V2 Retail Ltd (NSE: V2RETAIL) Q1 2026 Earnings Call dated Jul. 31, 2025
Corporate Participants:
Unidentified Speaker
Akash Agarwal — Chief Executive Officer & Whole Time Director
Analysts:
Unidentified Participant
Vishal Dudhwala — Analyst
Abhishek Singh — Analyst
Tejas Shah — Analyst
Niraj Mansingka — Analyst
Aliasgar Shakir — Analyst
Varun Singh — Analyst
Gaurav Jogani — Analyst
Palash Kawale — Analyst
Vishnu Lakhani — Analyst
Varad Patil — Analyst
Devanshu Bansal — Analyst
Ankush Agrawal — Analyst
Rohan Advant — Analyst
Rajesh Vora — Analyst
Presentation:
operator
Ladies and Gentlemen, good day and welcome to the V2 Retail Limited Q1FY26 conference call hosted by Marathon Capital. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing Star and zero on a touch tone phone. Please note that this call is being recorded before we begin a brief disclaimer. The presentation which V2 Retail Limited has uploaded on the Stock Exchange and their website, including the discussions during this call, contains or may contain forward looking statements concerning V2 Retail Limited business prospectus and profitability which are subject to several risks, uncertainties and the actual result could certainly differ from those in such forward looking statements.
With this, I now hand the conference over to Mr. Aakash Agarwal, Director and CEO of V2 Retail. Thank you and over to you Mr. Aakash.
Akash Agarwal — Chief Executive Officer & Whole Time Director
Good afternoon everyone and a very warm welcome to our quarter one FY26 earnings conference call. We trust you’ve had a chance to review our results. The earnings presentation and press release are available on the stock exchanges and our company’s website. As we begin FY26, we do so with strong momentum and a clear sense of purpose. We are operating from a position of strength backed by innovation, executional agility and the deep trust we have built with millions of customers across the country. We are not just responding to the evolving landscape of Indian retail, we are setting the pace.
Our strategy is clear and future ready to lead the next wave of growth in India’s value fashion market. Our sharp focus on customer centricity powered by deep data, insights, agile merchandising and a tech enabled supply chain continues to deliver measurable impact. We are building a business that’s not only scalable but but also resilient, responsive and ahead of the curve. The sustained and accelerating customer traction we have witnessed in this quarter is a clear validation of our strategy. It reflects unwavering commitment to delivering fresh trend led assortments, maintaining exceptional product quality and offering unbeatable value. This powerful combination continues to dive strong broad based performance across our store network and further cements our position as a market leader in India’s value fashion segment.
FY26 is shaping up to be a landmark year for us and we are entering it with confidence, clarity and conviction. Let me start with some key updates. Revenue growth accelerated by 52% year on year to 632 crores. Net profit surged 51% year on year to 24.7 crores, marking a very strong earning momentum. The company opened 28 stores and closed one stores during the first quarter taking our total store count to 216 stores. The store addition momentum will continue as we have a very healthy pipeline of upcoming stores. Further, we’ve already added another nine stores so far in this quarter, taking the total count of the stores to 225 stores.
The same store sales growth for the quarter stood at 5% with strong double digit growth in May and June offset by a temporary dip in April due to the early EID shift into the quarter four of FY25. On a normalized basis, the first quarter SSSG stood at 10% reflecting sustained consumer demand and precision in assortment planning. There was a robust volume growth of 50% in the first quarter. The full price sales contributed 92% of our total sales. We are proud to report a consistent improvement in ROE which stood at 27.5% in the first quarter up from 23% in FY25 and 10.7% in FY24.
This sharp trajectory reflects the strength of our operating model and disciplined capital allocation. Now consolidated performance highlights for quarter one FY26 as we track business performance on pre INDAS basis, it would be prudent to share the highlights basis. Pre indes Numbers Revenue from operations stood at 632.2 crores registering a 52% growth on a YOY basis. Gross margins stood at 29.4% for the first quarter FY26 as compared to 28.8% in the corresponding quarter last year. The EBITDA stood at 52.5 crores as compared to 32.2 crores, registering a growth of 63% on a YoY basis. EBITDA margin improved from 7.8% to 8.3%.
Profit after tax stood at a record 30.6 crores as compared to 18.9 crores in the corresponding quarter of last year, registering a growth of 62% on the YoY basis. With this, I now leave the floor open for questions.
Questions and Answers:
operator
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press STAR and one on the Touchstone telephone. If you wish to remove yourself from the question queue, you may press STAR and two participants are requested to use handsets while asking a question. Ladies and gentlemen will wait for a moment while the question queue assembles. The first question comes from the line of Vishal Dudwala from Tinetra Asset Managers. Please go ahead.
Vishal Dudhwala
Hello, Am I Audible.
operator
Yes sir, you’re audible. Please go ahead.
Vishal Dudhwala
First of all congratulation on a good set of number. So I have couple of questions first. Like in Q1 26 you delivered 52% YoY revenue jump and so ASP rise 17% but PSS fell 9%. How are you calibrating your channel mix like digital versus brick and mortar and what specific productivity initiatives are you looking forward like to offset the footfall dilution from rapid store expansion?
Akash Agarwal
So first of all, all our sales is brick and mortar. We don’t have any online sales and the PSF dipped a bit because we opened a lot of new stores and the new stores typically do about 25% less in per square feet sale than the older stores. If you look at only the old stores in quarter one it was around 1100 rupees per square feet. Pss.
Vishal Dudhwala
And can you guide like looking out for FY12, what revenue share are you targeting?
Akash Agarwal
Revenue share from what
Vishal Dudhwala
like a brick And mortar and your new store expansion forward looking.
Akash Agarwal
So we look at a 50% revenue growth going forward and in that we look at a 8 to 10% SSSG. So that’s from the old stores and 40% revenue growth from the newer stores.
Vishal Dudhwala
Okay, that’s it from my end.
operator
Thank you. The next question comes from the line of Abhishek from AB Capital. Please go ahead.
Abhishek Singh
Hello, am I audible?
Akash Agarwal
Yes sir, you’re audible.
Abhishek Singh
Introducing some great set of numbers every quarter. You’re following what you had guided for. So the news came out that you are doing qip. So you had told me, I think. In one of the interviews that you will open 100 stores and for that you don’t need any external capital. So now that you are you are doing qip, can we be greedy and expect more openings beyond hundred?
Akash Agarwal
Yeah, that’s a very valid question. So we have got a enabling resolution approved and we are planning to raise money. It’s not out of necessity or weakness, we’re doing it from a position of strength. Our business has delivered one of the best quarters in recent history and I think it’s a proactive move because we want to accelerate our momentum and also future proof our growth. So the value fashion market in India is poised to grow for the next decade and we believe next three to five years are critical to capture disproportionate market share. So it will help us be debt free, it will help us invest more in making our model stronger and yes, it will help us accelerate our future growth trajectory also.
Vishal Dudhwala
Okay, and you had told that this year you will be mostly packed positive in all quarters. Do you think you still hold the queue?
Akash Agarwal
Yes, I think we should be packed positive in all the quarters.
Abhishek Singh
Okay. And just wanted to know how is the competitive intensity on the ground? As in are you finding it difficult to find newer geographies to open fresh stores?
Akash Agarwal
So see, competition has become the new reality. We look at it as an external factor that is out of our control. Of course a lot of retailers are opening a lot of stores. But being tier 2, tier 3 being our target, main target market, there is still a lot of availability of locations. In fact in 25 states of the country we have a store coming up in the next six months. So there’s work going on in 25 states of the country. So till now we are not facing. So we still have more options in terms of real estate than we can open.
Okay.
Abhishek Singh
And our SSG has come down a bit due to large base. Do you think it will come down further or it will stabilize at 10% going forward?
Akash Agarwal
I think it should stabilize at 8 to 10%. That is our target. Even with a higher base.
Abhishek Singh
Okay. Is there any headwind that you are facing? Any concern at all that you would like to face, that you would like to flag any issue, anything? No.
Akash Agarwal
In fact even July, you know, we are doing better than our expectations. So the momentum is going good and we are continuing to see amazing response in our old stores as well as the newer stores. We are still, you know, passing all the metrics that we had targeted. So hopefully this momentum continues and everything looks positive.
Abhishek Singh
Okay, and what is our store opening cost like? Basically I wanted to know that if we raise the QIP 400 crores how many stores can potentially be opened with that money?
Akash Agarwal
So first of all, the whole proceed will not be for newer stores. A lot of it will be to get better terms from vendors. A lot of it will be to repay debt and a lot of it will be to improve the back end capabilities in terms of automation, supply chain technology. So per store opening cost including Capex and inventory is about 2.5 crores. So we need at least 250 crores every year just to open 100 stores.
Abhishek Singh
Okay. Okay. Yeah, that’s it from mine. Thank you.
operator
Thank you. The next question comes from the line of Tejas Shah from Evinda Spark. Please go ahead.
Tejas Shah
Hi. Hi Akash. Thanks for the opportunity and congrats on a very good set of numbers. Akash, just wanted to start with you speak very passionately about customer centricity and that seems to be working. For us, as we expand rapidly, how are you ensuring that that value proposition doesn’t get diluted? And if you can elaborate more, a bit more on what we are doing to kind of be very sharp on this particular aspect of the business that you keep pressing about.
Akash Agarwal
Sure. So I think our biggest strength is leveraging data. So we collect data from the customers and the sale that 40 to 45 different attributes of each and every article and all the space allocation in terms of category, in terms of color, in terms of fit, in terms of print type. It is done based on that data because if the customer behavior is telling us that a loose fit T shirt is selling or giving us a 20% higher gross profit per square feet than a regular fit T shirt, then we increase the number of options in the loose fit T shirt.
Similarly, if a color is giving us a better gross profit per square feet then we increase and mobile number is a unique customer ID of each and every customer. So we do a lot of automation in terms of SMS WhatsApp in order to get that customer back to the stores. But I think the main strength is leveraging data, capturing data at so many different data points and using that to improve the offering. And that is why you can see our full price sale is 92%. And even with lesser marketing spends we’re still getting more footfalls and doing a very healthy sssg.
Tejas Shah
You spoke about the store expansion that will be entering new states. So what percentage of your expansion will be in existing markets and which will be completely virgin states which will look very will you be entering?
Akash Agarwal
So about 70, 75% will be in existing states and about 20, 25% would be in the newer geographies. But I think in two to three years there will not be a single state which will be a new geography for us. We want to be a national level retailer. That is our aim, that is our target. And I think in the next three years we will be present nationwide. So every market, every geography will become an old geography for us.
Tejas Shah
And just wanted to understand as it happens in let’s say grocery retail, when they enter a new territory or new state, it is initially margin dilutive because of the whole logistic intensity which comes there. How does it play out in your business? Are the completely one store states are usually margin dilutive? Initially, no.
Akash Agarwal
So our logistic cost is just 1.1% of the total business. So it is not significant enough. Even if we open a new geography, the delta or additional I think logistic cost would never exceed 0.1 or 0.2%. So that is never the determining factor of whether entering a new geography or not. It all depends on per square feet sale. It all depends on what kind of, you know, the offering that you give to the customer. Collecting a lot of data in terms of what categories are doing well in that particular state or geography, what attributes of an article are doing better in those geographies, and then implementing all the learnings that we got from the data when we open further stores in the similar geography.
Tejas Shah
The last one, if I may, for last almost 12 quarters, we have been kind of seems to be immune to the macro environment. We are growing irrespective of the commentary that we hear from larger consumer players. Also now as we grow to a size where macros will matter. How’s your read of consumer sentiment on ground for this immediate, this year or immediate future?
Akash Agarwal
So when you hear stories, you definitely hear a demand pressure throughout rural tier 2, tier 3. But like I said, even in July we have seen good traction. It was in fact better than expected. So I think when the macroeconomic factors and the macros also start supporting us, then we can even post better numbers. But till now we have seen that our product strength, our pricing strength, our variety strength and the complete back end supply chain, the availability of products, so. So all those trends are working well for us. And I think macros matter less when there’s such a big shift happening from unorganized to organized.
So even when the total consumption doesn’t go up, this shift contributes to a good cagr. CAGR growth for just the organized part of the sector.
Tejas Shah
Got it. That’s all from my side and all the best for coming out.
operator
Thank you. The next question comes from the line of Neeraj from White Pine Investment Management. Please go ahead. Hello?
Niraj Mansingka
Yes, sorry, I was on mute. Sorry. Thanks for the opportunity. How many stores are you under discussion for opening them right now?
Akash Agarwal
I think 76. There is still work going on and if you talk about shortlisted properties, then there are more than 150 properties that are shortlisted.
Niraj Mansingka
Okay. And that 150 include is 76 is included in 150.
Akash Agarwal
No, 76 does not include that 150.
Niraj Mansingka
Okay. And how much timeline generally it takes to, from shortlisting to opening.
Akash Agarwal
So there are different types. So one is bts, one is semi bts, one is you know where the raw building is ready. So typically you can say three to six months.
Niraj Mansingka
Okay, so and how, what is the new target for you to open the stores in FY26 and maybe FY27 if you can Give thoughts on that.
Akash Agarwal
So this year initially the target was 100 stores. I think we are on track. We should be about 100 to 120. And again the next year’s target will completely depend on this year’s performance. If we have another blowout year like the last two years then next year we will increase the target to 130 to 150 stores.
Niraj Mansingka
Okay, so what it means is that all these shortlisted don’t go towards opening. Only some percentage of them go towards the final opening. Is the right way to look.
Akash Agarwal
Yes, yes, yes, yes.
Niraj Mansingka
Okay, so but aren’t you then upgrading your number of store edition after proposal to increase the raise the money?
Akash Agarwal
Yeah. So it will be dependent on whether we go ahead with the qip. And if that happens then like I said we will increase the store opening target this year by 20 to 25 stores and next year by 30 to 40 stores.
Niraj Mansingka
Okay, that’s extremely comfortable. But okay. The other thing is only on the you’re going all over new states. So are you going to put up new warehouses or only the existing ones?
Akash Agarwal
So we just finalized a new zonal warehouse in the east. And then we’ll have two zonal warehouses now. One in Gurgaon, one in the east. And we have already started the hub and spoke model that we spoke about last quarter. So we already have eight hubs operational now. So that takes the load of the warehouse away. And now whatever state we enter the hubs can easily fulfill the particular state.
Niraj Mansingka
How any cost will increase because of the new east warehouse. Warehouse in the east.
Akash Agarwal
Yeah. So there will be an investment, total investment of I think 25 to 30 crores in that new warehouse.
Niraj Mansingka
Okay, but that would lead to a meaningful increase or aggression in the east side or it is. Is that the right way to think?
Akash Agarwal
So all the sourcing done from the east or you know the cities that are closer to the east warehouse will go to the Calcutta zonal warehouse. And all the goods source from Ludhiana Delhi will come to the north warehouse. And then each warehouse will send their goods to the respective hubs that will deliver to the stores. So we’ve already started replenishing once in two days and a lot of stores daily which used to be earlier, once a week or for the fast moving stores it used to be twice a week.
Niraj Mansingka
Okay, that’s interesting. And last question on the revenues per square week for new stores, can you share some differences of these stores that you have opened in the same state that you’re present in a reasonable way versus the stores that you have opened in the new states. Any difference in revenues per square feet that you are witnessing?
Akash Agarwal
We did take out this data but we did not see any significant difference. In fact, a lot of newer states that we entered, the average per square feet sale for newer stores were better than the new stores that we opened in the existing geographies. So it is dependent on a lot of other factors I.e. competition, intensity and the kind of population density. So it is not completely dependent on a new geography versus old geography. So what we have seen is average per square feet sale of newer stores is constant across geographies and those numbers.
Niraj Mansingka
Are still tracking that within definitely two years period the revenues per square feet per store goes to the current average. You’re still seeing that happening?
Akash Agarwal
Yes. So our benchmark is 30% lower than old stores and currently our newer stores are doing somewhere around 26% lower than older stores. So it’s well within a healthy benchmark. And from the first month itself, the newer stores are doing about 800 rupees per square feet of sale.
Niraj Mansingka
Okay, great. That’s wonderful. Thank you very much and best of luck.
Akash Agarwal
Thank you.
operator
Thank you. The next question comes from the line of Ali Azgharsh Shakir from Motilal Oswal Mutual Fund. Please go ahead.
Aliasgar Shakir
Yeah. Hi Akash, thanks a lot for the opportunity and congratulations on quite an excellent performance. Akash, few queries I had. First is on the gross margin. So I’m seeing both on standalone and Consolama gross margins have you know seen very decent improvement. Fact standalone is higher. So if you can just explain is it a factor of mix or. Because one of the biggest factor that we had was we were far more competitive in the market. So have we taken any price increase and does that gap versus competition come down? And also if you can explain the gap of gross margin between Chandler and Consol.
Akash Agarwal
Yeah, so there are three, four things that happened here. So one is definitely a product mix. Second we reduced the overall marketing spend. So a lot of marketing gifts that we give to the customer as a part of Bill Buster, as part of our gross margins. So that had reduced I think 20, 30 basis points. And also we made a cost committee about six to seven months back. And because of consolidating fabric purchases and fabric sources and you know, doing open costing with the vendors, we were able to save about a percent of a gross margin there.
And the difference between standalone and consolidated is because now we are shutting down, we have shut down our manufacturing units. So earlier manufacturing manufactured goods a lot of part of the cost of the product used to go in manpower cost and only the raw material part of that goods were part of the cogs. So that is why there’s a difference in the gross margin. But going forward, I think the gross margin that is there in the standalone will be prevalent and more relevant to our business.
Aliasgar Shakir
So Swati, I didn’t get this point. You were saying manufacturing was sitting in the subsidy basically and margins are relatively lower there because some of the component is not like to like because the cost is coming in your gross margin.
Akash Agarwal
The margins are higher there because the cogs only has the raw material part of the cost of making the product. The actual salary of the tailors and everything goes in the employee cost.
Aliasgar Shakir
It will be the same now going forward. Because you’ve shut it down.
Akash Agarwal
Yes, yes.
Aliasgar Shakir
And what is the reason of shutting down? Because I thought that one, that was one of our mode because of which we were able to get lower cost, you know, products.
Akash Agarwal
Yeah. So the whole aim of opening the manufacturing units was to get transparent costs of making each and every category. It was not, you know, it didn’t make business sense to be opening manufacturing units for every 30 stores that we added. So it was only to get transparent cost so that we could negotiate the right prices and the right sand minutes for making each and every product with our vendors. And we’ve been able to achieve that. And in fact we’ve given the factory to a vendor itself who’s supplying it to us now. So instead of investing our own money and you know, parking our working capital there, now we can achieve the same costs by getting it from contract manufacturers.
Aliasgar Shakir
So there is no price increase related improvement in gross margin?
Akash Agarwal
No.
Aliasgar Shakir
Okay. Okay. So in terms of the competition, we are still equally competitive and sharper pricing. Right?
Akash Agarwal
Definitely.
Aliasgar Shakir
Got it. Second question I had on the ssg. So now of course, you know, in the past your SSG will be higher because obviously bill was also low. Now we are kind of, you know, indicating a 10% SSLG. So just want to understand from, you know, industry point of view and how it should pay out for us because generally this industry is seen to be a bit cyclical. You see two, three years or maybe four years of, you know, very good, strong ssg. And then probably because of either, you know, market factors or the consumer, you know, weakness in terms of purchase, we see this, you know, SHG going back to flattish territory for Q2 years and then again rebounding.
So I mean in the context of how the macro plays out, do you see any impact of SSG? Also for us, or else if you can just give a little bit Insider from where this 8, 10 SSG is likely to come, is it going to come from increased wallet share, more footfalls? How are you guys thinking about this regime?
Akash Agarwal
Yeah, first of all, I think our segment is the least cyclical business. I think what we are selling can be categorized as non discretionary looking at the average selling price and the price segment that we operate in. So I think the cyclical or the numbers that you’re talking about, it relies more on one’s own execution level or if somebody makes a mistake. But I think if you’re doing the basics well and you’re focusing on the strengths and you keep offering what the consumer is asking you at the right price, then I think we should be able to get a 10% double digit SSG going forward.
And out of which I think the ASP increase would be inflationary so should be about 3, 4, 5%. And the rest of that should come from volume growth that can also be from a mix of additional footfalls as well as a rise in average bill value.
Aliasgar Shakir
Got it. Understood. And this last point on the store ads, so just you told me that just now you indicated that your new stores are around 25% lower than they are opened in the first quarter. But if you think from a year’s point of view, are they breaking even in the year that they are open, how much time do they take to break even? And for whatever indication we have in terms of our growth, how much will be the drag from the new store or will they be, you know, from a bitda or pad point of view accretive in the first year itself.
Akash Agarwal
So like I mentioned, newer stores start from about 800 as old stores are doing 1100. And our breakeven point is at 500 rupees per square feet sale. So newer stores are breaking even from the first day, from the first month of operations itself. It’s just that the per square feet sale is 25% lower. So their EBITDA would be pre index, ebitda would be 6 to 7% and the older stores would be somewhere around 10%.
Aliasgar Shakir
Got it. So they will be likely, you know, margin or sorry, profit accretive from the first year itself. Yes, got it. And this last thing is on your EBITDA margin now this quarter also we improved our EBITDA margin. Now I think we are over in close to around 8% level. So you think you will maintain this and pass on the benefits to the customer in terms of, you know, better Pricing or you think with your operating leverage this margin can improve from here?
Akash Agarwal
With our operating leverage, I think there is scope for the EBITDA margin to improve. So there are three levers for that to happen. So one is the head office and the warehouse cost will be distributed over a larger area. The second is moving the per square feet sale even higher with that 10% SSSG. And the third is better full price sale and a better product mix. But like I said, our gross margin target is the same. It is around 28, 29% which is already passing on most of the benefit to the consumer. So these levels can be used for the expansion of EBITDA margin.
Aliasgar Shakir
Got it. So what is it that we should reach achieve in 2677 EBITDA margin?
Akash Agarwal
So the target is 10% but anything over 8 is good because even an 8% EBITDA margin gets us 24, 25% ROE. But of course the target is to reach 10% in the next two years. Yes.
Aliasgar Shakir
Okay, very clear. Thank you so much and wish you all the best when test numbers.
Akash Agarwal
Thank you.
operator
Thank you. The next question comes from the line of Palaz Kavle from Nuama Wealth. Please go ahead. Hello sir. As there is no response, we’ll proceed with the next participant. The next question comes from the line of Varun Singh from aaapms. Please go ahead.
Varun Singh
Am I audible?
operator
Yes sir.
Akash Agarwal
Yes sir, you’re audible.
Varun Singh
Yeah. Thank you. My first question is on store edition guidance. I think you mentioned 120 store. Did I hear it clearly that this 120 store is met store edition for FY26?
Akash Agarwal
Yes.
Varun Singh
Okay. So I think in front of maybe 70, 72 stores that we added in 25 around 120 stores. 100 or 120 source we can add in upper 26. That understanding is correct now.
Akash Agarwal
Yes.
Varun Singh
Super sir. And my second question is on the objective of the fundraiser. I’m sorry, I actually joined the call 15 minutes later. I’m not sure if you have already answered but just wanted to get the clarity and understanding on the 400 crore fundraise that we wish to do. So what’s the objective of the uses of the fund?
Akash Agarwal
Yeah, so it’s about accelerating our momentum. Like increasing the store opening targets by 2030 stores every year. It is future proofing our growth. It is being debt free, so paying off all the debt. It is working our cap, you know, managing our working capital better in terms of being the best pay masters in the industry so that we can even get better cost from our vendors. It is Investing in infrastructure and technology. So it is a mix of all these things that the funds will be used for. Okay, sure.
Varun Singh
But like as on today in our balance sheet we have hardly 100 crore of short term borrowing and 20 crore of long term borrowing. 120 crore. So I mean is that because any which way is or you are saying that we don’t want to exist with short term borrowing in future.
Akash Agarwal
Can you repeat that question? I lost you for a second.
Varun Singh
I’m saying that in your balance sheet we have 120 crore of debt as on today or maybe as on FY25 wherein the bulk of it is short term borrowing. So like when you say object is to repay the debt, you are saying that we will be free from all long term short term borrowing and in future we want to, we don’t want reports to banking facilities.
Akash Agarwal
Yes, that’s what I meant. So if we raise capital then we will repay all the debt. Because you know it doesn’t make sense to have that debt if you’re raising money through qip.
Varun Singh
Okay so after, after repaying that, what is the second major cause that we wish to invest? Is it store? Store opening. And what would be third? If it’s stored in.
Akash Agarwal
Yeah. So first will be repaying debt, second will be, you know, additional. If you open 2530 stores also in two years there will be 60 additional stores. So for that 60 stores we need about 150 crores and the rest will be for you know, paying off our vendors. Better payment terms for vendors so that we get a better pricing, more sharp pricing so that it increases our competitive advantage. And the rest would be for newer, you know, warehouse investment, technology investment, infrastructure investment.
Varun Singh
Okay, okay, understood. And just one last question. You spoke about the value chain or the warehousing part wherein we will significantly improve our supply chain which enables us to maybe do twice to two days drop in a week. So in this regard just wanted to understand that will there be a meaningful, I understand 1% review, six parts, but still the cost of servicing stores from that point of view, will there be a meaningful reduction on that front? And I mean my understanding is it is margin accretive. If you can educate us some a little bit on, on this investment and the benefits.
Akash Agarwal
Yeah, so see increasing the frequency of dispatches of fulfillment to the store, of course it wouldn’t reduce the transportation cost. But what it does is we have to hold lesser inventory at the stores. So it improves a lot of store operations and it improves a lot of inventory management at the store. So Those benefits would be seen in the subsequent quarters. So that should lead to even a better higher per square feet sale that should lead to lower inventory at the store level. So those are the benefits of this. And of course it makes the store operations a lot easier because instead of processing seven days worth of inventory together in a day now the store team has to do that for any two days sale inventory.
Varun Singh
Understood? Understood. Sure. Thank you very much Akash and wish you all the best.
Akash Agarwal
Thank you.
operator
Thank you. The next question comes from the line of Rohan from JM Financials. Please go ahead.
Gaurav Jogani
Hi, so this is Gaurav from JM Financial. My question, you know is with regards to just a clarification on the volume and the value growth. So when I see the volume growth is around 50% for Q1 and the ASP increase comes around, you know from 260 to 300. So is around 20% odd. So, so, so not 20 are near 15, 16%. So where is the disconnect? You know, because the top line growth is around 52%.
Akash Agarwal
I think that’s because of the change in product mix because we have reduced a lot of general merchandise goods whose ASP was really low like 30, 40 rupees and apparel contribution has gone up. So that is why we’re seeing such a sharp increase in the asp.
Gaurav Jogani
Okay, okay, that’s, that’s helpful. I guess my next question, you know is given that you know you are increasing the overall scheme of operations which with practically 150 stores being added in this year or rather 125 stores being added in FY26 and another 150 orders next year. So how are you building the team strength? What all additions has been done at the overall team basis. You did mention on the warehouse capabilities but what all capabilities other than this would be required to reach to the next level of your revenue targets. And.
Akash Agarwal
Yeah, so see there are three pillars to this. So one was of course the supply chain. So we’ve taken care of that. We finalized the warehouses. In terms of technology, we have invested in Centrix, PLM and Centrix planning. So that’s also a pretty significant investment that will take care of the process planning, replenishment and assortment planning part of it. And in terms of team. So we have been on hiring phase for the last two years because we knew the kind of growth we wanted and we wanted to build a strong foundation. So we have hired I think a key manager person in a lot of new departments.
And our business development team used to be four members. Now it is 16 members. So similarly, that kind of expansion has happened in each and every team because again, like if we want to grow at 50% for the next few years, then all the manpower and all the bandwidth is welcome. So we started focusing on hiring two years back and it is still a focus and we are still hiring. But I think we already have a very good bandwidth and we showed that by opening 72 stores last year. And we are well on Track to open 120, 130 stores this year.
So management bandwidth is not a problem because we started focusing on it two years back. Sure.
Gaurav Jogani
And the leading question to this is, you know, given that now we are seeing many value retailers getting aggressive on store expansion. So you know, if we, if we just calculate the total store openings by you, some zudio style union, etc. It comes around, you know, practically thousand odd stores being added during a year. Now given this, do are you seeing inflation in the rentals for the new properties or inflation or any shortage in the manpower that you are looking to hire? Because the talent crunch again would be limited in that extent. So, so any, any cost inflation that you are witnessing here and how are you managing this?
Akash Agarwal
So average rental currently for us is about 53 rupees. And if you look at the average rental of the new stores that we finalized, I think it’s around 41, 42 rupees. So in fact it is less than the average rentals we are paying today. Because we have moved away from the idea that in order to enter a market, you need to finalize a store right in the center of the market. Because we give importance to other factors like floor plate parking that enhances the customer experience. And we have seen that the customer, if you have the right product and the right brand recall and then you can attract the customer 500 to 1 km, 2 km away from the market also.
So that is really helping us find good locations with big floor plates, big frontage and at a much, much more competitive price than if you were looking for a location right in the center of a market.
Gaurav Jogani
Sure, sure. Any increase in the manpower cost that you are seeing, you know, given that now there is also diversion of the manpower to the quick commerce guys also. And the lower level employees, are you facing any challenges to hire there?
Akash Agarwal
So the lower level employees at the stores, they’re mostly at minimum wage. So attrition was always high there. That is why last five years we moved away from being manpower centric to being a lot of, you know, process focused where anyone even in two days can get the training and start giving output. So all our store operations does not rely on manpower. They are completely automated. They are completely process driven. So we are not facing a lot of challenges there.
Gaurav Jogani
Got it. Thank you for answering my questions, Akash. All the best.
Akash Agarwal
Thank you.
operator
Thank you. Before we proceed with the next question, a request to all the participants. Please limit your questions to two questions per participant. Thank you. The next question comes from the line of Palesh Kavel from Nuvama. Well, please go ahead.
Palash Kawale
Yeah, thank you for the opportunity. Hope I’m audible this time. So congratulations on the good setup numbers, Akash. My first question is again on the finalizing the location. So what kind of matrices do you look at apart from the parking that you mentioned? Is it also like you look for the shape and size of the floor. Plan that you’re getting? Like is it also important for you?
Akash Agarwal
Yes, definitely. The floor plan is also important. So we have about 70 different factors. We look at the distance from railway station this way from the nearest bus station, the average benchmark sale of the competitors, the width of the access road. So we have made a model which helps us give a probability out as to how that store would do. But we have seen from our experience that no matter how many variables you add, you know, the model hasn’t been that accurate. So we take into contingency that, you know, if you open 100 stores, we might have to shut down four, five stores.
But yes, the floor plan is also taken into account when we open a store in terms of efficiency of display and the customer movement.
Palash Kawale
Okay, that’s really helpful. And my next question is like in Q1 it was supposed to be a seasonally slightly weaker quarter because of shift in ease. Despite of that you’ve grown by 50%. So is it safe to assume that for the whole year like you’ll be easily get doing better than what you are guiding right now?
Akash Agarwal
We always believe in, you know, under promising and over delivering. So I wouldn’t want to get expectations too high. But yes, definitely. Like I said, even in July that trend is continuing. So internal targets are definitely better. But we guide for 50% revenue growth and a little bit of expansion in EBITDA. So which is anyway phenomenal in itself. So if we do anything better, it will be over delivering. Okay.
Palash Kawale
Okay. Yeah, that’s it from my side. And all the best for the upcoming quarters.
Akash Agarwal
Thank you. Thank you.
operator
Thank you. The next question comes from the line of Kushal Goenka from Mangal Keshav Financials llp. Please go ahead.
Akash Agarwal
Hi. Thank you for the opportunity.
Unidentified Participant
I’m Ansh here on behalf of Kushal from Manrakeshal. My first question is a follow up on one of the participants question on the QIP. Sir, 400 crores is more than the. Total current equity base that we have. So just wanted to know the rational that isn’t this a huge dilution and. Which would also harm the return ratios. For the foreseeable future because currently we are doing around 25% ROE if I’m not mistaken, I’m repeating this but as you mentioned in the last call also that you would not need any equity or borrowings. So what changed in one quarter and when will the QIP happen?
Akash Agarwal
No. So we’ve always been clear that if we feel that the performance, good performance continues and we want to accelerate our growth then we won’t look at additional debt and we would look at, you know, QIP or equity dilution. And right now also it’s just approval of, you know, enabling the QIP process. But we’ve always been very disciplined in our capital allocation. You know, return metrics speak for themselves And I think if we do a qip it will always be in line with creating long term value for all our shareholders. And I’ve already mentioned the needs and if we raise funds where it will be used.
So I think it’s, it’s about, you know, if you’re doing well, it’s about the next three, four years is a good time to get good market share in this Indian value fashion market.
Unidentified Participant
Okay. And so since you’re planning to become a full fledged Pan India player. So are we planning to hire more senior management like a CEO Regional head?
Akash Agarwal
Yeah, so we are hiring across departments and we are looking for senior manager people also. And we have hired in fact three key managerial personnel in just last three months. So with the kind of growth trajectory we are on, we would need all the bandwidth and we are well prepared and we are looking for good people who can contribute to our business. Okay, great.
Unidentified Participant
Thank you so much. That’s all. Thank you.
Akash Agarwal
Thanks.
operator
Thank you. The next question comes from the line of Vishnu Lakhani from Baston Research. Please go ahead.
Vishnu Lakhani
Hello.
operator
Yes sir, you’re available. Please go ahead.
Vishnu Lakhani
Congratulations for this type of result. I have questions regarding brick and mortar. Which currently we are using. Are you planning to get into online? Oh, we are just going continue in the big ten motor.
Akash Agarwal
Yes, we are exploring the omnichannel business. But I had mentioned this earlier that we are still struggling with a good technology partner and it’s not of a very urgent priority for us. Even when that omnichannel business gets mature it would not contribute to more than 4.5percent of sales. Looking at the.
Vishnu Lakhani
Understood, sir. Second is regarding raising capital. So earlier you mentioned that we are not going to raise capital and we just. Is there any possibility in near future that we will raise capital again?
Akash Agarwal
So there’s a lot of disturbance from your line. Your voice is not clear at all.
operator
Hello, may I request to use handsets?
Vishnu Lakhani
Okay sir, my questions are already answered. Thank you.
operator
Thank you. The next question comes from the line of Varad Patel from New Women Capital. Please go ahead.
Varad Patil
Yeah, thanks for the watch, Andy. So what will be our total capex for FY26? And also can you break it down into the capex for new stores, the warehouses, warehouse additions that you are doing and if there’s anything on top of it.
Akash Agarwal
So we plan to open 120 stores this year. So that is around 300 crores of capex plus inventory required for those stores. And if you include technology warehouse that would be additional I think 40 crores of capex.
Varad Patil
Okay, so 340cr and earlier you used to guide for 2cr capex per store including inventory. And today you mentioned that it’s 2.5 cr per store.
Akash Agarwal
So capex is cost. No, capex was 1.1 and inventory was about 1.3. Paid inventory. So it was always 2.3 to 2.4 and it is all still at the same level.
Varad Patil
Okay, so 2.5 here is a higher end of the range that.
Akash Agarwal
Sorry sir, you’re not audible.
Varad Patil
Yeah, no, so you mentioned 2.5 cr. So you mentioned 2.5 cr per store. So that is the higher end capex per store that you’re expecting. It’s not an average blended basis.
Akash Agarwal
No, so it was always 2.4. So I’m just rounding it up because you know if every quarter we opening 30 stores there’ll always be additional inventory in the system for those upcoming stores.
Varad Patil
Okay, so you’re not witnessing any increase in capital costs?
Akash Agarwal
No, no.
Varad Patil
Thank you.
Akash Agarwal
Sure.
operator
Thank you. The next question comes from the line of Devanshu Bansal from MK Global. Please go ahead.
Devanshu Bansal
Yes, hi. Thanks for the opportunity. Akash, you mentioned increasing the frequency of drops in the stores. Right. So I wanted to check because we did some visits to your stores. This suggested that you also have a local warehouse which is quite differentiated versus the other value retailers that operate in the specific areas. So how do you see that? Because obviously with local warehouse we could have sort of stored inventory at stores and gradually sort of bring them on the main floor. So do you plan to sort of move away from that local warehouse model by sort of increasing the frequency of drops at your stores? Just wanted some thoughts around that.
Akash Agarwal
Yeah. So currently the store warehouse takes anywhere between 7 to 8% of the floor area. And now that we’re doing hub and spoke and the frequency has increased, we are reducing the warehouse area to just 2 to 3%. So that gives more space for the customer, more space to display, more options and less store operations in terms of put away and picking.
Devanshu Bansal
Understood. Understood. And currently you mentioned that your inventory at store is 1.1 crore. And obviously with higher frequency of drops you would be requiring lower inventory at stores. So as in what is your targeted inventory per store? Maybe going ahead down one to two years down the lane when you sort of affect this model. So what is the target of inventory reduction at stores?
Akash Agarwal
So currently we keep about 10 to 12 days of sales cover at the store. We plan to bring it down to just three to four days.
Devanshu Bansal
Okay.
Akash Agarwal
Except the display stock. So there’s a display stock and then there’s a 10 to 12 day sales cover at the store. So we plan to bring that down to just three to four days.
Devanshu Bansal
Understood? Understood. And what would any idea as in, what would be the segregation between display and subway? As in broadly between display.
Akash Agarwal
Display is always constant no matter the per square feet scale of the store. And the sale is dynamic. So display is about, you can say 40 to 45 days and rest is sales.
Devanshu Bansal
Understood. And sir, lastly, also wanted some clarity on in house versus outsourced manufacturing that we will be pursuing. So currently, what was the component of in house sourcing for us through our own manufacturing facility?
Akash Agarwal
It was about 5%.
Devanshu Bansal
Oh okay. Only 5%. Okay. Okay. And from a new store expansion perspective.
operator
May I join the queue again? Thank you. The next question comes from the line of Ankush Agrawal from Surge Capital. Please go ahead.
Ankush Agrawal
Yeah. Hi Akash. Thank you for taking my question. So just one thing, Akash. So in last one and a half years we have clearly accelerated the store additions. This quarter store growth is almost 70%. And now with the fundraise also we are looking to accelerate more. Even though it is good because you’re seeing positive signs. But the other aspect is also that an uncontrolled store expansion is basically the primary reason why a lot of retail outlets eventually fail. We also had a past bad experience as well. Obviously the balance sheet is different but like back in 2017 also we added say 70% stores, 70% more stores in just one year and then next few quarters are not good because the SSG was not good.
So how do you see that kind of a risk going ahead now given that we are continuing to add stores at a very rapid pace?
Akash Agarwal
Yeah, so first of all, whenever we talk about store opening numbers, we’ve always mentioned that we don’t want to blindly chase growth by compromising on any of the metrics, I.e. per square feet, EBITDA per square feet gross margin. So whatever expansion happens, it happens in phases. So the next phase of expansion is always dependent on the execution of the previous phase. So the day we feel, you know, the newer stores are not within the benchmark of 30% of old stores, the old store SSSG is going down, or you know, any of the metrics, we see that it’s not up to the mark, then we would just, you know, postpone and cancel the expansion, the next expansion phase.
And second, we’ve never been in this position where we have the leadership position in terms of per square feet sale, in terms of profitability. And wherever we have a store, we are at least 30 to 40% higher in terms of throughput and sales than our competitors. So I think we’ve never been in this position of strength where we felt that we were strong enough that now we can open grow at this speed. And second and third, if you look at the last four, five years, that was a period of consolidation. So if you look at the growth over five years, then it would not look that much.
So those four years were about strengthening the model, increasing the per square feet sale from 650 odd to more than 1100 for the old cohort of stores. So there has been a fundamental change in the business which gives us this confidence. And like I said, it’s only after we have built a foundation now in terms of management bandwidth, in terms of technology, in terms of getting the product right, getting the supply chain right. So there is very little manual intervention in a lot of processes of the business. So that overall gives us the confidence that we can do this.
And last year also the 72 stores that we opened, the response has been phenomenal and you know, the kind of customer feedback that we are getting. And so this I think altogether gives us the confidence that we should be accelerating growth.
Ankush Agrawal
Right. So just one thing. So in your understanding, if you are getting say 8, 10% SSD, then you’re comfortable opening say 50, 60% store addition. That in your understanding that is, that is not a risk.
Akash Agarwal
Right. So there are two things Here. So SSSG is one. And second is what percentage, what per square week sale are the newer stores doing? So that has to be within 30% of old stores. So even with the 10% SSSG, if newer stores are doing maybe 40, 50% less than old stores, then we would have to rethink the strategy.
Ankush Agrawal
Okay. Okay. So 8, 10% SSG and 30% lower square is the right benchmark to look at. Yes, yes, that was very helpful. Thank you.
operator
Thank you.
Ankush Agrawal
Thank you.
operator
The next question comes from the line of Rohan Advan from Prat Capital. Please go ahead.
Rohan Advant
Yeah, thanks for the opportunity and congrats on a good set of numbers. Sir. My first question is that your ability to improve your green dash EBITDA margins from the 8% to 10% for the next couple of years in spite of such a significant ramp up in store addition, is that dependent On a certain SSG number at this 8, 10% you feel confident there are enough levers to deliver that or would you need a higher SSG to expand margins from here on?
Akash Agarwal
So yes, it’s a very valid question. So the aim of 10% EBITDA for that we would definitely need a higher SSHG. I think the SSHG we need for that would be around 13 to 15%. But that is why I also said, you know, anything above 8 is good. That is our aspiration. That is where we want to get to. So there should be higher sssg. And of course better product makes better full price sale and of course cost leverage also. So all those three things need to happen for the EBITDA to expand 200 basis point in the next two years.
Rohan Advant
Okay. And at that 8 to 10%, 8% margin is defendable.
Akash Agarwal
No, if it is 8 to 10% then we might go till 9, we might not reach 10.
Rohan Advant
Yeah, yeah. And just lastly on the pre index versus post index accounting, one of your peers has I think restructured their leases to bridge the gap between the two. Do you plan to do something like that or you are not really thinking about it?
Akash Agarwal
No. So like we only focus, we track business performance on just pre inde s basis. So I think it will be redundant to, you know, focus on the post inde s because I think for a business like ours, it’s a irrelevant number. So we focus always on pre index numbers and we always give guidance on pre index numbers so we don’t need to do that.
Rohan Advant
Okay, understood. And all the best.
Akash Agarwal
Thank you.
operator
Thank you. The next question comes from the line of Jatin Deshpande from Picard Advisors. Please Go ahead.
Unidentified Participant
Hi.
Akash Agarwal
Hello.
Unidentified Participant
Can you hear me? Yes, sir. Yeah, so firstly I wanted to ask. On the ssg, so can you share. The SSG number for the stores that are greater than 2 years old if you have any idea about that.
Akash Agarwal
So I don’t have it offhand but what we have traditionally and historically seen is the newer cohort stores are growing at a higher rate than the old mature stores.
Unidentified Participant
Right. So yeah, that is the reason I’m asking is key.As you say, this 8 to 10% SRG is sustainable. So can I assume that it is going to be the same for the next three to four years?
Akash Agarwal
Yes, we would like it to be the same for the next three to four years. But again it all depends on the execution. But if your business model is good, if your product offering is good, there is enough customers in the market and there is enough customers entering your a total addressable market every year for a good brand to be doing a double digit sshg.
Unidentified Participant
Got it.
Unidentified Participant
Got it. And my last question is on the store ramp up that you have planned. So I have to assume that your store, your stores do much better in. Our core markets like up Bihar. So what are your. How you plan the. How you plan adapting newer stores in. The new markets like let’s say Karnataka or Maharashtra, like how you plan the. Merchandise and the trends there are.
Akash Agarwal
So I already mentioned this also that the newer stores that we opened in newer geographies, they are at the same level as the newer stores in the old geographies. But whenever we enter a new geography, we collect a lot of data from the store that we’ve opened and all the subsequent stores that we open in the new geography or the new state. It already has the assortment and the space allocation by using the data from the older store. Got it.
Unidentified Participant
Got it. Got it. And any problem on the supply chain side like do we have any concentration risk from the vendor side or
Akash Agarwal
we have a diverse set of vendors there we have about 250 vendors. So it’s very pretty diverse. And we have more than 500 vendors who want to work with us. So that’s, that’s not a challenge. And we are not over reliant on any single or any group of vendors.
Unidentified Participant
Thank you. Thank you. Thank you all you asked.
Akash Agarwal
Thank you.
operator
Thank you. The next question comes from the line of Karthik from LFC securities. Please go ahead. Hello sir. As there is no response from the participant, we’ll proceed with the next participant. The next question comes from the line of Rajesh Vora. Rajesh Vora. From JME Ventures. Please go ahead.
Rajesh Vora
Good afternoon Akash. Congrats on pretty good set of numbers. Your estimation has been to reach 1500 rupees revenue per square feet per month. Is that possible in the next three years given this aggressive ramp up of new stores?
Akash Agarwal
Sorry, can you repeat that question?
Rajesh Vora
Your aspiration has been to reach 1500 rupees of revenue per square feet per month for V2 Retail. Is that possible in the next three years given aggressive ramp up of new stores?
Akash Agarwal
I think that’s being too optimistic. Even if we reach 1200 rupees psf at the national level, old and new stores combined in the next three years, that would be amazing trajectory for the business. Because Even with the 1200 rupees per square feet of sale, I think the ROE numbers are around 40% so which is phenomenal. So that would be our first target. Before we talk about any number higher than that.
Vishal Dudhwala
Okay, that’s useful. And at that level of 1200 rupees per person per month, pre index EBITDA margin should be what, 8, 9% higher.
Akash Agarwal
1200, it should be around 11%.
Vishal Dudhwala
11%. Okay. And that you think is feasible in the next three years?
Akash Agarwal
If we continue doing the good work and if we are on this trajectory and we continue the momentum, then yes, that is the target.
Vishal Dudhwala
Interesting. That’s useful. With CEO living recently is are you assuming that role or are you looking for new gentlemen? How are you thinking?
Akash Agarwal
So I have assumed that role currently, but we are on the lookout for a lot of positions also because with the growth trajectory we need more people.
Vishal Dudhwala
So.
Akash Agarwal
But right now I’m handling it and you know, I’ve assumed the role and.
Vishal Dudhwala
Yeah, okay. And last thing, what is the typical incentive structure for store staff who are doing great job and helping the company grow pretty well consistently over the last few quarters? And we’ve already reached 92% of MRP. So what’s the typical structure? And given the aggressive growth we are planning, how can you maintain your best in class rigorous processes and SOPs with this kind of growth?
Akash Agarwal
So yes, a lot of our key people, key personnel at the store and head office, they’ve all been given retention bonuses and in terms of variable salary. So each one of them have monthly, quarterly and annual targets. So you know, they have different slabs, they can earn as much as 50% of their salary if they achieve certain targets. So last two years, because we’ve performed so well, I think average, everyone has been getting about 15, 20% variable, you know, percentage of their salary. And that, that seems to be Working well for us and motivating our employees.
Vishal Dudhwala
Interesting. And does that, does that mean that we are amongst the best paymaster on a total basis compared to our competitors where these folks can work or have been working before?
Akash Agarwal
Yes, definitely, because we’ve been able to achieve our targets. So of course with the incentives we would definitely be paying them more than what their counterparts are earning at competitions or competitors. But we don’t have the exact benchmarking. But looking at a lot of store managers and assistant store managers, the attrition has been lesser since we have announced this scheme. So it seems to be working well.
Vishal Dudhwala
Great. Thank you so much Akash. And all the very best for all the targets.
Akash Agarwal
Thank you.
operator
Thank you. The next question comes from the line of Natic from NV AlphaFund. Please go ahead. Ladies and gentlemen, we have lost the queue. Give me a moment. The next question comes from the line of Aakash from AJ Wealth. Please go ahead.
Vishal Dudhwala
Hi sir, Conversation brokerage set of numbers. So I mean one question related to, I mean for last two, three years we have rapidly expanded and this year again we are planning to open 100 plus stores. So I mean many consumer companies are reporting weak or muted demands. So don’t you see any risk in expanding at such a high pace in current environment?
Akash Agarwal
We are expanding not for the short term or you know, just to get profits of one year or two years. It’s a long term expansion for the next few decades. So you know, short term macroeconomic factors can’t affect decision making in terms of growth trajectory of the business.
Vishal Dudhwala
Okay, and last one sir, I mean our full price sales are at 92% and I mean compared to other retailers this is, this is quite high. So how are we maintaining such high full price sterilization? Is it any function of brand positioning or supply chain efficiency or store level execution?
Akash Agarwal
So it’s a mix of, you know, better forecast, better merchandising, better supply chain. So it’s, I think it’s a mix of all those things. The teams being efficient and you know, offering the right kind of fabrics, colors, fits that the customer likes and you know, we don’t have to put it at a discount.
Vishal Dudhwala
And just last one sir, on your design team, I mean your in house design and product development team, I mean they play very superior role. So I mean what is your competitive edge there?
Akash Agarwal
It’s very hard to explain that on a call until unless you go and visit our store and see our products versus our competitors because everybody on call can say their products are better or their assortment is better. So you need to actually see the product, see the pricing, see the quality to understand, you know, why our per square feet sale is higher, why our footfalls are higher, why our conversions are higher, and why is profitability higher?
Vishal Dudhwala
Okay, thank you.
operator
Thank you, ladies and gentlemen. We’ll take this as our last question for today. I would now like to hand the conference over to Mr. Aakash Agarwal for closing comments.
Akash Agarwal
Thank you all for joining us on today’s call. We hope we’ve been able to address your questions and provide clarity on our performance and outlook. Should you require any further information or have any additional queries, please feel free to reach out to Marathon Capital, our investor relations advisor. They’ll be happy to assist you. We appreciate your continued interest and support. Thank you and have a nice day.
operator
Thank you very much on behalf of V2 Retail Limited. That concludes this conference. Thank you all for joining us. And you may now disconnect your lines.