Transcript of the Earnings Conference Call organised and held on July 27, 2026.

August 02, 2026 To, To, National Stock Exchange of India Limited BSE Limited Exchange Plaza, Plot No. C-1, Block-G, Phiroze Jeejeebhoy Towers Bandra Kurla Complex, Bandra (E), Dalal Street, Fort, Mumbai – 400051 Mumbai – 400001 NSE Symbol: MANYAVAR BSE Scrip Code: 543463 Madam / Sir, Sub: Transcript of the Earnings Conference Call of Q1FY27 of Vedant Fashions Limited (“the Company”) Ref: Intimation under Regulation 30 and Regulation 46 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (“Listing Regulations”) and our earlier intimation dated July 22, 2026 Pursuant to Regulation 30 and Regulation 46 read with Part A of Schedule III of the Listing Regulations, we wish to inform you that the transcript of the Earnings Conference Call with the analysts/institutional investors, organised and held on Monday, July 27, 2026, in connection with the financial results of the Company for the quarter ended on June 30, 2026, is hereby enclosed. The said transcript has also been made available on the Company’s website and can be accessed at: https://www.vedantfashions.com/investors-category/reports-results/earnings-call/ We request you to kindly take the aforesaid information on record and disseminate the same on your respective websites. Thank you. For, Vedant Fashions Limited Navin Pareek Company Secretary and Compliance Officer ICSI Memb. No.: F10672 Encl – A/a Vedant Fashions Limited Registered Office: 19, Canal South Road, Paridhan Garment Park, SDF-1. 4th Floor, A501-A502, Kolkata: 700015, Phone: +91 3361255353 Email: info@vedantfashions.com | Website: www.vedantfashions.com | CIN: L51311WB2002PLC094677 “Vedant Fashions Limited Q1 FY '27 Earnings Conference Call” July 27, 2026 MANAGEMENT: MR. RAHUL MURARKA – CHIEF FINANCIAL OFFICER – VEDANT FASHIONS LIMITED MR. VEDANT MODI – CHIEF REVENUE OFFICER – VEDANT FASHIONS LIMITED MODERATOR: MR. HARISH ADVANI – AXIS CAPITAL Page 1 of 12 Vedant Fashions Limited July 27, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the Vedant Fashions Q1 FY'27 Earnings 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 this 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. Harish Advani. Thank you, and over to you, sir. Harish Advani: Thank you, Ananya. Good afternoon, everyone, and welcome to the Q1 FY '27 Earnings Call for Vedant Fashions. Today from the management, we have with us Mr. Vedant Modi, Chief Revenue Officer; and Mr. Rahul Murarka, Chief Financial Officer. We'll begin the call with the opening remarks from the management, after which we'll have the forum open for an interactive Q&A session. I'll now hand over the call to the management. Thank you, and over to you, Vedant. Vedant Modi: Good afternoon, and a warm welcome to all the participants. I am Vedant Modi, the Chief Revenue Officer of the Company. Thank you for joining us today to discuss Vedant Fashions Limited Quarter 1 FY'27 results. I hope you all got an opportunity to go through the results and the investor presentation, which have both been uploaded on the stock exchange and the company's website. Vedant Fashions is India's leading wedding and celebration wear company. During the first quarter of FY '27, our retail sales, that is the sale of our customers stood at INR4,195 million, reflecting a growth of 3.4% over the quarter 1 of last financial year. During the quarter, the company recorded domestic same-store sales growth of approximately 3.8% compared to Q1 FY '26. Moreover, during this period, the company reported revenue from operations of around INR3,014 million, delivering a growth of 7.2% over the first quarter of FY '26. During this quarter, we sustained the momentum built over recent quarters through our continued focus on customer engagement, store level capabilities, retail training, analytics-led merchandising, and replenishment, omnichannel integration and KPI monitoring. I'm also very pleased to announce the launch of VFL Brahma, which is a direct connector of our entire company's data to our AI brain, fostering a further culture of speed and efficiency. We continue to strategically amplify our marketing initiatives across key channels and mediums by leveraging social media, influencer and celebrity collaborations, stylist associations across our various brands, strengthening brand visibility, reach, and long-term brand equity. We further build on our mega campaign made for each other, featuring Rashmika Mandanna and Vijay Deverakonda, which became one of India's most liked campaigns and a blockbuster hit with over 1 billion views, amplifying brand visibility and engagement across platforms for Manyavar and Mohey. Twamev advanced its “Truly You” proposition through influencer-led narratives with celebrities such as Nupur Sanon and Salim Merchant visiting Twamev stores to explore our new luxury collection and share their favourite picks. Page 2 of 12 Vedant Fashions Limited July 27, 2026 Diwas executed targeted digital and social media initiatives through the summer and monsoon season, broadening reach and driving meaningful engagement across marketplaces. Together, these initiatives have significantly strengthened our brand presence and deepened consumer engagement across our entire portfolio. As we look ahead for the remaining part of the year, we remain focused and confident in the core strengths of our business, our brand equity, operational efficiency, customer experience, comprehensive marketing initiatives, efficient auto replenishment systems, robust store network and strong back-end infrastructure, positioning us well for sustained long-term growth. With this, I will now hand it over to Mr. Rahul Murarka to take you through the financial performance of the company. Thank you. Rahul Murarka: Thank you, Vedant. Namaskar, and good afternoon, everyone. I would like to highlight the key financial performance metrics for Q1 FY '27. During this period, the company reported revenue from operation of around INR301 crores, delivering a growth of 7.2% over Q1 of FY '26. The company witnessed growth in sales to our customers by 3.4%, while the domestic SSG sales without SIS grew by 3.8% as compared to Q1 FY '26. The company continues to report industry-leading gross margin of 65.7% and healthy EBITDA margin of 44.6%. The EBITDA during the current period grew by 10.8% compared to Q1 of FY '26. The company also reported a healthy PAT margin of 26.7% and the profit after tax stood at around INR81 crores with a strong growth of 14.7% compared to Q1 of FY26. Moreover, during the trailing 12 months period ended June 2026, the company reported strong cash conversion ratio of approx. 101% which has been computed based upon operating cash flow to PAT, excluding finance income. As we look ahead for the remaining part of the year, we remain focused and confident in the core strength of our business, positioning us well for the sustained long-term growth. Thank you, and Namaskar, everyone. We can now move to the Q&A session. Moderator: Thank you very much. We will now begin with the question-and-answer session. The first question is from the line of Sameer Gupta from IIFL Capital. Please go ahead. Sameer Gupta: Hi. Good evening, everyone, and thanks for taking my question. Firstly, I wanted to understand on the franchisee economics. So, I believe that a store typically needs to do at least INR11,000 per square feet to result in healthy store level economics for the franchisee. First of all, is that number ballpark, correct? And second, this has been under pressure now for over the past 3 years. With now an increase in GST rates, do we still be at 18%, 29.5% margin for franchisee? Or are [Showing first 8,000 characters — download PDF for full document]