Analysts/Institutional Investor Meet/Con. Call Updates

November 04, 2026 BSE Limited National Stock Exchange of India Ltd. Scrip Code: 543401 Trading Symbol: GOCOLORS Dear Sir / Madam, Subject: Transcript of Earnings call – Q2 FY 2026-27 We hereby enclose the transcript of earnings call for the financial results for the quarter ended 30th September, 2026. This is for your information and records. Thanking You, For Go Fashion (India) Limited Gayathri Kethar Company Secretary & Compliance Officer “Go Fashion (India) Limited Q2 FY '27 Earnings Conference Call” October 30, 2026 MANAGEMENT: MR. GAUTAM SARAOGI – CHIEF EXECUTIVE OFFICER, GO FASHION (INDIA) LIMITED MR. R. MOHAN – CHIEF FINANCIAL OFFICER, GO FASHION (INDIA) LIMITED E&OE - This transcript is edited for factual errors. In case of discrepancy, the audio recordings uploaded on the stock exchange on 30th October 2026 will prevail. Page 1 of 16 Go Fashion (India) Limited October 30, 2026 Moderator: Ladies and gentlemen, good day and welcome to Q2 and H1 FY '27 Earning Conference Call of Go Fashion India Limited. This conference call may contain forward-looking statement about the company which are based on the beliefs, opinion and expectation of the company as on date of this call. These statements are not the guarantee of future performance and involve risks and uncertainties that are difficult to predict. 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 “*”, then “0” on your touch- tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Gautam Saraogi - Promoter and CEO from GoFashion India Limited. Thank you and over to you, sir. Gautam Saraogi: Thank you. Good evening and a warm welcome to everyone present on the call. Along with me, I have Mr. R. Mohan - our Chief Financial Officer and SGA, our Investor Relations Advisors. I hope you all have received the investor deck by now. For those who have not, you can view them on the Stock Exchange and the company Website. Q2 and H1 FY '27 saw us build further on the 5 strategic priorities we outlined at the start of the year. Even as the quarter was shaped by the late festive calendar and higher RM costs, let me take you through where we stand on each of these priorities at the halfway mark of the year and then speak about the quarters and the way ahead. 1. Priority one was turning SSSG positive: Turning SSSG positive remains our single most important commitment for the year. After turning positive in Q1 at 0.6%, same-store sales worth for our EBOs in Q2 was broadly flat. This needs to be seen in the context of the late festive calendar. With the festive season starting later this year, a part of the pre-demand festive that falls in September last year has moved to October. As we said last quarter, one quarter does not make a trend in either direction. Our focus remains on delivering positive SSSG for FY '27 as a whole and the festive quarter will be an important one of that journey. 2. Priority two, mitigating to larger store formats: Page 2 of 16 Go Fashion (India) Limited October 30, 2026 Our transition to larger format stores continued through the quarter. During Q2, we have opened 9 new stores and closed 23 smaller format stores in catchments where we already have or are opening a larger store nearby. For H1 FY '27, this takes us to 24 openings and 89 closures for the 6 months and we ended September with a grand total of 737 EBOs across 196 cities. Importantly, even with the lower store count, our total retail space increased to approximately 4.4 lakh square feet as on 30th September 2026 compared to 4.34 lakh as on 31st March 2026. There is an addition of roughly 14,220 square feet during half of the year as we opened larger stores and enlarged existing ones wherever additional space were available. Our average EBO size stands at about 608 square feet. Our larger format stores continue to do well and outperform the smaller stores in the network which reinforces our conviction in this strategy. These stores hold our full range and give customers a significantly more premium shopping experience. Our store expansion strategy will continue to remain calibrated and selective with a clear focus on adding high potential locations across Tier-1, Tier-2 and Tier-3 cities. Over the next 5 years, we aim to significantly expand our footprint with the potential to nearly double our square feet in terms of size. 3. Priority three is to refresh the product portfolio and the brand: We continue to refresh our product portfolio with new styles aimed at younger trend- conscious consumers and remain on track to add new products through FY '27. Our value-added non-leggings portfolio now contributes to 70% of the revenue reflecting the steady premiumization of what Go Colors offers. On the brand front, our first campaign featuring Shraddha Kapoor, who came on board as a Brand Ambassador in July, went live during the quarter and it has been very well executed and seen some good results. It has given the brand a fresh, younger and connect heading into the festive season and together with our influencer-led initiatives, we believe it will support stronger customer acquisition in the coming quarters. 4. Priority four is to expand our dailywear concept: We continue to scale our dailywear concept and now have 21 operational stores compared with 15 in Q1. We remain committed to our target of 25-30 daily stores by the end of FY '27. The unit economics continue to hold up well and the festive quarter will give us a good read on how these stores will perform in the peak season. Page 3 of 16 Go Fashion (India) Limited October 30, 2026 5. Priority five is our LFS channel recovery: LFS revenue in Q2 was impacted because of festive timing. Dispatches to our LFS partners typically take place in September ahead of the festive season and move to October this year. This is a shift in timing rather than demand and the supply chain with the key LFS partners remains normalized. We continue to work closely with our partners on assortment, placement and sell-through and LFS contributed about 23% of our sales in H1 FY '27. So, while the Q2 numbers were affected by the festive timing and raw material inflation, the underlying progress on our five priorities remain on track. Coming to the financial performance: Revenue for Q2 FY '27 de-grew by 3% largely on account of the festive dates that I just spoke about. Gross margins for the quarter stood at 60.8%. As I mentioned on the last call, fabric prices have gone up due to the geopolitical situation, and this higher-cost inventory has started flowing in Quarter 2. We intend to pass on the raw material inflation through calibrated pricing actions which will help restore gross margins in the coming quarters. During the quarter, we recognized an exceptional expense of Rs. 3.4 crores taking the total of our H1 FY '27 to Rs. 9.9 crores. This exceptional expenditure is a write-off of capital expenditure on account of store closures which has happened through the 6 months. It is a direct consequence of our network consolidation strategy and it is a one-off item. Full price sales ratio for H1 FY '27 stood at a healthy 93% and our average selling price for EBOs is at Rs. 827. On the balance sheet side: We continue to make good progress. Working capital days stood at 134 days, with inventory days improving to 94 days from 100 days at the end of Q1, now within the 90-100 day range which we had guided earlier this year. Operating cash flow on a pre-end year basis stood at a healthy Rs. 52.6 crores. Looking ahead, the festive season has started on a decent note and we will be better placed to assess the full impact once the period concludes. Priorities for FY '27 remain unchanged, sustaining SSSG momentum, accelerating our transition to larger format stores, [Showing first 8,000 characters — download PDF for full document]