Transcript of the Earnings Call with Investors and/or Analysts held on July 29, 2026 is enclosed herewith.

AI summary - Q1 FY27 revenue 118cr +119.5% y-y; EBITDA 33.92cr +192.88% y-y; PAT 27.21cr +265% y-y - EBITDA margin guided at 25-27% and PAT margin at 22-23% for FY27 considering marketing spends - Volume growth in diamond caratage over 50% in Q1; strong demand across 21 cities - Expansion: 37 stores total with 3 COCO and 34 SIS; plan to open 15 new COCO stores over 2 years - EBO break-even: 1 year in Maharashtra, 15-18 months outside; EBOs to contribute 20-25% sales in 2-3 years - Inventory turns around 1.1-1.4 expected; break-even at 0.75 turns for EBOs - Marketing ramp-up planned in H2 FY27; potential 200-300 bps margin impact mainly from marketing - No significant impact from lab-grown diamonds; focus on star-melee and minus-two categories - E-commerce launch expected by August 2026 - Debt reduction ongoing; future expansion funded mainly from IPO proceeds and internal accruals