We hereby disclose the Transcript of the conference call for the quarter ended June 30, 2026.

August 17, 2026 The Listing Department The Listing Department Bombay Stock Exchange Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, 'Exchange Plaza', Dalal Street, Bandra-Kurla Complex, Bandra (East), Mumbai – 400 001. Mumbai – 400 051. Scrip Code: 540048 Symbol: SPAL Dear Sir/Madam, Ref: Regulation 30 & 46 of SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015 Sub: Transcript of the Conference call held on August 13, 2026 With reference to our letter dated August 10, 2026, intimation of Earnings Call for the Quarter ended June 30, 2026, to discuss the financial performance of the Company, held on August 13, 2026, please find the attached transcript of the aforesaid conference call and the same has been uploaded to the website of the Company as well. This is for your information and record. Thanking You. Yours faithfully, For S.P.Apparels Limited K.Vinodhini Company Secretary and Compliance Officer Encl: As above “S.P. Apparels Limited Q1 FY27 Earnings Conference Call” August 13, 2026 MANAGEMENT: MR. P. SUNDARARAJAN – CHAIRMAN AND MANAGING DIRECTOR MRS. S. LATHA – EXECUTIVE DIRECTOR MRS. S. SHANTHA – JOINT MANAGING DIRECTOR MR. S. CHENDURAN – JOINT MANAGING DIRECTOR MRS. P.V. JEEVA – CHIEF EXECUTIVE OFFICER MR. V. BALAJI – CHIEF FINANCIAL OFFICER MODERATOR: MS. PRERNA JHUNJHUNWALA – ELARA SECURITIES PRIVATE LIMITED Page 1 of 15 S.P. Apparels Limited August 13, 2026 Moderator: Ladies and gentlemen, good day, and welcome to S.P. Apparels Limited Q1 FY27 Earnings Conference Call hosted by Elara Securities India Private 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 touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Prerna Jhunjhunwala from Elara Securities India Private Limited. Thank you, and over to you. Prerna Jhunjhunwala: Thank you, Nesya. Good afternoon, everyone. On behalf of Elara Securities Private Limited, I would like to welcome you all on Q1 FY27 Post Results Conference Call and Business update of S.P. Apparels Limited. Today, we have with us the senior management of the company, including Mr. P. Sundararajan, Chairman and Managing Director; Mrs. S. Latha, Executive Director; Mrs. S. Shantha, Joint Managing Director; Mr. S. Chenduran, Joint Managing Director; Mrs. P.V. Jeeva, Chief Executive Officer; and Mr. V. Balaji, Chief Financial Officer. I would now like to hand over the call to the management for opening remarks. Thank you, and over to you, sir. P. Sundararajan: Good afternoon, everyone, and thank you for joining us for the Q1 FY27 Earnings Conference Call of S.P. Apparels Limited. I'm pleased to inform our shareholders that the Board has approved a dividend of INR 3 per share for the year and has also proposed a stock split of the company's equity shares from a face value of INR 10 per share to INR 2 per share, subject to the necessary approval. We believe these initiatives reflect our commitment to enhancing shareholder value and broadening investor participation in the company. The global apparel sourcing landscape continues to undergo a structural shift. International brands and retailers are increasingly diversifying their sourcing base as part of their China Plus-One and Bangladesh Plus-One strategies. We are seeing encouraging signs of this transition with customers actively evaluating India and Sri Lanka as reliable sourcing destinations for long-term procurement requirements. Another important positive for our business is the India, U.K. free trade agreement. While the agreement has only recently become effective, customer engagement from the U.K. market has already improved. We are seeing stronger discussions and better visibility for future order volumes. We believe this development will strengthen India's competitiveness and create additional opportunities for export-oriented manufacturers like S.P. Apparels. We have added three more new U.K. brands into our customer base. We are also awaiting for the EU India free trade agreement to be signed off by end of financial year, which will bring more business into India by Euro Union in the future. Page 2 of 15 S.P. Apparels Limited August 13, 2026 Coming to our performance, Q1 FY27 was broadly stable from a consolidated revenue perspective, while profitability improved meaningfully. The first quarter was relatively soft from a top line perspective, U.S. tariff impact late last quarter and certain spillover of orders and shipment schedules. However, the quarter clearly demonstrates the resilience of our operating model with better margins, stronger profitability and improved quality of earnings. As we had communicated earlier, FY27 is expected to be a year where growth will be weighted towards the second half. Based on current customer discussions, our receipt order visibility, expected capacity ramp-up and planned utilization levels, we remain confident of achieving our previously stated consolidating revenue guidance of INR 2,000 crores for FY27. The first half is expected to remain moderate, but we expect a stronger revenue trajectory in the second half, supported by improved customer order inflows, U.K. FTA-related traction, normalization of shipment schedules and better operating intensity across our key business verticals. Coming to the business segments, I will begin with our Garment division, which remains the primary growth driver for the company. The quarter was moderate from a revenue perspective, but profitability remained strong and we saw better operating efficiencies, improved product mix and healthy yarn spreads, which supported margin expansion. The standalone adjusted EBITDA margin improved to 17.5%, indicating better operating discipline despite softer revenue. We are also witnessing increasing customer interest across multiple geographies. Over the last few quarters, we have broadened our customer base and today operate with a more diversified customer portfolio of over 15 customers as a group. This reduces concentration risk and improves visibility for future growth. Our focus remains on converting this customer engagement into orders while continuing to maintain strong execution, quality and delivery standards. Sri Lanka continues to be an important strategic pillar for the company. Over the past 1.5 years, we have worked extensively to integrate operations, strengthen systems and improve execution across the platform. We are now beginning to see the benefits of these efforts. Operational metrics relating to delivery performance, productivity and quality continue to improve, and we expect the facility to operate at levels comparable to our Indian operations over the coming quarters. The dual country manufacturing platform between India and Sri Lanka gives our customers greater sourcing flexibility. It also strengthens our ability to participate in the ongoing China Plus-One and Bangladesh Plus-One sourcing shifts. We believe the decision to establish a meaningful manufacturing presence in Sri Lanka has been one of the most strategically important decisions undertaken by the company from a long-term growth perspective. With regard to Young Brand Apparel, although revenue was lower year- on-year due to after effects of U.S. tariff issues, the business delivered better profitability with adjusted EBITDA growing year-on-year and sequentially. Page 3 of 15 S.P. Apparels Limited August 13, 2026 This reflects better efficiency, better cost management and improved operating performance. We continue to make progress in scaling Young Brand Apparel. Production has commenced at the Palladum facility, while commercial production from another approved facility is expected to begin in the coming months. By October, we expect al [Showing first 8,000 characters — download PDF for full document]