Fashion retail chain V2 Retail delivered a 57% year-on-year revenue growth in Q3 FY2026, significantly outperforming the broader value fashion market despite operating on a high base. This performance shows the scalability, resilience and execution strength of the company’s operating model, supported by disciplined cost structures and efficient capital deployment.
The company’s continued investments in analytics-driven merchandising, agile supply chains and operational discipline have enhanced its ability to scale efficiently across India’s value fashion segment. Consistent customer traction across categories highlights the strength of V2’s price-value positioning, frequent product refresh cycles and trend-appropriate assortments. Competitive pricing and quality-led sourcing continue to drive healthy store productivity and repeat customer engagement.
V2 Retail’s expansion during FY2026 has been anchored in cluster-based growth, with a strategic focus on Tier-II, Tier-III and select rural markets. This approach enables rapid scale-up while ensuring localised assortments, strong store-level execution and faster breakeven cycles.
The company has done 105 net store additions during 9M FY2026, out of which 35 new stores opened in Q3 FY2026. Total footprint: 294 stores across 31.9 lakh sq. ft and plans to make entry into seven new states during the year.
Approximately 60–70% of new stores are being added in existing high-performing clusters, while 30–40% are being selectively deployed in newer geographies that have demonstrated strong early performance. States such as Karnataka and West Bengal have emerged as scalable growth markets, validating the company’s disciplined, performance-led expansion framework.
A strong merchandising and inventory management team continues to focus on efficient inventory deployment, faster replenishment cycles and reduced working capital intensity. This supports margin stability while enabling growth across categories and geographies.
During the quarter, V2 Retail raised ₹400 crore through a Qualified Institutional Placement (QIP), backed by marquee institutional investors. The capital infusion further strengthens the balance sheet, enhances growth flexibility and supports future store expansion.
The company also completed a comprehensive physical verification of property, plant and equipment, leading to a ₹5.06 crore asset write-off and full resolution of the earlier audit qualification. This marks a key step in strengthening governance and financial reporting processes. To enhance transparency, V2 Retail continues to disclose pre-IndAS financials, offering investors clearer visibility into underlying operational performance.