Key Financials Snapshot

TTM · Consolidated · ₹ in Cr
Market Cap
₹7343 Cr.
Stock P/E
45.3
P/B
7.8
Current Price
₹201.4
Book Value
₹ 25.9
Face Value
1
52W High
₹259.5
52W Low
₹ 172.5
Dividend Yield
0%

V2 Retail Overview

Business

V2 Retail Ltd. is an Indian retail company primarily engaged in the business of operating departmental stores. The company focuses on the value retail segment, offering a range of products including apparel (men's, women's, and kids'), general merchandise, home products, and other lifestyle accessories. Its core business model involves sourcing goods, managing inventory, and selling directly to consumers through its chain of physical stores, primarily targeting consumers in Tier 2 and Tier 3 cities across India. V2 Retail makes money by selling these products at a margin above their procurement and operational costs.

Revenue Mix

V2 Retail operates primarily within a single reportable segment, which is "Retail Operations." Its revenue is predominantly generated from the sale of various consumer goods across its stores. The main product categories contributing to revenue include:

Apparel (fashion wear for all age groups)

General Merchandise (home utilities, kitchenware, personal care items)

Other Lifestyle Products (footwear, accessories).

No specific percentage breakdown by product category is readily available in public financial statements, indicating an integrated retail offering.

Industry

The company operates in the highly competitive Indian organized retail industry, specifically within the fashion and general merchandise sub-segments, with a focus on value pricing. The industry is characterized by a mix of large national chains, regional players, and a significant unorganized sector. V2 Retail positions itself as a value-for-money retailer, primarily expanding its presence in Tier 2 and Tier 3 cities where organized retail penetration is growing. It competes with larger national retailers like Reliance Retail, Aditya Birla Fashion and Retail, and Avenue Supermarts (DMart), as well as other regional retail chains and local unorganized players.

MOAT

V2 Retail operates in a segment where strong, durable moats are challenging to establish. Its primary competitive advantage, if any, lies in:

Cost Efficiency & Sourcing: A focus on value retail necessitates efficient sourcing and supply chain management to offer competitive pricing.

Regional Focus: Establishing a presence and understanding consumer preferences in Tier 2/3 cities, which might be underserved by larger players.

However, brand loyalty is generally lower in the value segment, and barriers to entry are moderate, limiting the strength of its moat compared to premium or specialized retailers.

Growth Drivers

Rising Disposable Incomes: Increasing affluence and consumer spending in India, particularly in non-metro cities.

Shift to Organized Retail: Gradual shift of consumers from unorganized local shops to organized retail formats due to better product assortment, pricing, and shopping experience.

Store Expansion: Opening new stores in underserved Tier 2 and Tier 3 cities to expand its geographical footprint and market reach.

Urbanization: Growth of urban and semi-urban populations leading to increased demand for modern retail formats.

Risks

Intense Competition: High competition from well-capitalized national retailers, e-commerce platforms, and local unorganized players.

Consumer Discretionary Spending: Vulnerability to economic downturns or inflation, which can reduce consumer discretionary spending on apparel and general merchandise.

Inventory Management: Risks associated with managing fashion cycles, inventory obsolescence, and markdown pressures if goods don't sell as expected.

Real Estate Costs: Rising rental and operational costs for retail spaces can impact profitability.

Supply Chain Disruptions: Any disruptions in sourcing or logistics can affect product availability and cost.

Capital Requirements: Store expansion and working capital needs require significant capital, potentially leading to financial leverage.

Management & Ownership

V2 Retail Ltd. was founded by Mr. Ram Chander Agarwal, who serves as the Chairman and Managing Director. The company is promoter-led, with the promoter group holding a significant stake, which is common among Indian companies. Management's experience in the Indian retail sector is relevant given the company's long-standing operations. The ownership structure typically sees the promoter family maintaining control to guide the company's strategic direction.

Outlook

V2 Retail stands to benefit from India's long-term consumption growth story and the ongoing formalization of the retail sector, particularly in its target Tier 2/3 markets. Its focus on value offers a relevant proposition for a large segment of the Indian population. However, the company operates in a highly competitive environment where larger, more diversified players also vie for market share, and e-commerce penetration continues to grow. Sustained profitability will depend on its ability to execute efficient store expansion, maintain stringent cost controls, manage inventory effectively, and adapt to evolving consumer preferences while facing intense price competition.

V2 Retail Share Price

Live · BSE / NSE · Inception: 2001
₹ | |
Volume
Price

Key Financials — Profit & Loss

₹ in Cr · Consolidated · annual

V2 Retail Quarterly Results

#(Fig in Cr.) Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
Net Sales 296 415 380 591 499 632 709 929 797 997
Other Income 1 1 3 1 2 1 1 4 4 1
Total Income 297 416 383 592 500 633 710 933 801 998
Total Expenditure 265 360 347 479 441 545 623 755 688 858
Operating Profit 32 57 36 113 60 88 87 178 113 140
Interest 13 14 15 18 21 23 28 22 24 25
Depreciation 19 21 23 26 28 32 38 46 67 64
Exceptional Income / Expenses 0 0 0 0 0 0 0 28 0 0
Profit Before Tax 0 22 -2 69 10 33 21 138 22 52
Provision for Tax -4 5 -0 17 4 9 4 36 5 10
Profit After Tax 4 16 -2 51 6 25 17 102 18 42
Adjustments -0 0 -0 0 -0 0 0 0 -0 0
Profit After Adjustments 4 16 -2 51 6 25 17 102 18 42
Adjusted Earnings Per Share 0.1 0.5 -0.1 1.5 0.2 0.7 0.5 2.8 0.5 1.1

V2 Retail Profit & Loss

#(Fig in Cr.) Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 TTM
Net Sales 42 110 238 298 701 539 629 839 1165 1884 3067 3432
Other Income 4 2 2 3 2 23 16 7 8 7 10 10
Total Income 46 112 240 301 704 562 645 846 1173 1891 3077 3442
Total Expenditure 50 109 232 270 624 489 562 753 1016 1625 2608 2924
Operating Profit -4 3 8 31 80 73 83 92 157 267 470 518
Interest 8 7 9 11 33 33 39 42 49 70 100 99
Depreciation 3 2 3 2 51 56 59 67 77 99 182 215
Exceptional Income / Expenses 0 0 0 0 13 0 0 0 0 0 28 28
Profit Before Tax -15 -6 -5 18 9 -15 -15 -17 31 98 215 233
Provision for Tax 16 -2 -1 9 -0 -2 -3 -4 4 26 53 55
Profit After Tax -31 -4 -5 10 9 -13 -12 -13 28 72 162 179
Adjustments -4 -1 -0 -0 0 0 0 0 0 0 0 0
Profit After Adjustments -35 -5 -5 10 9 -13 -12 -13 28 72 162 179
Adjusted Earnings Per Share -1.4 -0.2 -0.2 0.4 0.3 -0.4 -0.3 -0.4 0.8 2.1 4.4 4.9

V2 Retail Balance Sheet

#(Fig in Cr.) Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Shareholder's Funds 275 270 262 274 279 269 258 247 275 346 902
Minority's Interest 0 0 0 0 0 0 0 0 0 0 0
Borrowings 17 32 38 16 5 0 6 7 16 19 24
Other Non-Current Liabilities -269 -270 -266 -255 252 288 286 303 367 652 549
Total Current Liabilities 50 66 80 107 163 232 215 204 341 577 964
Total Liabilities 73 97 114 142 699 789 765 761 999 1594 2439
Fixed Assets 7 9 14 18 339 395 394 408 480 863 968
Other Non-Current Assets 37 38 38 37 52 33 28 27 33 48 101
Total Current Assets 30 50 62 87 308 361 343 326 486 682 1370
Total Assets 73 97 114 142 699 789 765 761 999 1594 2439

V2 Retail Cash Flow

#(Fig in Cr.) Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Opening Cash & Cash Equivalents 43 10 2 2 8 60 22 7 5 9 9
Cash Flow from Operating Activities -38 -12 12 35 74 3 59 86 93 201 -103
Cash Flow from Investing Activities -1 -4 -7 -6 7 -20 -16 -12 -39 -130 -219
Cash Flow from Financing Activities 6 8 -4 -30 -28 -22 -58 -76 -50 -71 319
Net Cash Inflow / Outflow -33 -8 0 -1 52 -39 -15 -2 5 -0 -3
Closing Cash & Cash Equivalent 10 2 2 1 60 22 7 5 9 9 6

V2 Retail Ratios

# Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Earnings Per Share (Rs) -1.38 -0.18 -0.2 0.41 0.26 -0.38 -0.34 -0.37 0.8 2.08 4.44
CEPS(Rs) -1.26 -0.08 -0.05 0.5 1.75 1.25 1.37 1.58 3.02 4.93 9.44
DPS(Rs) 0 0 0 0 0 0 0 0 0 0 0
Book NAV/Share(Rs) 12.27 12.03 11.72 11.6 8.14 7.77 7.48 7.1 7.94 10.01 24.75
Core EBITDA Margin(%) -18.68 1.09 2.25 9.64 11.04 9.27 10.65 10.19 12.74 13.78 14.97
EBIT Margin(%) -15.99 0.95 1.71 9.8 5.91 3.23 3.83 2.99 6.86 8.92 10.27
Pre Tax Margin(%) -35.81 -5.41 -2.21 6.18 1.24 -2.84 -2.36 -2.02 2.69 5.21 7
PAT Margin (%) -72.51 -3.7 -1.89 3.27 1.25 -2.38 -1.86 -1.53 2.39 3.82 5.28
Cash Profit Margin (%) -66.39 -1.63 -0.43 3.97 8.52 7.92 7.49 6.47 8.97 9.06 11.22
ROA(%) -37.88 -4.78 -4.27 7.6 2.09 -1.73 -1.5 -1.68 3.16 5.56 8.04
ROE(%) -10.6 -1.5 -1.69 3.64 3.19 -4.73 -4.47 -5.11 10.72 23.2 25.96
ROCE(%) -1.93 0.31 1.19 8.48 12.64 5.47 7.58 8.17 23.99 39.59 38.43
Receivable days 2.62 1.04 0.17 0.15 0.03 0.23 0.57 0.3 0.02 0.01 0.1
Inventory Days 137.91 101 77.01 82.49 76.65 175.15 171.86 123.93 109.33 94.63 101.16
Payable days 49.75 75.04 56.04 56.35 50.04 119.68 113.83 74.53 71.33 73.64 67.36
PER(x) 0 0 0 7.89 20.06 0 0 0 52.25 81.97 42.42
Price/Book(x) 0.1 0.07 0.13 0.28 0.63 1.62 1.96 0.97 5.29 17.05 7.62
Dividend Yield(%) 0 0 0 0 0 0 0 0 0 0 0
EV/Net Sales(x) 1.74 0.8 0.49 0.49 0.2 0.85 0.88 0.34 1.32 3.2 2.32
EV/Core EBITDA(x) -17.62 26.47 15.29 4.64 1.77 6.32 6.66 3.09 9.79 22.62 15.17
Net Sales Growth(%) -96.24 159.03 116.22 25.44 135.06 -23.18 16.82 33.32 38.84 61.8 62.75
EBIT Growth(%) -128.04 115.36 290.28 618.17 41.9 -58.1 38.59 4.11 218.79 110.29 87.48
PAT Growth(%) 52.79 86.79 -10.73 316.54 -9.98 -246.24 9.08 -9.76 316.99 159.01 124.99
EPS Growth(%) 52.7 86.8 -10.69 305.6 -37.76 -246.24 9.83 -9.76 315.74 159.01 113.42
Debt/Equity(x) 0.21 0.26 0.32 0.25 0.12 0.2 0.21 0.22 0.33 0.4 0.28
Current Ratio(x) 0.59 0.76 0.77 0.81 1.89 1.56 1.59 1.59 1.43 1.18 1.42
Quick Ratio(x) 0.27 0.08 0.08 0.08 0.57 0.25 0.24 0.23 0.2 0.22 0.24
Interest Cover(x) -0.81 0.15 0.44 2.71 1.26 0.53 0.62 0.6 1.65 2.41 3.14
Total Debt/Mcap(x) 2.13 3.77 2.45 0.9 0.19 0.13 0.11 0.23 0.06 0.02 0.04

Growth Rates

Compounded annual
# 1 Year 3 Year 5 Year 10 Year
Sales CAGR +63% +54% +42% +54%
Operating Profit CAGR +76% +72% +45% —
PAT CAGR +125% — — —
Share Price CAGR -7% +131% +69% +32%
ROE Average +26% +20% +10% +4%
ROCE Average +38% +34% +24% +13%

V2 Retail Shareholding Pattern

Latest · Jun 2026
100% held
Promoters 51.43 %
FII 3.11 %
DII (MF + Insurance) 10.65 %
Public (retail) 34.8 %
Others 0.01 %
# Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
Promoter 54.2854.354.354.354.2454.2254.2251.4351.4351.43
FII 6.576.690.80.911.311.92.13.012.623.11
DII 0.360.434.345.996.77.347.129.129.2810.65
Public 38.7938.5940.5638.8137.7536.5336.5636.4436.6634.8
Others 0000000000
Total 100100100100100100100100100100

V2 Retail Peer Comparison

Retailing Edit Columns

V2 Retail Quarterly Price

10-year quarterly close · BSE
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News & Updates

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V2 Retail Pros & Cons

Pros

  • Debtor days have improved from 73.64 to 67.36days.
  • Company is almost debt free.

Cons

  • Stock is trading at 7.8 times its book value.
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