Transcipt_Q1FY27

Ref. No. CS/S/L-995/2026-27 30th July, 2026 To: To: The Listing Department The Corporate Relationship Department NATIONAL STOCK EXCHANGE OF INDIA LIMITED THE BSE LTD “Exchange Plaza” Phiroze Jeejeebhoy Towers, Bandra Kurla Complex, Dalal Street, Mumbai – 400 001 Bandra (E ), Mumbai – 400 051 Scrip Code: 534976 Scrip Code: VMART Fax: 022-22723121 Fax: 022-26598120 Email: corp.relations@bseindia.com Email: cmlist@nse.co.in Subject: Transcript of the Conference Call held on July 27, 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 July 20, 2026 (Ref. No. CS/S/L-986/2026-27) regarding the intimation of the conference call with Analysts and Investors held on July 27, 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, Yours Truly For V-Mart Retail Limited Megha Tandon (Company Secretary & Compliance Officer) “V-Mart Retail Limited Q1 FY '27 Earnings Conference Call” July 27, 2026 MANAGEMENT: MR. LALIT AGARWAL – MANAGING DIRECTOR, V-MART RETAIL LIMITED MR. ANAND AGARWAL – CHIEF FINANCIAL OFFICER & CHIEF OPERATING OFFICER, V-MART RETAIL LIMITED MODERATOR: MR. SAMEER GUPTA – IIFL CAPITAL SERVICES LIMITED Page 1 of 17 V-Mart Retail Limited July 27, 2026 Moderator: Ladies and gentlemen, good day and welcome to V-Mart Retail Q1 FY 2027 earnings conference call hosted by IIFL Capital Services Limited. 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 “*” then “0” on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Sameer Gupta from IIFL Capital Services. Thank you and over to you, sir. Sameer Gupta: Hi. Good evening, everyone, thank you 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 & COO. Without taking more time, let me hand it over to the Management. Over to you, sir. Lalit Agarwal: Thank you. Good afternoon, everyone. Thank you, IIFL Capital, Sameer, for hosting the call. Thank you for our investors and analysts for joining us today. We definitely have started this new financial year on a better, healthy note. More importantly, this particular quarter is another step for us in the forward direction, for improving the quality and the consistency of our execution. We definitely are not only working on adding new stores but definitely driving more sales from the existing ones with better products, customers, or relevant fashion and the stronger performance in our zones, which are very important, along with the tighter discipline that we want to definitely adopt while operating the store. Anyway, let me just give you a little bit of what I am seeing in the market. The sentiments in the Bharat definitely remains positive. I would not call it uniform across the markets, but yes, it is definitely looking very positive from our perspective as of now. There is sensitivity on the household budget, no doubt about it. There are definitely comparisons that people are doing in both prices as well as the quality. But yes, I think due to the war scenario, due to the crude oil prices, due to all of these situations, we believe that there is inflation which has kicked in for the consumers. There is an upward revision of prices that we are seeing with multiple FMCG companies and that definitely is getting now passed on to the consumers as well. And consumers are feeling the pinch. There is a sensitivity on that particular part. But still, we are seeing customers and consumers buying. Page 2 of 17 V-Mart Retail Limited July 27, 2026 Affordability is still very important. The value has to be visible and convincing. So, that is very important, otherwise we don't see a consumption coming in. So, the reasons for consumption are certainly going up, are increasing, then we saw Adhik Maas also in this particular quarter where we had expected the Adhik Maas to be little bad because in the past, we have seen that Adhik Maas usually is not by the buying month. Yes, this year we saw a little better Adhik Maas, and after and before that, weddings, festivals or even family functions or travel, and the school holidays. These smaller celebrations are also now creating more occasions for the customer to buy and that is something which is becoming good. Consumption definitely has been occasion-led and will always be. The younger family members, which we see, the Gen Zs, the younger audience for them, it is also about the influencer or the influencing mechanism of the trend and the fashion, which is also coming out very strongly, both in smaller towns as well the larger towns. I think the younger consumers definitely see their trends much faster and they want that newness more frequently. I think they are becoming more confident, and they want to only wear what they want to wear. That is what we are able to see from the younger audience, and that is what continues even in smaller towns. That is good news which is driving consumption. The monsoon and the agriculture outlook definitely has been little hazy. We are receiving multiple news in terms of lower monsoon, the El Niño effect and all of that. Even as of now, we have a little deficiency in the rain, maybe around 30%. But I think some part of it that is getting covered. It started with 35%, 40%, there is a lot of coverage which has happened in the later part of the month of July. So, I think definitely we are encouraged with the demand environment. But yes, we remain watchful because the impact of the monsoon could be little non-uniform because there could be states where we would see higher rain causing floods. There may be states where you would see a little bit of higher deficiency in monsoon, which we are already witnessing. Which could create a little deficiency in the demand pattern as well. Overall, we believe the geopolitical situation definitely has been making us very watchful and we are seeing that there is a lot of volatility in the raw material and the supply chain cost which has and can influence the sentiment or even our pricing. But yes, our approach remains very practical and very cautious, and that is what is driving our confidence as well. I think overall we did grow, overall, our growth of 23% with 9% like-for-like growth has been there, which is what we would call is the 11th quarter in the consecutiveness where we are delivering positive like-for-like growth. That is definitely coming with a lot of initiations internally, a lot of development internally. The important point for us is the combination behind these numbers. The growth is not dependent only on opening new stores. Page 3 of 17 V-Mart Retail Limited July 27, 2026 We have opened our new stores as well but it is supported definitely by our sustained productivity and from our existing stores through better merchandise, sharper price architecture because we have really worked very highly on what kind of price architecture should work, what kind of product line should work, improving the store executions, more disciplined expansion. The expansion has been very good. There has been a lot of discipline which we have driven there. But definitely this has given us more confidence in the quality of growth, because the quality of growth this time has been very good. It has not been one-sided. We have to really work more as we go too deeper into it. We see more opportunities coming our way. There is a lot of work to be done. We should not be judged from one quarte [Showing first 8,000 characters — download PDF for full document]