Transcript for the investor call held on August 05, 2026

AI summary - Consolidated Q1 FY27 revenue grew 26% y-y to INR1,032 Cr; EBITDA grew 45% to INR109 Cr with 10.6% margin (+139 bps) - Standalone revenue grew 20% y-y to INR761 Cr; EBITDA grew 13% to INR68 Cr - Australia revenue +31% to INR120 Cr; EBITDA margin 12.8%; Spain revenue +54% to INR133 Cr; EBITDA margin 14.7% - U2O dealer network expanded to 10,000; category volume +19%, value +81% y-y - Furlenco revenue +38%, EBITDA +65%, subscriber base +36% y-y - FY27 margin target 15% EBITDA; return on capital expected to rise to 20-25% in 3 years - Capex for 50 COCO stores ~INR25 Cr; stores ~2,000 sq ft in urban areas - Raw material price volatility expected to persist till Q3FY27; price hikes largely passed through - Integration with Kurlon ~96-97% complete; 75-80% synergies realized - International operations expected 5% growth and 10-12% EBITDA margin normalizing post inventory gains