Synopsis: Q2 FY26 data shows value-fashion retailers leading same-store sales growth. V2 Retail and Baazar Style outpaced larger peers, indicating a faster demand recovery at the mass end.
Same-store sales growth (SSSG) measures how much sales rise in stores open for at least one year. Unlike growth from opening new locations, SSSG increases without extra capital spending. It comes from selling more at each store; this can be done either by attracting more customers (volume growth) or by shifting the mix toward higher‑value or premium items.
However, a company can report two different versions of the same figure. Normal SSSG is basically the direct, unprocessed growth that comes only from the sales of these existing stores. On the other hand, Adjusted SSSG is a metric that excludes one-time or unusual factors, such as festival timings (Durga Puja, Diwali, etc), store renovations, temporary disruptions, or accounting adjustments, in order to show a cleaner, more comparable figure.
In this article, we will look at some of the top retail chains in India that have reported their Q2 results and try to understand which chain performed the best in terms of SSSG metric.
V2 Retail
V2 Retail is an Indian company that offers clothing, accessories, and lifestyle fashion products both in its stores and online. The company also produces some of the clothes that are sold in its stores. Under its brands such as Godspeed, Herrlich, Glamora, and Honey Brats, the company markets products like T-shirts, jeans, dresses, kidswear, and other trendy outfits. In short, it is a fashion store that sells cheap clothes to everyone.
It added 70 stores in Q2, taking its total store count to 259, of which the majority of them are concentrated in the northern parts of India, like Uttar Pradesh with 48 stores, Bihar with 44 stores and Odisha with 30 stores. It has a total retail area of 27.94 lakh sq. ft. It reported a staggering Same Store Sales Growth (SSSG) of 23.4 percent in Q2 FY26 and normalised SSSG stood at 10.3 percent.
Baazar Style Retail
Baazar Style Retail Limited is a rapidly expanding value fashion and lifestyle retailer that has made a significant impact across the Eastern India region, in particular, Odisha and West Bengal. Established in 2013, the company is committed to delivering fashion clothing and basic merchandise at reasonable prices to the new markets and has thereby, become a preferred brand for money-saving customers.
It added 66 stores in H1, taking its total store count to 250. Out of these total stores, the majority of them are concentrated in the northern parts of India, like West Bengal with 95 stores, and Assam with 37 stores, Odisha with 34 stores, Bihar with 32 stores, Uttar Pradesh with 29 Stores, etc. It reported a staggering Same Store Sales Growth (SSSG) of 22 percent in Q2 FY26.
Vishal Mega Mart
Vishal Mega Mart is a one-stop destination for middle and lower-middle-income India. The company curates a unique range of merchandise through the portfolio of its own brands and third-party brands to fulfil the aspirational and daily needs of consumers. The company offers products across three major product categories, i.e., apparel, general merchandise, and FMCG.
It added 28 stores (Gross) in Q2, taking its total store count to 742. Out of these total stores, 291 stores are located in the northern region, followed by 193 stores in the southern region, 189 stores in the eastern region and the remaining 69 stores in the western region. It reported an adjusted Same Store Sales Growth (SSSG) of 12.8 percent in Q2 FY26.
V-Mart Retail
V-Mart is one of those massive retail chains spread all over India with an almost limitless variety of products. To list the major categories first, the store sells clothes for men, women, and kids and then covers an additional wide range of products such as shoes, bags, toys, home items, and even daily essentials like packaged foods, etc.
It added 36 stores in Q2, taking its total store count to 533. Out of these total stores, the majority of them are also concentrated in the northern parts of India, like Uttar Pradesh with 162 stores, and Bihar with 76 stores. However, it also has a good presence across the southern regions as Tamil Nadu with 33 stores and Karnataka with 21 stores. It reported a Same Store Sales Growth (SSSG) of 11 percent in Q2 FY26.
Avenue Supermarts (Dmart)
Avenue Supermarts Limited is the powerhouse behind the D-Mart retail chain, where you can find everything from food and everyday essentials to clothing and home goods, all at prices that won’t break the bank. Founded by Radhakishan Damani, this company boasts over 400 stores scattered across India, all dedicated to the art of value retailing.
It added 17 stores in H1, taking its total store count to 432. Out of these total stores, the majority of them are concentrated in the south west parts of India. Maharashtra leads with 120 stores, Gujarat with 68 stores, Karnataka with 41 stores, Andhra Pradesh with 42 stores, etc. It reported a lower Same Store Sales Growth (SSSG) of 6.8 percent in Q2 FY26 out of all the retail chains.
In conclusion, as per the Q2 FY26 data, V2 Retail is the clear leader with a staggering 23.4 percent SSSG, whereas Baazar Style Retail is just a bit behind at 22 percent. To a great extent, the three companies the shares are distributed between Vishal Mega Mart, V-Mart, and D-Mart are far behind.
The data is very clear that these are the companies that focus on value apparel and not the big-box giants that are posting the highest like-for-like growth. This is pointing to the exact location where the fastest consumer demand is taking place.
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