Transcript of the Earnings call held on November 04, 2026

Ref. No. CS/S/L-1026/2026-27 10th November, 2026 TNoA:T IONAL STOCK EXCHANGE OF INDIA LIMITED TToH:E BSE LTD The Listing Department The Corporate Relationship Department “Exchange Plaza” PSchriripoz Ceo Jdeeej:e 5e3b4h9oy7 6T owers, BScarnidpr Ca oKduer:l aV CMoAmRpTle x, Dalal Street, Mumbai – 400 001 Bandra (E ), Mumbai – 400 051 Fax: 022-22723121 Fax: 022-26598120 Email: corp.relations@bseindia.com Email: cmlist@nse.co.in Sub: Transcript of the Conference Call held on November 4, 2026 Dear Sir/Madam, Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and amendment thereof. In reference to our letter dated October 28, 2026 (Ref. No. CS/S/L-1013/2026-27) regarding the intimation of the conference call with Analysts and Investors held on November 4, 2026, please find enclosed the transcript of the aforementioned conference call. The above information is also available on the Company's website: www.vmart.co.in. We request you to kindly take the above information on record. Thanking You, For V-Mart Retail Limited Y ours Truly Megha Tandon (Company Secretary & Compliance Officer) Encl:As above “V-Mart Retail Limited 2Q FY27 Earnings Conference Call” November 04, 2026 MANAGEMENT: MR. LALIT AGARWAL – MANAGING DIRECTOR – V-MART RETAIL LIMITED MR. ANAND AGARWAL – CHIEF FINANCIAL OFFICER AND CHIEF OPERATING OFFICER – V- MART RETAIL LIMITED MODERATOR: MR. RANGANATHAN – AVENDUS SPARK Page 1 of 15 V-Mart Retail Limited November 04, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the V-Mart Retail Limited 2Q FY27 Earnings Conference Call, hosted by Avendus Spark. 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 this 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 now hand the conference over to Mr. Ranganathan sir from Avendus Spark. Thank you, and over to you. Ranganathan: Thank you. Hi, good evening all. Thanks for joining today's earnings call with the management of V-Mart Retail. From the management side, we have Mr. Lalit Agarwal, Managing Director; and Mr. Anand Agarwal, CFO and COO. Without taking much time, let me hand over the call to the management for opening remarks. Over to you, sir. Lalit Agarwal: Good evening, everyone. Happy Navratri, with a completion, but Happy Diwali for everyone, which is in the coming week. So largely, we are back with -- during those peak times, these times before Diwali, 4 days, 5 days before Diwali is generally a busy time for retail. So -- but yes, our team has done a great job. We are on time announcing our results. So we definitely continue to see an opportunity and aspirations of consumers and the demand for better products in India. I think what we have seen in the overall environment this time, the business environment or the broader business environment certainly has been largely dominated by the geopolitical uncertainty. We have definitely seen a lot of volatility in energy, raw material. Raw material prices have really moved up and down. Supply chain has remained very, very difficult or has been a very important consideration this time because of the movement in raw material prices, because of the movement in overall cost, there has been always a challenge in the supply chain side. But yes, largely for value retailers like us, these do create an impact on our sourcing cost or product availability and ultimately also the budget of the household or the consumers who come to shop to us. And for us, because these customers are value-seeking customers, their average earning capabilities are very low. So the impact on them seems to be very high, added by the food inflation, which we have seen, which is one of the highest food inflation that we have noticed in the last month. So that is again adding much more pressure on the consumers' pocket. That is what we are seeing here. But yes, certainly, there are signs of consumption going down. There are signs of consumption going up. There are weather impacted areas. There are -- either there is a very good monsoon in certain part of the geography or there are little lower monsoons where the rainfall has been more than deficient by 20%, 25%, 30% also in certain belt. Page 2 of 15 V-Mart Retail Limited November 04, 2026 But yes, a large part of India, which we were fearing that the monsoon could be a little bad, did not get so worse monsoon. It was manageable, it was better. And so the agriculture incomes also seem to be in line. There are a few markets where the agriculture income is a challenge. Definitely, festival timing is another piece which is a big piece, which happened in this particular year. So every 3 years, we see this festival getting shifted. So this year also, it got shifted by 19 days. And especially in our markets, festival spending or the wedding spending, which is also linked with the festival days is very large. So if you look at the Bharat customers, we definitely believe that they want better fashion. They are very careful also on how much they spend. But yes, we also have seen a very high growth of young consumer in our stores. We could see almost the young consumer, which is what we call Gen Z or even from Gen Alpha, almost touching to greater than 45% of our total consumer set who comes to shop with us. So the younger customer definitely discover trend faster. And as we are seeing a very high rise of social media Instagram. So they definitely expect more newness. The family also is becoming Gen Zs are also having a lot of families. Now Gen Zs are not only stagged, but they are also getting older. So in our towns in Bihar, Uttar Pradesh, Odisha, Bengal, we see even younger couples having babies. They come with family but are still Gen Z is what we call. So they do seek fashion as well as dependable quality and very clear value. So that is something that we believe is -- there is a responsibility for us to bring these expectations together, especially at affordable prices. So the highlighting part of our performance, I mean, certainly, there has been a lot of competitive openings, which have been happening. There's a lot of drama, which there's a lot of work which is happening in the competition as well. There is a lot of work with the competitor space has done. There are a lot of store openings that they are doing. And we are also seeing some competitors becoming stronger versus some competitors actually getting a little more weaker and weaker. So these scenarios will keep on going on. But what we understood that there were almost 70 to 75 locations where we actually got impacted by -- or where we saw competitors opening up near our stores or in the similar territory or in the similar market where we are located. But overall, if we see there is more than 150 stores which have been opened by competitors, which we target in our market. There may be more than 1 or 2 competitors which have also opened. So against that backdrop, the team has really done a fantastic job, and then we have been able to see some good growth coming in, both from the like-for-like stores as well as the new stores opening and the new store -- number of new store opening has also been very good. So we have seen some good growth coming in. We definitely have to normalize this time with the festivals as we have already reported and you must have seen that. So as such our growth looks a little lower, but we adjusted for the festival, it definitely looks better. The highlight of this particular performance was also the biggest highlight was the Unlimited market, South Page 3 of 15 V-Mart Retail Limited November 04, 2026 India, which stood out both in terms of growth as well as the profitability. Our South India business continues to fire and we have seen multiple qu [Showing first 8,000 characters — download PDF for full document]