Analysts/Institutional Investor Meet/Con. Call Updates

V2 Retail Limited 17st August, 2026 BSE Ltd. National Stock Exchange of India Ltd. Corporate Relation Department, Listing Department Listing Department, Exchange Plaza, C-1, Block- G, Rotunda Building, PJ Towers, Bandra Kurla Complex Dalal Street, Mumbai – 400 023. Bandra (East) Mumbai–400 051 Scrip Code: 532867 NSE Symbol: V2RETAIL Sub: Transcript of Earnings Call Q1 & FY 2026-27 - Disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 Pursuant to Regulation 30 read with Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (SEBI Listing Regulations), please find enclosed the transcript for the conference call with the Analysts/ Investors for the Q1 & FY 2026-27 Financial Results of the Company conducted through digital means on Friday, August 14, 2026. The transcript shall also be uploaded on the website of the Company. You are requested to kindly take the above on record. Thanking you, YOURS FAITHFULLY, FOR V2 RETAIL LIMITED SHIVAM AGGARWAL COMPANY SECRETARY & COMPLIANCE OFFICER Encl.: As above Reg. off.: Khasra No. 928, Extended Lal Dora Abadi Village Kapashera, Tehsil Vasant Vihar, South West Delhi, Delhi-110037 Corporate Off.: 2nd Floor, 13, Sub. Major Laxmi Chand Rd, Maruti Udyog, Sector 18, Gurugram, Sarhol, Haryana 122015 E-mail: customercare@v2kart.com Website: www.v2retail.com CIN: L74999DL2001PLC147724 Tel.: 011-41771850 “V2 Retail Limited Q1 FY27 Conference Call” August 14, 2026 Disclaimer: E&OE - This transcript is edited for factual errors. In case of discrepancy, the audio recordings uploaded on the Company’s website will prevail MANAGEMENT: MR. AKASH AGARWAL –DIRECTOR AND CHIEF EXECUTIVE OFFICER – V2 RETAIL LIMITED Page 1 of 14 V2 Retail Limited August 14, 2026 Moderator: Ladies and gentlemen, good day, and welcome to V2 Retail Limited Q1 FY27 Conference 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. Before we begin, a brief disclaimer. The presentation which V2 Retail Limited has uploaded on the stock exchange and their website, including the discussion during this call contain or may contain certain forward-looking statements concerning V2 Retail Limited business prospects and profitability, which are subject to several risks and uncertainties, and the actual results could materially differ from those in such forward-looking statements. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touch-tone phone. I now hand the conference over to Mr. Akash Agarwal, Director and CEO, V2 Retail. Thank you, and over to you, sir. Akash Agarwal: Good afternoon, everyone, and a very warm welcome to V2 Retail Limited's Quarter 1 FY27 Earnings Conference Call. We trust you've had the opportunity to review our financial results. The earnings presentation and press release are available on the stock exchanges and on the company's website. As we begin FY27, we do so with strong momentum and a clear sense of purpose. The company is operating from a position of strength, supported by continued innovation, agile execution and the deep trust we have built with millions of customers across the country. We delivered an amazing 58% year-on-year revenue growth in the first quarter while maintaining healthy returns. This performance reflects the strength of our business model, disciplined execution and the resilience of customer demand in India's value fashion segment. India's retail landscape continues to undergo a structural transformation, creating significant opportunities for organized value fashion retailers. Consumption is expanding beyond the metros, organized retail is gaining market share and consumers in smaller cities are becoming increasingly connected, aware and willing to spend on better quality products. We believe India's value fashion market still has significant headroom for organized retail penetration. Our focus remains on continuously improving our product offering, maintaining a compelling price value proposition, opening stores in the right markets and building a scalable business without compromising on operational fundamentals. Alongside our strong top line performance, we continue to make strategic investments that strengthen our ability to scale efficiently within India's value fashion segment. Our focus on analytics-led merchandising, supply chain responsiveness, technology and operational discipline is helping us improve productivity, strengthen operating leverage and capture growth at scale. Customer traction across categories remains healthy, demonstrating the continued relevance of our price value proposition and product refresh strategy. A consistent flow of trend-relevant assortments, supported by strong quality standards and competitive pricing has helped us drive Page 2 of 14 V2 Retail Limited August 14, 2026 growth across our store network. This validates our approach of combining affordability with fashion relevance and enables us to remain a preferred destination for value-conscious consumers. Going forward, we will continue to invest in technology, expand our store footprint, strengthen customer engagement and improve our operating capabilities further. Together with disciplined execution, these initiatives give us immense confidence in sustaining our growth momentum through FY27 and beyond. During the quarter, we continue to expand our store network in a disciplined manner. We added 56 stores on a net basis during the first quarter, taking our store count to 381 as of June 30, 2026. Subsequently, we crossed the milestone of 400 stores nationwide. Every new store is evaluated carefully with a focus on catchment potential, store economics and the ability to generate sustainable returns. Our approach to expansion remains consistent: grow the network, protect store-level economics, manage working capital prudently and keep return metrics at the center of our decision-making. Now moving on to some key updates. As of June 30, 2026, the company operated 381 stores, covering approximately 40.7 lakh square feet of retail area. During the first quarter, we opened 57 stores and closed 1 store. The SSSG for the first quarter stood at approximately 7.5%. We delivered robust volume growth of 56% during the quarter. Full price sales contributed approximately 90% of sales in the first quarter, reflecting healthy demand and disciplined inventory management. Lastly, due to geopolitical tension, we have increased our safety stock in the warehouse for seamless availability of stock, which has resulted in higher inventory levels. Once the situation normalizes, we will reduce our safety stock. We are looking to maintain inventory at around 100 days and creditors at around 45 to 50 days. Now moving on to some consolidated performance highlights. Revenue grew 58% year-on-year to INR997 crores. Gross margin stood at 28.6% compared with 29.5% in the first quarter. EBITDA stood at INR139.5 crores compared to INR87.2 crores, representing a 60% year-on-year growth. EBITDA margin improved to 14% compared with 13.8% in the corresponding quarter last year. Profit after tax stood at INR41.9 crores compared with INR24.7 crores, representing a 70% year- on-year growth. Overall, the quarter reflects healthy operational leverage, strong revenue growth and continued improvement in profitability. Now moving on to the pre-Ind AS performance. Revenue stood at INR997 crores, representing a 58% year-on-year increase. Gross margin was 28.6% compared with 29.4% in the corresponding period last year. EBITDA stood at INR79 crores, representing a 51% year-on-year growth as EBITDA margin stood at approximately 8%. The PAT stood at INR50 crores, representing a 64% year-on-year growth. The underlying business continues to strengthen, supported by healthy customer demand, network [Showing first 8,000 characters — download PDF for full document]