# V2 Retail share price today (V2 Retail Ltd, NSE: V2RETAIL)

> V2 Retail share price today: ₹149.13 at the NSE close on 4 November 2026, down 33.3% in a year. V2 Retail (NSE: V2RETAIL) is worth ₹5,455 crore, trades at a P/E of 34.4 and has closed between ₹148.95 and ₹256.40 over the past 52 weeks. > V2 Retail Ltd's earnings have grown faster than its share price. Earnings per share grew +113.5% in a year while the price moved −33.3%. V2RETAIL · Textiles - Readymade Apparel · data as of 4 November 2026. Page: https://www.sectoralpha.in/stocks/v2-retail-ltd

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## Key numbers

- Business trend: Growing steadily, from the last 12 quarters
- Price: ₹149.13 (−33.3% in a year)
- P/E: 34.4× (lower than 83% of the last 11 years)
- Revenue (Jun 2026): ₹997 Cr (+57.8% on a year ago)
- Profit (Jun 2026): ₹42.0 Cr (+68.0% on a year ago)
- Operating margin: 14.0% (flat on a year ago)
- ROCE: 19%, FY26
- ROIC: 11.4%, against a 12.0% cost of capital: −0.6 points

The main question: yearly earnings per share moved +113.5% while the share price moved −33.3%. ## What is the V2 Retail share price today? V2 Retail Ltd's share price was ₹149.13 at the close on 4 November 2026. It has been falling for 3 weeks. That is 27.1% 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. Over the past 13 weeks it has done worse than the NIFTY 500, and it has been behind for 19 weeks running. Over the last 11 years the share price moved +2,937% 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. ## What changed at V2 Retail this quarter? 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. ## What are V2 Retail's latest quarterly results? 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

| Measure | April to June 2026 | April to June 2025 | Change |
| --- | --- | --- | --- |
| Revenue | ₹997 crore | ₹632 crore | +57.8% |
| Profit | ₹42.0 crore | ₹25.0 crore | +68.0% |
| Earnings per share | ₹1.15 | ₹0.71 | +62.0% |
| Operating margin | 14.0% | 14.0% | 0.0 points |

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.)

## What is the V2 Retail share price history? V2 Retail closed at ₹149.13 on 4 November 2026, down 33.3% from ₹223.62 a year earlier (7 November 2025) and up 717.6% over five years. Its highest weekly close since March 2016 was ₹256.40 on 4 June 2026. ### V2 Retail share price: then and now

| When | Close | Change to 4 Nov 2026 |
| --- | --- | --- |
| 1 week ago · 30 Oct 2026 | ₹148.95 | +0.1% |
| 1 month ago · 1 Oct 2026 | ₹201.80 | −26.1% |
| 6 months ago · 8 May 2026 | ₹219.64 | −32.1% |
| 1 year ago · 7 Nov 2025 | ₹223.62 | −33.3% |
| 3 years ago · 3 Nov 2023 | ₹20.98 | +610.8% |
| 5 years ago · 4 Nov 2021 | ₹18.24 | +717.6% |
| 10 years ago · 4 Nov 2016 | ₹14.91 | +900.2% |
| Earliest weekly close in our records · 11 Mar 2016 | ₹4.91 | +2,937.3% |
| Highest weekly close since March 2016, also the 52-week high · 4 Jun 2026 | ₹256.40 | −41.8% |
| Lowest weekly close since March 2016 · 20 Mar 2020 | ₹3.95 | +3,675.4% |
| 52-week low (weekly close) · 30 Oct 2026 | ₹148.95 | +0.1% |

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 4 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes. (563 weekly closes from 11 March 2016 to 4 November 2026.)

## What is the latest news on V2 Retail? 4 Nov 2026: V2 Retail closed at ₹149.13, up 0.1% on the week and down 26.1% 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.)

## What dividend does V2 Retail pay? 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.)

## What did V2 Retail management say on the latest results call? 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](https://files.tijorifinance.com/insight/india/4748/Conference Call/CC-Aug26.pdf). (From the call for April to June 2026, 14 August 2026.)

## What is the future of V2 Retail? What is changing in the business? 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.)

## What could change the V2 Retail story? What are the risks?

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.)

## What to watch in V2 Retail's next results?

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.

- What to check (from the call)
- Q2 gross margin before Q3 raw-material pressure - check whether planned price pass-through preserves the stated margin framework.
- Store rollout and late-June Aarkey acquisition contribution - check new-store SPSF, incremental revenue and cohort economics in Q2.
- Warehouse safety stock and working-capital normalization - check whether inventory and creditor cycles move toward the stated goals.

## Which stock lists is V2 Retail on?

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

[52 week high & low 52-week position: Near 52-week low](https://www.sectoralpha.in/52-week-high-stocks-india)

## Is V2 Retail profitable?

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.

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.

## How much revenue does V2 Retail make, and is it growing?

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.

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).

## How much of every ₹100 of sales does V2 Retail keep?

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.

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.

## Is V2 Retail's profit turning into cash?

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.

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.

## Where does V2 Retail's cash go?

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.

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.

## What is V2 Retail's P/E ratio, and how does it compare with its own history?

V2 Retail Ltd's P/E is 34.4×, 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.

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.

Why the multiple is where it is: over the past year earnings per share moved +113.5% while the price moved −33.3%. Earnings did better than the price, which pulled the multiple down within its own range.

Where the price move came from: over 10 years the price moved +25.9% a year; about +26.7% a year came from earnings growth and about −0.8 percentage points from the multiple (roughly no change). The split is approximate (price return minus earnings growth). It shows how much of the move came from the market paying a different multiple.

In short: the multiple is low against its own past, so the earnings trend underneath matters more than the multiple.

## Is the V2 Retail business getting better or worse?

V2 Retail Ltd's business is growing steadily. Revenue, profit and EPS growth have stayed positive throughout, and ROCE is steady at 26.0%. This is based on 12 quarters of 4 measures.

Why it matters: steady growth with healthy returns is how a business compounds over time.

## What is the V2 Retail story, and has it been checked?

V2 Retail Ltd's story is not scored yet against the checks our research 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 goal revision (store maturity 2-3→3-4 years) compounds the reliability discount.

From the numbers. On FY27E earnings of Rs 8-9 EPS…

From the price. Price stage 4, week 3, below 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 goal revision (store…

Where they disagree.

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 goal 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. Measured by: 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 goal by the next result.

The test written in advance. Scale Execution Risk (170-200 stores/year + 3-4 year maturity period). Measured by: 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). Measured by: Seasonality Concentration (Q3 = 60%+ of annual PAT) Q3 FY27 winter onset timing; geopolitical normalization post-May 2026 slowdown by the next result.

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 goal.

Lever 14 · A bigger market to serve: 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 goal.

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 goal.

Sources: our stock research file (31 May 2026) · quarterly results through Jun 2026 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes.

## Did V2 Retail management deliver what it promised?

What V2 Retail Ltd's management promised, against what actually happened: 4 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 Goal 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.

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.

## What is V2 Retail management's track record?

Discount soft guidance, trust hard execution; capital allocation defensible (all FY27 expansion via internal accruals, ROE 10.7->26%) despite QIP-sequence deviation. ### Regulatory and governance record

No SEBI/CBI/ED action surfaced; promoter group pledged 3.35M shares (0.91% of capital) Mar 30 2026 backing an Infina Finance loan. 0.91% Promoter shares pledged

Sources:

- [alphaspread.com](https://www.alphaspread.com/security/nse/v2retail/earnings-calls)
- [whalesbook.com](https://www.whalesbook.com/corporate-news)

(Checked 15 June 2026.)

## How much does V2 Retail earn on its capital? V2 Retail Ltd earned a ROCE of 19% in FY26. That is up from a low of −68% in FY10. Its return on capital used (ROIC) is 0.6 percentage points below its cost of capital, so growth here does not yet pay for the capital it uses. It comes from a 5.3% net margin and 1.27× asset turnover (sales divided by assets). Why the return is what it is (FY26): a 5.3% net margin × 1.27× asset turnover × 2.69× leverage (assets divided by equity) ≈ 18.1% on equity. The margin does its share; borrowing is a big part of it. The key test, return on capital used minus the cost of capital: 11.4% − 12.0% = −0.6 percentage points. The 12.0% is a standard assumption for the cost of capital in India, not an estimate for this company. Read the sign and size of the gap, not the decimals. Negative: growth at these returns loses value until returns improve. The 11.4% ROIC above is the latest reading, as reported. The yearly chart below shows FY26 at 14.2%, and the quarterly chart works out each 12-month window from the quarterly figures, so the readings differ by date, not by method. ## Does V2 Retail have too much debt? V2 Retail Ltd has total debt of ₹995 Cr against shareholder equity of ₹902 Cr as of Jun 2026, so its debt is 1.10× its equity. Year by year, that ratio went from 1.54 in FY22 to 1.10 in FY26. Keep that borrowing in mind when reading the returns on this page. ## What is the V2 Retail shareholding pattern? Domestic institutions raised their stake in V2 Retail Ltd by 7.9 percentage points over 8 quarters, the biggest change among its owners. Domestic institutions now own 12.3% of the company. Promoters moved −2.9 points over the same period, to 51.4%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings. Over the last two years: Domestic institutions: +7.9 points over 8 quarters, to 12.3%; Promoters: −2.9 points over 8 quarters, to 51.4%; Foreign institutions: +2.9 points over 8 quarters, to 3.7%. Why the owners changed: domestic institutions drove it (+7.9 points), with the other side taken by promoters (−2.9 points). They raised their stake step by step. ## How far is V2 Retail from balance-sheet trouble? For V2 Retail Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date. ## How does V2 Retail rank in its industry? 52.7 out of 100, rank 14 of 26 in Textiles - Readymade Apparel, with 79% of the evidence available. V2 Retail Ltd scores 52.7 out of 100 against the 26 companies it is compared with in Textiles - Readymade Apparel, ranking 14. Earnings are strong; relative strength in its sector is -23.7% and the one-year return is -39%. The four parts add up to the total exactly: 26.8 + 14.5 + 9.8 + 1.6 = 52.7. This is the same number shown on the industry page; it is worked out once for the whole group and read here. What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector. ## Which companies is V2 Retail compared with? V2 Retail ranks 14 of 26 Textiles - Readymade Apparel companies on the 4-Factor Sector Score, with 52.7 out of 100. 1. [Cantabil Retail India Ltd](https://www.sectoralpha.in/stocks/cantabil-retail-india-ltd) CANTABIL · turning · Most evidence points up · 96% evidence 74.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 22.9/35 · Revenue 15.8% · Profit 22.8% · Operating margin change 2 points · 88% evidence Capital efficiency 20.3/25 · ROCE 19.4% · Operating margin 33% · 100% evidence Valuation 15.9/20 · P/E 21.7× · PEG 0.75 · 100% evidence Relative strength 15.4/20 · Lead over its industry 9.5% · Lead over NIFTY 500 6.5% · 1 year -2.8% · 100% evidence · 8 of 12 weeks ahead Exact sum: 22.9 + 20.3 + 15.9 + 15.4 = 74.5 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 2. [Karnika Industries Ltd](https://www.sectoralpha.in/stocks/karnika-industries-ltd) KARNIKA · breaking out · Most evidence points up · 67% evidence 70.2 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 26.3/35 · Revenue 47.8% · Profit 68.4% · Operating margin change -2 points · 95% evidence Capital efficiency 20.8/25 · ROCE 29.6% · Operating margin 19% · 76% evidence Valuation 11.3/20 · P/E 25.5× · PEG n/a · 50% evidence Relative strength 11.8/20 · Lead over its industry n/a · Lead over NIFTY 500 11.8% · 1 year -21.1% · 25% evidence · 5 of 12 weeks ahead Exact sum: 26.3 + 20.8 + 11.3 + 11.8 = 70.2 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 3. [Thomas Scott India Ltd](https://www.sectoralpha.in/stocks/thomas-scott-india-ltd) THOMASCOTT · Most evidence points up · 69% evidence 67.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 34.2/43.75 · Revenue 61.5% · Profit 54.4% · Operating margin change 0.7 points · 88% evidence Capital efficiency 17.6/31.25 · ROCE 20.4% · Operating margin 12% · 100% evidence Valuation 15.3/25 · P/E 21× · PEG 1.14 · 65% evidence Relative strength: no reading this week · its 20 points are shared across the other three Exact sum: 34.2 + 17.6 + 15.3 = 67.1 (no relative-strength reading this week; its 20 points are shared across the other three) · What this means: There is no relative-strength reading for this week, so the score is built from earnings, capital efficiency and valuation alone. 4. [Trent Ltd](https://www.sectoralpha.in/stocks/trent-ltd) TRENT · turning · Most evidence points up · 93% evidence 66.6 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 23.9/35 · Revenue 18.4% · Profit 18.8% · Operating margin change 1 points · 100% evidence Capital efficiency 20.9/25 · ROCE 28.3% · Operating margin 18% · 100% evidence Valuation 4.2/20 · P/E 84× · PEG 5.04 · 65% evidence Relative strength 17.6/20 · Lead over its industry 17.1% · Lead over NIFTY 500 13.5% · 1 year -3.6% · 100% evidence · 4 of 12 weeks ahead Exact sum: 23.9 + 20.9 + 4.2 + 17.6 = 66.6 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 5. [SBC Exports Ltd](https://www.sectoralpha.in/stocks/sbc-exports-ltd) SBC · leader · Evidence leans up · 82% evidence 64.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 23.8/35 · Revenue 63.4% · Profit 100% · Operating margin change -3 points · 95% evidence Capital efficiency 14.9/25 · ROCE 18.4% · Operating margin 9% · 76% evidence Valuation 5.8/20 · P/E 82.3× · PEG n/a · 50% evidence Relative strength 20.0/20 · Lead over its industry 89% · Lead over NIFTY 500 82.5% · 1 year 176.9% · 100% evidence · 10 of 12 weeks ahead Exact sum: 23.8 + 14.9 + 5.8 + 20 = 64.5 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 6. [V-Mart Retail Ltd](https://www.sectoralpha.in/stocks/v-mart-retail-ltd) VMART · turning · Evidence leans up · 89% evidence 63.7 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 26.8/35 · Revenue 19.1% · Profit 100% · Operating margin change 1 points · 88% evidence Capital efficiency 10.5/25 · ROCE 13.2% · Operating margin 15% · 100% evidence Valuation 11.7/20 · P/E 42.4× · PEG 1.03 · 65% evidence Relative strength 14.7/20 · Lead over its industry 14.4% · Lead over NIFTY 500 10.5% · 1 year -10.9% · 100% evidence · 9 of 12 weeks ahead Exact sum: 26.8 + 10.5 + 11.7 + 14.7 = 63.7 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 7. [Pearl Global Industries Ltd](https://www.sectoralpha.in/stocks/pearl-global-industries-ltd) PGIL · leader · Evidence leans up · 78% evidence 61.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 20.3/35 · Revenue 13.7% · Profit 29.4% · Operating margin change 2 points · 83% evidence Capital efficiency 17.0/25 · ROCE 19.9% · Operating margin 11% · 76% evidence Valuation 6.4/20 · P/E 35.2× · PEG n/a · 50% evidence Relative strength 17.6/20 · Lead over its industry 39.1% · Lead over NIFTY 500 34.6% · 1 year 80.7% · 100% evidence · 12 of 12 weeks ahead Exact sum: 20.3 + 17 + 6.4 + 17.6 = 61.3 · What this means: A strong business with a high valuation: it would need rising earnings, or a lower multiple, to score better on value. 8. [Bella Casa Fashion & Retail Ltd](https://www.sectoralpha.in/stocks/bella-casa-fashion-retail-ltd) BELLACASA · Evidence leans up · 76% evidence 58.9 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 23.9/43.75 · Revenue 21.8% · Profit 37% · Operating margin change -4.4 points · 88% evidence Capital efficiency 14.9/31.25 · ROCE 17.2% · Operating margin 3.8% · 100% evidence Valuation 20.1/25 · P/E 16.6× · PEG 0.45 · 100% evidence Relative strength: no reading this week · its 20 points are shared across the other three Exact sum: 23.9 + 14.9 + 20.1 = 58.9 (no relative-strength reading this week; its 20 points are shared across the other three) · What this means: There is no relative-strength reading for this week, so the score is built from earnings, capital efficiency and valuation alone. 9. [Aditya Birla Lifestyle Brands Ltd](https://www.sectoralpha.in/stocks/aditya-birla-lifestyle-brands-ltd) ABLBL · quiet · Evidence leans up · 78% evidence 55.2 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 22.5/35 · Revenue 10.9% · Profit 42.1% · Operating margin change 0 points · 100% evidence Capital efficiency 13.0/25 · ROCE 15% · Operating margin 16% · 100% evidence Valuation 11.6/20 · P/E 35.4× · PEG 1.05 · 65% evidence Relative strength 8.1/20 · Lead over its industry n/a · Lead over NIFTY 500 -26.5% · 1 year -47.2% · 25% evidence · 0 of 12 weeks ahead Exact sum: 22.5 + 13 + 11.6 + 8.1 = 55.2 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 10. [Baazar Style Retail Ltd](https://www.sectoralpha.in/stocks/baazar-style-retail-ltd) STYLEBAAZA · breaking out · Evidence leans up · 79% evidence 54.6 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 23.1/35 · Revenue 34.9% · Profit 100% · Operating margin change -0.6 points · 88% evidence Capital efficiency 5.7/25 · ROCE 7.6% · Operating margin 14.8% · 100% evidence Valuation 8.5/20 · P/E 98.5× · PEG n/a · 15% evidence Relative strength 17.3/20 · Lead over its industry 16.3% · Lead over NIFTY 500 12.8% · 1 year 11.4% · 100% evidence · 11 of 12 weeks ahead Exact sum: 23.1 + 5.7 + 8.5 + 17.3 = 54.6 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 11. [Iris Clothings Ltd](https://www.sectoralpha.in/stocks/iris-clothings-ltd) IRISDOREME · leader · Evidence leans up · 100% evidence 54.2 out of 100 Growth Capital Valuation Relative
12. [Sai Silks (Kalamandir) Ltd](https://www.sectoralpha.in/stocks/sai-silks-kalamandirltd) KALAMANDIR · basing · Evidence leans up · 81% evidence 53.6 out of 100 Growth Capital Valuation Relative
13. [Kewal Kiran Clothing Ltd](https://www.sectoralpha.in/stocks/kewal-kiran-clothing-ltd) KKCL · quiet · Evidence leans up · 78% evidence 53.2 out of 100 Growth Capital Valuation Relative
14. V2 Retail Ltd this page V2RETAIL · quiet · Evidence leans up · 79% evidence 52.7 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 26.8/35 · Revenue 63.3% · Profit 100% · Operating margin change 0 points · 88% evidence Capital efficiency 14.5/25 · ROCE 19.3% · Operating margin 14% · 100% evidence Valuation 9.8/20 · P/E 33.9× · PEG n/a · 15% evidence Relative strength 1.6/20 · Lead over its industry -23.7% · Lead over NIFTY 500 -26% · 1 year -39% · 100% evidence · 0 of 12 weeks ahead Exact sum: 26.8 + 14.5 + 9.8 + 1.6 = 52.7 · What this means: Earnings are strong; relative strength in its sector is -23.7% and the one-year return is -39%. 15. [Arvind Fashions Ltd](https://www.sectoralpha.in/stocks/arvind-fashions-ltd) ARVINDFASN · quiet · Evidence leans up · 89% evidence 52.2 out of 100 Growth Capital Valuation Relative
16. [Monte Carlo Fashions Ltd](https://www.sectoralpha.in/stocks/monte-carlo-fashions-ltd) MONTECARLO · turning · Evidence leans up · 73% evidence 50.5 out of 100 Growth Capital Valuation Relative
17. [Vishal Mega Mart Ltd](https://www.sectoralpha.in/stocks/vishal-mega-mart-ltd) VMM · quiet · Evidence leans up · 78% evidence 50.3 out of 100 Growth Capital Valuation Relative
18. [Vedant Fashions Ltd](https://www.sectoralpha.in/stocks/vedant-fashions-ltd) MANYAVAR · breaking out · Evidence leans down · 81% evidence 49.4 out of 100 Growth Capital Valuation Relative
19. [Credo Brands Marketing Ltd](https://www.sectoralpha.in/stocks/credo-brands-marketing-ltd) MUFTI · Evidence leans down · 76% evidence 47.2 out of 100 Growth Capital Valuation Relative
20. [S P Apparels Ltd](https://www.sectoralpha.in/stocks/s-p-apparels-ltd) SPAL · quiet · Evidence leans down · 96% evidence 42.3 out of 100 Growth Capital Valuation Relative
21. [Lux Industries Ltd](https://www.sectoralpha.in/stocks/lux-industries-ltd) LUXIND · quiet · Evidence leans down · 78% evidence 41.6 out of 100 Growth Capital Valuation Relative
22. [Raymond Lifestyle Ltd](https://www.sectoralpha.in/stocks/raymond-lifestyle-ltd) RAYMONDLSL · quiet · Evidence leans down · 78% evidence 39.1 out of 100 Growth Capital Valuation Relative
23. [Go Fashion (India) Ltd](https://www.sectoralpha.in/stocks/go-fashion-indialtd) GOCOLORS · quiet · Evidence leans down · 75% evidence 35.7 out of 100 Growth Capital Valuation Relative
24. [Gokaldas Exports Ltd](https://www.sectoralpha.in/stocks/gokaldas-exports-ltd) GOKEX · quiet · Most evidence points down · 81% evidence 28.3 out of 100 Growth Capital Valuation Relative
25. [Aditya Birla Fashion & Retail Ltd](https://www.sectoralpha.in/stocks/aditya-birla-fashion-retail-ltd) ABFRL · quiet · Most evidence points down · 61% evidence 27.6 out of 100 Growth Capital Valuation Relative
26. [Kitex Garments Ltd](https://www.sectoralpha.in/stocks/kitex-garments-ltd) KITEX · basing · Most evidence points down · 68% evidence 21.0 out of 100 Growth Capital Valuation Relative

Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. 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 path the industry 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 growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read. The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section. Related companies: [Textiles - Readymade Apparel](https://www.sectoralpha.in/sectors/textiles-readymade-apparel), all 26 compared on one page. ## Which companies are close to V2 Retail in size? V2 Retail is the 7th largest of 26 Textiles - Readymade Apparel companies on Sector Alpha by market value (scores of 30 October 2026). Just above it: Pearl Global Industries, Aditya Birla Lifestyle Brands and V-Mart Retail. Just below it: Aditya Birla Fashion & Retail, Arvind Fashions and Gokaldas Exports. ### Textiles - Readymade Apparel companies close in size

1. [Pearl Global Industries Ltd](https://www.sectoralpha.in/stocks/pearl-global-industries-ltd) ₹11,030 crore
2. [Aditya Birla Lifestyle Brands Ltd](https://www.sectoralpha.in/stocks/aditya-birla-lifestyle-brands-ltd) ₹8,606 crore
3. [V-Mart Retail Ltd](https://www.sectoralpha.in/stocks/v-mart-retail-ltd) ₹5,885 crore
4. V2 Retail Ltd ₹5,377 crore
5. [Aditya Birla Fashion & Retail Ltd](https://www.sectoralpha.in/stocks/aditya-birla-fashion-retail-ltd) ₹4,733 crore
6. [Arvind Fashions Ltd](https://www.sectoralpha.in/stocks/arvind-fashions-ltd) ₹4,676 crore
7. [Gokaldas Exports Ltd](https://www.sectoralpha.in/stocks/gokaldas-exports-ltd) ₹4,611 crore

[All 26 Textiles - Readymade Apparel companies, largest first](https://www.sectoralpha.in/sectors/textiles-readymade-apparel#all-companies)

### Companies close in size in other industries

1. [Vadilal Industries Ltd](https://www.sectoralpha.in/stocks/vadilal-industries-ltd) ₹5,387 crore · FMCG - Dairy Products
2. [West Coast Paper Mills Ltd](https://www.sectoralpha.in/stocks/west-coast-paper-mills-ltd) ₹5,386 crore · Paper
3. V2 Retail Ltd ₹5,377 crore
4. [Balu Forge Industries Ltd](https://www.sectoralpha.in/stocks/balu-forge-industries-ltd) ₹5,371 crore · Castings, Forgings & Fastners
5. [L G Balakrishnan & Bros Ltd](https://www.sectoralpha.in/stocks/l-g-balakrishnan-bros-ltd) ₹5,336 crore · Auto Ancillaries - 2 Wheelers

## What else do people ask about V2 Retail? ### What is V2 Retail's share price today? V2 Retail Ltd's share price is ₹149.13, −33.3% over the past year. The whole company is worth ₹5,455 Cr on the market. It is at its lowest price of the past 52 weeks (range ₹149 to ₹256), 27.1% below its 200-day average. The price has been falling for 3 weeks (as of 4 November 2026). ### What were V2 Retail's latest quarterly results? V2 Retail Ltd reported revenue of ₹997 Cr and net profit of ₹42.0 Cr for the Jun 2026 quarter. Revenue rose 57.8% and profit rose 68.0% compared with a year earlier. Earnings per share were ₹1.15. The operating margin was 14.0%, 0.0 percentage points higher than a year earlier (as of 4 November 2026). ### What is V2 Retail's market cap? V2 Retail Ltd's market capitalisation is ₹5,455 Cr at a share price of ₹149.13. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 4 November 2026). ### How is V2 Retail performing? V2 Retail Ltd's share price has been falling for 3 weeks. In its latest quarter, revenue rose 57.8% and profit rose 68.0% compared with a year earlier. Over the past 13 weeks it has done worse than the NIFTY 500, for 19 weeks running (as of 4 November 2026). ### Will V2 Retail's share price go up? This page does not forecast V2 Retail Ltd's share price. What it shows instead: the share price is ₹149.13, and it has been falling for 3 weeks. Its P/E of 34.4× is higher than 17% of its own last 11 years (as of 4 November 2026). ### Who owns V2 Retail? Promoters own 51.4% of V2 Retail Ltd, foreign institutions 3.7%, domestic institutions 12.3% and the public 32.6% (latest quarter). The biggest change over the last two years: Domestic institutions raised their stake by 7.9 percentage points over 8 quarters (as of 4 November 2026). ### Where is V2 Retail in its business cycle? V2 Retail Ltd's FY26 operating margin was 15.0%, against a 13-year range of −42.0% to 15.0%: the top of its range, a record year. When profit is at a record, every ratio looks better than usual, and the story depends on margins staying high. The latest quarter was 14.0%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 4 November 2026). ### What could break the V2 Retail story? The main question: yearly earnings per share moved +113.5% while the share price moved −33.3%. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 4 November 2026). ### Is V2 Retail a stock worth studying right now? What the numbers show: V2 Retail Ltd's earnings have grown faster than its share price. Earnings per share grew +113.5% in a year while the price moved −33.3%. The main open question: whether the price catches up with earnings that have already grown. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 4 November 2026). ### Is there a V2 Retail share price forecast for 2026? What management itself guided: FY27 store openings 170-200. 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). What would change the story: 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%. ### Where does this page get V2 Retail's management information? From V2 Retail's results calls, its filings and public records on governance, each dated on the page. Management’s plans are shown as plans, never as results. ## Lists

- 52 week high & low: https://www.sectoralpha.in/52-week-high-stocks-india

This is research, not advice. We’re not SEBI-registered.