Submission of transcript of conference call

VAIBHAV GLOBAL LIMITED Ref: VGL/CS/2026/76 Date: 11th August, 2026 National Stock Exchange of India Limited BSE Limited Exchange Plaza, C-1, Block G, Phiroze Jeejeebhoy Towers, Bandra Kurla Complex, Dalal Street, Bandra, Mumbai – 400 051 Mumbai – 400 001 Symbol: VAIBHAVGBL Scrip Code: 532156 Subject: Submission of transcript of conference call Dear Sir / Madam, With reference to captioned subject, we are enclosing herewith the transcript of Q1 FY27 Earnings Conference Call held on Wednesday, 05th August, 2026. The same is also available on the Company’s website at www.vaibhavglobal.com This is for your information and record. Yours truly, For Vaibhav Global Limited Yashasvi Pareek Company Secretary & Compliance Officer M. No.: A39220 Encl: as above Registered Office: E-69, EPIP, Sitapura Industrial Area, Jaipur-302022, Rajasthan, India • Phone: +91-141-2770648; +91-141-2771975 CIN: L36911RJ1989PLC004945 • Email: investor_relations@vaibhavglobal.com • Website: www.vaibhavglobal.com “Vaibhav Global Limited Q1 FY '27 Earnings Conference Call” August 05, 2026 MANAGEMENT: MR. SUNIL AGRAWAL – MANAGING DIRECTOR – VAIBHAV GLOBAL LIMITED MR. NITIN PANWAD – GROUP CHIEF FINANCIAL OFFICER – VAIBHAV GLOBAL LIMITED MR. VIVEK JAIN – HEAD, INVESTOR RELATIONS – VAIBHAV GLOBAL LIMITED MODERATOR: MS. NATASHA SINGH – ARIHANT CAPITAL MARKETS LIMITED Page 1 of 18 Vaibhav Global Limited August 05, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the Vaibhav Global Limited Q1 FY '27 Earnings Conference Call hosted by Arihant Capital Markets 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 this 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 now hand the conference over to Ms. Natasha Singh from Arihant Capital Markets Limited. Thank you, and over to you, ma'am. Natasha Singh: Thank you. Good afternoon, everyone, and thank you for joining us on Vaibhav Global Limited earnings conference call for Q1 FY '27. We have with us Mr. Sunil Agrawal, Managing Director; Mr. Nitin Panwad, Group CFO; and Mr. Vivek Jain, Head of Investor Relations. We will begin the call with an opening remarks by Mr. Sunil Agrawal on the business operations, key initiatives and Board outlook, followed by discussion on the financial performance by Mr. Nitin sir. After which the management will open the forum for the Q&A session. Before we get started, I would like to point out that some statements made or discussed on today's call may be forward-looking in nature and must be viewed in conjunction with the risks and uncertainties that we face. A detailed statement and explanation of this risk is included in the earnings presentation, which has been uploaded and shared with you all earlier. The company does not undertake to update these forward-looking statements publicly. I would now like to invite Mr. Sunil Agrawal sir to make his opening remarks. Over to you, sir. Sunil Agrawal: Thank you, Natasha. Good afternoon, everyone, and thank you for joining VGL's Q1 FY '27 earnings conference call. I trust you have had a chance to review our results and the investor presentation. We have commenced FY '27 on a healthy note, building on the momentum of FY '26. For the June quarter, we reported consolidated revenue of INR917 crores, a growth of 12.7% Y- o-Y. EBITDA came in at INR102 crores, up 37% year-on-year with EBITDA margin at 11%, a strong improvement from 9.2% in Q1 FY '26. Profit after tax grew 50% year-on-year to INR56 crores. Reported growth benefited from favorable foreign exchange and U.S. tariff refund during the quarter. On a constant currency basis, revenue was broadly flat, largely due to Middle East conflict-related disruptions early in the quarter and a cautious consumer spending environment across our key markets. These are near-term factors and do not change the long-term growth potential of our business or our progress against strategic priorities. Let me briefly touch upon the macro backdrop. In the U.S., consumer confidence stayed weak through the quarter, with households prioritizing essentials over discretionary categories in face of increased fuel costs. Against this backdrop, our U.S. business delivered a steady performance, Page 2 of 18 Vaibhav Global Limited August 05, 2026 a resilient outcome relative to the wider caution across the discretionary retail sectors and one that reflects the continued strength of our value-oriented omnichannel proposition. In the U.K., the overall operating environment remained challenging during the quarter with consumers staying cautious on discretionary spending. While the core TJC business was subdued, our proprietary brand, Rachel Galley and Ideal World continued to perform strongly and helped offset the broader softness. Overall, U.K. performance remained flat, but the momentum in these 2 brands remain encouraging and gives us confidence in the medium-term recovery of the market. In Germany, consumer sentiment showed early signs of stabilization on the back of improving income expectations. Our Germany business also delivered good growth of 6% in local currency with improving margins during the quarter. As you will recall, Germany achieved EBITDA breakeven for the full year FY '26. And I'm pleased to confirm that the business is now on track to contribute positively to group profitability from FY '27, consistent with the trajectory we had guided to. Coming to our strategic priorities, our in-house brands now contribute around 57% of B2C sales, sustaining the milestone we crossed during FY '26 and continuing to support our margins and sourcing efficiencies. Digital sales accounted for 45% of B2C revenue during the quarter. And we remain on track to reach our 50% digital mix target by the end of FY '27. Lab-grown diamonds continued the strong momentum at around 13% of retail revenue, broadening our price architecture and making a clear shift in consumer preference. Our growth continues to be guided by our 4 R priorities, that is reach, new customer registration, retention and repeat purchases. During the quarter, our TV networks reached around 127 million households globally, consistent with recent quarters. Unique customers stood at 6.77 lakhs and retention at 38%. I would like to share a bit of context here. The moderation in customer count and retention reflects our deliberate shift towards higher value, higher lifetime value customers, primarily with scale-up of our lab-grown diamond portfolio, which has a higher ASP of around USD 250. Average pieces per customer on a trailing 12-month basis remained healthy at 23 and customer economics have improved meaningfully. During the quarter, we have successfully migrated all our key e-commerce platforms from Salesforce to Shopify Enterprise e-com platform. This is a significant structural step and marks an important milestone in our journey towards becoming a truly digital native organization. With this migration, we now operate on a unified cloud-based and highly scalable technology backbone across all our brands and geographies. This gives us several important advantages. Faster deployment of new features across markets, a single unified view of customers across TV and digital channels, seamless integration with modern marketing technology, analytics and AI tools, improved site performance and conversions and lower long-term platform costs, which also positions us to launch and scale new brands, categories and geographies with far greater speed and efficiency. Page 3 of 18 Vaibhav Global Limited August 05, 2026 On AI initiatives, we have implemented many important AI tools encompassing product scheduling, content generation, personalized marketing and demand forecasting, et cetera. This transformation is helping us fundamentally reen [Showing first 8,000 characters — download PDF for full document]