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: July 28, 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 ended June 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 ended June 30, 2026, held on Thursday, July 23, 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 Q1 FY27 Earnings Conference Call” July 23, 2026 E&OE: This transcript is edited for factual errors. In case of discrepancy, the audio recording uploaded on the stock exchange on July 23, 2026, will prevail. MANAGEMENT: MR. GUNENDER KAPUR – MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER – VISHAL MEGA MART LIMITED MR. AMIT GUPTA – CHIEF FINANCIAL OFFICER – VISHAL MEGA MART LIMITED Page 1 of 14 Vishal Mega Mart Limited July 23, 2026 Moderator: Ladies and gentlemen, good day, and welcome to Vishal Mega Mart Limited Q1 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 touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Shikha Puri from SGA. Thank you, and over to you, Ms. Puri. Shikha Puri: Thank you. Good afternoon, everyone, and thank you for joining us on Vishal Mega Mart Limited's Q1 FY27 Earnings Conference Call. We have with us Mr. Gunender Kapur, 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 the disclaimer to this effect has been included in the earnings presentation shared with you earlier. I would now like to invite Mr. Gunender Kapur, 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'll briefly take you through the quarter 1 '27 results and some of the key highlights, and then we will open the call for questions. Well, we've had a good start to FY27. In this quarter, we did a revenue from operations of INR 3,727 crores. This was a growth of 18.7% over last year, and this was backed by a strong same-store sales growth of 10%, a clear proof of the resilience of our business model in this very dynamic and uncertain operating environment. Operating EBITDA was INR 387 crores, which was a growth of 19.3% over last year, and our operating margin (Operating EBITDA margin) improved from 10.3% last year to 10.4% this year. Profit after tax was INR 259 crores, which is a 25.6% growth over last year, and the PAT margin improved from 6.6% last year to 6.9% this year. Our superior merchandise, operational excellence and customer-first approach helped us deliver consistent results even when the broader environment remained very challenging. Our total store opening momentum remains strong with the addition of 27 new stores in the quarter. This takes the total store count to 819 as of June '26 end and our presence in 559 cities. Of the new stores opened, 10 were opened in South India, a market where we continue to see strong momentum. And now we have further 16 small stores and 3 were opened this quarter, and the small store format agenda is making good progress. Page 2 of 14 Vishal Mega Mart Limited July 23, 2026 Our total trading area stands at 13.8 million square feet. Our private brands continue to see strong customer traction, contributing 75.2% to revenue growth or rather our revenue in quarter 1 FY27. Our quick commerce expanded to 767 stores across 520 cities in the country. The total number of registered consumers on quick commerce crossed 1.4 crores people. With elevated inflation weighing on demand environment in quarter 1, we expect the impact to taper down in the subsequent quarters. We remain confident and excited about the journey ahead, underpinned by strong fundamentals of our business and continued excellent execution of our growth strategy. With these very brief comments, I would request the moderator to open the floor for questions. Thank you very much. Moderator: The first question comes from the line of Videesha Sheth with Ambit Capital. Videesha Sheth: Small store format, what is the kind of store addition that we can anticipate under this format beyond the 80 to 100 store guidance that you all have given? Gunender Kapur: Your question is regarding the small format. Videesha Sheth: The small store format Yes, that's right. Gunender Kapur: Okay. So let me explain our opinion on the small format. The fact is that the small format is half the size of a regular format. And in terms of absolute revenue and absolute margin its, again, exactly the half of a normal format. So our approach to the small format would be as follows. In any particular state, once we are in a situation where we have almost exhausted the entire opportunity for the larger format, then we would start expanding into the small format stores, quite obviously, because the larger formats give double the revenue and double the margin in absolute sense. So, at this moment, UP and Haryana are the 2 states where we have stores, I wouldn't quite say exhausted, but we have quite a significant number of stores in almost the entire state. So we are doing the small format at this moment only in these 2 states, and we will continue to grow in these 2 states. In the fullness of time, as more and more states reach that situation, we will then explore them for the smaller formats. But at this moment, the small format is focused in UP and Haryana, where we have, to a large extent, exhausted the opportunity for the larger format. Does that answer your question? Videesha Sheth: Second question on gross margin... Moderator: Sorry for interrupting. Your voice is breaking. Can you come in the range and talk? No, your voice is still breaking. We cannot hear you. Alright please come back in the queue. Thank you. We will take the next participant, that is Jignesh Kamani with Nippon Mutual Fund. Please go ahead. Page 3 of 14 Vishal Mega Mart Limited July 23, 2026 Jignesh Kamani: Yes, hope I am audible? Moderator: Yes, please go on. Jignesh Kamani: So just coming to this what Videesha asked on the small format. There were two kinds of strategy. One was to penetrate in the existing market where we have had a number of store and also in the smaller city or town where population is less than 1 lakh or 50,000, smaller store may be viable, which large store may not be viable? So -- and now as you say, you have much more confidence o [Showing first 8,000 characters — download PDF for full document]