Slides
Page 2
2
Page 3
3 ₹ 566.4 Cr 29.8% ₹ 281.3 Cr 31.1% ₹ 259.7 Cr 13.6% ₹ 120.3 Cr 13.3% ₹ 60.1 Cr 3.2% ₹ 18.2 Cr 2.0% Q2 & H1FY27 Performance Highlights (Consolidated) 3 ₹ 1,902.8 Cr ₹ 905.6 Cr Revenue +28% +47% +42% +50% +41% +43% +6% Manufacturing +42% Gross Profit EBITDA PAT Q2FY27 H1FY27 Leading the way in Affordable, High Quality Fashion
Page 4
4 Key Operational Highlights Q2 FY27 Same stores sales growth (SSG) stood at (14.9%) & normalised SSG was 0.5% for Q2FY27 Same Stores Sales Growth 427 Stores at the end of Q2FY27 (Opened 49 & Closed 3) Total Retail Area ~46.3 lakh sq.ft. Store Count & Retail Area ABV was ₹ 891 in Q2FY27 as compared to ₹ 899 in Q2FY26. Average Bill Value Volume growth for Q2FY27 stood at 31% (Y-o-Y). Volume Growth Sales per square feet (PSF) per month was ₹ 700 in Q2FY27 as compared to ₹ 938 in Q2FY26 Sales Per Square Feet ASP was ₹ 307 in Q2FY27 as compared to ₹ 315 in Q2FY26. Average Selling Price Men’s Wear 40%, Ladies Wear 29% Kids Wear 22% & LifeStyle 9% Revenue Mix MRP Sales at 91% in Q2FY27 as compared to 92% in Q2FY26. Full Price Sales Contribution NWC days increased to 88 days as compared to 81 days in FY26, Net Working Capital days 4
Page 5
5 Key Operational Highlights H1 FY27 Same Stores Sales Growth (SSG) stood at ~(3.7%) for H1FY27 Same Stores Sales Growth 427 Stores at the end of H1FY27 (Opened 106 & Closed 4) Total Retail Area ~46.3 lakh sq.ft. Store Count & Retail Area ABV was ₹ 917 in H1FY27 as compared to ₹ 900 in H1FY26. Average Bill Value Volume growth for H1FY27 stood at 43% (Y-o-Y). Volume Growth Sales per square feet (PSF) per month was ₹ 785 in H1FY27 as compared to ₹ 948 in H1FY26 Sales Per Square Feet ASP was ₹ 307 in H1FY27 as compared to ₹ 309 in H1FY26. Average Selling Price Men’s Wear 41%, Ladies Wear 29% Kids Wear 22% & LifeStyle 8% Revenue Mix MRP Sales at 91% in H1FY27 as compared to 92% in H1FY26. Full Price Sales Contribution NWC days increased to 88 days as compared to 81 days in FY26, Net Working Capital days 5
Page 6
6 66
Page 7
7 Creditors (Days of Sales) Net Working Capital (Days of Sales) Operational Parameters (Consolidated) 7 Inventory (Days of Sales) Return on Equity (ROE) Inventory Breakup (₹ PSF ) 3,125 2,885 3,226 2,596
Page 8
8 281 198 566 384 Q2 FY27 Q2 FY26 H1FY27 H1FY26 42% 47% 33% 31.1% 28.0% 29.8% 28.7% 906 709 1,903 1,341 Q2 FY27 Q2 FY26 H1FY27 H1FY26 28% 42% Revenue (₹ Cr) EBIDTA (₹ Cr) PAT (₹ Cr) Gross Profit (₹ Cr) Q2 & H1 FY27 Financial Highlights (Consolidated) 8 120 85 260 173 Q2 FY27 Q2 FY26 H1FY27 H1FY26 17.4%12.1% 13.3% 13.6% 12.9% 41% 50% 18 17 60 42 Q2 FY27 Q2 FY26 H1FY27 H1FY26 (20.1)% (11.1)% 6% 43%
Page 9
9 Q2 & H1FY27 Profit & Loss - Consolidated 9 Particulars (₹ Cr) Q2 FY27 Q2 FY26 Y-O-Y % Change Q1 FY27 H1FY27 H1FY26 Y-O-Y % Change FY26 Revenue from Operations 905.6 708.6 28% 997.2 1,902.8 1,340.9 42% 3,067.1 Cost of Material Consumed 624.3 510.5 712.2 1,336.4 956.5 2,139.9 COGS 624.3 510.5 712.2 1,336.4 956.5 2,139.9 Gross Profit 281.3 198.2 42% 285.0 566.4 384.4 47% 927.1 GP Margin % 31.1% 28.0% 28.6% 29.8% 28.7% 30.2% Employee Expenses 89.2 57.5 80.3 169.5 110.1 243.8 Other Expenses 71.9 55.2 65.3 137.2 101.6 227.9 EBIDTA 120.3 85.4 41% 139.5 259.7 172.7 50% 455.5 EBIDTA Margin % 13.3% 12.1% 14.0% 13.6% 12.9% 14.9% Other Income 2.5 1.1 1.0 3.5 2.0 10.4 Depreciation & Amortisation 68.3 37.6 63.9 132.2 69.7 182.2 Finance Cost 29.7 28.0 25.0 54.6 50.8 96.7 Profit before Tax & Exceptional Items 24.8 20.9 18% 51.6 76.4 54.2 41% 186.9 Exceptional Gain /(loss) - - - - - 27.7 Profit before Tax 24.8 20.9 18% 51.6 76.4 54.2 41% 214.6 PBT Margin % 2.7% 3.0% 5.2% 4.0% 4.0% 7.0% Tax 6.6 3.7 9.7 16.3 12.3 52.5 PAT 18.2 17.2 6% 41.9 60.1 41.9 43% 162.1 PAT Margin % 2.0% 2.4% 4.2% 3.2% 3.1% 5.3%
Page 10
10 Q2 & H1 FY27 Profit & Loss – Consol. (Pre Ind As) 10 Particulars (₹ Cr) Q2 FY27 Q2 FY26 Y-O-Y % Change Q1 FY27 H1FY27 H1FY26 Y-O-Y % Change FY26 Revenue from Operations 905.6 708.6 28% 997.2 1,902.8 1,340.9 42% 3,067.1 Cost of Material Consumed 624.3 508.9 712.2 1,336.4 953.9 2,136.7 Direct Expenses - 1.6 - - 2.6 3.1 COGS 624.3 510.5 712.2 1,336.4 956.6 2,139.8 Gross Profit 281.3 198.2 42% 285.0 566.4 384.3 47% 927.2 GP Margin % 31.1% 28.0% 28.6% 29.8% 28.7% 30.2% Employee Expenses 89.4 58.6 81.1 170.5 111.8 244.2 Other Expenses 138.6 95.1 124.5 263.0 175.5 405.7 EBIDTA 53.4 44.4 20% 79.4 132.8 96.9 37% 277.4 EBIDTA Margin % 5.9% 6.3% 8.0% 7.0% 7.2% 9.0% Other Income 1.5 0.2 0.0 1.5 0.3 5.6 Depreciation & Amortisation 16.0 10.7 14.4 30.4 20.3 48.4 Finance Cost 8.1 4.9 5.2 13.4 8.8 19.9 Profit before Tax 30.8 29.0 6% 59.9 90.6 68.2 33% 214.6 PBT Margin % 3.4% 4.1% 6.0% 4.8% 5.1% 7.0% Tax 6.6 3.7 9.7 16.3 12.3 52.5 PAT 24.2 25.3 -4% 50.2 74.3 55.8 33% 162.1 PAT Margin % 2.7% 3.6% 5.0% 3.9% 4.2% 5.3%
Page 11
11 Balance Sheet – Consolidated 11 Particulars (₹ in Cr) H1FY27 FY2026 Particulars (₹ in Cr) H1FY27 FY2026 ASSETS EQUITY AND LIABILITIES Non-current assets Equity Property, plant and equipment 413.6 309.7 Equity share capital 36.5 36.5 Capital Work in Progress 53.5 36.0 Other equity 925.2 865.9 Right to use Assets 752.3 657.5 Total - Equity 961.6 902.3 Other intangible assets 1.0 1.2 Other Financial assets 56.6 34.2 LIABILITIES Non-current liabilities Financial liabilities Deferred tax assets (net) 36.9 33.1 Borrowings 45.6 24.1 Non-Current tax assets (net) 0.0 0.0 Lease Liability 624.4 569.5 Other non-current assets 22.7 30.5 Provisions 14.5 12.3 Total - Non-Current Assets 1,336.6 1,102.2 Total Non-Current Liabilities 684.6 605.9 Current assets Current liabilities Inventories 1,447.8 1,141.8 Borrowings 483.3 229.8 Financial assets Lease Liability 225.4 171.2 Cash and cash equivalents 8.4 5.9 Trade payables 573.0 463.3 Bank balances other than cash & cash equivalents - 0.7 Other financial liabilities 48.5 27.9 Other financial assets 8.5 12.7 Provisions 6.3 5.2 Trade Receivables 0.3 1.6 Other current liabilities 35.7 16.6 Other current assets 216.6 157.4 Total - Current Assets 1,681.6 1,320.1 Total - Current liabilities 1,372.1 913.9 TOTAL - ASSETS 3,018.3 2,422.2 TOTAL - EQUITY AND LIABILITIES 3,018.3 2,422.2
Page 12
12 Cash Flow – Consolidated 12 Particulars (₹ in Cr) H1FY27 H1FY26 FY2026 PBT 76.4 54.2 214.6 Adjustments 203.0 134.5 284.0 Operating profit before working capital changes 279.3 188.8 498.6 Changes in working capital (261.4) (79.0) (549.3) Cash generated from operations 18.0 109.8 (50.7) Direct taxes paid (net of refund) (0.0) (0.1) (52.7) Net Cash from Operating Activities 18.0 109.8 (103.4) Net Cash from Investing Activities (150.9) (77.2) (218.7) Net Cash from Financing Activities 135.3 (27.2) 319.0 Net Change in cash and cash equivalents 2.4 5.3 (3.1) Opening Cash Balance 5.9 9.0 9.0 Closing Cash Balance 8.4 14.3 5.9
Page 13
13 Media & Promotion Campaigns 13
Page 14
14 Media & Promotion Campaigns 14
Page 15
15 Media & Promotion Campaigns 15
Page 16
16 Select New Stores Opening 16
Page 17
17 Select New Stores Opening 17
Page 19
19 About V2 Retail 19 Our mission is to democratize fashion by offering high-quality, trendy apparel at affordable prices to value conscious consumers across all tiers of cities Established in 2001 under the visionary leadership of Mr. Ram Chandra Agarwal, V2 Retail Limited was founded with the mission to offer quality merchandise to the masses at affordable prices Overview The company became publicly listed in 2007. In 2011, the 'Vishal' brand was sold due to operational losses, and the company was subsequently renamed V2 Retail Limited Evolution Story Primarily operates in Tier-II and Tier-III cities, running a chain of 'V2 Retail' stores that offer apparel and general merchandise for the entire family. Area of Operation Our motto 'Value & Variety' comes to life through a wide-ranging product portfolio that delivers exceptional quality and affordability—across every store, for every customer Value & Variety V2 Retail proudly serves India’s growing ‘neo middle class’ and ‘middle class’ population delivering unbeatable value with monthly sales of ₹ 785 per square feet in H1FY27 & ₹ 925 in FY26 Operational Excellence With a strong nationwide footprint, V2 Retail currently operates 427 stores across 26 states and 1 Union Territory, covering an expansive retail space of approximately 46.3 lac Sq. Ft. Stores Network
Page 20
20 Revenue Mix & Growth Drivers 20 The key factors driving apparel business Revenue Mix (%) Occasions Drive Purchases Festivals | Weddings | Social Functions Brand Recall Price| Quality of make| Quality & Type of Fabrics| Durability| Comfort| Fit Emotional Needs New Seasons| New Trends| Fun times| Feels likes it Functional Needs Discount| Offers| Sale| Replace Old Clothes | Fashion 37% 37% 37% 40% 41% 25% 25% 26% 27% 28% 27% 27% 26% 25% 24% 12% 12% 12% 8% 7% FY22 FY23 FY24 FY25 FY26 Men's Ladies Kids Lifestyle Boy, Girls, Infants, Winter Wear Kids Ethnic wear, Upper, Lower, Occasion Wear, Winter Wear, Sportswear Ladies Lifestyle products like Deodorants, wallets, sunglasses, ladies purse, etc. Lifestyle Upper, Lower, Occasion Wear, Winter Wear, Sportswear, Formal, Casual Men’s
Page 21
21 Product Design to Customer Delight at Retail Stores 21 Product Development • In House Product development Team of 25 designers • Creating unique & trend setting designs • Greater control over our product portfolio 21 Job Work Warehouse & Logistic Product Design Supply Chain Retail Presence Dedicated Job workers for own designed products Helps in maintaining quality & Inventory Management Mix of own designed products as well as procure high quality products at a value Helps in Quality Control & Inventory Management Centralized warehouse & distribution center at Gurgaon Own fleet of vehicles refill the inventory at stores once a week In House Product development Team of 60 including designers Creating unique & trend setting designs Greater control over our product portfolio 427 Stores in more than 340 cities and 27 states Retail Area of ~ 46.3 lakh Sq.Ft. Ensuring a seamless process that delivers superior products and creates happy, satisfied customers
Page 22
22 Store Experience 22
Page 23
23 Store Experience 23 23
Page 24
24 Store Experience 24 24
Page 25
25 Board of Directors • Mr. Agarwal holds a bachelor’s degree in Commerce. • Has a vast experience of ~ 30 years of entrepreneurial and business • He has been a member of the Board of Directors since inception. • He provides strategic direction to the Company and is the driving force behind the establishment and growth of the Company. • He is the pioneer in value retailing and brought this concept in India. • He was conferred several awards at different forums such as Ernst & Young Entrepreneur of the year award in 2008 and 4Ps Power Brand Award in 2007. Ms. Uma Agarwal, Whole Time Director • Mrs. Agarwal holds a bachelor’s degree in Arts. • Has a vast experience of ~ 15 years in the retail industry. • Has been a member of the Board of Directors since inception. • She oversees the marketing strategies of the Company. Mr. Akash Agarwal, Whole Time Director • Mr. Akash Agarwal holds an International MBA from IE University Spain and a Bachelor’s degree in Business Administration (BBA) from Lancaster University (UK) • He has more than 10 years of experience in the Retail Industry. • He looks after E-Commerce, Procurement and Finance. Mr. Ram Chandra Agarwal, Chairman & Managing Director 25
Page 26
26 Independent Directors • He has over 35 Years of extensive experience in working with various retail companies. • He is having a vast experience the field of Marketing, Product Development, Business Development, Strategic Planning and Administration. • A Chartered Accountant in practice with more than 14 years of experience, having expertise in GST, Income Tax, International Tax & Corporate Audits. • She served as Financial Advisor to the autonomous body M/s National Institute of Solar Energy, under Ministry of New & Renewable Energy. She has also worked with various MNC’s as Management Consultant, Service tax Consultant & Direct Tax advisor. • She was appointed as GST Faculty by ICAI for GST knowledge sharing across India. Dr. Arun Kumar Roopanwal Independent Director Mrs. Archana S Yadav Independent Director • Post-Graduate Program in Business Management from IIM, Kozhikode. • He has financial expertise and extensive experience in Strategy Planning, Improving Shareholders Wealth, and Financial Journalism. • He authored Investor Relations book, published by ICFAI. Host IR Awards annually at BSE with Entities Like Bloomberg, BNY Mellon, KPMG, IR Magazine. Launched certification in Investor Relations in Association with BSE Institute. Mr. Srinivas Anand Mannava Independent Director 26
Page 28
28 Consolidated Profit & Loss 28 Particulars (₹ in Cr) FY2022 FY2023 FY2024 FY2025 FY2026 Revenue from Operations 629 839 1,165 1,884 3,067 Growth (%) 17% 33% 39% 62% 63% Gross Profit 202 260 346 551 927 GP Margin (%) 32% 31% 30% 29% 30% EBIDTA 65 84 148 258 455 EBIDTA Margin (%) 10% 10% 13% 14% 15% Other Income 16 7 7 7 10 Depreciation 59 67 77 99 182 Finance Cost 37 41 47 68 97 Profit before Tax & Exceptional Items (15) (17) 31 98 187 Exceptional Gain /(loss) - - - - 28 Profit before Tax (15) (17) 31 98 215 PBT Margin (%) -2% -2% 3% 5% 7% PAT (12) (13) 28 72 162 PAT Margin (%) -2% -2% 2% 4% 5% Total Comprehensive Income (12) (13) 28 72 162
Page 29
29 Consolidated Profit & Loss (Pre IND AS) 29 Particulars (₹ Cr) FY2022 FY2023 FY2024 FY2025 FY2026 Revenue from Operations 629 839 1,165 1,884 3,067 Growth (%) 17% 33% 39% 62% 63% Gross Profit 202 258 344 549 927 GP Margin % 32% 31% 30% 29% 30% EBIDTA 9 14 68 151 277 EBIDTA Margin % 2% 2% 6% 8% 9% Other Income 2 2 3 4 6 Depreciation & Amortisation 18 20 23 28 48 Finance Cost 5 5 7 14 20 Profit before Tax (12) (9) 41 113 215 PBT Margin % -2% -1% 4% 6% 7% PAT (9) (5) 38 87 162 PAT Margin % -1% -1% 3% 5% 5%
Page 30
30 Consolidated Balance Sheet 30 Particulars (₹ in Cr) FY2026 FY2025 FY2024 Particulars (₹ in Cr) FY2026 FY2025 FY2024 ASSETS EQUITY AND LIABILITIES Non-current assets Equity Property, plant and equipment 310 210 116 Equity share capital 36 35 35 Capital Work in Progress 36 4 0 Other equity 866 312 240 Right to use Assets 658 652 362 Total - Equity 902 346 275 Other intangible assets 1 1 2 Financial assets - - LIABILITIES Loans - 1 - Non-current liabilities Other financial assets 34 15 11 Financial liabilities Deferred tax assets (net) 33 31 28 Borrowings 24 19 16 Non-Current tax assets (net) 0 0 1 Lease Liability 570 674 389 Other non-current assets 30 27 21 Provisions 12 8 6 Total - Non-Current Assets 1,102 942 541 Total Non-Current Liabilities 606 701 411 Current assets Current liabilities Inventories 1,142 558 419 Borrowings 230 118 74 Financial assets Lease Liability 171 60 46 Cash and cash equivalents 6 9 9 Trade payables 463 325 194 Bank balances other than cash & cash equivalents 1 0 0 Other financial liabilities 28 34 20 Other financial assets 13 10 6 Provisions 5 4 3 Trade Receivables 2 0 0 Other current liabilities 17 10 4 Other current assets 157 79 52 Total - Current Assets 1,320 657 486 Total - Current liabilities 914 551 341 TOTAL - ASSETS 2,422 1,599 1,027 TOTAL - EQUITY AND LIABILITIES 2,422 1,599 1,027
Page 31
31 Consolidated Cash Flow Statement 31 Particulars (₹ in Cr) FY2026 FY2025 FY2024 PBT 215 98 31 Adjustments 284 157 136 Operating profit before working capital changes 499 256 168 Changes in working capital (549) (29) (74) Cash generated from operations (51) 226 94 Direct taxes paid (net of refund) (53) (25) (1) Net Cash from Operating Activities (103) 201 93 Net Cash from Investing Activities (219) (130) (39) Net Cash from Financing Activities 319 (71) (50) Net Change in cash and cash equivalents (3) (0) 5 Opening Cash Balance 9 9 5 Closing Cash Balance 6 9 9
Page 32
32 Robust Financial Performance (Consolidated) Revenue (₹ Cr) PBT (₹ Cr) PAT (₹ Cr) EBIDTA (₹ Cr) & EBIDTA Margin 32
Page 33
33 Key Operating Matrix - Consolidated 33 Store Count Sales Per Sq. Ft. (₹ Per Month) Rent Per Sq. Ft. (₹ Per Month) Retail Space (lakh sq.ft.) 33
Page 34
34 Creditors (Days of Sales) Net Working Capital (Days of Sales) Operational Parameters (Consolidated) 34 Inventory (Days of Sales) Return on Equity (ROE)
Page 35
35 Disclaimer 35 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 shall not form the basis or be relied on in connection with any contract or binding commitment whatsoever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company. This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded. This presentation contains certain forward looking statements concerning the Company’s future business prospects and business profitability, which are subject to a number of risks and uncertainties and the actual results could materially differ from those in such forward looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, competition (both domestic and international), economic growth in India and abroad, ability to attract and retain highly skilled professionals, time and cost over runs on contracts, our ability to manage our international operations, government policies and actions regulations, interest and other fiscal costs generally prevailing in the economy. The Company does not undertake to make any announcement in case any of these forward looking statements become materially incorrect in future or update any forward looking statements made from time to time by or on behalf of the Company.