Transcript of Earnings Conference Call on results of the Company for the quarter and half year ended September 30, 2026

AI summary - Q2 FY27 revenue grew 14% to INR 3,399 Cr; same-store sales growth 5.4% (adjusted 9%) - H1 FY27 revenue up 16.4% to INR 7,126 Cr; same-store sales growth 7.7% (adjusted 9.5%) - Q2 operating EBITDA INR 262 Cr (+3.7%), margin 7.7% vs 8.5% last year; H1 EBITDA INR 649 Cr (+12.5%), margin 9.1% - Q2 PAT INR 172 Cr (+6.4%), margin 5.1%; H1 PAT INR 437 Cr (+15.8%), margin 6.1% - 26 new stores in Q2, 53 in H1; total 844 stores in 582 cities - Launched Belong & Co. apparel pilot store targeting young urban consumers - Gross margins stable despite inflation; price hikes limited to higher price points - Expect double-digit growth for full year; Q3 festive season shifted, boosting future sales - EBITDA margin expected to improve ~30 bps annually due to operating leverage - Store additions targeted at 100+ annually, increasing each year - Quick commerce expanded to 781 stores; 1.5 Cr+ registered users - No moderation in consumer demand despite inflation and uneven monsoon