Transcript of the Earnings Call held on August 7, 2026

Date: 11.08.2026 The Secretary The Secretary BSE Limited The Calcu(cid:308)a Stock Exchange Limited Phiroze Jeejeebhoy Towers, 7, Lyons Range Dalhousie, Dalal Street Bandra, Kolkata- 700001 Mumbai- 400001 Scrip Code: 23128 Scrip Code: 544831 Dear Madam/Sir, Sub: Transcript of the Earnings Conference Call on the Financial Results for the quarter ended June 30, 2026. We would like to inform you that the transcript of the Earnings Conference Call held on August 7, 2026, at 3:00 P.M. (IST), in connection with the Unaudited Financial Results of the Company for the quarter ended June 30, 2026, has been uploaded on the Company's website at https://www.milgroup.in/. The same is being submitted for your information and record. Thanking You, Yours faithfully, For MEENAKSHI (INDIA) LIMITED KANCHAN RATHI COMPANY SECRETARY & COMPLIANCE OFFICER Meenakshi India Limited Q1 FY’27 Earnings Conference Call August 07, 2026 Moderator: Good day ladies and gentlemen, and welcome to the Earnings Conference Call for Q1 FY27 for Meenakshi India Ltd. 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 management discussion concludes. Should you need assistance during the call, please signal an operator by pressing “*” followed by “0” on your touchtone phone. Meenakshi India Limited was incorporated in 1982 and is involved in the business of apparel manufacturing based out of Tamil Nadu. The company provides end-to-end manufacturing solutions and specializes in premium bottom ware and outwear for international brands. With over four decades of industry experience, Meenakshi India Limited combines manufacturing excellence, product innovation and sustainable practices to deliver high-quality apparel solutions to customers worldwide. Let us now begin with the introduction of the management team. We have with us today Mr. Ashutosh Goenka – Chairman and Managing Director of the company. Also joining us today is Mr. Shubhang Goenka – Executive Non-Independent Whole- Time Director. Ms. Kanchan Rathi – Company Secretary. Mr. Vivek Bahety – Chief Financial Officer. And Ms. Dhriti – Senior Manager, Finance. I would now like to request Mr. Ashutosh Goenka – Chairman and Managing Director to give his opening remarks. Thank you and over to you, sir. Ashutosh Goenka: Thank you. Good afternoon, everyone. And thank you for joining us today. On behalf of the Board of Directors and the entire Management Team, I extend a warm welcome to all our shareholders, investors, analysts and business partners. History tells us that leadership in global manufacturing changes only once every few decades. I believe we are witnessing one of those moments today. India has a unique opportunity to emerge as one of the world's preferred apparel sourcing destinations. For the first time in many years, multiple structural forces are converging in India's favour. Global brands are actively diversifying their sourcing base under the China Plus One strategy. At the same time, India's growing network of bilateral trade agreements and free trade agreements, including the recently concluded agreement with the UK and the European Union and the ongoing one with the United States, have the potential to further strengthen India's competitiveness in the global apparel sourcing industry. These are not cyclical developments. They are structural changes that can reshape the global apparel supply chain over the coming decade. I believe Indian manufacturers with strong capabilities, proven execution, and long- standing customer relationships will be among the biggest beneficiaries of this transformation. With this opportunity, Meenakshi India occupies a very distinct position. From the very beginning, we have consciously chosen to build our business around premium global brands rather than the mass-market apparel segment. Our customers do not choose us simply because of the price. They choose us because of our ability to consistently deliver superior quality, product innovation, technical expertise, sustainability, compliance, and dependable execution. This also means that our competitive landscape is fundamentally different from others. Countries such as Bangladesh, Vietnam, and Pakistan have established themselves as strong manufacturing hubs for large volumes and price-sensitive apparel. However, at Meenakshi, we operate in the premium segment, where sourcing decisions are driven by trust, quality, product complexity, flexibility, and long-term partnerships. These capabilities are built over years, not months, and are reflected in our enduring relationships with leading international brands and our exceptional customer retention record. For over 40 years, we have never tried to be the cheapest manufacturer. We have always strived to be the most trusted manufacturing partner. I firmly believe that philosophy will become even more valuable in the decade ahead. The next decade will not only be won by the lowest-cost manufacturers, it will be won by the most trusted partners. At Meenakshi, that is exactly what we have spent four decades building. Looking ahead, our strategy remains clear. We will continue to strengthen our leadership in premium woven apparel by expanding capacity in a phased manner, broadening our product portfolio, moving further up in the value chain through value-added offerings, investing in technology, sustainability, while maintaining a financial discipline that has always been one of our greatest strengths. These priorities are aligned with our long-term growth roadmap. Coming to the 1st Quarter, I am pleased to share that we have made encouraging progress. While revenues remained broadly stable, our reported profitability improved significantly, supported primarily by other income during the quarter. However, I believe the more meaningful takeaway lies in the performance of our core garment business. In the corresponding quarter of the previous year, our core business operations had reported an operating loss. During the current quarter, although operating profits from the core business remain modest, we have returned to positive operating performance. We view this as an important milestone because it indicates that the corrective measures taken over the past year have started yielding results, and the fundamentals of our business are steadily improving. As demand continues to strengthen and structural opportunities before the Indian textile industry unfold, we believe this operational recovery provides a solid foundation for sustainable and profitable growth in the years ahead. Markets reward quarterly performances, but great companies are built over decades. At Meenakshi, our core business has been growing steadily. We remain focused on building an institution that will continue to earn the trust of our customers, employees, and shareholders for generations to come. We are not in the business of producing garments alone. We are in the business of building enduring relationships with our customers, with our employees, communities, and our shareholders. If we continue to strengthen those relationships and execute with discipline, I am confident that sustainable growth and long-term shareholder value will naturally flow. Before I conclude, I would like to sincerely thank our employees for their dedication and hard work, our customers for their continued support, our suppliers and business partners for their unwavering support, and our shareholders for their confidence in Meenakshi. With this, I invite our whole-time director, Shubhang Goenka, to take you through the financial performance of the quarter in more detail. After that, I think we can have the debate, and Dhriti will join us for the Q&A session, and we will answer any queries that we have. Thank you. Over to you, Shubhang. Shubhang Goenka: Good afternoon, ladies and gentlemen. A very warm welcome to the first earnings call of Meenakshi India Limited. Thank you [Showing first 8,000 characters — download PDF for full document]