V2 Retail revenue rose 28.4% year on year to ₹905 crore in the September quarter, the company said in its October 2 exchange filing. Its same-store sales measures tell a more complicated story: calendar-based growth was negative, while its festival-normalised measure was slightly positive.
V2 Retail revenue and comparable-store sales differ
The update lists ₹705 crore of standalone revenue for the comparable quarter a year earlier. It reports calendar-based same-store sales growth of −14.9%, versus +0.5% on a festival-normalised basis.
The company says its adjusted method compares each day with the corresponding day of the previous year’s festival calendar. It attributes the difference to Navratri and Durga Puja shifting into October, which is in Q3 FY27. That is management’s explanation, not a causal finding independently established by CapKet.
Expansion changes the comparison
The filing records 49 openings and three closures during Q2, with 427 stores at September 30. Revenue remains subject to statutory-auditor limited review or audit. It is an operating update, not a complete set of reviewed quarterly financial results.
CapKet explanation: Total revenue can grow as a company adds outlets even when the existing-store comparison is weaker. A like-for-like measure attempts to answer a different question from total sales. Neither measure alone establishes profit, the cash needed to fund expansion or the return earned on each new store.
Questions for the next financial disclosure
The useful next step is not to choose whichever sales percentage looks most favourable. Check whether a later release uses the same comparison basis, explains its adjustment and provides the reviewed financial statements. Readers should keep the reporting period and scope consistent when comparing results.
A festival-adjusted measure can add context, but it does not erase the calendar result. Publishing both figures makes the difference visible instead of presenting an adjusted percentage as the only outcome.
For another example of why reporting definitions matter, read our HDFC Bank balance-sheet update explainer. The businesses are different; the common reading discipline is to compare matching measures.
Primary evidence: V2 Retail’s October 2 Q2 FY27 filing on NSE, reviewed October 5 at 17:28 IST. No current share-price fall, valuation target or reason for a trading move has been independently verified for this report.
Correction, October 5, 2026: The source-review time has been corrected. The financial figures, reporting periods and original publication date are unchanged.