V2 Retail discloses FY26 shareholding pattern, pledges shares

V2 Retail Limited disclosed its shareholding pattern for the financial year ended March 31, 2026, reporting total promoter and promoter group holdings of 18,75,48,900 shares. The disclosure was submitted to the stock exchanges on April 5, 2026, in compliance with Regulation 31(4) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

The filing details the shareholding of key individuals and entities within the promoter group. Ram Chandra Agarwal, a Promoter, holds 1,88,39,620 shares, while Uma Agarwal holds 14,40,000 shares. Among the promoter group, Akash Agarwal holds 1,63,87,790 shares, and Ricon Commodities Pvt. Ltd. holds the largest stake at 12,86,27,100 shares.

Shareholding Details

The following table outlines the shareholding distribution among the promoters and the promoter group as of March 31, 2026:

Name	Category	Shareholding (No. of shares)
Ram Chandra Agarwal	Promoter	1,88,39,620
Uma Agarwal	Promoter	14,40,000
Akash Agarwal	Promoter group	1,63,87,790
Shreya Agarwal	Promoter group	46,810
Ricon Commodities Pvt. Ltd.	Promoter group	12,86,27,100
Vishal Waterworld Pvt. Ltd.	Promoter group	1,43,31,760
Ram Chandra Agarwal - HUF	Promoter group	15,50,000
V2 Conglomerate Limited	Promoter group	63,25,820
Total		18,75,48,900

Share Pledge Disclosure

The disclosure also revealed that Ricon Commodities Private Limited, part of the promoter group, has pledged 33,50,000 equity shares in favor of Infina Finance (P) Ltd. as of the financial year ended March 31, 2026. This pledge is a material disclosure required under the aforementioned SEBI regulations.

The filing was signed by Ram Chandra Agarwal, Promoter of V2 Retail Limited, on behalf of the promoters, promoter group, and Persons Acting in Concert (PAC). A copy of the disclosure has been forwarded to the Audit Committee for their records.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-2.67%	+0.22%	-0.50%	+0.03%	+24.55%	+1,775.28%

V2 Retail reported a 60% year-on-year revenue growth to ₹797 crores for the quarter ended March 31, 2026 (Q4FY26). The company’s EBITDA for the quarter stood at ₹109 crores, an 89% increase from the corresponding period last year, with margins expanding to 13.7%. Profit after tax (PAT) for the quarter reached a record ₹17.5 crores compared to ₹6.4 crores in the previous year. The financial results were disclosed under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

For the full financial year FY26, revenue grew 63% to ₹3,067 crores. EBITDA for the year increased 77% to ₹455 crores, while PAT rose 125% to ₹162 crores. The company’s return on equity (ROE) improved to 26% from 23.2% in FY25. The management attributed the performance to analytics-driven merchandising, supply chain responsiveness, and operational discipline.

Operational Highlights

During FY26, V2 Retail focused on expanding its geographic coverage, particularly in rural markets and Tier-2 and Tier-3 cities. The company added a net of 136 stores, bringing its total store count to 325 with approximately 3.5 million square feet of retail space. Same-store sales growth (SSSG) for Q4FY26 was 7.74%, while full-year SSSG stood at approximately 8.6%. The company guided for a store addition of 170-200 in FY27.

Metric	Q4FY26	YoY Growth
Revenue	₹797 crores	60%
EBITDA	₹109 crores	89%
EBITDA Margin	13.7%	-
PAT	₹17.5 crores	-

Strategic Updates

The management confirmed that the company has shifted focus entirely to the retail business, moving away from in-house manufacturing operations. To mitigate geopolitical tensions and supply chain disruptions, the company increased its safety stock in March, resulting in higher inventory levels. The target is to maintain inventory at 90-100 days and creditors at 45 days. Additionally, the company resolved an earlier audit qualification by writing off assets with a carrying value of ₹5.77 crores following physical verification.

Looking ahead, the company aims to sustain its momentum with a target of at least 50% revenue growth over the next two years. The management emphasized that price increases of 3%-4% due to rising raw material costs would be passed on to customers to maintain gross margins between 28%-30%. The transcript of the earnings call conducted on May 29, 2026, has been uploaded to the company’s website.