Analysts/Institutional Investor Meet/Con. Call Updates

V2 Retail Limited 06th November, 2026 BSE Ltd. National Stock Exchange of India Ltd. Corporate Relation Department, Listing Department Listing Department, Exchange Plaza, C-1, Block- G, Rotunda Building, PJ Towers, Bandra Kurla Complex Dalal Street, Mumbai – 400 023. Bandra (East) Mumbai–400 051 Scrip Code: 532867 NSE Symbol: V2RETAIL Sub: Transcript of Earnings Call Q2 H1 & FY 2026-27 - Disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 Pursuant to Regulation 30 read with Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (SEBI Listing Regulations), please find enclosed the transcript for the conference call with the Analysts/ Investors for the Q2 H1 & FY 2026-27 Financial Results of the Company conducted through digital means on Friday, November 06, 2026. The transcript shall also be uploaded on the website of the Company. You are requested to kindly take the above on record. Thanking you, YOURS FAITHFULLY, FOR V2 RETAIL LIMITED RAM CHANDRA AGARWAL CHAIRMAN AND MANAGING DIRECTOR DIN: 00491885 Encl.: As above Reg. off.: Khasra No. 928, Extended Lal Dora Abadi Village Kapashera, Tehsil Vasant Vihar, South West Delhi, Delhi-110037 Corporate Off.: 2nd Floor, 13, Sub. Major Laxmi Chand Rd, Maruti Udyog, Sector 18, Gurugram, Sarhol, Haryana 122015 E-mail: customercare@v2kart.com Website: www.v2retail.com CIN: L74999DL2001PLC147724 Tel.: 011-41771850 “V2 Retail Limited Q2 & H1 FY27 Conference Call” November 04, 2026 Disclaimer: E&OE - This transcript is edited for factual errors. In case of discrepancy, the audio recordings uploaded on the Company’s website will prevail MANAGEMENT: MR. AKASH AGARWAL –DIRECTOR AND CHIEF EXECUTIVE OFFICER – V2 RETAIL LIMITED Page 1 of 17 V2 Retail Limited November 04, 2026 Moderator: Ladies and gentlemen, good day, and welcome to V2 Retail Limited Q2 and H1 FY27 Earnings Conference Call. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Before we begin, a brief disclaimer. The presentation which V2 Retail Limited has uploaded on the stock exchange and their website, including the discussions during today's call, contains or may contain certain forward-looking statements concerning V2 Retail Limited business prospects and profitability, which are subject to several risks and uncertainties, and the actual results could materially differ from those in such forward-looking statements. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note this conference is being recorded. I now hand the conference over to Mr. Akash Agarwal, Director and CEO, V2 Retail. Thank you, and over to you, sir. Akash Agarwal: Good afternoon, ladies and gentlemen. I, Akash Agarwal, welcome you all to our Q2 and H1 FY27 earnings conference call. Thank you for your continued trust in V2 Retail, India's leading value fashion retailer for Bharat. V2 was founded with a simple mission to democratize fashion by offering high-quality, trendy apparel at affordable prices to value-conscious customers. Today, we proudly serve India's growing neo-middle class and middle-class populations across Tier 2 and Tier 3 cities. As of 30 September, 2026, we operate 427 stores across 27 states in more than 340 cities, covering about 4.6 million square feet of retail space. We have a complete value chain from an in-house design team of 60 designers to dedicated job workers to 3 warehouses, 22 hubs to our own fleet that refills inventory at stores every alternate day. Our motto, value and variety comes to life through this. This was a quarter of aggressive expansion with short-term pain for long-term gain. In Q2 FY27, we opened 49 new stores and closed 3, taking a total to 427 stores. In the first half of FY27, we opened 106 stores and closed 4. This is our highest ever H1 addition. 60% of these new stores are in core states, UP, Bihar, MP, Odisha and Assam, where our brand recall is very strong. Second, volume-led growth. Despite muted consumer sentiment, we delivered strong volume growth. In the second quarter, volume growth was 31% year-on-year. In the first half of FY27, volume growth was 43% up year-on-year. This shows our value proposition is working. Customers are buying more from us. Three, same-store sales growth. The FY27 SSSG showed minus 14.9%, but normal SSSG was plus 0.5% because Q2 last year had an early Durga Puja and an extended wedding season, while this year, the festive season shifted to quarter 3. If we adjust for this, we are 0.5% positive. The first half SSSG was minus 3.7% calendar basis. Our sales per square feet per month was INR700 in the second quarter versus INR933 in the second quarter of FY26 and INR785 in the first half of FY27 versus Page 2 of 17 V2 Retail Limited November 04, 2026 INR948 in the first half of FY26. This drop is expected because we have opened 106 stores in 6 months. New stores take up to 2 to 3 years to mature and also because of the shift of the festive season. Our mature stores, which are older than 2 years, are still doing INR1,000 plus PSF. Four, customer metrics remain strong. Our average bill value was INR917 in the first half of FY27 compared to INR900 last year. Our average selling price was around INR307 in the first half of the year versus INR309 in the first half of the last year. Full price sales was 91% in quarter 2 and H1 versus 92% last year. We are not a discount retailer. We sell at MRP. Revenue mix remained primarily the same, men' s wear about 40%; ladies, 29%; kids, 22%; and lifestyle, 9%. Now I will take you through our consolidated financial performance. Revenue from operations was INR905.6 crores in the second quarter versus INR708.6 crores in the second quarter last year, registering a growth of 28%. This growth is entirely volume-led. Gross profit was INR281.3 crores versus INR198.2 crores, a growth of 42%. Gross margin improved to 31.1% versus 28.0% last year, an expansion of 310 basis points. EBITDA with Ind AS was INR120.3 crores versus INR85.4 crores, a growth of 41%. EBITDA margin stood at 13.3% versus 12.1%. EBITDA pre-Ind AS, our real cash EBITDA was INR53.4 crores versus INR44.4 crores last year, growth of 20% with a margin of 5.9%. PAT was INR18.2 crores versus INR17.2 crores, a growth of 6%. The PAT margin was 2%. PAT growth is lower than EBITDA because of higher depreciation, INR68 crores of depreciation versus INR37 crores of depreciation last year from right-of-use assets for the 106 new stores. Now consolidated financials for the first half of the year. Revenue stood at INR1,902.8 crores versus INR1,340.9 crores, a growth of 42%. Gross profit grew from INR384.4 crores to INR566.4 crores with a 29.8% margin. EBITDA grew from INR172.7 crores to INR259.7 crores, a growth of 50%. Pre-Ind AS EBITDA grew from INR96.9 crores to INR132.8 crores with a growth of 37%. And the PAT grew from INR41.9 crores to INR60.1 crores with a growth of 43%. As of September 30, 2026, Inventory stands at INR1,447.8 crores versus INR1,141 crores at the end of March 2026. The increase of about INR306 crores of inventory is for the 106 new stores, advanced festive stocking for quarter 3 and the new store pipeline for quarter 3. Our festive inventory is already at stores. Borrowings stood at INR528 crores, of which INR45.6 crores is non-current and INR483 crores is current versus INR253 crores in March 2026. The increase is to fund growth. The net working capital increased to 88 days versus 81 days in FY26 due to higher inventory. This will normalize in quarter 3 after the festive sale. Long-term track record. So from FY22 to FY26, our revenue grew from INR629 crores to INR3,067 crores, almost 5x. EBITDA grew from INR65 crores to INR455 crores, and PAT from a loss to INR162 crores at the end of FY25. We have [Showing first 8,000 characters — download PDF for full document]