Analysts/Institutional Investor Meet/Con. Call Updates

July 29, 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 first quarter ended on June 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 Wednesday, July 22, 2026 at 02:00 P.M IST, to discuss the financial performance of the Company for the first quarter ended on June 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 Q1 FY27 Earnings Conference Call” July 22, 2026 MANAGEMENT: MR. KULIN LALBHAI – VICE CHAIRMAN AND NON-EXECUTIVE DIRECTOR MS. AMISHA JAIN – MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER MR. GIRDHAR CHITLANGIA – CHIEF FINANCIAL OFFICER Page 1 of 28 Arvind Fashions Limited July 22, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the Arvind Fashions Limited Q1 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 at the end of today’s presentation. 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 would now like to hand the conference over to Mr. Girdhar Chitlangia, Chief Financial Officer of the company. Thank you, and over to you, sir. Girdhar Chitlangia: Hi. Thanks, Manav. Good afternoon. Hello. Welcome, everyone, and thank you for joining us on the Arvind Fashions Limited Earnings Conference Call for the first quarter ended 30th June 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 had been 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 key strategic thoughts on our first quarter's performance. Post that, Amisha will take 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 that 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. Page 2 of 28 Arvind Fashions Limited July 22, 2026 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. Very good afternoon to all of you. Thank you for joining us for the Q1 results. Building on our strong FY26 performance, we have started FY27 with another excellent quarter. Our sustained focus on strengthening the business across brands, channels and execution continues to deliver strong outcomes. I'm pleased to share that we recorded a 15.5% revenue growth and a 19.6% EBITDA growth during the quarter. The demand environment remains stable despite the West Asia conflict. The investments we have made over the past few years in strengthening our brand platforms have improved the resilience of our business even in uncertain environments like now. Our continued investments in brands, people, and retail execution enabled us to deliver a 11.6% like-to-like retail growth and 38% growth in our direct-to- consumer online business. Looking ahead, we remain watchful of geopolitical developments and inflationary pressures. We will continue to manage costs and pricing proactively while staying committed to our long-term growth agenda. Our priorities remain unchanged: investing in technology and AI to enhance the customer experience, accelerating brand investments, expanding our retail footprint and continuing to scale our direct-to-consumer business. With that, I will now hand it over to Amisha Jain, who will take you through the financial performance in greater detail. Amisha Jain: Thanks, Kulin. Good afternoon, everyone and a warm welcome to Arvind Fashions investor call for Q1 FY27. The year has started well with a strong performance. Revenue growth is at 15.5%, and our EBITDA margin has expanded by 44 basis points. All our brands have performed to our expectations. Continuing the trajectory we set in FY26, all our drivers of performance are firing and have helped us deliver a very strong Q1. Despite inflationary Page 3 of 28 Arvind Fashions Limited July 22, 2026 pressures resulting from West Asia conflict, a hike in wages across multiple states and adverse forex, we continue to do well. Let me call out 3 key items before I get into the details. First, our D2C engine continues to grow. Direct channels now account for 62% of our sales, up 380 basis points year-on-year. Retail grew by 18% and online B2C grew by 38% in Q1. This is a strategic shift. We are building our business around channels where we own the customer relationship, the brand experience and the margin structure. Second, profitability improvement is structural. Full price sell-through is up and discounting is down, resulting in a gross margin improvement of approximately 90 basis points to 56.7%. Alongside this, we have consciously increased our investment in marketing by approximately 50 basis points year- on-year. Because we believe demand generation and brand building fuel sustainable long-term growth. So even as we invest more behind our brands, our focus on cost discipline has ensured that EBITDA margins have expanded, which speaks to the operating leverage in the business. Third, inventory and working capital. I would like to highlight that our bet on providing additional inventory in U.S. Polo is paying off, and this brand is consistently delivering a very strong performance. In addition to this, there was a change in PVH global sourcing in order to mitigate geopolitical risks. Having said that, our inventory freshness is at an all-time high. Net working capital days are stable, and inventory levels are in line with the changing channel mix towards direct. Now coming to the quarter's performance in detail. Q1 revenue grew 15.5% with net sales value at INR1,279 crores versus INR1,107 crores in the same quarter last year. EBITDA, excluding other income, was INR160 crores versus INR133 crores last year. A 19.6% growth over the last year in absolute terms, with a 44-basis point margin improvement. PAT came in at about INR10 crores versus INR13 crores in Q1 last year. The decline is attributable to lower other income in this quarter as compared to Q1 last year. The underlying operating performance has been strong. Page 4 of 28 Arvind Fashions Limited July 22, 2026 Coming to channel performance, we delivered a robust like-for-like of 11.6% in retail with an overall retail growing at 18%. Online B2C grew over 38%, taking its share of revenue to 18% from 15% a year ago. This is fully in line with our intent to pivot away from B2B online and towards direct-to- consumer channels. Wholesale and department stores delivered strong double-digit secondary sales growth as well, and we added 23 EBOs during the quarter. On brand performance, U.S. Polo Associatio [Showing first 8,000 characters — download PDF for full document]