Sony may never release Android 7 Nougat for the Xperia V but XDA community does not care. Their developers have churned out a custom ROM that not only brings Android 7 to Sony Xperia V but offers it in vanilla flavor which means no bloatware – nothing.
Installation instructions for installing Nougat 7 on Sony Xperia V:
Keep in mind that Gapps do not come pre-installed in the ROM but you can immediately install them after installing ROM. Do not reboot after ROM and install Gapps immediately.
Here’s what is working:
RIL (Calls, SMS, Mobile Data)
Audio and video
Wifi,Bluetooth and USB tethering
So while everything is working, there can be bugs here and there. This ROM is tested but nothing is bug-free – not even the official Sony ROM.