V2 Retail Q1 FY27: consolidated PAT +70% YoY to ₹41.9 Cr, revenue +58%, margins expand
PAT +69.69% YoY · revenue +57.73% · margins expanding
₹997.2 Cr
+57.73% YoY
₹41.85 Cr
+69.69% YoY
4.19%
+0.3pp YoY
₹1.15
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).
Q1 FY-2027 vs prior quarters
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 stock went into the print at ₹222.55, up 1.2% over the past month of trading.
For context: this is the second-highest quarterly PAT of the last 6 quarters.
What the summary numbers don't show
EPS ₹1.15 (basic and diluted, standalone and consolidated), on a post-split share base (1:10 split effective March 2026).
Management is guiding for sustained high revenue growth, targeting at least 50% year-over-year for the next two years, supported by aggressive store expansion plans of 170-200 stores in FY'27 and aiming for 250 stores in FY'28, potentially reaching 500 stores by the end of FY'27. Gross margins are expected to be mainta
— This quarter: beat
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.
W1
Store-addition pace vs FY27 guidance of 170-200 new stores — only 75 added fiscal-to-date as of 11 August 2026.
W2
Gross margin sustenance within the guided 28-30% band as new-store mix scales (currently ~28.6%).
W3
Operating margin trajectory — management flagged near-term EBITDA margin pressure from aggressive store additions offsetting operating leverage; current OPM of ~14.1% is already expanding and worth confirming it holds as the store count scales toward 500 by FY27-end.
No exceptional items in current or year-ago quarter, so YoY/QoQ comparisons are clean; standalone and consolidated are nearly identical since the sole subsidiary (V2 Smart Manufacturing) is dormant (nil revenue, -Rs 4.85L loss); Note 4 flags an unqualified-but-disclosed Rs 1,206.23L BCCL advertisement advance outstanding since April 2019, now recoverable through contract extension to March 2028; 12 stores' inventory/PP&E and lease rights acquired from Aarkey Retail Pvt Ltd during the quarter; FY26 stock split (1:10, face value Rs10 to Rs1) means prior-period EPS is restated.
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