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V2 Retail shares slumped over 19% on Monday, 5 October, after the value-fashion retailer released its Q2 FY27 business update on 2 October. The company reported a 28.4% year-on-year increase in standalone revenue to ₹905 crore during the quarter.
The company reported same-store sales growth (SSSG) of 0.5% year-on-year in Q2 FY27, compared with a much stronger 7.5% growth recorded in the previous quarter.
Monthly sales per square foot (PSF) stood at ₹700 in Q2 FY27, lower than ₹886 reported in Q1 FY27. The company said the quarter did not include the Navratri and Durga Puja festive period, while a significant portion of its store network is still in the ramp-up phase.
Of the company's 427 stores, 106 were opened during the first half of FY27, which the company said reflects the natural ramp-up cycle associated with new stores and the timing of the festive season.
V2 Retail added 49 new stores and closed three stores during Q2 FY27, taking total new store additions in the first half of the financial year to 106.
The company continued to focus its expansion on Tier 2 and Tier 3 markets, targeting consumption centres across India's growth corridors.
As of 30 September 2026, V2 Retail had expanded its retail footprint to approximately 46.28 lakh square feet across 427 stores, strengthening its presence nationwide.
The Q2 performance follows a stronger first quarter, when V2 Retail reported a 58% year-on-year increase in standalone revenue to ₹997 crore, compared with ₹630 crore in the corresponding quarter of the previous year.
SSSG stood at 7.5% in Q1 FY27, while monthly sales per square foot was ₹886.
The moderation in Q2 metrics comes as the company continues to expand its store network, with a sizeable portion of its new stores still undergoing the initial ramp-up phase.
V2 Retail's share price today opened at ₹182.15 apiece on the BSE; the stock touched an intraday high of ₹185 and an intraday low of ₹162.55 per share.
Sudeep Shah, Vice President – Technical and Derivatives Research at SBI Securities, said V2 Retail opened with a gap-down following a moderation in revenue growth and muted same-store sales growth (SSSG) in its provisional Q2 FY27 business update. He noted that the stock has slipped below its 100-week EMA for the first time since June 2023.
On the weekly chart, Shah said the stock had been in a distribution phase, largely consolidating within the ₹259– ₹172 range since September last year. On the upside, the ₹185– ₹190 zone, around the 100-week EMA, is likely to act as an immediate resistance.
“As long as the stock trades below this zone, it is likely to remain under pressure,” Shah said. On the downside, he placed immediate support at ₹155– ₹150, adding that a decisive break below this zone could extend the weakness in the stock.
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