diff --git a/api/drilldown_fields_v2.py b/api/drilldown_fields_v2.py
new file mode 100644
index 0000000..acf2e30
--- /dev/null
+++ b/api/drilldown_fields_v2.py
@@ -0,0 +1,341 @@
+import itertools
+import logging
+
+from collections import defaultdict
+from typing import Any, Dict, Iterable, List, Optional
+
+from django.http import HttpResponse, HttpResponseBadRequest
+
+from domainmodel.datameta import Dataset
+from utils import is_true
+from utils.date_utils import current_period, epoch, period_details_by_mnemonic
+from aviso.framework.views import AvisoView
+from aviso.settings import sec_context
+
+logger = logging.getLogger("aviso-core.%s" % __name__)
+
+
+class DrilldownFieldsV2(AvisoView):
+    """
+    API endpoint to fetch drilldown field combinations (v2).
+
+    Handles two modes:
+    - owner_mode=True: fetch drilldown values grouped by owner hierarchy.
+    - owner_mode=False: fetch drilldown values grouped by specified fields.
+    """
+
+    http_method_names = ["post"]
+    restrict_to_roles = {AvisoView.Role.Gnacker}
+
+    def post(self, request, *args, **kwargs):
+        periods = request.GET.getlist("period", [])
+        owner_mode = is_true(request.GET.get("owner_mode", False))
+
+        if not periods:
+            return HttpResponseBadRequest("Need at least one period specified")
+
+        if owner_mode:
+            drilldown = request.GET.get("drilldown")
+            if not drilldown:
+                return HttpResponseBadRequest("Mandatory to provide drilldown in owner_mode")
+            res = drilldown_values_by_owner_v2(drilldown, periods)
+        else:
+            try:
+                raw_body = request.body.decode() if hasattr(request, "body") else request.read()
+                fields = json.loads(raw_body)["fields_list"]
+            except (KeyError, json.JSONDecodeError, AttributeError):
+                return HttpResponseBadRequest("Need to provide fields_list argument in post body")
+            res = drilldown_values_by_period(periods, fields)
+
+        return HttpResponse(json.dumps(res))
+
+
+import json
+
+
+def drilldown_fields_v2(periods, owner_mode=False, drilldown=None, fields_list=None):
+    """
+    Plain function equivalent of the DrilldownFieldsV2.post() logic.
+
+    Args:
+        periods (list[str]): List of period strings. Required.
+        owner_mode (bool): Toggle between owner mode or normal mode.
+        drilldown (str): Required only if owner_mode=True.
+        fields_list (list[str]): Required only if owner_mode=False.
+
+    Returns:
+        dict: The drilldown result data.
+
+    Raises:
+        ValueError: If mandatory parameters are missing.
+    """
+
+    if not periods:
+        raise ValueError("Need at least one period specified")
+
+    if owner_mode:
+        if not drilldown:
+            raise ValueError("Mandatory to provide drilldown in owner_mode")
+        return drilldown_values_by_owner_v2(drilldown, periods)
+
+    else:
+        if not fields_list:
+            raise ValueError("Need to provide fields_list argument in post body")
+        return drilldown_values_by_period(periods, fields_list)
+
+
+def _get_period_bounds(period):
+    """
+    Helper to determine the datetime bounds for a requested period.
+    """
+    if not period:
+        cp = current_period()
+        return cp.get("begin")
+
+    try:
+        period_details = period_details_by_mnemonic(period)
+    except Exception:
+        period_details = period_details_by_mnemonic(period, period_type="CM")
+
+    return period_details.begin
+
+
+def _fetch_raw_hierarchy(db=None) -> List[Dict[str, Any]]:
+    """
+    Fetch raw hierarchy nodes for the tenant.
+    """
+    if sec_context is None:
+        logger.warning("sec_context unavailable; returning empty hierarchy")
+        return []
+
+    try:
+        hierarchy_coll = (db or sec_context.tenant_db)["hierarchy"]
+        return list(hierarchy_coll.find({}, {"_id": 0, "node": 1, "parent": 1, "from": 1, "to": 1}))
+    except Exception as exc:  # pragma: no cover - defensive
+        logger.exception("Failed to fetch raw hierarchy", exc_info=exc)
+        return []
+
+
+def build_global_territory_owners(groups: Iterable[Iterable[str]], period: Optional[str], leaf_field: str):
+    """
+    Build ownership drilldown combinations for global territories.
+
+    Args:
+        groups: List of drilldown field groupings.
+        period: Period identifier to fetch data for.
+        leaf_field: Leaf node field from hier_config.
+
+    Returns:
+        dict: Structure { group_name: { leaf_node: [ [(key, val), ...] ] } }
+    """
+    logger.info(
+        "[build_global_territory_owners] | period=%s | leaf_field=%s | groups=%s",
+        period,
+        leaf_field,
+        groups,
+    )
+
+    period_begin = _get_period_bounds(period)
+    begin_xldate = epoch(period_begin).as_xldate()
+    record_filter = {"object.terminal_date": {"$gte": begin_xldate}}
+    asof_epoch = epoch().as_epoch()
+
+    required_fields = {leaf_field}
+    for group in groups:
+        for fld in group:
+            required_fields.add(fld.replace("as_of_", ""))
+
+    if sec_context is None or not getattr(sec_context, "etl", None):
+        logger.warning("sec_context.etl not available; returning empty drilldown set")
+        return {}
+
+    records = sec_context.etl.uip(
+        "UIPIterator", dataset="OppDS", record_filter=record_filter, fields_requested=list(required_fields)
+    )
+
+    hierarchy = _fetch_raw_hierarchy()
+    parents = {}
+    for element in hierarchy:
+        f, t = element.get("from"), element.get("to")
+        if (not f or f <= asof_epoch) and (not t or asof_epoch <= t):
+            parents[element["node"]] = element["parent"]
+
+    global_children_set = set()
+    visited_nodes: Dict[str, bool] = {}
+    for node in parents:
+        node_str = str(node)
+        if node_str in visited_nodes:
+            if visited_nodes[node_str]:
+                global_children_set.add(node)
+            continue
+
+        curr = node_str
+        depth = 0
+        is_global_child = False
+        path = [node_str]
+
+        while curr and depth < 50:
+            if curr == "Global":
+                is_global_child = True
+                break
+            curr = parents.get(curr)
+            if curr:
+                path.append(str(curr))
+            depth += 1
+
+        for path_node_str in path:
+            visited_nodes[path_node_str] = is_global_child
+        if is_global_child:
+            global_children_set.add(node)
+
+    group_configs = []
+    for group in groups:
+        group_name = "|".join(group)
+        fields_map = []
+        for fld in group:
+            fields_map.append((fld, fld.replace("as_of_", "")))
+        group_configs.append((group_name, fields_map))
+
+    staging = defaultdict(lambda: defaultdict(set))
+    territory_key = leaf_field
+    processed_count = 0
+    skipped_count = 0
+
+    for record in records:
+        feat_map = record.featMap
+        if territory_key not in feat_map:
+            skipped_count += 1
+            continue
+
+        territory_data = feat_map[territory_key]
+        if not territory_data:
+            skipped_count += 1
+            continue
+
+        leaf_node = territory_data[-1][1]
+        if leaf_node not in global_children_set:
+            skipped_count += 1
+            continue
+
+        processed_count += 1
+        for group_name, field_mappings in group_configs:
+            current_row = []
+            for fld_label, map_key in field_mappings:
+                if map_key in feat_map:
+                    field_data = feat_map[map_key]
+                    if field_data:
+                        current_row.append([fld_label, field_data[-1][1]])
+                    else:
+                        current_row.append([fld_label, "N/A"])
+                else:
+                    current_row.append([fld_label, "N/A"])
+            staging[group_name][leaf_node].add(tuple(tuple(pair) for pair in current_row))
+
+    logger.info(
+        "build_global_territory_owners: processed %s records, skipped %s records",
+        processed_count,
+        skipped_count,
+    )
+
+    final_period_result = {}
+    for g_name, nodes in staging.items():
+        final_period_result[g_name] = {}
+        for node, rows in nodes.items():
+            final_period_result[g_name][node] = [[[fld, val] for fld, val in row] for row in rows]
+
+    return final_period_result
+
+
+def drilldown_values_by_owner_v2(drilldown: str, periods: Iterable[str]):
+    """
+    Fetch drilldown combos by owner using ETL hierarchy data.
+    """
+    ds = Dataset.getByNameAndStage(name="OppDS")
+    viewgen_config = ds.models["common"].config.get("viewgen_config", {})
+    hier_config = viewgen_config.get("hier_config", {})
+
+    leaf_field = ""
+    if drilldown in hier_config:
+        leaf_field = hier_config[drilldown]["leaf_field"]
+    if leaf_field:
+        leaf_field = leaf_field.replace("as_of_", "")
+
+    node_config = viewgen_config.get("node_config", {})
+    if drilldown not in node_config:
+        groups = [node_config.get("default", {}).get("fields", [])]
+    else:
+        groups = [node_config[drilldown].get("fields", [])]
+
+    output = {}
+    for period in periods:
+        final_period_result = build_global_territory_owners(groups, period=period, leaf_field=leaf_field)
+        output[period] = final_period_result
+    logger.info("fetching drill down values by owner v2 for drilldown: %s completed.", drilldown)
+    return output
+
+
+def deals_results_by_period(periods: Iterable[str]) -> Dict[str, Dict[str, Any]]:
+    """
+    Lightweight helper to fetch deal results for the requested periods.
+    """
+    results: Dict[str, Dict[str, Any]] = {}
+    if sec_context and getattr(sec_context, "gbm", None):
+        gbm_client = sec_context.gbm
+        for period in periods:
+            try:
+                url = f"/gbm/deals_results?period={period}"
+                results[period] = gbm_client.api(url, None) or {"results": {}}
+            except Exception as exc:
+                logger.exception("Failed to fetch deals results for %s", period, exc_info=exc)
+                results[period] = {"results": {}}
+    else:
+        logger.warning("GBM client not configured; returning empty results for periods %s", list(periods))
+        for period in periods:
+            results[period] = {"results": {}}
+    return results
+
+
+def drilldown_values_by_period(periods: Iterable[str], groups: Iterable[Iterable[str]]):
+    """
+    Given a set of drilldown groups, return all possible combos of those field values.
+    """
+    output: Dict[str, Dict[str, List[List[tuple]]]] = {}
+    curr_period = current_period().mnemonic
+
+    for period in periods:
+        imr = deals_results_by_period([period])
+        if period != curr_period:
+            curr_imr = deals_results_by_period([curr_period])
+
+        output[period] = {}
+        for group in groups:
+            group_set = set()
+            for rec in imr.get(period, {}).get("results", {}).values():
+                rec_output = []
+                for field in group:
+                    try:
+                        if isinstance(rec[field], dict):
+                            rec_output.append([(field, val) for val in set(rec[field].values())])
+                        else:
+                            rec_output.append([(field, rec[field])])
+                    except KeyError:
+                        rec_output.append([(field, "N/A")])
+                group_set |= set(itertools.product(*rec_output))
+
+            if period != curr_period:
+                for rec in curr_imr.get(curr_period, {}).get("results", {}).values():
+                    rec_output = []
+                    for field in group:
+                        try:
+                            if isinstance(rec[field], dict):
+                                rec_output.append([(field, val) for val in set(rec[field].values())])
+                            else:
+                                rec_output.append([(field, rec[field])])
+                        except KeyError:
+                            rec_output.append([(field, "N/A")])
+                    group_set |= set(itertools.product(*rec_output))
+
+            group_name = "|".join(group)
+            output[period][group_name] = list(group_set)
+
+    return output