V2 Retail Limited · NSE:V2RETAIL
V2 Retail — Q2 & H1 FY26 Earnings Presentation
41 slides from V2 Retail's earnings presentation, November 2025
Slide 1: Investor Presentation
Value& Variety STORES Investor Presentation
Slide 2: Q2 & H1 FY26 Performance Highlights
'Q2 & H1 FY26 = Performance " Highlights
Slide 3: Q2 & H1FY26 Performance Highlights (Consolidated)
Q2 & H1FY26 Performance Highlights (Consolidated) Revenue Gross Profit EBITDA PAT Q2FY26 ₹ 708.6 Cr +86% ₹ 198.3 Cr +91% ₹ 85.4 Cr +158% ₹ 17.2 Cr +990% 28% 12.1% 2.4% H1FY26 ₹ 1,340.9 Cr +69% ₹ 384.5 Cr +72% ₹ 172.7 Cr +95% ₹ 41.9 Cr +191% 28.7% 12.9% 3.1% Manufacturing Leading the way in Affordabl
Slide 4: Key Operational Highlights Q2 FY26
Key Operational Highlights Q2 FY26 Same Stores Sales Growth Same stores sales growth (SSG) stood at ~23.4% & normalised SSG was 10.3% for Q2FY26. Sales Per Square Feet Volume Growth Sales per square feet (PSF) per month was Volume growth for Q2FY26 stood at 58% ₹ 938 in Q2FY26 as compared to (Y-o-Y)
Slide 5: Key Operational Highlights H1FY26
Key Operational Highlights H1FY26 Same Stores Sales Growth Same stores sales growth (SSG) stood at ~13.3% for H1FY26. Sales Per Square Feet Volume Growth Sales per square feet (PSF) per month was Volume growth for H1FY26 stood at 43% ₹ 948 in H1FY26 as compared to (Y-o-Y). ₹ 980 in H1FY25. 1 Stores
Slide 6: Retail Footprint – Reaching Customers
Retail Footprint – Reaching Customers State No. of Stores 259 Stores at the end of H1FY26 Andhra Pradesh 2 (Opened 71 & Closed 1) Arunachal Pradesh 1 Assam 17 Retail Area ~27.94 lakh sq.ft. Bihar 44 Chattisgarh 2 Delhi & NCR 10 Goa 2 Gujarat 1 Haryana 4 Himachal Pradesh 3 J&K 5 Jharkhand 19 Karnatak
Slide 7: Q2 & H1FY26 Financial Highlights (Consolidated)
Q2 & H1FY26 Financial Highlights (Consolidated) Revenue (₹ Cr) Gross Profit (₹ Cr) 28.7% 72% 69% 28.2% 28.0% 1,341 385 91% 27.3% 795 198 224 709 86% 33% 380 104 Q2 FY26 Q2 FY25 H1FY26 H1FY25 Q2 FY26 Q2 FY25 H1FY26 H1FY25 EBIDTA (₹ Cr) PAT (₹ Cr) 12.9% 3.1% 95% (20.1)% 191% (11.1)% 12.1% 11.1% 173 2.
Slide 8: Q2 & H1FY26 Operational Parameters (Consolidated)
Q2 & H1FY26 Operational Parameters (Consolidated) Inventory (Days of Sales) Creditors (Days of Sales) 124 131 108 H1FY26 FY25 FY24 Net Working Capital (Days of Sales) Return on Equity (ROE) 8 8
Slide 9: Q2 & H1FY26 Operational Parameters
Q2 & H1FY26 Operational Parameters Sales Per Square Feet (PSF) per Month (₹) Same Stores Sales Growth (SSG) (20.1)% (11.1)% 34% 36% 23% 13% Q2 FY26 Q2 FY25 H1FY26 H1FY25 Average Bill Value (ABV) (₹) Average Selling Price (ASP) (₹) 899 900 791 808 Q2 FY26 Q2 FY25 H1FY26 H1FY25 9 9
Slide 10: Q2 & H1FY26 Profit & Loss - Consolidated
Q2 & H1FY26 Profit & Loss - Consolidated Y-O-Y Y-O-Y Particulars (₹ Cr) Q2 FY26 Q2 FY25 Q1 FY26 H1FY26 H1FY25 FY25 % Change % Change Revenue from Operations 708.6 380.0 86% 632.2 1,340.9 795.0 69% 1,884.5 Cost of Material Consumed 508.9 259.2 445.0 953.9 539.4 1,285.3 Direct Expenses 1.4 17.0 1.0 2.
Slide 11: Q2 & H1FY26 Profit & Loss – Consol. (Pre Ind As)
Q2 & H1FY26 Profit & Loss – Consol. (Pre Ind As) Y-O-Y Y-O-Y Particulars (₹ Cr) Q2 FY26 Q2 FY25 Q1 FY26 H1FY26 H1FY25 FY25 % Change % Change Revenue from Operations 708.6 380.0 86% 632.2 1,340.9 795.0 69% 1,884.5 Cost of Material Consumed 508.9 259.2 445.0 953.9 539.4 1,285.3 Direct Expenses 1.4 17.
Slide 12: Balance Sheet H1FY26 - Consolidated
Balance Sheet H1FY26 - Consolidated Particulars (₹ in Cr) H1FY26 FY2025 Particulars (₹ in Cr) H1FY26 FY2025 ASSETS EQUITY AND LIABILITIES Non-current assets Equity Property, plant and equipment 266.3 210.1 Equity share capital 34.6 34.6 Capital Work in Progress 4.3 4.2 Other equity 352.3 311.7 Right
Slide 13: Q2 & H1FY26 Profit & Loss - Standalone
Q2 & H1FY26 Profit & Loss - Standalone Y-O-Y Y-O-Y Particulars (₹ Cr) Q2 FY26 Q2 FY25 Q1 FY26 H1FY26 H1FY25 FY25 % Change % Change Revenue from Operations 704.9 380.0 85% 629.7 1,334.6 795.0 68% 1,884.5 COGS 507.6 286.6 446.6 954.1 591.3 1,366.9 Gross Profit 197.3 93.4 111% 183.1 380.4 203.7 87% 517
Slide 14: Q2 & H1FY26 Profit & Loss – Standalone (Pre Ind As)
Q2 & H1FY26 Profit & Loss – Standalone (Pre Ind As) Y-O-Y Y-O-Y Particulars (₹ Cr) Q2 FY26 Q2 FY25 Q1 FY26 H1FY26 H1FY25 FY25 % Change % Change Revenue from Operations 704.9 380.0 85% 629.7 1,334.6 795.0 68% 1,884.5 COGS 507.6 286.6 446.6 954.1 591.3 1,366.9 Gross Profit 197.3 93.4 111% 183.1 380.4
Slide 15: Balance Sheet H1FY26 - Standalone
Balance Sheet H1FY26 - Standalone Particulars (₹ in Cr) H1FY26 FY2025 Particulars (₹ in Cr) H1FY26 FY2025 ASSETS EQUITY AND LIABILITIES Non-current assets Equity Property, plant and equipment 258.9 192.6 Equity share capital 34.6 34.6 Capital Work in Progress 4.3 4.2 Other equity 354.9 310.4 Right t
Slide 16: Cash Flow Statement
Cash Flow Statement Standalone Consolidated Particulars (₹ in Cr) H1FY26 H1FY25 FY2025 H1FY26 H1FY25 FY2025 PBT 58.2 18.0 96.7 54.2 19.3 98.2 Adjustments 131.0 73.8 152.1 134.5 77.0 157.3 Operating profit before working capital changes 189.3 91.8 248.8 188.8 96.4 255.5 Changes in working capital (72
Slide 17: Media & Promotion Campaigns
Media & Promotion Campaigns 17 17
Slide 18: Media & Promotion Campaigns
Media & Promotion Campaigns 18 18
Slide 19: Media & Promotion Campaigns
Media & Promotion Campaigns 19 19
Slide 20: Select New Stores Opening
Select New Stores Opening 20 20
Slide 21: V2 Retail: Where Value Meets Variety
V2 Retail: Where Value Meets Variety
Slide 22: About V2 Retail
About V2 Retail Overview Value & Variety Established in 2001 under the visionary Our motto 'Value & Variety' comes to life leadership of Mr. Ram Chandra Agarwal, through a wide-ranging product portfolio V2 Retail Limited was founded with the that delivers exceptional quality and mission to offer qua
Slide 23: Key Operational Highlights FY25
Key Operational Highlights FY25 Same Stores Sales Growth Same stores sales growth (SSG) stood at ~29% for FY25. Sales Per Square Feet Volume Growth Sales per square feet (PSF) per month Volume growth for FY25 stood at 43% was ₹ 1,017 in FY25 as compared to (Y-o-Y). ₹ 854 in FY24. 1 Stores Count & Re
Slide 24: Revenue Mix & Growth Drivers
Revenue Mix & Growth Drivers The key factors driving apparel business Revenue Mix (%) Occasions Functional Needs Occasions Drive Purchases Discount| Offers| Sale| Festivals| Weddings| Replace Old Clothes | Birthdays| Social Functions Fashion Kids Boy, Girls, Infants, Winter Wear Ethnic wear, Upper,
Slide 25: Product Design to Customer Delight at Retail Stores
Product Design to Customer Delight at Retail Stores 2 Job Work 4 Warehouse & Logistic 6 Customer Delight • Dedicated Job workers for own • Centralised warehouse & distribution • Ensuring a seamless process that designed products center at Gurgaon translates into superior products for • Helps in main
Slide 26: Stores Experience
Stores Experience 26 26
Slide 27: Stores Experience
Stores Experience 27 27
Slide 28: Stores Experience
Stores Experience 28 28
Slide 29: Board of Directors
Board of Directors Mr. Ram Chandra Agarwal, Ms. Uma Agarwal, Mr. Akash Agarwal, Chairman & Managing Director Whole Time Director Whole Time Director • Mr. Agarwal holds a bachelor’s degree in • Mrs. Agarwal holds a bachelor’s degree in • Mr. Akash Agarwal holds an International Commerce. Arts. MBA f
Slide 30: Independent Directors
Independent Directors Dr. Arun Kumar Roopanwal Mrs. Archana S Yadav Mr. Srinivas Anand Mannava Independent Director Independent Director Independent Director • He has over 35 Years of • A Chartered Accountant in • Post-Graduate Program in extensive experience in practice with more than 14 years Busi
Slide 31: Historical Financials & Operational Indicators
Historical Financials & Operational Indicators
Slide 32: Consolidated Profit & Loss
Consolidated Profit & Loss Particulars (₹ in Cr) FY2021 FY2022 FY2023 FY2024 FY2025 Revenue from Operations 538.6 629.2 838.9 1,164.7 1,884.5 Growth (%) -23.2% 16.8% 33.3% 38.8% 61.8% Gross Profit 162.8 201.6 260.1 346.0 551.3 GP Margin (%) 30.2% 32.0% 31.0% 29.7% 29.3% EBIDTA 48.5 64.7 84.0 147.8 2
Slide 33: Consolidated Balance Sheet
Consolidated Balance Sheet Particulars (₹ in Cr) FY2025 FY2024 FY2023 Particulars (₹ in Cr) FY2025 FY2024 FY2023 ASSETS EQUITY AND LIABILITIES Non-current assets Equity Property, plant and equipment 210.1 116.1 98.6 Equity share capital 34.6 34.6 34.4 Capital Work in Progress 4.2 0.2 0.1 Other equit
Slide 34: Standalone Profit & Loss
Standalone Profit & Loss Particulars (₹ in Cr) FY2021 FY2022 FY2023 FY2024 FY2025 Revenue from Operations 538.6 629.2 838.9 1,164.7 1,884.5 Growth (%) -23.2% 16.8% 33.3% 38.8% 61.8% Gross Profit 158.3 188.6 243.4 319.7 517.6 GP Margin (%) 29.4% 30.0% 29.0% 27.4% 27.5% EBIDTA 48.8 60.7 78.8 142.4 252
Slide 35: Standalone Balance Sheet
Standalone Balance Sheet Particulars (₹ in Cr) FY2025 FY2024 FY2023 Particulars (₹ in Cr) FY2025 FY2024 FY2023 ASSETS EQUITY AND LIABILITIES Non-current assets Equity Property, plant and equipment 192.6 95.2 85.7 Equity share capital 34.6 34.6 34.4 Capital Work in Progress 4.2 0.2 0.1 Other equity 3
Slide 36: Cash Flow Statement
Cash Flow Statement Standalone Consolidated Particulars (₹ in Cr) FY2025 FY2024 FY2025 FY2024 PBT 96.7 30.6 98.2 31.4 Adjustments 152.1 131.3 157.3 136.4 Operating profit before working capital changes 248.8 161.9 255.5 167.8 Changes in working capital (10.9) (76.4) (7.7) (73.6) Cash generated from
Slide 37: Robust Standalone Financial Performance
Robust Standalone Financial Performance Revenue (₹ Cr) EBIDTA (₹ Cr) & EBIDTA Margin PBT (₹ Cr) PAT (₹ Cr) 37 37
Slide 38: Key Operating Matrix - Standalone
Key Operating Matrix - Standalone No. of Stores & Retail Space (lakh sq.ft.) Inventory Holding Days Sales Per Sq. Ft. (₹ Per Month) Rent Per Sq. Ft. (₹ Per Month) 38 38 38
Slide 39: Operational Parameters (Consolidated)
Operational Parameters (Consolidated) Inventory (Days of Sales) Creditors (Days of Sales) Net Working Capital (Days of Sales) Return on Equity (ROE) 23.2% 10.7% -5.1% FY25 FY24 FY 23 39 39
Slide 40: Disclaimer
Disclaimer This presentation and the accompanying slides (the “Presentation”), which have been prepared by V2 Retail Ltd. (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and
Slide 41: Value & Variety
Value& Variety MEN'S WEAR | WOMEN’S WEAR | KIDS WEAR | LIFESTYLE Company Ff ‘ Mr. Shivam Aggarwal if | Company Secretary & Compliance Officer fh} Tel : +91-22- BOO306I0 / 9967576900 / 9819773905 | j hey ABP V2 Retail Limited Tel : +91-11-41771850 : Email : cs@v2kart.com 9 oF 00”lClCF*A eee Investor