Analysts/Institutional Investor Meet/Con. Call Updates

HOPPERS TOP SEC/56/2026-27 October 21, 2026 BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, Dalal Street, Fort, Bandra-Kurla Complex, Bandra (East), Mumbai 400 001. Mumbai 400 051. Stock Code : 532638 Stock Symbol : SHOPERSTOP Dear Sir / Madam, Sub: Transcript of Analyst/ Earnings Conference Call – Disclosure under regulation 30 of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 We refer to our intimation dated October 09, 2026 bearing ref. no. SEC/51/2026-27, informing about the analyst / investors conference call scheduled on Friday, October 16, 2026 at 05:00 p.m. IST to discuss the corporate performance for the quarter and half year ended September 30, 2026 (“Earnings Conference Call”). In continuation of the above and pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we hereby submit the transcript of the said Earnings Conference Call. The transcript is also available on the corporate website of the Company and can be accessed using the link https://corporate.shoppersstop.com/investors/transcript-conf-call/. Kindly take the same on records. Thank you. Yours faithfully, For Shoppers Stop Limited Rakeshkumar Saini Vice President – Legal, CS & Chief Compliance Officer ACS No: 20257 Encl: aa Confidential Shoppers Stop Limited Registered & Service Office : Umang Tower, 5th Floor, Mindspace, Off. Link Road, Malad (W), Mumbai 400 064, Maharashtra. T 022- 42497000 CIN : L51900MH1997PLC108798. Email : customercare@shoppersstop.com Website: www.shoppersstop.com Toll Free No.:1800-419-6648 (9 am to 9 pm). “Shoppers Stop Limited Q2 FY27 Earnings Conference Call” October 16, 2026 Management: Mr. Kavindra Mishra – Customer Care Associate, Managing Director and Chief Executive Officer – Shoppers Stop Limited Mr. Pankaj Chaturvedi – Customer Care Associate and Chief Financial Officer – Shoppers Stop Limited Moderator: Ms. Deepali Kumari – Arihant Capital Markets Moderator: Ladies and gentlemen, good day, and welcome to the Shoppers Stop Limited Q2 FY27 Earnings Conference Call. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Deepali Kumari from Arihant Capital. Thank you, and over to you, ma'am. Deepali Kumari: Thank you so much. Good evening, and thank you all for joining us on the Shoppers Stop Q2 FY27 Earnings Conference Call. Today, we have with us the senior management represented by Mr. Kavindra Mishra, Customer Care Associate, Managing Director and CEO; Mr. Pankaj Chaturvedi, Customer Care Associate and CFO. We will begin the call with the opening remarks from the management, after which we will have the forum open for the interactive Q&A session. I must remind all that the discussion in today's earnings call may include certain forward-looking statements and must be viewed, therefore, in conjunction with the risk that the company faces. Please restrict your questions to the quarter's performance and the strategic questions only. Housekeeping questions can be dealt with separately with the IR team. I would now request Mr. Kavindra Mishra for the opening remarks. Thank you, and over to you, sir. Kavindra Mishra: Thank you, Deepali. Good evening, all. I'm joined with Biju and Mahesh in addition to our colleagues from the finance team; Pankaj, who is our CFO; JP and Rohit. We have uploaded the Public Page 1 of 19 Shoppers Stop Limited October 16, 2026 investor presentation on our corporate and Stock Exchange website. Let me start with talking about the current operating environment. The current operating and consumption environment, which started kicking in Q1 sustained the momentum through Q2. And I'm happy to share that the demand continues to remain strong. Both Raksha Bandhan and Onam saw good consumer traction. And I'm happy to share that the run-up to Pujo in East and Dussehra in key markets has been significantly strong, and I would comment on this in detail. Talking about the festive season, the start of the Pujo calendar for East market has been very good, and we are witnessing a healthy mid-teen like-for-like growth in our stores. Given the fact that we have a very strong base in East, these numbers are very encouraging. Similarly, the Dussehra calendar too has shown a strong upsurge with a mid-teens like-for-like growth. Turning to our quarter 2 performance. Here are some of the key highlights. Given the background of festive calendar shift from Q2 last year to Q3 this year, I'm pleased to report that the results for Q2 have been quite encouraging and demonstrate the execution of the Shoppers Stop 2.0 strategy beautifully. While on a non-GAAP consol basis, our revenues grew by 7%, and EBITDA grew by 56%, and as a result, we were able to turn around PAT from a loss of Rs 7 crores in last year to a profit of Rs 6 crores this year. In GAAP Financials also, PAT recorded a positive swing from Rs 20 crores loss in last year to Rs 3 crores profit this year. Let me talk about the individual verticals now. Starting with an update on the departmental store business. We opened four departmental stores during the quarter, Sindhu Bhavan in Ahmedabad, Jabalpur, Bailey Square in Patna and Jhansi, which means we opened total six departmental stores in H1. From an earlier guidance of gross store openings where we had mentioned that we will open between 9 to 10 stores, we are looking at 12 store openings this year. And in line with our strategy, these are upmarket stores with elevated designs, modern ambience and premium assortment. We'll be opening our seventh store for the year in Pacific Mall in Jaipur, which is North India's largest mall in next week on third October. The like-for-like business for departmental stores grew by 2% this quarter with a total growth of 4%. Adjusted for the festive calendar shift, because Pujo date shifted from September to October, the like-for-like growth was 6.5%. Our consistent focus on premiumization and experiential retail continues to resonate strongly with consumers. Our customer entry grew by 1% for like-for-like stores and overall growth of 7.7%. Public Page 2 of 19 Shoppers Stop Limited October 16, 2026 We had the highest-ever additions to our First Citizen Loyalty program with 2.5 lakh new recruitments. The premium end of our loyalty program, which is our Black Card program has reported the highest ever enrollment. We had 19,000 new recruitments and highest-ever renewals of 21,000, which is a renewal rate of around 66%, demonstrating deep value proposition from a consumer perspective, besides personalized service standards. The total loyalty membership base grew to 14.1 million. The total contribution this quarter was 84% with a repeat rate of 68%. Noticeably, our numbers across the loyalty program metrics continue to grow. What was especially heartening for us was the fact that with the positioning change, we were also able to attract a new set of consumers and 37% of our bills were made by consumers who came for the first time in our stores. With constant focus, the premium portfolio contribution in stores improved by 390 basis points, and they stand now at an all-time high of 73% and the ATV for the quarter has gone up by 9%, which now stands at Rs 5,471 showing core operational strength. Our Personal Shopper program, which is central to our experiential retail strategy is now contributing 27% to our revenue, which is a growth of around 200 bps versus last year. Sales generated through Personal Shoppers grew by 13% with total sales reaching Rs 349 crores for the quarter. In our quest for the premiumization in service experiences, we are resourcing the stores [Showing first 8,000 characters — download PDF for full document]