V2RETAIL

V2 Retail Limited

Value-fashion apparel retail chain for men, women and kids

Consumer Discretionary›Consumer Services›Retailing›Speciality Retail

v2retail.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹171.77
Market cap
6,251 Cr
Stock P/E
35.0
P/B
6.94
ROE (FY26)
18.0%
ROCE (FY26)
26.9%
Operating margin (FY26)
8.9%
Debt / equity (FY26)
0.28
OCF / EBITDA (FY26)
-22.7%
OCF / EBITDA (3Y)
24.7%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

V2 Retail runs a chain of value-fashion garment stores, 381 of them across 26 states at 30 June 2026, with most new stores in Tier 2 and Tier 3 towns.

Company snapshot

6thBy market cap

Ranked among 18 companies in Speciality Retail.

What we see

Positives
  • ✓Debt-to-equity of 0.28x — the company is largely funded by its own money, not borrowed funds.
Concerns
  • ✗Only 25% of operating profit came in as cash over the last three years — much of it is tied up in unpaid bills or stock.

Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales231 Cr374 Cr296 Cr415 Cr380 Cr591 Cr499 Cr632 Cr709 Cr929 Cr797 Cr997 Cr
Operating expenses (approx.)211 Cr313 Cr265 Cr360 Cr347 Cr479 Cr441 Cr545 Cr623 Cr755 Cr688 Cr858 Cr
EBITDA20 Cr61 Cr31 Cr55 Cr33 Cr111 Cr58 Cr87 Cr85 Cr174 Cr109 Cr139 Cr
OPM %8.6%16.3%10.6%13.4%8.7%18.9%11.6%13.8%12.1%18.7%13.7%14.0%
Other income2 Cr3 Cr0.94 Cr1 Cr3 Cr1 Cr2 Cr0.92 Cr1 Cr4 Cr4 Cr0.99 Cr
Interest12 Cr12 Cr13 Cr14 Cr15 Cr18 Cr21 Cr23 Cr28 Cr22 Cr24 Cr25 Cr
Depreciation18 Cr21 Cr19 Cr21 Cr23 Cr26 Cr28 Cr32 Cr38 Cr46 Cr67 Cr64 Cr
Profit before tax-8 Cr31 Cr0.05 Cr22 Cr-2 Cr69 Cr10 Cr33 Cr21 Cr138 Cr22 Cr52 Cr
Tax %32.8%25.0%-7306.2%24.9%20.3%25.3%37.8%25.9%17.7%26.0%21.8%18.9%
Net profit-6 Cr24 Cr4 Cr16 Cr-2 Cr51 Cr6 Cr25 Cr17 Cr102 Cr18 Cr42 Cr
EPS (₹)₹-1.64₹6.82₹1.04₹4.72₹-0.56₹14.80₹1.86₹7.13₹4.95₹29.17₹0.50₹1.15

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales701 Cr539 Cr629 Cr839 Cr1,165 Cr1,884 Cr3,067 CrSign in free for the trailing twelve months
Operating expenses (approx.)626 Cr490 Cr565 Cr755 Cr1,017 Cr1,627 Cr2,612 CrSign in free for the trailing twelve months
EBITDA75 Cr49 Cr65 Cr84 Cr148 Cr258 Cr455 CrSign in free for the trailing twelve months
OPM %10.7%9.0%10.3%10.0%12.7%13.7%14.9%Sign in free for the trailing twelve months
Other income2 Cr23 Cr16 Cr7 Cr7 Cr7 Cr10 CrSign in free for the trailing twelve months
Interest30 Cr31 Cr37 Cr41 Cr47 Cr68 Cr97 CrSign in free for the trailing twelve months
Depreciation51 Cr56 Cr59 Cr67 Cr77 Cr99 Cr182 CrSign in free for the trailing twelve months
Profit before tax9 Cr-15 Cr-15 Cr-17 Cr31 Cr98 Cr215 CrSign in free for the trailing twelve months
Tax %-1.3%16.0%21.4%24.4%11.4%26.7%24.5%Sign in free for the trailing twelve months
Net profit9 Cr-13 Cr-12 Cr-13 Cr28 Cr72 Cr162 CrSign in free for the trailing twelve months
EPS (₹)₹2.57₹-3.77₹-3.40₹-3.73₹8.04₹20.83₹4.58Sign in free for the trailing twelve months
Dividend payout %————0.0%0.0%0.0%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital34 Cr34 Cr34 Cr34 Cr35 Cr35 Cr36 Cr
Reserves245 Cr235 Cr224 Cr213 Cr240 Cr312 Cr866 Cr
Borrowings33 Cr50 Cr55 Cr54 Cr91 Cr116 Cr254 Cr
Other liabilities409 Cr494 Cr479 Cr494 Cr662 Cr1,166 Cr1,266 Cr
Total liabilities721 Cr813 Cr792 Cr794 Cr1,027 Cr1,628 Cr2,422 Cr
Fixed assets (net)92 Cr105 Cr103 Cr99 Cr116 Cr210 Cr310 Cr
CWIP4 Cr5 Cr0 Cr0.11 Cr0.23 Cr4 Cr36 Cr
Investments0 Cr0 Cr0 Cr0 Cr0 Cr652 Cr658 Cr
Inventories215 Cr302 Cr291 Cr279 Cr419 Cr558 Cr1,142 Cr
Trade receivables0.0069 Cr0.66 Cr0.94 Cr0.07 Cr0.06 Cr0.10 Cr2 Cr
Cash & bank60 Cr22 Cr7 Cr5 Cr9 Cr9 Cr6 Cr
Other assets349 Cr379 Cr391 Cr412 Cr482 Cr194 Cr270 Cr
Total assets721 Cr813 Cr792 Cr794 Cr1,027 Cr1,628 Cr2,422 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity74 Cr3 Cr59 Cr86 Cr93 Cr223 Cr-103 Cr
Cash from investing7 Cr-20 Cr-16 Cr-12 Cr-39 Cr-131 Cr-219 Cr
Cash from financing-28 Cr-22 Cr-58 Cr-76 Cr-50 Cr-93 Cr319 Cr
Net cash flow52 Cr-39 Cr-15 Cr-2 Cr5 Cr-0.43 Cr-3 Cr
Free cash flow (OCF − Capex)63 Cr-24 Cr42 Cr73 Cr54 Cr89 Cr-334 Cr

Ratios

MetricMar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %12.5%5.0%6.9%7.9%21.5%36.0%26.9%
ROE %3.1%-4.8%-4.5%-5.2%10.1%20.8%18.0%
Debtor days0010000
Inventory days1126096418918851292205313076
Days payable572657172272759713595305
Cash conversion cycle553439246711596956957771
OCF / EBITDA %99.0%6.9%90.7%102.8%63.2%86.5%-22.7%
OCF / EBITDA % (3 years)——72.4%75.2%80.4%82.3%24.7%
Debt / equity0.120.190.210.220.330.330.28
Current ratio1.891.561.591.591.431.231.44
Net debt / EBITDA-0.370.580.740.580.550.410.54