Transcript of conference call with Analyst/ Institutional Investors held on 28th July, 2026

4th August, 2026 BSE Limited National Stock Exchange of India Ltd. Corporate Services Department Corporate Communications Department Phiroze Jeejeebhoy Towers, “Exchange Plaza”, 5th Floor, Dalal Street, Bandra – Kurla Complex, Bandra (East), Mumbai – 400 001 Mumbai – 400 051 BSE Scrip Code: 540376 NSE Scrip Symbol: DMART Sub: Transcript of Analyst/ Institutional Investors Meet 2026 Dear Sir/ Madam, Pursuant to Regulation 30 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015, please find enclosed herewith the Transcript of conference call with Analyst/ Institutional Investors held on 28th July, 2026. The transcript of the conference call is also available on website of the Company at https://www.dmartindia.com/investor-relationship. Kindly take the same on record. Thanking You, For Avenue Supermarts Limited Ashu Gupta Company Secretary & Compliance Officer Encl: As above Avenue Supermarts Limited Annual Analyst Meet Conference Call July 28, 2026 MANAGEMENT: MR. ANSHUL ASAWA – MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER – AVENUE SUPERMARTS LIMITED MR. RAMAKANT BAHETI – GROUP CHIEF FINANCIAL OFFICER – AVENUE SUPERMARTS LIMITED MR. NILADRI DEB – CHIEF FINANCIAL OFFICER – AVENUE SUPERMARTS LIMITED MR. VIKRAM DASU – CHIEF EXECUTIVE OFFICER – AVENUE E-COMMERCE LIMITED MR. RUSHABH GHIYA – INVESTOR RELATIONS – AVENUE SUPERMARTS LIMITED Page 1 of 37 Avenue Supermarts Limited July 28, 2026 Moderator: Ladies and gentlemen, good day, and welcome to Avenue Supermarts Limited Annual Analyst Meet. 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. Rushabh Ghiya. Thank you, and over to you, sir. Rushabh Ghiya: Thank you, Avirat. Good morning, all. Welcome to our Annual Investor and Analyst Conference Call for 2026. I have on call with me Mr. Anshul Asawa, our MD & CEO; Mr. Ramakant Baheti, Group CFO; Mr. Niladri Deb, CFO, Avenue Supermarts Limited; and Mr. Vikram Dasu, CEO, Avenue E-commerce Limited. We hope that you've had a chance to look at the presentation, which was uploaded last week on the exchanges as well as on our website. As always, we will start the call with Anshul briefly taking you through the presentation, and post that, we will open the Q&A session for everyone. Before that, I would just like to draw your attention to the safe harbor statement for good governance and will then hand over the call to Anshul. Thank you. Over to you, Anshul. Anshul Asawa: Good morning, everyone, and a very warm welcome to our Annual Analyst Call. This is my first call with all of you since formally stepping into the CEO and MD role. I've been looking forward to today, not just to share where we are, but also to hear your thoughts and answer some of your questions. Over the past one year, I have now spent a lot of time on the ground, visiting our stores, distribution centers across various cities, and therefore getting to know our teams, our vendors, and also our customers. Now, it was really helpful for me because we had a well-planned transition that gave me the time to truly absorb the culture and principles that make DMart special. It also gave me space to step back and reflect on where we need to take DMart next. And so therefore, before we dive into the slides of the presentation that Rushabh was speaking about, I'd like to share a few thoughts on my reflections. First of all, the fundamentals of this business I find are rock solid. The model that this business has of providing everyday low price through an everyday low-cost operation isn't just a strategy, but it also has become its moat and will continue to protect us for years to come. The operational discipline and the customer-first mindset are non-negotiable for this organization, and the values this company was built on will need to stay intact. What I see ahead of us is, of course, a massive opportunity to scale this proven model into many more cities. So yes, store expansion is going to be the key. But as we grow, we also need to keep pushing for sharper execution and operational rigor. All of you know that retail is all about execution, plain and simple. And to support a much bigger footprint of DMart, we will be investing heavily in building management bandwidth and Page 2 of 37 Avenue Supermarts Limited July 28, 2026 capabilities across all levels of the organization. Another big priority for me will be modernizing our technology and data stack. We will be upgrading key systems so that we can run tighter operations and use our data, which we have a lot of, much more effectively across our categories, store operations, and supply chain. So to sum up, our foundational principles aren't changing, but we will definitely be stepping up our game across technology, execution, and expansion as we prepare for a much larger footprint in the years ahead. So I would now move to the business presentation. Hopefully, you've had a copy. So if you see the first slide, our category contributions over the last year have remained pretty steady. We've seen a slight dip in non-food and a marginal increase in food, but our garments and apparel business has remained stable, and we are happy with how this business is performing. If you move to the next slide, we are sticking with our cluster-based store opening approach. So last year, we entered five new states, and we also hit the 500-store milestone. So our focus in the coming year would be to now build store density in these new markets while continuing to expand further in our established ones. Moving to the next slide. I know this particular slide may trigger a lot of questions today, so let me address our approach upfront. We made a conscious choice to double down on DMart Ready in 11 key cities where the vast majority of our online business comes from. We want our team to be laser-focused on proving that we can run a truly sustainable, profitable e-commerce model here. And so to do that, we are improving three main things for our customers. First one is around assortment. We want to tailor our selection specifically for online buyers, and this, of course, is going to be a continuously evolving feature. Secondly, around the speed of delivery. We want to make sure that we are able to deliver to most of our customers within six hours of their ordering. This offers great convenience especially for our large basket shoppers. And finally, around user experience. We want to ensure that our digital interface becomes easier and more engaging to shop on for our customers. So we do want to prove that this way of working is sustainable in these 11 cities first, and so we are channeling all our attention and resources in AEL towards this goal. So moving on to the next slide. Again, this might elicit some questions because some of you might be keen to know what store addition target we are aiming for this year, having reached 500 stores, having opened 85 stores last year. So I do want to state that internally, our benchmarks will remain that we should be opening around 15% of our store base as the number that we want to increase annually. So that said, however, given the realities of real estate acquisition and the fact that we build our stores, some years this could be a few percentages higher and some it could be a few percentages lower. But our pipeline to build so many stores is strong, and we are confident in maintaining this over the coming years. Wherever it will make strategic sense, we will also remain open to long-term leasing. Page 3 of 37 Avenue Supermarts Limited July 28, 2026 So with that context, I will now hand over to our CFO Niladri to walk you through the numbers. I'll join you again for the Q&A in a bi [Showing first 8,000 characters — download PDF for full document]