General Updates

SRL:SEC:SE:2026-27/41 November 5, 2026 National Stock Exchange of India Limited BSE Limited Exchange Plaza, 5th Floor Phiroze Jeejeebhoy Tower Plot No. C/1, G-Block Dalal Street Bandra-Kurla Complex Mumbai – 400 001 Bandra (East), (Scrip Code: 542337) Mumbai – 400 051 (Symbol: SPENCERS) Dear Sir/Madam, Sub: Investor Update for the quarter ended on September 30, 2026 Pursuant to Regulation 30 of SEBI (LODR) Regulation, 2015, please find annexed herewith a copy of the Investor updates dated November 5, 2026 for the quarter ended on September 30, 2026. This information is also available on the website of the Company at www.spencersretail.com. You are requested to kindly take the abovementioned information on record and oblige. Thanking you. Yours faithfully, For Spencer’s Retail Limited Navin Kumar Rathi Company Secretary & Compliance Officer Encl: As above Spencer's Retail Limited Regd. Office: Duncan House, 31, Netaji Subhas Road, Kolkata-700 001 Corp. Office: RPSG House, 2/4 Judges Court Road, Kolkata-700 027 Tel: +91 33 2487 1091 Web: www.spencersretail.com CIN: L74999WB2017PLC219355 Q2 FY 27 Results Presentation 5th November 2026 Nov-26 | RP-SanjivGoenka Group Presentation 1 Q2 growth of 4% driven by top line growth @ Spencer’s(+7% YoY) • Q2 Sales at Rs462 Crs vs Rs445 Crs in Q2 LY • +4% YoY growth • Driven by strong sales momentum @ Spencer’s • YoY +7.1% vs Q2 CY. (Offline : +4% and Online : +31%) • Margins at 17.8% (19% without accounting reclass)vs Q2 LY margins of 19.6% • Decrease in overall expenses to Rs56 crs vs Rs64 crs in Q2 LY • Q2 EBITDA at Rs16.9 crs (4.2% of Sales) vs Rs12.7 crs (3.4% of sales) in Q2 LY. • Top line de-growth of -16.8% YoY at Natures Basket • Sales at Rs56.5 Crs vs Rs67.9 Crs vs Q2 LY • Margins dropped to 23.5% vs 27.6% in Q2 LY • Tight control on Expenses at Rs21.4 crs. vs Rs20.0 crs. in Q2 LY • Financial EBITDA of Rs (-)7.0 crs vs Rs (-)0.6 crs in Q2 LY • Q2 EBITDA at consolidated level @ Rs 5.6 crs vs Q2 LY at Rs. 0.2 crs • Q2 PBT at consolidated level Rs (-)66 crs. vs Rs (-)64 crs. in Q2 LY Nov-26 | RP-SanjivGoenka Group Presentation 2 Margins @ 19% NBL margins down by 5.5 21.0% crsat 23.5% 19.8% 19.0% SRL margin steady at 18%, lower due to accounting treatment *GM% at 20% in Q2CY and 20.6% in Q1CY without accounting reclass Q2FY26 Q1FY27 Q2FY27 116 bps improvement in EBITDA vs Q2 LY Q2FY26 Q1FY27 Q2FY27 Nov-26 | RP-SanjivGoenka Group Presentation 3 2 F Y 2 6 Q 1 F 7 Q 2 F Y 2 7 4 6 2 Q2: YoY (consolidated) growth at 4%, 116 bps improvement in EBITDA Sales in ₹ Cr Gross Margin % +4% YoY Operating Exp ₹ Cr EBITDA ₹ Cr Continued control on all operating expenses , 85 84 lower than Q2 LY & Q1 CY Q2FY26 Q1FY27 Q2FY27 Business Highlights – Spencer’s Nov-26 | RP-SanjivGoenka Group Presentation 4 Spencer’s (standalone) : Strong (+7%) Growth & tight cost controls led EBITDA improvement Sales in ₹ Cr Gross Margin % Delivered steady margin at 17.8% Q2 not LFL given accounting for membership Y-o-Y growth of 7% cashback 408 403 19.6% 18.2% 17.8% *GM% at 19% in Q2CY and 19.2% in Q1CY without accounting reclass Q2 LY Q1 CY Q2 CY Q2 LY Q1 CY Q2 CY Operating Exp ₹ Cr EBITDA in ₹ Cr 320bps improvement in Q2 CY vs Q2 LY EBITDA growth YoY 57 56 13 Q2 LY Q1 CY Q2 CY Q2 LY Q1 CY Q2 CY Nov-26 | RP-SanjivGoenkaGroup Presentation 5 Jiffy (online segment) Highlights Customer Experience gains are driving durable customer stickiness Nov-26 | RP-SanjivGoenka Group Presentation 6 Y-o-Y de growth @ NB in Q2 Sales in ₹ Cr Gross Margin % EBITDA in ₹ Cr Operating Exp ₹ Cr Nov-26 | RP-Sanjiv Goenka Group Presentation 7 Q 2 L Y Q 1 C Y Q 2 C Y 2 7 .6 2 L Y Margins @ 23.5% YoY de-growth of 17% Tight control on Operating Costs Drop in EBITDA 20 (0.6) (2.6) (7.0) Q2 LY Q1 CY Q2 CY Q2 LY Q1 CY Q2 CY Business Highlights JULY| TASTE, CULTURE & EXPERIENCE AUGUST| COMMUNITY, CULTURE & COLLABORATIONS SEPTEMBER| EXPERIENTIAL ACTIVATIONS & COMMUNITY ENGAGEMENT Theme:Culinary Discovery + Experiential Retail + Digital Theme:Community Engagement + Lifestyle Partnerships + Culinary Experiences Amplification • Friendship Day–Activations across Palladium, Inorbit, Richmond Bangalore & Park Theme:Culinary Discovery + Lifestyle Experiences + • Taste of Thailand Fest–Multi-city activation across Mumbai, Street Kolkata International Food Culture Bangalore, Kolkata & Delhi NCR • PVR ×Nature’s Basket–20 Macro Influencer Shoutoutsthrough the PVR • Chef Table Masterclasses–Curated experiences • Regional food creator and influencer collaborations collaboration across Mumbai and Bangalore, featuring pasta- • 3 Taste of Thailand Chef’s Tables • Rove Run Club ×Nature’s Basket–Fitness-led community activation at BandraHill making, Mexican cuisine, Pluckkjuices and • 8 Mumbai + 5 Bangalore Chef’s Tables Road Oktoberfest-inspired sessions • 2 Kolkata Cooking Workshops • 12 Chef’s Table Experiencesacross Mumbai, Bangalore & Kolkata • Rave Runs–Two DJ-and music-led running • 18 Offline Experiences across the month • 330+ Participants & Experience Seekersengaged across activations experiences across Mumbai and Kolkata • 30 Feed Posts + 225 Stories, including 18 Reels Highlight: • Taste of USA–Embassy-led engagement Highlight: PVR ×Nature’s Basketemerged as the standout collaboration, generating 7L+ Views— celebrating American food culture and Taste of Thailand Festemerged as the standout campaign of the highest social viewership in the last six months —and 639 New Followers. The month international gourmet products the month, generating 250K+ Instagram Views, including 190K+ also saw 50K+ combined viewsfrom the Rove Run Club collaboration and 200+ • Multi-Store VM Activations–Dedicated in-store influencer-generated views. The campaign brought together participantsacross Chef’s Table experiences, strengthening community engagement displays bringing campaign storytelling to life food, culture, creators and in-store experiences, while 76.1% through entertainment, fitness and culinary discovery. • 1 Million Organic Instagram Viewsachieved for Non-Follower Engagementreflected strong discovery beyond the first time on the brand’s Instagram channel the existing community. Highlight: A First-Time Digital Milestone:Nature’s Basket crossed 1 Million Organic Instagram Viewsfor the first time, driven by a diverse content mix spanning culinary experiences, community engagement, retail activations and event storytelling. Alongside this, experiential initiatives strengthened the brand’s positioning as a destination for culinary discovery and lifestyle-led engagement. Nov-26 | RP-SanjivGoenka Group Presentation 8 Consistent Sales Growth @ Spencer’s: Q2 +7.1% and H1 +12.2%, EBITDA Improves to 4%+ of Sales in Q2 and H1 3 months ended Growth 6 months ended SRL Standalone (₹ Cr) 30-Sep-26 30-Jun-26 30-Sep-25 Y-o-Y Q-o-Q 30-Sep-26 30-Sep-25 1 - 1 New Stores added 1 1 90 89 90 Total Store count 90 90 0.02 - 0.05 TA added (Lac sq.ft) 0.02 0.05 7.52 7.50 7.73 TA exit (Lac sq.ft) 7.52 7.73 Revenue increase Y-o-Y by 7.1% 402.8 407.9 376.3 7% -1% Revenue from operations 810.8 722.5 331.1 333.8 3 02.6 9% -1% Cost of Goods Sold 6 64.9 582.7 Margin Delivery at 17.8% 71.7 74.2 73.7 -3% -3% Gross Margin 145.9 139.8 (Q2CY at 19% without accounting 17.8% 18.2% 19.6% -178 bps -38 bps Gross Margin % 18.0% 19.3% reclass) 18.6 21.2 23.4 -21% -12% Employee expenses 39.8 44.6 37.1 36.2 40.7 -9% 2% Other expenses 73.3 78.9 0.9 1.2 3.1 -72% -25% Other income 2.0 11.1 16.9 17.9 12.7 EBITDA 34.9 27.3 EBITDA at 4.2%, better than LY 4.2% 4.4% 3.4% 83 bps -20 bps EBITDA % 4.3% 3.8% 14.7 14.5 14.1 Depreciation 29.2 28.4 39.2 37.5 32.3 Finance costs 76.7 63.8 (37.0) (34.0) (33.7) PBT (71.1) (64.8) -9.2% -8.3% -8.9% -24 bps -85 bps PBT % -8.8% -9.0% - - - Tax Expenses - - (37.0) (34.0) (33.7) PAT (71.1) (64.8) (0.5) (0.5) 0.2 Other Comprehensive Income (1.0) 0.4 (37.5) (34.5) (33.5) Total Comprehensive Income (72.1) (64.4) Nov-26 | RP-SanjivGoenka Group Presentation 9 Natures Basket Financials Q2 3 months ended Growth 6 m [Showing first 8,000 characters — download PDF for full document]