V-Mart Q1 FY27 Revenue Up 23% to Rs 1,089 Cr; V2 Retail Surges 58% on Aggressive Store Rollout
Value-fashion retailers post strong Q1 business updates. V-Mart clocks Rs 1,089 cr (+23% YoY) across 591 stores, while V2 Retail grows revenue 58% with 7.5% SSSG and 57 new stores (381 total). Sai Silks reports Rs 375 cr turnover; Baazar Style trims underperforming stores.
What happened
V-Mart Retail · Q1 FY27 retail updates: V-Mart revenue up 23% to Rs 1,089cr (591 stores); V2 Retail up 58% with 57 new stores; Sai Silks Rs 375cr; Baazar Style
Key facts
- V-Mart revenue Rs 1,089 cr +23% YoY, 591 stores
- V2 Retail 58% YoY revenue growth, 7.5% SSSG, 57 new stores, 381 stores, Rs 886/sq ft
- Sai Silks Rs 375 cr Q1 turnover, +30,000 sq ft
- Devyani stake to ~56.7%
- DOMS Reynolds acquisition US$3.7M
Why this matters
Divergent trajectories—V2 scaling fast, Baazar Style pruning underperformers, Sai Silks at Rs 375 cr—create a fragmented value-retail landscape ripe for consolidation or regional acquisition plays.
What to watch
- Full Q1 results with EBITDA margin and store-level productivity (revenue/sqft) disclosures
- SSSG trend divergence between V-Mart and V2 Retail in coming quarters
- Festive/H2 demand commentary and inventory levels
- Capex and debt levels funding the store rollout
- Baazar Style store-closure count and its guidance revision
- Sell-side upgrades on V2 Retail with raised store-addition targets; peer comparison tables against V-Mart get published
- Investors rotate into faster-growing V2 Retail while questioning V-Mart's slower 23% pace
- Management commentary emphasizes gross margin and pre-Ind-AS EBITDA to counter margin-dilution concerns
- Baazar Style narrative pivots to 'quality of growth' after store rationalization