Transcript of the Earnings Call on the Un-audited financial results for the quarter ended June 30, 2026.

AI summary - Consolidated revenue grew 13% y-y in Q1 FY27, strongest in 5 years - India multi-channel revenue up 18% y-y; offline GMV grew 15% - India multi-channel gross margin down due to diapering competition and crude-linked costs; 20 bps recovered in Q1, full recovery expected by Q3 FY27 - International business revenue grew 12% y-y; adjusted EBITDA losses reduced 22% - GlobalBees revenue flat; margin improved to 3.9% adjusted EBITDA - Pre-school business revenue up 47%, adjusted EBITDA up 65% y-y - Management confident growth and margin recovery will continue in India multi-channel segment - RocketBees delivery covers 50%+ online shipments with 20% faster TAT - FC Qwik shipments doubled to 125,000 in 12 cities with 2-hour delivery - Store expansion planned: ~100 net new stores in FY27 - Diapering category competitive intensity easing; margin impact expected to normalize over 4-6 quarters