growth a buyer at that price was already paying for. — as of 11 September 2026.
What could break the V2 Retail Ltd story?
The sharpest disagreement: annual EPS moved +113.5% against a +35.1% 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 11 September 2026.
Is V2 Retail Ltd a stock worth studying right now?
This is not investment advice. The machine read: V2 Retail Ltd's multiple sits at its floor because earnings outran a 17× five-year rally — compression born of growth, not neglect. The quarters are still improving, and the P/E sits at the 34th percentile of its own 11-year range. 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 11 September 2026.
Not SEBI Registered !! Not Investment advice !!