V2 Retail reported standalone revenue of ₹905 crore for the second quarter of fiscal year 2027, reflecting a 28.4% year-on-year increase from ₹705 crore in the corresponding period last year.

The growth was primarily supported by continued store network expansion, with the company opening 49 new stores during the quarter. This expansion strategy helped offset the impact of a calendar shift, as the Navratri and Durga Puja festivals moved from Q2 this year to Q3.

Network expansion and productivity metrics

The retailer expanded its footprint to approximately 46.28 lakh sq. ft. across 427 stores as of September 30, 2026. The focus remained on Tier 2 and Tier 3 consumption markets to deepen reach in India's growth corridors.

Store productivity metrics reflected the timing of the festive season and the ramp-up phase of new outlets:

• Monthly sales per square foot (PSF) stood at ₹700 in Q2FY27.
• Same-store sales growth (SSSG) was 0.5% on a festival-normalised basis.
• On a calendar basis, SSSG declined by 14.9%, largely due to the absence of the festive season which occurred in Q2FY26.

Strategic updates and ratings

In August 2026, India Ratings upgraded the company's long-term rating to IND A / Positive from IND A- / Stable, citing a strengthened financial profile. Additionally, V2 Retail soft-launched its e-commerce platform, V2Kart, in September 2026 in Delhi NCR and Lucknow, fulfilling orders directly from stores to enhance its omni-channel capabilities.

What the numbers show

A divergence between headline revenue growth and same-store sales highlights the company's current growth model. While total revenue rose significantly due to new store additions, the flat SSSG on a normalised basis indicates that organic growth per existing unit remains stable rather than accelerating. The significant drop in calendar-basis SSSG is entirely attributable to the festive shift, underscoring the necessity of normalising data for seasonal distortions in retail analysis.

The standalone revenue figures are subject to limited review by the statutory auditors. The information was intimated under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

V2 Retail Limited has postponed the proposed inter-se transfer of 70,00,000 equity shares by Akash Agarwal from Ram Chandra Agarwal. The transaction, originally intended as a gift between promoters, could not be completed due to technical issues and the ongoing trading window closure.

The company filed an intimation with the stock exchanges on October 1, 2026, referencing a prior submission dated September 23, 2026. The transfer was planned under Regulation 10(1)(a) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The process encountered technical hurdles during execution, preventing immediate completion.

Regulatory constraints halt process

Subsequent to the initial technical failure, the transfer could not be processed because the Permanent Account Number (PAN) was frozen during the trading window closure period. This period commenced on October 1, 2026, and will remain in effect until November 14, 2026, or 48 hours after the declaration of unaudited financial results for the quarter and half year ended September 30, 2026, whichever is applicable.

This restriction is in accordance with the Company's Code of Conduct for Prevention of Insider Trading. Consequently, the proposed transfer is deferred for the time being and will not proceed at this stage.

Future plans for transfer

The transferor and transferee intend to undertake the inter-se transfer at a later date. This future action remains subject to the completion of necessary procedural and regulatory requirements. The company stated that fresh intimations will be made to the stock exchanges following the same process and route prior to undertaking the proposed transfer in the future.