Analysts/Institutional Investor Meet/Con. Call Updates

AI summary - Q2 FY27 revenue grew 28% y-y to INR905.6 Cr, volume-led; H1 revenue up 42% to INR1,902.8 Cr - Gross margin expanded 310 bps y-y to 31.1% in Q2; full year target 29-30% - EBITDA pre-Ind AS margin 5.9% in Q2; full year guidance 7-8% - Q2 PAT grew 6% y-y to INR18.2 Cr; H1 PAT up 43% to INR60.1 Cr - Opened 106 stores in H1 FY27; plan 60-70 in H2; mature stores PSF INR1,000+; new stores take 2-3 years to mature - SSSG adjusted for festival shift was +0.5% in Q2; calendar SSSG flat; expect 5-7% SSSG in Q3 - Inventory increased due to new stores, festive and winter stocking; net working capital at 88 days - Debt rose to INR528 Cr to fund growth; comfortable debt-to-equity below 0.5 - Q3 expected to be best quarter ever in revenue and profitability - Focus on vendor payments to improve gross margin and supply reliability - AI and operational improvements underway; e-commerce pilot ongoing with plans to expand