Transcripts of the Q1FY27 Post Results Earnings Conference Call.

SRL:SEC:SE:2026-27/30 August 18, 2026 National Stock Exchange of India Limited BSE Limited Exchange Plaza, 5th Floor Phiroze Jeejeebhoy Tower Plot No. C/1, G-Block Dalal Street Bandra-Kurla Complex Mumbai – 400 001 Bandra (East), (Scrip Code: 542337) Mumbai – 400 051 (Symbol: SPENCERS) Dear Sir/Madam, Sub: Transcripts of the Q1FY27 Post Results Earnings Conference Call Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed the transcript of the Q1FY27 Post Results Earnings Conference Call held with Analysts on August 13, 2026 at 5:00 P.M. (IST). This information is available on the website of the Company at www.spencersretail.com. You are requested to kindly take the aforementioned information on record and oblige. Thanking you. Yours faithfully, For Spencer’s Retail Limited Navin Kumar Rathi Company Secretary & Compliance Officer Encl: As above Spencer's Retail Limited Regd. Office: Duncan House, 31, Netaji Subhas Road, Kolkata-700 001 Corp. Office: RPSG House, 2/4 Judges Court Road, Kolkata-700 027 Tel: +91 33 2487 1091 Web: www.spencersretail.com CIN: L74999WB2017PLC219355 “Spencer Retail Limited Q1 FY27 Earnings Conference Call” August 13, 2026 MANAGEMENT: MR. ANUJ SINGH – MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER – SPENCER’S RETAIL LIMITED MR. MANJIR BASU – CHIEF FINANCIAL OFFICER – SPENCER’S RETAIL LIMITED MR. PANKAJ KEDIA – EXECUTIVE DIRECTOR – INVESTOR RELATIONS Spencer's Retail Limited August 13, 2026 Moderator: Ladies and gentlemen, good day, and welcome to Spencer's Retail Limited Q1 FY '27 Earnings Conference Call hosted by Emkay Global Financial Services 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 Mr. Anuj Singh, CEO and MD. Thank you, and over to you. Anuj Singh: Thank you very much, and good evening, everyone and welcome to the Q1 FY '27 earnings call. Thank you for your time to attend the call. As you know, we’ve concluded the Board meeting about half an hour ago. And I don't know whether most of you would have had the time to look at the earnings presentation, but I will walk you through what the quarter highlights were and what the achievements were. I'll do it at a consolidated level and then give you a little bit more color on how Spencer's did and how Natures Basket did and where we see this moving forward in the quarters for this fiscal and then open it up for questions from your side. So if I were to kind of headline and summarize quarter 1, I would say, by all definitions, it was a very strong quarter 1 for us, strong as defined by the fact that there was a good growth, which we were able to deliver. At a consolidated level, revenues were at Rs. 469 crores for the quarter versus Rs. 416 crores in quarter 1 last year, which is a 13% year-on-year growth. And if I compare it with quarter 4, it was an 8% quarter-on-quarter growth. This is significant because it's not one-off. This is actually the second consecutive quarter where we've been able to deliver good growth versus the comparative of the previous year. Gross margins were at the same percentage level, at an absolute level, of course, they were higher, Rs. 93 crores at a consolidated level versus Rs. 86 crores in quarter 1 last year. And this led to -- coupled with the fact that there was good control on costs. Overall, we continued keeping a very tight control on our costs. And there was a 2x improvement as far as our EBITDA was concerned. So, EBITDA at a consolidated level for the quarter was Rs. 9.4 crores, which is roughly 2% of sales versus Rs. 4.7 crores or 1% of sales in quarter 1 of last year. A point to note is that in this EBITDA in the comparative with last year, we had Rs. 10 crores lower other income, nonoperating income. So, if one were to strip that out, that is where you would kind of get the true magnitude of the improvement in EBITDA. This overall performance of 13% sales growth was powered by strong 8% growth, which was on the Spencer's format. So, Spencer's, again, continued the trend of growth. This was not just the second quarter, but actually, if I were to look at it, it is the eighth consecutive month where we've been able to deliver growth over the previous year. Page 2 of 10 Spencer's Retail Limited August 13, 2026 So Spencer's had a quarterly growth of 18% year-on-year and 8% versus quarter 4 of the last year. This was driven -- growth was across both offline and the online channel. Online business grew at 50%, actually 49%, with profitability at the unit order level, and I'll give you some more details on this in a few minutes. The offline business also did well, grew at 14%, strong double digit. Again, largely driven with improvement in consumer retention and repeat and frequency. And that was a good sign that the offline business was also resilient and growing. Margins were steady. If you see, it will probably be 18.2% versus 19.1%, but this difference is attributable to an accounting treatment of our membership. If I look for like-for-like, margins are steady at 19%. EBITDA for Spencer's was Rs. 18 crores, which is 4.4% of sales, versus the previous year quarter 1 where it was Rs. 15 crores, but that Rs. 15 crores had a non-operating income of about Rs. 7 crores. So really, I mean, the improvement happened in Spencer's, where it was largely top line RGM, coupled with the fact that our operational expenses were 5% lower versus quarter 1. So I think Spencer's is making good progress. We are like we have been mentioning, we've been moving from an efficiency-led EBITDA improvement to now going towards a sales growth-led EBITDA improvement. I think from here on, we will see continuous growth and growth with continued control on our operating costs will be the expansion lever as far as EBITDA is concerned. On Nature Basket, we had a slightly muted performance, 8% quarter-on-quarter growth versus Q4 and a 13% degrowth. Sales were at Rs. 59 crores for the quarter versus Rs. 55 crores in Q4 and Rs. 69 crores versus Q1 FY26. Margins were flat. Expenses were marginally lower. And therefore, the financial EBITDA was -- negative Rs. 2.5 crores versus negative Rs. 4.5 crores in quarter 4, but slight positive in quarter 1 FY26. So overall, at a consolidated level, quarter 1 EBITDA was Rs. 9.4 crores versus Rs. 4.7 crores in quarter 1. PBT Rs. 60 crores negative versus Rs. 66 crores in quarter 4 last year. So I think this is a broad, I would say, headline summary. If I talk about Spencer's, I think Spencer's was -- like I said, it was the eighth consecutive month of growth. I think here we've been able to prove that we still have headroom for growth with an existing footprint. So, we've not added any store, but we are driving higher productivity per store, both in the offline and the online business. Therefore, this translates into, if I look at a key operating KPI like sales per square foot, our sales per square foot is Rs. 1,850 a square foot, which is typically what we get in a festive quarter. We don't get that in quarter 1. So, I think that's a very encouraging sign. I would set the target as reaching to Rs. 2,000 SPSF in the festive quarter, and that is the internal target. Margins, I mentioned, were at 19%. Operating expenses were lower. So, EBITDA for Spencer's was Rs. 18 crores versus Rs. 15 crores. This is, again, the non-operating income being stripped off. Page 3 of 10 Spencer's Retail Limited August 13, 2026 We've also done a fair bit of work as far as costs are concerned at the support level. So, support costs are also at a lower level. Our store EBITDA, which is the true barometer of efficiency has actually reached, we don' [Showing first 8,000 characters — download PDF for full document]