Subject: V2 Retail (V2RETAIL) Q2 FY27 Business Performance

Executive SummaryV2 Retail continued its robust growth trajectory in the second quarter of FY27, reporting a 28.4% year-over-year surge in standalone revenue to ₹905 crore. The value fashion retailer's top-line performance was primarily driven by aggressive network expansion and consistent operational execution, successfully cushioning the impact of a calendar shift that moved major festive shopping periods into the upcoming quarter. Financial & Operational PerformanceRevenue Expansion: Q2 FY27 standalone revenue reached ₹905 crore, up 28.4% from ₹705 crore in Q2 FY26. This sustained momentum follows an exceptional Q1 FY27, where revenue expanded by 58% YoY to ₹997 crore. This expansion brings V2 Retail's total operational footprint to 427 stores nationwide, positioning the company to capture growing demand in non-metro ***** Sales Growth (SSSG): The company reported a festival-normalized SSSG of 0.5% for Q2. The shift of major festivals like Navratri and Durga Puja from Q2 to Q3 this fiscal year impacted calendar-basis metrics, positioning the third quarter for a substantial sales rebound driven by pent-up consumer demand. Store Productivity: Strategic & Corporate DevelopmentsCredit Profile Upgrade: Underscoring V2 Retail’s robust financial health and self-funded growth capacity, India Ratings recently upgraded the company's long-term credit rating to IND A/Positive from IND A-/Stable. Omnichannel Integration: September 2026 marked a pivotal digital milestone with the soft launch of V2 Retail's e-commerce platform, V2Kart, in select markets including Delhi NCR and Lucknow. Market Reaction & OutlookDespite the strong fundamental execution, physical scaling, and long-term rating upgrade, the company's shares experienced a near-term correction, declining over 3.50% in Thursday's trading session. However, V2 Retail enters Q3 FY27 well-capitalized with a significantly expanded physical footprint and an upgraded credit profile.