Please find enclosed herewith transcript of the Earnings Conference Call of the Company held on 06.11.2026.

@) | Vardhman VARDHMAN TEXTILES LIMITED Vardhman Delivering Excellence. Since 1965. CHANDIGARH ROAD LUDHIANA-141010, PUNJAB T: +91-161-2228943-48 F: +91-161-2601 048 E: secretarial.lud@vardhman.com Ref. VIL:SCY:NOV:2026-27 Dated: 10-Nov-2026 BSE Limited, Nat ional Stock Exchange of India Ltd, New Trading Ring, Exchange Plaza, Bandra-Kurla Complex, Rotunda Building, P.J. Towers, Bandra (East), Dalal Street, MUMBAI-400001. MUMBAI-400 051 Scrip Code: 502986 Scrip Code: VTL SUB: TRANSCRIPT OF EARNINGS CONFERENCE CALL OF VARDHMAN TEXTILES LIMITED - Q2 FY27 Sir, Pursuant to the provisions of Regulation 30 read with Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed herewith transcript of the earnings conference call of the Company held on 10°" November, 2026 to discuss Q2 FY27 results. Kindly take the same on record. Thanking you, Yours faithfully, FOR VARDHMAN TEXTILES LIMITED (SANJAY GUPTA) COMPANY SECRETARY YARNS | FABRICS | GARMENTS | THREADS | FIBRES | STEELS ~-IN: LI7ILIPBL973PLC003345 | WWW.VARDHMAN.COM Vardhman “Vardhman Textiles Limited Q2 FY27 Earnings Conference Call” November 06, 2026 NE cHOR@®’S @GCA Vardhman MANAGEMENT: MODERATOR: MR. NEERAJ JAIN — MANAGING DIRECTOR — VARDHMAN TEXTILES LIMITED MRS. SAGRIKA VIR — EXECUTIVE DIRECTOR — VARDHMAN TEXTILES LIMITED MR. SUSHIL JHAMB — DIRECTOR, RAW MATERIALS — VARDHMAN TEXTILES LIMITED MR. RAJEEV THAPAR — CHIEF FINANCIAL OFFICER -- VARDHMAN TEXTILES LIMITED MR. VARUN MALHOTRA — HEAD OF FINANCE -- VARDHMAN TEXTILES LIMITED Ms. ARADHANA JAIN —360 ONE CAPITAL MARKETS PRIVATE LIMITED Page 1 of 19 Vardhman Textiles Limited November 06, 2026 Vardhman Moderator: Ladies and gentlemen, good day and welcome to Vardhman Textiles Q2 FY27 Earnings Conference Call hosted by 360 ONE Capital Markets. 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 touch-tone phone. Please note that this conference is being recorded. I will hand the conference over to Ms. Aradhana Jain. Thank you, and over to you. Aradhana Jain: Thank you, Anna. Good evening, everyone. On behalf of 360 ONE Capital Markets, I welcome all participants and the management of Vardhman Textiles to the 2Q and 1H FY27 con call. From the management, we have Mr. Neeraj Jain, Managing Director; Mrs. Sagrika Vir, Executive Director; Mr. Sushil Jhamb, Director Raw Materials; Mr. Rajeev Thapar, CFO; and Mr. Varun Malhotra, Head of Finance. Without further ado, I would like to hand over the call to Neeraj sir for his opening remarks, post which we can open the floor for the Q&A session. Thank you, and over to you, sir. Neeraj Jain: Thanks, Aradhana. Good afternoon, everyone. Thank you for joining the investor call. I know it is the festival days nowadays, but I think because of some limitations in the company, we had to have the board meeting these days only. The results, you would have seen the results. So definitely, it is a better performance compared to the first quarter as well as the previous period. So there are two, three things happening in this period. One, the overall yarn business showed improvement, and that too on account of two major reasons. One, the overall yarn demand was better last six months or so, and the prices of yarn also improved because of the good demand from the export market, and which also helped the domestic market, the domestic prices to move up. Two, so the price improvement happened, one, on account of the demand. Second, also on account of the increase in the raw material prices. The cost was increasing, so the same work could be passed on to the consumers, to the customers, and as a result of that, there was an improvement. The second was on the cotton front. When we were buying cotton last year, we were buying both the Indian cotton as well as imported cotton. Imported cotton we were buying because India was under the MSP operations those days, and lots of cotton was being procured by Cotton Corporation of India. So we were not very sure how the prices will move, how the quality will be available. So as Vardhman, we took a position and bought lots of imported cotton. At that stage, the feeling was we will be buying it under advance license, at least to the extent of our export commitment. But in the meantime, I think as we covered the cotton, there are two things happened simultaneously. One, the New York futures started increasing. From a base of USD0.64, USD0.65 per pound, it increased to almost USD0.75, USD0.80 in this period. Also, the rupee devalued because of the crude increase happened, that too a consequence of the Iran war. Page 2 of 19 Vardhman Textiles Limited November 06, 2026 Vardhman The landed cost increased, and as a result of that, the Indian prices also increased on the raw cotton prices. Eventually, the situation was that we bought the cotton where the prices were much lower, almost in the range of about INR54,000, INR55,000 a candy, both for Indian as well as imported, converted. Later on, because of the New York futures increase as well as the rupee development, the new prices increased to almost INR64,000, INR65,000 a candy. Generally, the yarn prices are always determined by the current prices of cotton. Since the prices have increased, the yarn prices also improved, as I mentioned earlier also. As a result of that, a part of trading gain came to the company in this period. Two, the internally operations were -- we were doing good operations in terms of the cost control, in terms of the production increase, or in terms of the all other parameters, the product improvement, customer improvement, which is always a continuous kind of a work which keeps going. So I think, and there were lots of modernizations which were done last year, so all the impact of those also started appearing into the results. Lots of initiatives of the green power, those also started coming into this period. The net effect of that was the overall improvement, company as a whole happened. But as I mentioned, the yarn showed more improvement, again, both on account of operations as well as because of the trading gains. Now, the new cotton. Also, when we were buying imported cotton last year and we were feeling that most of this cotton will be coming under advance license, in between the government allowed the duty-free import of cotton in India for a period of couple of months. For us, fortunately, lots of cotton was coming into that period, and as a result of that, probably we could get that cotton duty-free in India, again comparable to the Indian prices, but that also was a kind of a some get benefit coming to us. The new season of cotton has started. The New York futures continues to be at about USDO.80 as of now per pound, and going by the today's rupee, the landed cost will be in the range of INR65,000 or so per candy, and almost similar is the price in the Indian market also. We have just started buying it, but definitely the cost of cotton this year will be much higher than compared to the last year. May be a part of trading gain which has happened to the company may not be available going forward, but the overall unless the yarn prices also improves in. That's what the current situation as of now. The ruling prices in India are almost about INR65,000 a candy. And if you look at the Narma selling as of now, which is the raw cotton, it is in the range of about INR9,000 or so per ton, per quintal. It is than the MSP as of now. If the New York futures continues to be at these prices, it looks like the government intervention through the CCI may not happen this year. But in case the New York futures comes down, then there could be some possibility that the CCI again buys this cotton and later on sells it to the industry. So, tha [Showing first 8,000 characters — download PDF for full document]