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10 Yrs X-Ray 
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Analyst Note 
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About
V2 Retail Ltd (V2RETAIL)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 532867 NSE: V2RETAIL Retailing | Small Cap | V2 Retail Share Price
₹210.45 1.75 (0.84%)
As on 17-Sep'26 16:59
V2 Retail Ltd (V2RETAIL)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 532867 NSE: V2RETAIL Retailing | Small Cap | V2 Retail Share Price
₹210.45 1.75 (0.84%)
As on 17-Sep'26 16:59
Key Metrics
Valuation Multiples
Market Cap
₹7,610 Cr.
Current Price
₹210.5
52-Week Low / High
₹166 / 259
TTM EPS
₹4.9
TTM Sales
₹3,432 Cr.
Book Value per Share
₹25.9
P/E Ratio
42.60
Lower than its 5-year historical median
Industry PE
62.4
Price to Book (P/B)
8.06
Higher than its 5-year historical median
Price to Sales (P/S)
2.22
Higher than its 5-year historical median
EV/EBITDA
15.16
Higher than its 5-year historical median
Dividend Yield
0%
Profitability Efficiency
Return on Equity (ROE)
25.96%
Outperforms industry median
Return on Capital Employed (ROCE)
38.43%
Outperforms industry median
Return on Assets (ROA)
8.04%
Operating Profit Margin
15.4%
Net Profit Margin
5.28%
Gross Profit Margin
12%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
62.38%
Operating Profit Growth (1 Year)
Improving versus 3-year growth rate
76.8%
Net Profit Growth (1 Year)
-
124.99%
Asset Quality
Promoter Holding
51.43%
Pledged shares (%) of Promoter's holding (%)
1.79%
Reserves
₹908 Cr.
Equity
₹36.5 Cr.
Face Value
₹1
All Time Low / High
₹0.62 / 259.45
Check Before You Invest
Quality
Somewhat GoodValuation
Somewhat OvervaluedCheck Valuation charts
Price Trend
Semi Strong
Is V2 Retail Ltd a good quality company?
V2 Retail Ltd is a average quality company, based on a somewhat consistent multi-year financial track record.
This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.
We have analysed the performance of the company on the following:
-
How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
-
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
-
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.
How does V2 Retail Ltd performance compare with that of its Peers?
Revenue growth of V2 Retail Ltd vs industry peers?
V2 Retail Ltd revenue CAGR is 41.61%, compared to the industry median CAGR of 0%, indicating faster growth and gaining its market share.
Promoter shareholding and pledge status of V2 Retail Ltd?
Promoters hold 51.43% of the V2 Retail Ltd, with 1.79% of their stake pledged, indicating low pledge risk.
Stock return of V2 Retail Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 35.9% based on the current price.
10 Year X-Ray :
Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
V2 Retail Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good
Value Creation ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 22% | 22.1% | 6.3% | 14.1% | 5.9% | 7% | 7.5% | 24.2% | 39.9% | 38.7% | - |
| Value Creation Index ⓘ | 0.6 | 0.6 | -0.6 | 0 | -0.6 | -0.5 | -0.5 | 0.7 | 2.0 | 1.9 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 472 | 559 | 748 | 701 | 539 | 629 | 839 | 1,165 | 1,885 | 3,060 | 3,428 |
| Sales YoY Gr. | - | 18.5% | 33.8% | -6.3% | -23.2% | 16.8% | 33.3% | 38.8% | 61.8% | 62.4% | - |
| Adj EPS ⓘ | 1.1 | 0.9 | 1 | 0 | -0.3 | -0.4 | -0.4 | 0.8 | 2.1 | 4.2 | 4.9 |
| YoY Gr. | - | -15.7% | 13.2% | -96.1% | -900% | NA | NA | NA | 159.5% | 106.3% | - |
| BVPS (₹) ⓘ | 5 | 8 | 8.6 | 8.2 | 7.9 | 7.5 | 7.1 | 7.9 | 10 | 24.8 | 25.9 |
| Adj Net Profit ⓘ | 33.3 | 30.9 | 35.1 | 1.4 | -11 | -13.3 | -14.6 | 27.2 | 70.8 | 154 | 178 |
| Cash Flow from Ops. ⓘ | -0.7 | 27.3 | -48.1 | 94.3 | -15.4 | 61.3 | 80 | 85.3 | 191 | -96.2 | - |
| Debt/CF from Ops. ⓘ | -11.7 | 0 | -0.2 | 0.3 | -3.3 | 0.8 | 0.6 | 0.9 | 0.7 | -2.6 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 23.1% | 41.5% | 53.9% | 62.4% | ||||
| Adj EPS ⓘ | 16.4% | NA | NA | 106.3% | ||||
| BVPSⓘ | 19.3% | 25.8% | 51.6% | 148.2% | ||||
| Share Price | 35.9% | 77.2% | 136.1% | 17.2% | ||||
Key Financial Parameters ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 14.7 | 14.3 | 12.3 | 0.5 | -4 | -5 | -5.8 | 10.4 | 22.9 | 24.8 | 19.2 |
| Op. Profit Mgn % ⓘ | 9.1 | 9.6 | 6.6 | 11.2 | 9.3 | 10 | 9.6 | 12.3 | 13.5 | 15.5 | 15 |
| Net Profit Mgn % ⓘ | 7.1 | 5.5 | 4.7 | 0.2 | -2.1 | -2.1 | -1.7 | 2.3 | 3.8 | 5.1 | 5.2 |
| Debt to Equity ⓘ | 0.1 | 0 | 0 | 0.1 | 0.2 | 0.2 | 0.2 | 0.3 | 0.4 | 0.3 | - |
| Working Cap Days ⓘ | 113 | 124 | 134 | 156 | 211 | 203 | 147 | 125 | 113 | 127 | 68 |
| Cash Conv. Cycle ⓘ | 40 | 32 | 48 | 49 | 93 | 86 | 64 | 56 | 39 | 57 | 14 |
Valuation of V2 Retail - Consolidated
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 1.79 | 1.79 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'13 | Mar'14 | Mar'15 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 110 | 238 | 298 | 701 | 539 | 629 | 839 | 1,165 | 1,884 | 3,067 |
| Operating Expenses ⓘ + | 109 | 232 | 270 | 624 | 489 | 562 | 753 | 1,016 | 1,625 | 2,608 |
| Operating Profit ⓘ | 1 | 5 | 29 | 77 | 50 | 67 | 85 | 148 | 260 | 459 |
| Operating Profit Margin (%) | 1.1% | 2.2% | 9.6% | 11.0% | 9.3% | 10.7% | 10.2% | 12.7% | 13.8% | 15.0% |
| Other Income ⓘ + | 2 | 2 | 3 | 2 | 23 | 16 | 7 | 8 | 7 | 10 |
| Interest ⓘ | 7 | 9 | 11 | 33 | 33 | 39 | 42 | 49 | 70 | 100 |
| Depreciation ⓘ | 2 | 3 | 2 | 51 | 56 | 59 | 67 | 77 | 99 | 182 |
| Profit Before Tax ⓘ | -6 | -5 | 18 | 9 | -15 | -15 | -17 | 31 | 98 | 215 |
| Tax ⓘ | -2 | -1 | 9 | -0 | -2 | -3 | -4 | 4 | 26 | 53 |
| Profit After Tax | -4 | -5 | 10 | 9 | -13 | -12 | -13 | 28 | 72 | 162 |
| PAT Margin (%) | -3.7% | -1.9% | 3.3% | 1.3% | -2.4% | -1.9% | -1.5% | 2.4% | 3.8% | 5.3% |
| Adjusted EPS (₹) | -0.2 | -0.2 | 0.4 | 0.3 | -0.4 | -0.3 | -0.4 | 0.8 | 2.1 | 4.4 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| PARTICULARS | Mar'13 | Mar'14 | Mar'15 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 270 | 262 | 274 | 278 | 265 | 257 | 244 | 275 | 346 | 902 | |
| Debt + | 32 | 38 | 16 | 33 | 50 | 54 | 54 | 89 | 133 | 249 | |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Trade Payables | 25 | 28 | 35 | 103 | 131 | 120 | 106 | 193 | 325 | 463 | |
| Others Liabilities ⓘ | -229 | -214 | -182 | 285 | 343 | 334 | 357 | 442 | 788 | 825 | |
| Total Liabilities ⓘ | 97 | 114 | 142 | 699 | 789 | 765 | 761 | 999 | 1,594 | 2,439 | |
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 9 | 14 | 18 | 339 | 395 | 394 | 408 | 480 | 863 | 968 | |
| CWIP ⓘ | 1 | 0 | 1 | 4 | 5 | 0 | 0 | 0 | 4 | 36 | |
| Investments ⓘ | 32 | 31 | 30 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Inventories | 45 | 56 | 79 | 215 | 302 | 291 | 279 | 419 | 558 | 1,142 | |
| Trade Receivables | 0 | 0 | 0 | 0 | 1 | 1 | 0 | 0 | 0 | 2 | |
| Cash Equivalents | 2 | 2 | 1 | 68 | 23 | 7 | 5 | 10 | 9 | 7 | |
| Others Assets ⓘ | 8 | 11 | 12 | 73 | 64 | 71 | 69 | 90 | 159 | 285 | |
| Total Assets ⓘ | 97 | 114 | 142 | 699 | 789 | 765 | 761 | 999 | 1,594 | 2,439 | |
| PARTICULARS | Mar'13 | Mar'14 | Mar'15 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | -12 | 12 | 35 | 74 | 3 | 59 | 86 | 93 | 201 | -103 |
| Cash Flow From Investing Activity ⓘ + | -4 | -7 | -6 | 7 | -20 | -16 | -12 | -39 | -130 | -219 |
| Cash Flow From Financing Activity ⓘ + | 8 | -4 | -30 | -28 | -22 | -58 | -76 | -50 | -71 | 319 |
| Net Cash Flow ⓘ | -8 | 0 | -1 | 52 | -39 | -15 | -2 | 5 | -0 | -3 |
| PARTICULARS | Mar'13 | Mar'14 | Mar'15 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | -1.5 | -1.69 | 3.64 | 3.19 | -4.73 | -4.47 | -5.11 | 10.72 | 23.2 | 25.96 |
| ROCE (%) | 0.31 | 1.19 | 8.48 | 12.64 | 5.47 | 7.58 | 8.17 | 23.99 | 39.59 | 38.43 |
| Asset Turnover Ratio | 1.29 | 2.25 | 2.32 | 1.67 | 0.72 | 0.81 | 1.1 | 1.32 | 1.45 | 1.52 |
| PAT to CFO Conversion(x) | N/A | N/A | 3.5 | 8.22 | N/A | N/A | N/A | 3.32 | 2.79 | -0.64 |
| Working Capital Days | ||||||||||
| Receivable Days | 1 | 0.20 | 0.20 | 0 | 0.20 | 0.60 | 0.30 | 0 | 0 | 0.10 |
| Inventory Days | 101 | 77 | 82.50 | 76.70 | 175.20 | 171.90 | 123.90 | 109.30 | 94.60 | 101.20 |
| Payable Days | 75 | 56 | 56.40 | 50 | 119.70 | 113.80 | 74.50 | 71.30 | 73.60 | 67.40 |
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Announcements
V2 Retail Ltd FAQs
The current trading price of V2 Retail on 17-Sep-2026 16:59 is ₹210.4.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 16-Sep-2026 the market cap of V2 Retail stood at ₹7,610 Cr
The latest P/E ratio of V2 Retail as of 16-Sep-2026 is 42.88.
The latest P/B ratio of V2 Retail as of 16-Sep-2026 is 8.06.
The 52-week high of V2 Retail is ₹259.4 and the 52-week low is ₹165.5.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of V2 Retail is ₹3,428 ( Cr.) .
Past 10 year's financial track record analysis by Moneyworks4me indicates that V2 Retail Ltd is a average quality company.
The key valuation ratios of V2 Retail Ltd's currently when compared to its past seem to suggest it is in the Somewhat overvalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of V2 Retail Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.
About V2 Retail Ltd
V2 Retail Limited formerly known as Vishal Retail Limited (the Company) is a public Company domiciled in India and incorporated under the provisions of Companies Act, 1956. With more than 25 years of experience, the company is now one of the India’s Fastest Growing Retail Chain Companies. Since beginning V2 Retail hasn’t look back and aimed to reach new heights every now and then. With the guidance of Chairman - Mr. Ram Chandra Agarwal, the company has pioneered in managing massive retail space with a firm belief in fundamentals of value and variety to billions of retail consumers. At present, the company owned many retail stores in various states of the country including Delhi-NCR, Bihar, Uttar Pradesh, Odisha, Assam, Jharkhand, Uttarakhand, Karnataka, Himachal Pradesh, Arunachal Pradesh, Madhya Pradesh, Tripura, J&K, Rajasthan, Telangana & Goa.
Business area of the company
The company offers an unparalleled retail mix combined with value and variety to its shoppers. This fashion avenue gives an extraordinary experience with an embracing portfolio of product offerings. The company offers complete Value for money to the shoppers through its large Variety of Smart, Trendy, Fashionable apparels across categories under one roof.
Company’s brands
- Ebellia
- Glamora
- Godspeed
- Herrlich
- Honey Brats
Milestones
- 2001: Incorporated in 2001 as Vishal Megamart Limited.
- 2011: Brand “Vishal”sold to start a new journey.Started again with name V2 Retail Ltd.
- 2012: First Store in Jamshedpur.
- 2013: Turnover crossed 100 crores.
- 2014: Store increased to 16 with more than 2 Lac sq. feet of retail space. Turnover crossed 225 crores.
- 2016: The number of stores increased to 22 with an aggregate of more than 2.60 lacs sq. feet of retail space. Turnover crossed 315 cr.
- 2017: The number of stores increased to 37 and annual turnover crossed 470 crores.
- 2018 The number of stores increased to 77 stores with 9+Lakhs sq. feet of retail space.
- 2020: The number of stores increased to 96 stores with 9+ Lakhs sq. feet of retail space and annual turnover crossed 701.2 crores.
- 2021: The company stores increased to 95 stores spread across 16 states and 83 cities with a total retail area of 9.96 lac Sq. Ft.
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