• Q1 financial performance: V2 Retail reported standalone revenue of ₹997 crore, up over 58% year-on-year, with same-store sales growth (SSSG) at 7.5%. Management reiterated its full-year guidance of 8% to 10% SSSG and over 50% revenue growth.
• Store expansion target: After adding 57 stores in Q1, the company upgraded its full-year store opening target to more than 200 stores, supported by strong demand and new store sales reaching ₹750 to ₹800 per square foot.
• Revenue growth split: Mature stores from the end of FY25 contributed about 7.5% to revenue growth, while newly added retail area accounted for roughly 50%.
• Long-term margin outlook: Margins are expected to remain stable during the current rapid rollout, with significant margin expansion expected after the 3- to 5-year aggressive expansion phase moderates and new stores mature.