V2 Retail reported a 28.4% year-on-year increase in standalone revenue to ₹905 crore in Q2 FY27, compared with ₹705 crore in the year-ago quarter, as continued store expansion supported growth.
The value-fashion retailer, in a quarterly business update, said same-store sales remained broadly stable on a festival-normalised basis, although the reported calendar-based comparison was affected by the shift of Navratri and Durga Puja from Q2 last year to Q3 this year.
Festival timing impacts same-store sales
V2 Retail’s festival-normalised same-store sales growth (SSSG) stood at 0.5% in Q2 FY27, indicating broadly stable underlying performance after adjusting for the change in the festive calendar.
On a calendar basis, SSSG was -14.9%. The company said the decline was primarily influenced by the fact that Q2 FY26 included the Navratri and Durga Puja shopping period, whereas the festivals fall in October 2026, in Q3 FY27.
The company expects the festive season to provide an opportunity to capture higher consumer demand in the current quarter.
Store network expands to 427 outlets
V2 Retail continued its network expansion during the quarter, opening 49 new stores and closing three. This took the number of new stores opened during the first half of FY27 to 106.
As of September 30, 2026, the retailer had 427 stores with a total retail footprint of approximately 46.28 lakh sq. ft.
The company said its expansion remained focused on Tier 2 and Tier 3 consumption markets, where it sees potential for affordable fashion and deeper penetration across India’s growth corridors.
Of the 427 stores, 106 were opened during H1 FY27, meaning nearly one-fourth of the current network was added during the first half of the financial year.
Store productivity reflects network ramp-up
Monthly sales per square foot stood at ₹700 in Q2 FY27.
V2 Retail said store productivity was influenced by the absence of the Navratri and Durga Puja shopping period from the quarter and the relatively large proportion of recently opened stores that are still in the ramp-up phase.
The company said the performance reflects the natural ramp-up cycle associated with new stores while highlighting the scalability of its expanding retail footprint.
Credit rating upgraded
V2 Retail also received a rating upgrade from India Ratings, which raised the company’s long-term rating to IND A / Positive from IND A- / Stable in August 2026.
The company said the upgrade reflected a strengthened financial profile and improved outlook.
V2Kart enters e-commerce
V2 Retail has also taken its first steps towards an omni-channel retail model with the soft launch of V2Kart e-commerce in September 2026.
The platform was initially launched in Delhi NCR and Lucknow, with customer orders being fulfilled directly from stores. The company said the initiative marks an important step in expanding its digital retail capabilities and integrating its physical store network with e-commerce.
With the festive season falling in Q3 FY27, V2 Retail said it is positioned to capture the expected demand uplift while continuing its store-led expansion strategy.