Attach please Transcript of the conference call on Q2 & H1'FY27 held on Tuesday, November 03, 2026.

KEWAL KIRAN CLOTHING LIMITED Registered & Corporate Office :- Kewal Kiran Estate, 460/7, I.B. Patel Road, Goregaon (E), Mumbai: 400 063 Tel No. +91 22 26814400 Fax No. +91 22 26814410 CIN No. L18101MH1992PLC065136 website : www.kewalkiran.com Date: November 6, 2026 National Stock Exchange of India BSE (Bombay Stock Exchange) Limited Limited ”Phiroze Jeejeebhoy Tower”, Exchange Plaza, Plot No. C/1, G Block, Dalal Street, Mumbai-400001 Bandra Kurla Complex, Bandra(East), BSE Code – 532732 Mumbai-400051 NSE Code - KKCL Dear Sir/Madam : Sub: Transcript of the conference call on Q2 & H1’FY27 held on Tuesday, November 03, 2026. In continuation to our letter dated October 26, 2026 and October 31, 2026 and pursuant to the applicable regulations of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, please be informed that the Company had convened and participated in the conference/analyst call, details of which is as follows : Date & Time of Investor / Analyst / Event Type of Meeting / Call Meeting / Call November 03, 2026 Earnings Conference Call for the Virtual - Group Conference Call – 11.00 A.M Quarter Ended September 30, 2026 - All Investors / General Public / Analyst We now enclose herewith the transcript for the said conference call. The same is also available on the Company’s website at https://www.kewalkiran.com/investors.php#Press%20Release%20/%20Conference%20Call%20 Recording%20&%20Transcript Kindly take the same on record. Thanking you. Yours Truly For Kewal Kiran Clothing Limited Abhijit B. Warange President – Legal & Company Secretary Encl.: a/a Kewal Kiran Clothing Limited Q2 & H1’FY27 Earnings Conference Call” November 03, 2026 Disclaimer: E&OE - Please note that some portion of the concall may have an audio spoken in language other than English which has been translated in English language in this transcript primarily for ease of reading. This transcript is edited for factual errors. In case of discrepancy, the audio recordings uploaded on the Company’s website will prevail. MANAGEMENT: MR. HEMANT JAIN – JOINT MANAGING DIRECTOR – KEWAL KIRAN CLOTHING LIMITED MR. PANKAJ JAIN – PRESIDENT (RETAIL) – KEWAL KIRAN CLOTHING LIMITED Page 1 of 16 Kewal Kiran Clothing Limited November 03, 2026 Moderator: Ladies and gentlemen, good day and welcome to the Kewal Kiran Clothing Limited Q2 and H1 FY27 Conference call. As a reminder, all participant lines will be in listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Before we begin, a brief disclaimer. The presentation which Kewal Kiran Clothing Limited has uploaded on the stock exchange and the website, including the discussion during this call, contains or may contain certain forward- looking statements concerning Kewal Kiran Clothing Limited's business prospects and profitability, which are subject to several risks and uncertainties and the actual results could materially differ from those in such forward-looking statements. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. I now hand the conference over to Mr. Pankaj Jain. Thank you and over to you, sir. Pankaj Jain: Good afternoon, everyone and thank you for taking the time to join us today. Welcome to the Kewal Kiran Clothing Limited Q2 and H1 FY27 Earnings call. I am joined on this call by Mr. Hemant Jain, Joint MD and Marathon Capital, our Investor Relations Advisor. Q2 FY25 was marked by a challenging operating environment. Ongoing geopolitical tensions led to sustained inflationary pressures which weighed on consumer sentiment, while exceptional heavy rainfall and localized flooding in Vapi and Daman caused temporary disruptions to our factory operations. Despite these macro headwinds and the shift of the festive season into Q3, we have demonstrated business resilience by delivering a positive 5% year-on-year increase in consolidated revenues. We believe the resulting disruption at the manufacturing facility due to floods is estimated to have impacted our Q2 FY27 sales growth. While we remain confident in the growth tragedy of our business, we continuously evaluate our strategic roadmap. In light of evolving business dynamics and the company's initiatives across brands and channels, management has undertaken a review of its Vision 2028. While retaining our revenue and profitability targets same, we have optimized our EBO store targets to 800 stores by FY28. The Killer store count remains unchanged, with a shift towards larger store size of 800 to 1,000 square feet to support a broader product offering and improved revenue potential per store. The Lawman target has been revised from 175 stores to 125 stores, reflecting a more focused D2C-led strategy centered on establishing larger, higher-quality stores in strategic selected locations that strengthens the brand visibility. This measured approach is expected to strengthen the brand's long-term growth tragedy. Conversely, the target for Kraus stores has been increased from 50 to 75 stores, supported by the encouraging brand traction witnessed through this format. Additionally, the company plans to gradually phase out the K-Lounge format over time and therefore, we have excluded it from our revised EBO expansion plans. Overall, these changes are aimed at align the company's retail expansion strategy while remaining firmly on track to achieve its Vision 2028 revenue and profitability objectives. Coming to the highlights for Q2 - Consolidated revenue increased to INR373 crores, supported by growth in apparel sales and value. EBITDA grew by 12% year-on-year to INR80 crores with an EBITDA margin of 21% and profit after tax increased by 15% year-on-year to INR54 crores. This performance reflected our ability to sustain healthy profitability despite a challenging Page 2 of 16 Kewal Kiran Clothing Limited November 03, 2026 environment through disciplined cost management and operational efficiency. The brand Kraus delivered a growth of over 25%, representing an encouraging milestone in our strategy to strengthen our presence in the womens wear segment. Coming to brand performance - Killer continued with a positive growth journey. The brand now operates 477 exclusive brand outlets while further strengthening its presence across large formats and online channels. Kraus delivered another strong quarter with robust sales growth backed by strong EBITDA margins in line with KKCL. The D2C-led brand strategy for Lawman continues to gain traction, reflecting its positive results. Integrity continues to make encouraging progress driven by a renewed focus and targeted brand-building initiatives. Moving on to channel performance - The retail channel grew 8% year-on-year with a higher contribution from the LFS channel, particularly driven by stronger Kraus sales. Growth in the non-retail channel was primarily driven by the e-commerce segment, which continues to scale well. This performance is consistent with our strategy of strengthening both online and offline distribution. In line with our strategy of expanding our retail footprint, we have added a net of 5 EBOs during quarter 2 of FY27, taking our total network to 675 stores as of September 30th. We view the current financial year as a period of consolidation during which the company has focused on further realigning its business processes to drive sustainable and profitable growth. In line with this strategy, the company has undertaken initiatives such as rationalizing its EBO network by streamlining underperforming stores and optimizing the balance between discount- led and fresh sales. The measures are aimed at preserving brand value, enhancing retail productivity and ensuring the long-term health of the business. We remain confident in pursuing a double-digit growth target for this financial year and are committed to pursuing our revenue and profitabilit [Showing first 8,000 characters — download PDF for full document]