V2 Retail Limited (V2RETAIL.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-15.1%

₹140.67

vs ₹165.59 price

Levered DCF

₹259.22

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	41.29×	82.76×	55.14×	-18.84×	-43.34×	-33.91×	20.04×	49.24×
P/B	7.42×	17.22×	5.58×	0.98×	1.96×	1.62×	0.64×	3.41×
P/S	2.18×	3.16×	1.32×	0.29×	0.81×	0.81×	0.25×	1.35×
EV / EBITDA	16.65×	25.69×	13.27×	7.23×	10.96×	11.23×	4.8×	32.45×
Gross margin	16.3%	15.6%	10.4%	34.0%	9.3%	27.3%	24.9%	29.4%
Operating margin	9.1%	8.4%	6.2%	2.1%	1.1%	-1.1%	3.4%	4.5%
Net margin	5.3%	3.8%	2.4%	-1.5%	-1.9%	-2.4%	1.3%	2.7%
Current ratio	1.44×	1.23×	1.43×	1.59×	1.59×	1.56×	1.89×	1.98×
Debt / equity	1.1×	2.45×	1.91×	1.72×	1.54×	1.47×	1.17×	0.05×
Interest coverage	2.88×	2.34×	1.54×	0.43×	0.19×	-0.19×	0.75×	18.39×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	18.0%	20.8%	10.1%	-5.2%	-4.5%	-4.8%	3.1%	6.9%
Return on invested capital	11.0%	9.5%	8.0%	2.0%	0.9%	-0.8%	3.9%	11.1%
Return on assets	6.7%	4.4%	2.7%	-1.6%	-1.5%	-1.6%	1.2%	4.4%
Free cash flow yield	-6.4%	0.4%	3.5%	30.4%	8.3%	-5.6%	35.4%	-9.9%
Earnings yield	2.4%	1.2%	1.8%	-5.3%	-2.3%	-3.0%	4.9%	2.0%
Enterprise value	₹76.8B	₹68B	₹20.5B	₹6.6B	₹9B	₹8.1B	₹4.4B	₹10.2B
Net debt / EBITDA	2.14×	3.18×	3.34×	4.59×	4.77×	5.19×	2.85×	0.24×
Cash conversion cycle (days)	97	43	84	114	141	160	80	92