V2 RETAIL: IND-Ra UPGRADES CREDIT RATINGS
• Long-term rating upgraded to ‘IND A’ with Positive outlook from ‘IND A-’.
• Short-term rating upgraded to ‘IND A1’ from ‘IND A2+’.
• Upgrade supported by over 60% YoY scale growth driven by store expansion and strong same-store sales.
• FY26 EBITDA rose to ₹45.44 Cr from ₹25.78 Cr; EBITDA margin improved to 14.85% from 13.7%.
• Strong position in value retail segment with growing presence across Tier-2 and smaller cities.
• Asset-light expansion strategy supports growth with limited capital intensity.
September 2, 2026 1K
