V2 Retail Shares Fall 19% After Q2 FY27 Revenue Rises 28.4% To ₹905 Crore As Same-Store Sales Growth Slows

V2 Retail shares fell more than 19% on Monday, 5 October, after the value-fashion retailer reported a 28.4% year-on-year increase in standalone revenue to ₹905 crore for Q2 FY27. However, same-store sales growth (SSSG) slowed to 0.5% from 7.5% in the previous quarter.

The V2 Retail share price opened at ₹182.15 on the Bombay Stock Exchange (BSE) and touched ₹162.55 in early trade. At 11:21 AM, the stock was down 14.59% at ₹172.35.

Why Did V2 Retail Shares Fall?

One reason for the weaker Q2 numbers was the change in the festive calendar. Navratri and Durga Puja fell in Q2 last year, but both festivals are due in October this year. As a result, the festive sales seen in Q2 FY26 are expected to be reflected in V2 Retail's Q3 FY27 numbers instead.

On a calendar-adjusted basis, SSSG stood at -14.9%, as the year-ago quarter benefited from the festive period. However, after adjusting for the shift in the festival calendar, the company reported SSSG of 0.5%.

V2 Retail also said that a large part of its store network was still in the ramp-up stage. The company had 427 stores as of 30 September 2026, with 106 of them opened during the first half of FY27. New stores generally take time to reach their full sales potential, which affected overall store productivity during the quarter.

Monthly sales per square foot fell to ₹700 in Q2 from ₹886 in Q1 FY27.

V2 Retail Adds 49 Stores In Q2

V2 Retail continued to expand its presence during the quarter, adding 49 stores while closing three. This took the total number of new stores opened during the first half of FY27 to 106.

The company is mainly targeting Tier 2 and Tier 3 markets as part of its expansion strategy. Its retail footprint reached around 46.28 lakh square feet across 427 stores by the end of September.

The Q2 revenue growth also came in below the pace seen in the previous quarter. V2 Retail had reported a 58% year-on-year rise in standalone revenue to ₹997 crore in Q1 FY27 from ₹630 crore in Q1 FY26. SSSG during that quarter stood at 7.5%.

With Navratri and Durga Puja falling in Q3 this year, V2 Retail expects the festive period to support demand in the coming quarter. The company will also have a larger base of stores operating during the season, although the performance of newer outlets remains an important factor to watch.

The fall in V2 Retail shares on Monday reflects the market's reaction to the moderation in store-level performance despite continued revenue growth.

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