AI-generated · cited to primary sources · not investment advice
V2 Retail (532867) Nov 2025 Filing Analysis
Does management do what it says?
The company reported a consolidated Gross Profit margin of 32.4% for Q3 FY26 and 30.2% for 9M FY26, significantly higher than the long-term target range. (3 exceeded across 3 tracked commitments)
“So our target gross margin is always 28%, 29%. We want to pass on everything to the consumer because we feel it is the time to get the maximum market share”
The company achieved an ROE of 24.5% for 9M FY26, despite the dilutive impact of a ₹ 400 crore QIP fundraise during the quarter. (2 exceeded, 3 met across 5 tracked commitments)
“Our objective is to achieve an ROE of more than 20%.”
The company highlights its 'In House Product development Team of 60 including designers' and 'dedicated job workers for own designed products' as key operational pillars, though the specific percentage share for the summer season is not explicitly quantified in this deck. (1 in progress across 1 tracked commitment)
“So I think we moved up from 25% to 35%. And hopefully, next year, summer, it will be around 40%, 45%.”
The company intends to be present in all states of India within the next 2 to 3 years. — target: Presence in all Indian states (+1 more commitment)
“So our aspiration is to be a national level retailer. Our aspiration is to be in all the states of India in the next 2 to 3 years.”
See the full cited Management analysis of V2 Retail
How durable is the business?
Geographic reach has expanded to 23 states with significant concentration in Uttar Pradesh (48 stores) and Bihar (44 stores). (1 expanding, 1 shifted)
“Total 259 [stores]... Uttar Pradesh 48... Bihar 44”
See the full cited Business Model analysis of V2 Retail
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