Shares of V2 Retail fell sharply on Monday, October 5, dropping as much as 19.3 % to a fresh 52‑week low of ₹162.33 on the NSE. The decline followed the company’s Q2 FY27 business update, which raised concerns over the pace of growth. Investors reacted to the announcement, pushing the stock to its lowest level in a year. The sell‑off reflected doubts about the company’s ability to sustain momentum amid a challenging retail environment.

Revenue for the quarter rose 28.4 % year‑on‑year to ₹905 crore, signalling strong top‑line growth. However, same‑store sales growth (SSSG) was only 0.5 % on a festival‑normalised basis, indicating muted growth from existing outlets. On a regular calendar basis, SSSG stood at –14.9 %, reflecting the shift of Navratri and Durga Puja festivals to Q3 FY27. The disparity highlights the impact of seasonal timing on sales performance overall.

The company explained that the festival‑normalised figure provides a clearer view of underlying performance by aligning each day of the quarter with the corresponding day of last year’s festival calendar. Because major festive shopping occurred in Q2 FY26, the comparison with Q2 FY27 appears weaker. V2 Retail said that with the festive season ahead, it is well‑positioned to capture the demand uplift in Q3 while sustaining long‑term growth momentum.

Monthly sales per square foot (PSF) in Q2 FY27 were ₹700, reflecting the natural ramp‑up cycle of new stores and the timing of the festive season. The quarter did not include Navratri and Durga Puja, and a larger share of the network is still ramping up, with 106 of the 427 stores opened during H1 FY27. These factors underscore the scalability of the expanding footprint while highlighting the impact of seasonal distortion on performance metrics.

V2 Retail opened 49 new stores and closed 3 during the quarter, bringing new store openings in H1 FY27 to 106. The expansion focused on high‑potential Tier 2 and Tier 3 consumption markets, reinforcing the company’s commitment to democratising affordable fashion and deepening reach across India’s growth corridors. As of September 30, 2026, the retail footprint covered approximately 46.28 lakh sq. ft. across 427 stores, strengthening its pan‑India presence.