Analysts/Institutional Investor Meet/Con. Call Updates

November 9, 2026 To, To, BSE Limited National Stock Exchange of India Ltd. Listing Dept. / Dept. of Corporate Services Listing Dept., Exchange Plaza, 5th Floor Phiroze Jeejeebhoy Towers Plot No. C/1, G. Block Dalal Street Bandra-Kurla Complex Mumbai - 400 001 Bandra (E) Mumbai - 400 051 Security Code : 542484 Security ID : ARVINDFASN Symbol : ARVINDFASN Dear Sir/Madam, Subject: Earnings call Transcript of the conference call with Analysts and Investors for the second quarter ended on September 30, 2026 Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are attaching herewith the transcript of the conference call with Analysts/Investors held on Tuesday, November 3, 2026 at 02:30 P.M IST, to discuss the financial performance of the Company for the second quarter ended on September 30, 2026. The same is being uploaded on the website of the Company. This is for your information and records. Thanking you, Yours faithfully, For Arvind Fashions Limited Lipi Jha Company Secretary “Arvind Fashions Limited Q2 FY27 Earnings Conference Call” November 03, 2026 MANAGEMENT: MS. AMISHA JAIN – MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER MR. KULIN LALBHAI – VICE CHAIRMAN AND NON-EXECUTIVE DIRECTOR MR. GIRDHAR CHITLANGIA – CHIEF FINANCIAL OFFICER Page 1 of 24 Arvind Fashions Limited November 03, 2026 Moderator: Ladies and gentlemen, good day, and welcome to Arvind Fashions 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 touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Girdhar Chitlangia from Arvind Fashions Limited. Thank you, and over to you, Mr. Girdhar. Girdhar Chitlangia: Thanks, Sidhant. Hello. Welcome, everyone, and thank you for joining us on the Arvind Fashions Limited's Earnings Conference Call for the second quarter ended 30th September 2026. I'm joined here today by Kulin Lalbhai, Vice Chairman and Non-Executive Director; and Amisha Jain, Managing Director and CEO. Please note that results, press release and earnings presentation were mailed across to you yesterday, and these are also available on our website, www.arvindfashions.com. I hope you had the opportunity to browse through the highlights of the performance. We will commence the call with Kulin providing his strategic thoughts on our second quarter performance. Post that, Amisha will cover the financial performance and business highlights. At the end of the management discussion, we will have a Q&A session. Before we start, I would like to remind you that some of the statements made or discussed on this call today may be forward-looking in nature and must be viewed in conjunction with the risks and uncertainties we face. A detailed statement of these risks is available in this quarter's earnings presentation. The company does not undertake to update these forward-looking statements publicly. With that said, I would now turn the call over to Kulin to share his views. Thank you, and over to you, Kulin. Kulin Lalbhai: Thanks, Girdhar. A very good afternoon to you all. Thank you for joining us for the Q2 results. We are pleased to share that AFL has delivered its highest ever quarterly revenue and EBITDA for the second quarter ended 30th September Page 2 of 24 Arvind Fashions Limited November 03, 2026 2026. This is backed by a strong performance across channels despite geopolitical uncertainty and inflationary pressures. The demand environment for us remains stable and positive. This trajectory of impressive growth and high-performing business outcomes is the result of sustained efforts across all fronts in our business. Despite festive and online tower event shifts, this quarter, we have achieved a top line growth of 10%, aided by higher marketing investments. Adjusted for the shifts in festive and online tower events, we grew by nearly 15%. I'm happy to share that the business delivered a very strong 67 basis points EBITDA expansion. Better channel mix, a strong like-for-like growth and lower discounting led to a strong gross margin expansion. Our investments in brand and people, coupled with focus on superior retail execution have enabled us to deliver a very healthy like-for-like growth of 7.3% in retail and 28% in the online direct-to-consumer channel. Again, adjusted for festive and online tower events, we delivered a 10% LTL growth and a 45% growth in the online B2C business. Our PAT grew by nearly 30% as compared to the same quarter in the previous year. We remain committed to maintaining our growth trajectory through investments in tech and AI initiatives, keeping the consumer at the core and building a strong direct-to-consumer business by expanding the retail network and continuing to grow in the online B2C channel. We remain watchful of external headwinds and will manage pricing and costs proactively to mitigate any downside impact and continue to stay focused on our mantra of profitable growth, resulting in further improvement in capital - - return on capital employed and strong cash flow generation. I would like to now hand it over to Amisha Jain to take us through the specifics and more details about our financial performance. Amisha Jain: Good afternoon, everyone, and a warm welcome to our investor call for Q2 FY27. Page 3 of 24 Arvind Fashions Limited November 03, 2026 Continuing the trajectory that was set in FY26, all our drivers of performance are firing and have helped us deliver a very strong Q2 despite the festive and online tower event shift. We have continued our double-digit growth trajectory in Q2, with GM, EBITDA margins and ROCE up. All our brands have delivered as per our expectations. 1. Revenue momentum continues as per guidance: Q2 revenue grew 10%, with NSV at INR 1,559 crores versus INR 1,418 crores in the same quarter last year. Adjusted for festive and online tower event shift, we have grown nearly 15%. 2. Profitability is structural: Gross margin has increased by 136 bps Y-o- Y, aided by strong LTL with lower discounting and better channel mix. Our investment in marketing is also up 24 bps on a Y-o-Y basis, and our focus on costs has helped EBITDA expansion. EBITDA, excluding other income, was INR 216 crores versus INR 187 crores. That is a 67-bps improvement and 15.5% growth over last year in absolute terms. PAT came in at INR 48 crores versus INR 37 crores in Q2 last year, a growth of 29%. On a pre-Ind AS basis, EBITDA and PAT grew by 18% and 38% respectively. 3. Inventory & Working Capital: While inventory days have gone up, there is a corresponding decline in receivable days. This keeps GWC days stable at 157 days, the same as the previous quarter closing. NWC days are flat at 65 days. On Channel performance • Our D2C engine is continuing to grow: Direct channels now account for 53% of sales, up nearly 380 bps year-on-year. • Retail grew by 15.4%. We delivered a robust LTL of 7.3% in retail; adjusted for the festive calendar shift, retail LTL is 10%. 24 EBOs were added in the quarter. • Online B2C grew by 28% in Q2, taking its share from 12% to 13%. This is in line with our intent to pivot away from B2B online. Adjusted for the festive and online tower event shift, online B2C grew by 45%. We also launched the Tommy Hilfiger website and app in September, and the remaining brands will follow in quick succession. Wholesale: Primary sales grew at a high, double digit in Q2. The channels are now well stocked to cater to the upcoming festive season. On Brand performance • USPA continues to deliver strong performance, with high revenue growth, LTL and profitability expansion. This growth is on top of a high base in Q2 last year. • PVH brands are gaining momentum and have recovered [Showing first 8,000 characters — download PDF for full document]