Transcript of Earnings Call Q1 & FY 2026-27

AI summary - Q1 FY27 revenue grew 58% y-y to INR997 Cr; EBITDA rose 60% y-y to INR139.5 Cr; PAT up 70% y-y to INR41.9 Cr - Gross margin at 28.6%, guided to maintain 29-30% range depending on sell-through - Price hikes of 4-5% planned from Q3 due to raw material cost increases - Added 56 net stores in Q1; total 381 stores as of June 30, 2026; targeting 170-200 new stores in FY27 - Same-store sales growth guidance 8-10% for FY27; new stores at ~730 INR/sq ft sales - Inventory targeted at 90-100 days; creditor days 45-50; working capital managed via prepayments - Focus on fabric standardization, AI-driven analytics, and team strengthening for 50% CAGR growth - Repeat customer rate improved from 40% to 55% over 3 years; customer experience tracked via NPS - Lease terms 9-11 years with 12-15% escalation every 3 years; stores mostly standalone - Operating leverage expected to improve as new stores mature beyond FY29