Transcript of the Investor Call on Unaudited Financial Results (Consolidated and Standalone) for the quarter and half year ended September 30, 2026.

Date: October 23, 2026 The Manager The Manager Listing Department Listing Department BSE Limited, National Stock Exchange of India Limited, Phiroze Jeejeebhoy Towers, “Exchange Plaza”, 5th Floor, Plot No. C/1, Dalal Street, Mumbai – 400001 G Block, Bandra – Kurla Complex, Bandra Maharashtra, India Mumbai-400051, Maharashtra, India Scrip code: 543426 Symbol: METROBRAND Subject: Transcript of the Investor Call on Unaudited Financial Results (Consolidated and Standalone) for the quarter and half year ended September 30, 2026. Ref: Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”) Dear Sir/Madam, In continuation of our letters dated October 08,2026, and October 16, 2026, and pursuant to Regulation 30(6) of the Listing Regulations, please find enclosed the transcript of the earnings conference call for the quarter and half year ended September 30, 2026, conducted after the meeting of Board of Directors held on October 15, 2026, for your information and records. The above information is also available on the website of the Company at https://metrobrands.com. Yours faithfully, For Metro Brands Limited, Deepa Sood Chief Legal Officer, Company Secretary & Compliance Officer Membership No: 16019 Encl.: As above “Metro Brands Limited Q2 FY '27 Earnings Conference Call” October 16, 2026 MANAGEMENT: MR. RAFIQUE MALIK – CHAIRMAN – METRO BRANDS LIMITED MS. FARAH MALIK – MANAGING DIRECTOR – METRO BRANDS LIMITED MR. NISSAN JOSEPH – CHIEF EXECUTIVE OFFICER – METRO BRANDS LIMITED MR. KAUSHAL PAREKH – CHIEF FINANCIAL OFFICER – METRO BRANDS LIMITED MR. MOHIT DHANJAL – CHIEF OPERATING OFFICER – METRO BRANDS LIMITED MS. ALISHA MALIK – PRESIDENT, SPORTS DIVISION, E-COMMERCE AND CRM – METRO BRANDS LIMITED MODERATOR: MR. ASHUTOSH JOYTIRADITYA – ICICI SECURITIES LIMITED Page 1 of 17 Metro Brands Limited October 16, 2026 Moderator: Ladies and gentlemen, good day, and welcome to Metro Brands Limited Q2 FY '27 Earnings Conference Call hosted by ICICI Securities Limited. 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. I now hand the conference over to Mr. Ashutosh Joytiraditya by ICICI Securities Limited. Thank you, and over to you, sir. Ashutosh Joytiraditya: Yes. Thank you, Shaurya. Hello, and good afternoon, everyone, present on the call. I, on behalf of ICICI Securities, welcome you on Metro Brands Limited's Q2 FY '27 earnings call. I would like to thank the management to give this opportunity of hosting the call. From the management, we have Mr. Rafique Malik, Chairman; Ms. Farah Malik, Managing Director; Mr. Nissan Joseph:, Chief Executive Officer; Mr. Kaushal Parekh, Chief Financial Officer; Mr. Mohit Dhanjal, Chief Operating Officer; and Ms. Alisha Malik, President, Sports Division, E-com and CRM. I now hand the call over to Nissan, sir, for the opening remarks. Thank you. Nissan Joseph: Thank you, Ashutosh. Good afternoon, everyone, and thank you for joining our earnings call. On a stand-alone basis, second quarter net sales grew by 12% year-on-year to INR712 crores, while profit after tax increased by 14% to INR73 crores, and EBITDA grew 15%. On a consolidated basis for the second quarter, revenue grew by 12.2% to INR730 crores. EBITDA increased by 15.9% to INR198 crores, with EBITDA margin improving to 27.1% compared to 26.2% a year ago. Profit after tax grew by 11%, almost 12% to INR77 crores with the PAT margin unchanged at 10.6%. E-commerce, including omnichannel sales, grew by 12% in the second quarter and contributed 14.2% of revenue. For the first half, it grew by 11% and contributed to 13.6%. We continue to connect our stores with our online platforms, giving customers more ways to discover and purchase our products. As search behavior evolves, we're also working to maintain our brand's visibility across marketplaces and emerging AI-driven discovery platforms. When assessing this performance, it is important to recognize that a large share of festive demand shifted into the third quarter compared with last year as sales demand moved from September to October. Gross margin improved to 58.4% for the first half compared with 57.3% a year ago. However, several costs offset that improvement further down the income statement. These included continued investment in talent and brand building, higher frontline staff costs following minimum wage revisions, and a modest increase in occupancy costs associated with incubating new formats. Lower treasury income also, against a prior stronger year, also affected PAT growth. We recognize the difference between our revenue growth and bottom line growth. Our focus remains on developing the embryonic businesses of athleisure and investing in marketing and talent while maintaining discipline around that cost of growth. During the second quarter, we opened 21 stores and closed 9 stores, adding 12 stores on a net basis. For the first half, we opened 34 stores and closed 13, taking our network to 1,053 stores at the end of September. Page 2 of 17 Metro Brands Limited October 16, 2026 Our expansion approach remains selective. We want each format to have the right locations and product assortment to support sustainable, profitable stores. These investments position us to pursue the next phase of growth across our established portfolios and newer formats. Let me now address our newer businesses where the opportunity remains significant, but the pace of expansion depends on product availability and operational readiness. For Clarks, we now offer the women's range in more than 400 multi-brand outlets with a limited men's range in more than 100. We expect a complete exclusive store range to become available during the third quarter with the full assortment available on our D2C site. Subject to stabilization of the supply chain and assortment, we expect to launch Clarks exclusive stores in the second half of fiscal 2027. For Foot Locker and MetroActiv, BIS implementation challenges affecting selected external brands have constrained supply readiness and the pace of expansion. We are seeing early signs of normalization, but we will continue to calibrate store openings to product availability. For FILA, we have begun local manufacturing of footwear in India in response to BIS-related concerns. The brand's repositioning is underway with a sharper merchandise and pricing strategy. We expect this transformation to take shape over the next 12 to 18 months with store expansion expected to pick up from FY '28 onwards. Because Clarks, Foot Locker, MetroActiv, and FILA are at different stages of development, we will align investment and store expansion with each brand's product availability, supply readiness, and repositioning progress. Our established business provides a strong foundation for the next phase of growth. Our own brands contributed approximately 70% of store product sales at Metro, Mochi, and Walkway in the first half. These brands sit alongside international partnerships that broaden our offering across consumer needs and price points. We will continue to pursue profitable store expansion and develop our multi-brand platform. In digital, our priority is to build on existing capabilities, lowering discounts and strengthen the connection between online discovery and store fulfillment. Sports and athleisure remain important opportunities, through FILA, Foot Locker, New Era, and MetroActiv. Though these verticals demand continued investment on our part, we believe in the potential for each of these to grow. Looking ahead, we expect a moderate increase in frontline staff costs as we revise the remuneration structure for our store teams. This will keep our compensations competitive and well above minimum wage levels in most states. W [Showing first 8,000 characters — download PDF for full document]