V2 Retail Q1 FY27: consolidated PAT +70% YoY to ₹41.9 Cr, revenue +58%, margins expand

V2 Retail's consolidated revenue from operations rose 57.7% YoY to ₹997.20 Cr in Q1 FY27 (₹632.22 Cr in Q1 FY26) and 25.1% QoQ (₹797.02 Cr in Q4 FY26). Consolidated PAT attributable to owners rose 69.7% YoY to ₹41.85 Cr (₹24.66 Cr) and 139.1% QoQ (₹17.51 Cr); standalone PAT was near-identical at ₹41.90 Cr. Neither the current nor the year-ago quarter carried exceptional items, so both comparisons are clean — profit growth outpaced revenue growth on both counts, with net margin expanding to ~4.19% (from 3.90% YoY and 2.19% QoQ) and operating margin to ~14.09% (from 13.80% YoY and 13.69% QoQ). The print sits comfortably ahead of management's own bar: the Q4 FY26 concall guided for revenue growth of at least 50% YoY for the next two years, and this quarter delivered 57.7%. Gross margin came in at ~28.6% of revenue from operations, inside the guided 28-30% band despite the pace of new-store additions. The growth was store-led — the company opened 57 new stores in the quarter (381 stores as of 30 June 2026) and crossed its 400th store on 11 August 2026, taking fiscal-year-to-date additions to 75 — tracking toward, though still well short of, the 170-200-store FY27 target. No independent brokerage PAT estimate for the quarter could be confirmed via search, so the print is assessed against management's own guidance rather than street consensus; the company had already flagged the ₹997 Cr / 58% YoY revenue figure in a 1 July business update, which this filing now confirms with full P&L detail. The same board meeting also appointed Manu Agarwal as President – Buying & Merchandising and Dinesh Malpani as President – Operations, both new Senior Management Personnel, alongside the results. Notes to the accounts disclose the acquisition of inventory, PP&E and lease rights for 12 stores from Aarkey Retail Private Limited during the quarter — inorganic additions layered onto the organic 57-store rollout — and auditors gave an unqualified opinion while separately flagging a ₹1,206.23 Lakh advance to Bennett, Coleman & Co. (outstanding since April 2019) that management continues to treat as recoverable under a contract now extended to March 2028. No management press release or post-results commentary was available at extraction time; the analyst call is scheduled for 14 August 2026.