Audio Recording and Transcript of Investor call

19 August 2026 The Secretary The Secretary Corporate Relationship Dept. National Stock Exchange of India The Bombay Stock Exchange Limited 1st Floor, New Trading Ring Exchange Plaza Rotunda Building Bandra Kurla Complex Phiroze Jeejeebhoy Towers Mumbai – 400 051 Dalal Street, Mumbai – 400 001 Dear Sir, Sub: Audio Recording and Transcript of Investor call We herewith enclosed the transcript of investors call for the financial results for the quarter ending 30 June 2026. Audio recording of the investor call is available in the following link: https://youtu.be/TC6tmCzB-yI This is for your information and records. Thanking you, Yours truly, For Page Industries Limited Murugesh C Company Secretary Encl: as above “Page Industries Limited Q1 FY27 Earnings Conference Call” August 13, 2026 MANAGEMENT: MR. V.S. GANESH – MANAGING DIRECTOR – PAGE INDUSTRIES LIMITED MR. DEEPANJAN BANDYOPADHYAY – CHIEF FINANCIAL OFFICER – PAGE INDUSTRIES LIMITED MR. KARTHIK YATHINDRA – CHIEF EXECUTIVE OFFICER – PAGE INDUSTRIES LIMITED MODERATOR: MS. PURVANGI JAIN -- VALOREM ADVISORS Page 1 of 15 Page Industries Limited August 13, 2026 Moderator: Ladies and gentlemen, good day and welcome to Page Industries Limited Q1 FY27 Earnings Conference Call hosted by Valorem Advisors. 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 the 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. Purvangi Jain from Valorem Advisors. Thank you, and over to you, Ms. Jain. Purvangi Jain: Thank you. Good evening, everyone, and a very warm welcome to you all. My name is Purvangi Jain from Valorem Advisors. On behalf of the company, I would like to thank you all for participating in the company’s earnings call for the first quarter of the financial year 2027. Before we begin, a quick cautionary statement. Some of the statements made in today’s earnings conference call may be forward-looking in nature. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ from those anticipated. Such statements are based on management’s belief as well as assumptions made by and information currently available to the management. Audiences are cautioned not to place any undue reliance on these forward-looking statements in making any investment decisions. The purpose of today’s conference call is purely to educate and bring awareness about the company’s fundamental business and financial quarter under review. Now, I would like to introduce you to the management participating with us in today’s earnings call, and hand it over to them for their opening remarks. We have with us Mr. V.S. Ganesh, Managing Director, Mr. Deepanjan Bandyopadhyay, Chief Financial Officer, and Mr. Karthik Yathindra, Chief Executive Officer. Without any delay, I request Mr. V.S. Ganesh to start with his opening remarks. Thank you, and over to you, sir. V.S. Ganesh: Thank you. Thank you so much, and good afternoon, ladies and gentlemen. Welcome to the earnings call for the first quarter of FY27. I am joined by our Chief Financial Officer, Mr. Deepanjan, and our Chief Executive Officer, Mr. Karthik. I will begin with a brief overview of the business and the quarter. Following which, Mr. Deepanjan will take you through the financial performance in detail. We will then be happy to take your questions. Let me begin by saying that we are encouraged by the underlying performance of the business during the quarter, particularly the volume growth. Consumer demand remained healthy with good traction across our key channels, including exclusive brand stores, e-commerce, and our wider retail network. Our new product introductions, including JKY Groove, also received encouraging consumer response. Page 2 of 15 Page Industries Limited August 13, 2026 While volume performance was strong, reported revenue was moderated by temporary quarter- end logistics and manpower-related constraints. This affected billing during the period. The underlying demand and volume momentum therefore remained better than what was reported as revenue growth. The quarter also reflected inflationary pressure across key inputs, particularly cotton and synthetic materials, amid a volatile external environment. As regards pricing, we remain calibrated and chose to absorb part of the input cost increase, balancing margin protection with consumer value and competitiveness. This approach helped us stay competitive, while the subsequent moderation in some input costs supported our position. At the same time, we continue to grow strongly. We continue to focus strongly on productivity and operational efficiency. Our strategic sourcing and supply chain initiatives helped us mitigate some of the cost pressures. We are also seeing steady progress in the scale-up of our Odisha and K.R. Pet manufacturing facilities, which will progressively enhance our production capabilities and efficiency. Our digital transformation journey also continues to progress across ERP, distribution management, and HR transformation. We are also working on our consumer data platform. These investments are aimed at creating a more agile and data-driven organization and in improving the way we serve our consumers and retail partners. Our distribution network remains a significant strength with 115,871 multi-brand outlets, 1,640 exclusive brand stores, and 930 large format stores. Our online channel also continued to deliver healthy growth. Financially, revenue grew by 7.9% during the quarter, and profit after tax declined by 4%, reflecting the combined impact of input cost pressure and the temporary constraints on converting underlying volume into billings. Looking ahead, we remain very confident in the underlying health of the business. We see multiple growth opportunities from volume recovery, new products, premiumization, retail and e-commerce expansion, and through improving our supply chain and manufacturing efficiencies. In fact, looking at the demand signals, we are working hard in augmenting our in-house capacities and also working on improving our outsourcing garment supplies so as to cater to the demand. Our focus remains unchanged to strengthen the brand, deliver greater value to consumers, improve availability, and grow the business sustainably and profitably. I would like to thank all our shareholders for their continued trust and support. With this, may I now request Mr. Deepanjan to take you through the financial performance in greater detail. Thank you, and over to you, Deepanjan. Deepanjan B.: Thank you, V.S. ji. Good afternoon, everyone. I will now provide an overview of the company’s financial performance for quarter one FY27. In quarter one, revenue was INR14,204 million, Page 3 of 15 Page Industries Limited August 13, 2026 which is a 7.9% growth year-on-year. Sales volume in the quarter was 61.9 million pieces, growing by 5.7% year-on-year. EBITDA for the period was INR2,890 million, which has declined by 1.9% year-on-year. EBITDA margin was 20.3%, while EBITDA margin was within our planned range of 19% to 21%, a stronger EBITDA margin of 22.4% in Q1 FY26 due to the stable input cost then resulted in the decline in EBITDA in the current quarter. Profit after tax for the quarter was INR1,928 million, declining by around 4% year-on-year. Inventory days was 66 in the end of quarter one, as against 73 days in the beginning of the quarter. Net working capital, days was around 54 days as against 56 days in the beginning of the quarter. With that, we can now take up the queries. Moderator: Shall we open the line for questions? Deepanjan B.: Yes. Moderator: Thank you. We will now begin the question-and-answer session. The first question comes from the line of Ashutosh Joytiradi [Showing first 8,000 characters — download PDF for full document]