Submission of transcript of conference call

VAIBHAV GLOBAL LIMITED Ref: VGL/CS/2026/103 Date: 03rd November, 2026 National Stock Exchange of India Limited BSE Limited Exchange Plaza, C-1, Block G, Phiroze Jeejeebhoy Towers, Bandra Kurla Complex, Dalal Street, Bandra, Mumbai – 400 051 Mumbai – 400 001 Symbol: VAIBHAVGBL Scrip Code: 532156 Subject: Submission of transcript of conference call Dear Sir / Madam, With reference to captioned subject, we are enclosing herewith the transcript of Q2 & H1 FY27 Earnings Conference Call held on Thursday, 29th October, 2026. The same is also available on the Company’s website at www.vaibhavglobal.com This is for your information and record. Yours Truly, For Vaibhav Global Limited Yashasvi Pareek Company Secretary & Compliance Officer M. No.: A39220 Encl: as above Registered Office: E-69, EPIP, Sitapura Industrial Area, Jaipur-302022, Rajasthan, India • Phone: +91-141-2770648; +91-141-2771975 CIN: L36911RJ1989PLC004945 • Email: investor_relations@vaibhavglobal.com • Website: www.vaibhavglobal.com “Vaibhav Global Limited Q2 FY27 Earnings Conference Call” October 29, 2026 MANAGEMENT: MR. SUNIL AGRAWAL – MANAGING DIRECTOR – VAIBHAV GLOBAL LIMITED MR. NITIN PANWAD – GROUP CHIEF FINANCIAL OFFICER – VAIBHAV GLOBAL LIMITED MR. VIVEK JAIN – HEAD, INVESTOR RELATIONS – VAIBHAV GLOBAL LIMITED MODERATOR: MS. DEEPALI KUMARI – ARIHANT CAPITAL MARKETS LIMITED Page 1 of 17 Vaibhav Global Limited October 29, 2026 Moderator: Ladies and gentlemen, good day, and welcome to Vaibhav Global 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 from Arihant Capital Markets Limited. Thank you, and over to you, ma'am. Please proceed. Deepali Kumari: Thank you. Good evening, everyone, and thank you for joining us on Vaibhav Global Limited Earnings Conference Call for the Q2 and H1 FY27. We have with us Mr. Sunil Agrawal, Managing Director; Mr. Nitin Panwad, Group CFO; and Mr. Vivek Jain, Head of Investor Relations. We will begin the call with the opening remarks by Mr. Sunil Agrawal on the business operations, key initiatives and outlook, followed by discussion on the financial performance by Mr. Nitin Panwad, after which the management will open the forum for the Q&A session. Before we get started, I would like to point out that some statements made or discussed on today's call may be forward-looking in nature and must be viewed in conjunction with the risks and uncertainties that we face. A detailed statement and explanation of this risk is included in the earnings presentation, which has been uploaded and shared with you all earlier. The company does not undertake to update these forward-looking statements publicly. I would now like to invite Mr. Sunil Agrawal to make his opening remarks. Over to you, sir. Sunil Agrawal: Thank you, Deepali. Good evening, everyone, and thank you for joining Vaibhav Global Limited's Q2 and H1 FY27 Earnings Conference Call. I hope you have had the opportunity to review our results and investor presentation. Q2 was a quarter of transition and an important one. During the quarter, we completed 2 of the major operational projects. The migration of all our retail websites to Shopify Enterprise and the consolidation of our U.K. 4 different sites into single headquarters. Both are now behind us. They came at a near-term cost, which I will quantify, but they leave us with a simpler and more scalable business as we enter the seasonally important second half. What the new platform unlocks. I want to spend a moment explaining why we made the move to Shopify as the cost of these transitions are visible in current quarter, while the benefits will build over coming quarters. This was a conscious and considered strategic decision, keeping our long-term commitments and business objectives in mind. First, we now operate one platform across all our 6 retail brands. Our feature built once can be deployed in every market so we can move faster and at lower cost. Second, we have a unified Page 2 of 17 Vaibhav Global Limited October 29, 2026 view of our customers across TV and digital, built on first-party data, which supports better personalization, higher repeat purchase and greater customer lifetime value. Third, the platform integrates natively with modern marketing technology and AI tools, which are appealing our advertising creatives, product descriptions and SEO content. Fourth, we expect a lower long-term technology cost than our earlier legacy platform. And finally, we can launch new brands, categories and geographies far more quickly. Let me be specific about the cost. When we spoke in August, we flagged some initial disruption as we moved off our legacy platform. The stabilization took longer than we had planned and affected traffic and conversions across all the 4 business units where we made this transition. Based on our internal assessment, the revenue impact in the quarter was approximately USD2.8 million or around 2.8 percentage point of growth. This is also why digital share of B2C revenue moved down by around 3 percentage points compared with Q1. At the same time, in the U.K., we consolidated 4 warehouses and 2 studios into a single site. This temporarily took some inventory offline and had a modest impact on sales. What gives me confidence is how the underlying model performed in the tougher consumer environment. Retail volumes grew approximately 2%, driven by strong demand for our lower price point items. Customers are clearly seeking value. And because we design, source and manufacture much of what we sell, we can meet the demand and still expand the gross margin, which rose by close to 197 basis points this quarter. Revenue for the quarter grew 7% to INR938.4 crores with reported growth supported by a weaker rupee. Gross margin expanded by approximately 197 basis points to 65.5%. EBITDA was INR76.2 crores, down 13.5%, with a margin of 8.1% compared to 10% in Q2 last year. Our EBITDA could have been 2% higher, whereas the same was not accounted due to reduction of 100 basis points related to Shopify and U.K. warehouse migration and 30 basis points related to lower forex gain than last year and remaining due to higher volume growth resulting in higher shipping costs. For the first half, revenue grew 9.7% to INR1,855.4 crores. EBITDA rose 9.6% to INR178.3 crores. The decline in quarterly profitability is mainly related to operating leverage in the U.S. and U.K. due to transition. We see these pressures as transitional. Sustainability and community impact remain embedded in our business model. VGL's ICRA combined ESG rating further improved to 75 from 72, 2 years ago, rated strong. Through our Your purchase feeds program, more than 119 million meals have been distributed to date, and we now serve approximately 56,000 meals every school day, up from 55,000 a year ago. We remain committed to our long-term ambition of 1 million meals per school day by FY 2040. The Board has declared a second interim dividend of INR1.5 per equity share, following the first interim dividend of INR1.5 per share in Q1 FY27. Our capital allocation approach continues to balance investment in growth, shareholder returns and balance sheet strength. Page 3 of 17 Vaibhav Global Limited October 29, 2026 Outlook. On guidance, we want to be transparent and prudent. We are taking into account the migration impact in Q2, the U.K. consolidation, a weaker U.K. consumer and the upcoming U.S. midterm election. We now expect revenue growth of 7% to 9% in FY27 compared with our earlier guidance of 9% to 11%. While the ongoing platform transition has impacted near-term growth, we believe the investments and structura [Showing first 8,000 characters — download PDF for full document]