Analysts/Institutional Investor Meet/Con. Call Updates

VISHAL MEGA MART LIMITED (Formerly known as Vishal Mega Mart Private Limited) Corporate & Regd. Office: 5th Floor, Platinum Tower, Plot No. 184 Udyog Vihar, Phase – 1, Gurugram, Haryana-122016, India. Phone: +91-124-4980000 Fax: +91-124-4980001 Email: secretarial@vishalwholesale.co.in, Website: www.aboutvishal.com CIN: L51909HR2018PLC073282 Date: October 26, 2026 National Stock Exchange of India Ltd., BSE Limited To To Exchange Plaza, C-1, Block G, Phiroze Jeejeebhoy Towers, Bandra Kurla Complex, Dalal Street, Mumbai – 400001 Bandra (E), Mumbai – 400 051 Scrip Code: 544307 NSE Scrip Symbol: VMM Dear Sir/ Madam, Subject: Transcript of Earnings Conference Call on results of the Company for the quarter and half year ended September 30, 2026 Pursuant to Regulation 30 read with Para A of Part A of Schedule III to the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed the transcript of Earnings Conference Call on results of the Company for the quarter and half year ended September 30, 2026, held on Wednesday, October 21, 2026. The copy of transcript is also available on the Company’s website at https://aboutvishal.com/. You are requested to kindly take note of the same. Thanking you. Vishal Mega Mart Limited Rahul Luthra Company Secretary & Compliance Officer ICSI Membership No: F9588 Encl: As above “Vishal Mega Mart Limited Q2 FY27 and H1 FY27 Earnings Conference Call” October 21, 2026 E&OE: This transcript is edited for factual errors. In case of discrepancy, the audio recording uploaded on the stock exchange on October 21, 2026, will prevail. MANAGEMENT: MR. GUNENDER KAPUR – FOUNDER, MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER – VISHAL MEGA MART LIMITED MR. AMIT GUPTA – CHIEF FINANCIAL OFFICER – VISHAL MEGA MART LIMITED Page 1 of 16 Vishal Mega Mart Limited October 21, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the Vishal Mega Mart Limited Earnings Conference Call. As a reminder, all participant lines will remain in the listen-only mode, and there will be an opportunity for you to ask questions after the management's opening remarks. Should you need assistance during the conference call, please signal the operator by pressing star then zero on your touch-tone telephone. Please note that this conference is being recorded. I will now hand the conference over to Ms. Shikha Puri from Strategic Growth Advisors. Thank you, and over to you. Shikha Puri: Thank you. Good afternoon, everyone, and thank you for joining us on Vishal Mega Mart Limited Q2 FY27 and H1 FY27 Earnings Conference Call. We have with us Mr. Gunender Kapur, Founder, MD and CEO; Mr. Amit Gupta, CFO. I hope everyone got an opportunity to go through our financial results and investor presentation uploaded on the company's website and the stock exchanges. We will begin the call with opening remarks from the management, following which we will have the forum open for question-and- answer session. Before we start, I would like to point out that some statements made in today's call may be forward-looking in nature, and a disclaimer to this effect has been included in the earnings presentation shared with you earlier. I would now like to invite Mr. Gunender Kapur, Founder, MD and CEO to give his opening remarks. Thank you, and over to you, sir. Gunender Kapur: Well, thank you very much and a very good evening, ladies and gentlemen. A very warm welcome to this call. I will briefly take you through the quarter 2 '27 and first half '27 results and some of the highlights, and then we will open the call for questions. Starting with quarter 2 '27 highlights, we delivered another strong quarter with revenue from operations growing by 14% to INR3,399 crores. Our same-store sales growth stood at 5.4%. The festivals this year have shifted from quarter 2 to quarter 3. This has had an impact of 3% to 4% on our same-store sales growth. Adjusting for that, our same-store sales growth in Q2 has been around 9%. Because of the shift in festivals, the first nine months period will provide a more meaningful comparison of festive performance vis-a-vis last year. I'm happy to report that we've had a strong start to the festivals. The festival season is now panning out in Q3, and this has reinforced our confidence in the demand momentum as we approach Diwali and the wedding season for this year. Operating EBITDA for Q2 '27 was INR262 crores, which was a growth of 3.7% over last year and a margin of 7.7% versus 8.5% in last year. Operating EBITDA growth was achieved despite low fixed cost absorption during the quarter due to the shift in festive buying to quarter 3 of '27. Page 2 of 16 Vishal Mega Mart Limited October 21, 2026 Profit after tax, adjusted for ESOP charges, was INR172 crores, which is a 6.4% growth over last year and PAT margin of 5.1% versus 5.4% last year, impacted again by operating deleverage due to the shift in festivals. Our performance was supported by the strength of our own brand offerings, our customer-first approach, and very disciplined execution. On the macro front, demand conditions remained steady, despite renewed inflationary pressure across key raw material categories and a somewhat uneven monsoon. Our differentiated merchandise, compelling price positioning, and deep understanding of customer needs continues to resonate with our shoppers, reinforcing the resilience of our business. I will quickly shift gears to first-half results and highlights for this year. Revenue from operations grew by 16.4% to INR7,126 crores. Same-store sales growth stood at 7.7%. The shift in festival has had an impact of 1.5% to 2% on same-store sales growth. Adjusting for that, same-store sales growth for the first half will be about 9.5%. Operating EBITDA for the first half was INR649 crores, which is a growth of 12.5% over last year and a margin of 9.1% versus 9.4% for last year. Again, the margin was impacted by operating deleverage arising from the shift in festive buying from first half to second half of the year. Profit after tax, adjusted for ESOP charges, grew by 15.8% to INR437 crores, a margin of 6.1% versus 6.4% (This was incorrectly said. Please read 6.4% as 6.2%) for last year. This again was impacted by operating deleverage arising from the shift in festivals. We continue to advance our store expansion strategy, adding 26 gross new stores during the quarter, and 53 new stores during the first half of the year. This takes the total store count to 844 as of September '26 end. And we now have presence in 582 cities across the country. In quarter 2, we launched the first pilot store of Belong & Co., our new apparel format, catering to young, affluent urban consumers with a very distinct brand proposition, offering effortless fashion. Our trading area stood at 1.41 crores square feet. Our private brands contributed 74% to revenue in first half of '27. Our quick commerce expanded to 781 stores across 532 cities in the country, and registered users on quick commerce crossed 1.5 crores people across the country. Looking ahead, we remain focused on capturing growth opportunities while staying very agile in an evolving geopolitical and inflationary environment by strengthening our merchandise offering, enhancing supply chain efficiency, and maintaining disciplined cost management. We aim to continue delivering compelling customer value and sustainable and profitable growth. With this, I would request the moderator to open the floor for questions. Thank you very much. Moderator: Thank you. Ladies and gentlemen, we will now begin the question-and-answer session. We take the first question from the line of Percy from IIFL. Please go ahead. Page 3 of 16 Vishal Mega Mart Limited October 21, 2026 Percy: Hi. Am I audible? Gunender Kapur: Yes, please. Percy: Sir, just one clarification. When we say about 3-4% impact of festive, does that mean that this gets transferred into 3Q, so basically, this 14-15% kind of growth becomes like a 21-22% because [Showing first 8,000 characters — download PDF for full document]