V2 Retail Limited — Investor Meet, 31-05-2025: Analysts/Institutional Investor Meet/Con. Call Updates

V2 Retail posted a record FY25 with revenue up 62% to ₹1884.5 Cr, PAT rising 159% to ₹72 Cr, and EBITDA up 74% to ₹257.8 Cr (13.7% margin). Same store sales grew 29%, with 207 stores now, adding 74 last year. Private label sales are 85%, aiming to increase in-house design share to 60%-80% by 2026-27 to boost margins. Inventory over one year fell to 5%, maintaining ~90 days stock.

FY26 guidance targets 45%-50% revenue growth, 8%-10% same store sales growth, and 8%-9% EBITDA margin (pre-IndAS), with 100 store openings focused on key provinces. New stores start at 25%-30% below mature ones but mature in 2-3 years. CAPEX per store is ₹1.1 Cr (₹2.2 Cr including inventory) with a 4-year payback. Expansion is funded internally, with potential equity raise if growth accelerates.

Management prioritizes profitability over store count, highlighting strong unit economics, a 70% repeat customer base in mature stores, lower rental costs, and improved inventory turns. V2 remains focused on value-segment fashion with no near-term premium plans. Sentiment is confident, anchored in leadership in aspirational small-town India and disciplined capital allocation.