V2 Retail Q2FY26 (Consolidated) results

• V2 Retail’s (V2Rs) revenues grew by 86.5% y-o-y to Rs. 709 crore.
• Gross margins decreased by 360 bps y-o-y to 28.2%, while EBIDTA margins improved by 336 bps y-o-y to 12.1% on back of store level efficiencies. EBITDA margin came in lower than our expectation of 15.0%.
• EBIDTA grew by 1.6x y-o-y to Rs. 85 crore and PAT came in at Rs. 17 crore versus loss of Rs. 2 crore.
• View: We shall review our estimates and come out with a detailed note soon. Currently we have a Positive view on the stock. 

Results (Consolidated)                                                                         Rs. crore