Shein has entered via reliance trends, they have presence in tier 2/3 cities as well.
The whole segment trending after zudio brought about a structural change in bringing ppl to malls and organized stores ( the particular price point customer)
There is space for everybody here and the space as a whole should keep doing well
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Margins will shrink going forward
Just Informing: Promoter and promoter group have disposed equity worth approx 6.5cr
How do you interpret this transaction?
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That’s like peanuts for them, also considering that they have only been buying. It doesn’t bother me much but if it repeats then yes.
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V2 Retail added to MSCI India Small Cap Index
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In India, mutual funds are required to disclose when they acquire more than a 5% stake in a listed company.
Disclosure Requirements:
- Regulation 29(1) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (SAST Regulations):
- If an entity (including mutual funds) acquires 5% or more of the shares or voting rights in a listed company, they must disclose the acquisition to the stock exchanges and the company within two working days.
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writeup on V2 retail -
V2 Retail Initiating Coverage.pdf (1.4 MB)
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Confused with these projections. Let’s start with FY25 where your forecast is 1740 Cr. The result updates will be out in a few weeks, so it’ll be easy to cross-check.
V2 entered Q4 '24 with 107 stores & clocked 830 psft. They entered Q4 '25 with 160 stores. So, 53 stores at 800 psft and continuing 107 with 1000 psft. This will take us to 448 Cr. They’ve done 1386 in 9M '25. So, extremely conservative number will be 1836 Cr. Their SSSG in 9M has been 31% while we’ve considered only 20%. Also, ignored any contribution from 26 stores opened in Q4 '25 and used minimum sales number from 53 stores opened since Jan '24, many of which would have progressed beyond the opening numbers of 800 psft.
I’ll be disappointed if they don’t cross 1900 Cr. 1st 600 Cr quarter & north of 2000 Cr yearly would be heartwarming.
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V2 Declared super strong updates for the quater and the year end.
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Q1 would be a bit muted tho, now no festive season as such.
CEO Manshu Tandon resigns to meet his career aspirations as an enterpreneur. Am assuming that he will enter into Retail segment only - any one any idea on the short term impact on V2. Assuming long term the market is massive - only the fit and strong will grow.
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Something Fishy with Manshu Tandon
Despite multiple public announcements of resignation (2017, 2019, and 2025), Manshu Tandon repeatedly appears in official company documents, earnings calls, and presentations as CEO during the intervening periods.
Key Observations:
- After the 2019 resignation, Tandon was still listed as CEO in 2020 and 2024 concalls and corporate presentations.
- Even after the latest resignation announcement on April 28, 2025, there is no mention of a successor or interim CEO in official company communications.
- This pattern — where a CEO resigns officially but continues to appear in leadership roles — is highly unusual and raises serious questions.
Timeline and Evidence (Narrative)
In January 2017, Manshu Tandon’s resignation as CEO was officially recorded during a board meeting. However, by February 2018, he was once again listed as CEO in the company’s corporate presentation.
In March 2019, another resignation was formally announced via an official exchange filing. Despite this, Tandon was present and acting as CEO during a November 2020 earnings call.
In fact, in January 2020, the board approved his reappointment as CEO.
By July 2024, he continued to participate in investor calls as the acting CEO.
On April 28, 2025, another resignation was submitted via email, effective immediately. Yet, no successor or interim CEO has been named by the company to date.
Concerns:
- Unexplained Reappointments: There is no clear, public disclosure about why or how Manshu Tandon resumed the CEO role after each resignation.
- Lack of Transparency: The company fails to communicate leadership transitions or reappointments to shareholders and the public.
- Governance Issues: This pattern of resignation followed by continued or renewed leadership is not standard corporate practice and undermines confidence in internal governance.
Conclusion:
The documented evidence shows that after resigning in 2017, Manshu Tandon was still listed as CEO in 2018, and this cycle repeated in 2019, 2020, and 2025. Despite multiple public resignations, he continued to appear in official roles, presentations, and concalls, with no clear explanation or disclosure about these transitions. This inconsistency strongly suggests that something is amiss with the company’s disclosures and governance practices regarding the CEO position. Stakeholders and investors have valid reasons to question the credibility of V2 Retail’s leadership disclosures, as the repeated, unexplained resignation-reappointment cycles are highly unusual and not in line with standard corporate behavior.
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Highly overvalued company with bad corporate governance; what could go wrong?!
Agreed on bad corporate governance.
But valuation wise it’s closer to its peers . Since the major growth is there.
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Totally missed this point!! Great you noticed this! have been studying the company for the past few days and find everything “too good”. Management commentary-Too positive, financials- too positive, management exp.- too good. this can serve a major red flag for investors for sure!
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Dont know if this is relevant or not…auditors are putting qualified opinion on their plants and machinery since 2022. They are not performing reconciliation of their fixed assets register with their safety study of such assets. Seems weird that management will delay such a basic thing, have the planta and machinery lesser life than is shown ? Raises questions.
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