V2 Retail delivered exceptional financial performance in Q3 FY26, showcasing the strength and scalability of its value-fashion retail model. The company's robust growth trajectory continued with impressive revenue expansion and strong same store sales performance.

Financial Performance Highlights

The company's standalone revenue performance demonstrated remarkable growth momentum during the quarter:

The 57% year-on-year revenue growth was achieved on an already high base from FY25, highlighting the company's ability to maintain strong expansion momentum. This sustained high-double-digit revenue growth underscores the effectiveness of V2 Retail's business strategy and market positioning.

Same Store Sales Growth Analysis

The company's same store sales growth (SSSG) performance reflected both seasonal factors and underlying business strength. V2 Retail achieved a normalized SSSG of 12.8% when adjusted for the Durga Puja festival shift from Q3 to Q2 FY26. This adjustment provides a clearer picture of the company's operational performance by accounting for the timing differences in the festive season.

The cumulative performance metrics for the combined Q2 and Q3 FY26 period showed:

Business Model Scalability

The financial results demonstrate the scalability of V2 Retail's value-fashion model, with the company successfully maintaining growth momentum despite operating from a high base. The sustained performance indicates strong consumer acceptance of the company's product offerings and effective execution of its retail strategy.

The reported SSSG of 2% year-on-year, while lower than the normalized figure, still represents positive growth when considering the impact of festive season timing shifts. The significant difference between reported and normalized SSSG highlights the importance of seasonal factors in retail performance evaluation.

V2 Retail has delivered impressive Q3FY26 results, demonstrating the strength of its value-fashion retail model and aggressive expansion strategy. The company reported standalone revenue of ₹927.00 crores for Q3FY26, marking a substantial 57% year-on-year growth from ₹591.00 crores in Q3FY25, showcasing sustained high-double-digit growth on an already elevated base.

Financial Performance Highlights

The company's financial metrics for Q3FY26 reflect strong operational execution across multiple parameters:

The company achieved a normalized same store sales growth of 12.80%, adjusted for the Durga Puja festival shift from Q3 to Q2FY26. The cumulative SSSG for Q2 and Q3FY26 stood at 10.40%, with cumulative sales growth of 68% during this period. The reported same-store sales growth was 2.00% on a year-on-year basis, indicating stable performance from existing stores despite challenging consumption environment in parts of the retail sector.

Aggressive Store Expansion Strategy

V2 Retail's expansion momentum remained robust during Q3FY26, with the company successfully adding 35 new stores during the quarter. This strategic expansion focused primarily on consumption-driven demand in Tier 2 and Tier 3 cities, strengthening the company's presence in high-growth markets including Maharashtra, Punjab, Rajasthan, and South India.

The monthly sales per square feet reached ₹1,032.00 during Q3FY26, indicating faster ramp-up and improving productivity of recent store additions across the expanded network. The expansion was primarily targeted at Tier 2 and Tier 3 cities, in line with the company's strategy to tap consumption-driven demand in smaller towns and emerging urban centres.

Nine-Month Performance Overview

The nine-month period ended December 31, 2025 reinforced the company's strong growth trajectory and operational efficiency:

The company added a net 105 new stores with only one closure during the nine-month period, demonstrating the success of its site selection and market entry strategies across diverse geographic markets.

Market Performance and Operational Excellence

V2 Retail's performance was supported by data-led assortment curation and high sell-through rates, enabling the company to maintain healthy margins with minimal markdowns. The optimized inventory management resulted in faster churn and reduced aged stock, ensuring store shelves remained aligned with prevailing seasonal trends.

The encouraging performance of new stores in non-core territories including Maharashtra, Punjab, Rajasthan, and South India has strengthened management confidence in maintaining an aggressive expansion trajectory. This geographic diversification validates the portability of the company's "Value and Variety" model across different markets and consumer segments, positioning the retailer for sustained growth in high-potential Tier 2 and Tier 3 markets.