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We formulate and study an effective Hamiltonian for low-energy Kramersdoublets of $d^1$-ions on a square lattice. We find that the system exhibits amagnetically hidden order in which the expectation values of the local spin andorbital moments both vanish. The order parameter responsible for atime-reversal symmetry breaking has a composite nature and is a spin-orbitalanalog of a magnetic octupole. We argue that such a hidden order is realized inthe layered perovskite Sr$_2$VO$_4$.

Magnetically Hidden Order of Kramers Doublets in $d^1$ Systems: Sr$_2$VO$_4$