Analysts/Institutional Investor Meet/Con. Call Updates

Date: August 20, 2026 To To Department of Corporate Services, Listing Department BSE Ltd. The National Stock Exchange of India Ltd. P.J. Towers, Dalal Street, “Exchange Plaza”, Bandra-Kurla Complex, Fort, Mumbai- 400 001 Bandra (East), Mumbai- 400 051 Ref: BSE Scrip Code: 533941 and NSE Symbol: THOMASCOTT Sub.: Transcript of Q1 & FY 2026-27 Earnings Conference Call Dear Sir/Madam, Pursuant to Regulation 30 & 46 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we attach herewith a copy of the transcript of Earnings Conference Call held on Monday, August 17, 2026. The same is also available on the website of the Company at https://www.thomasscott.org/investor-relations.htm This is for your information and record. Thanking you, Yours faithfully, For Thomas Scott (India) Limited Brijgopal Bang Managing Director DIN: 00112203 Thomas Scott (India) Limited Q1 FY 2026-27 Earnings Conference Call August 17, 2026 Moderator: Ladies and gentlemen, good day and welcome to Thomas Scott (India) Limited Q1 FY 2026-27 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 “*” then “0” on your touchtone 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 afternoon, everyone, and a very warm welcome to you all. My name is Purvangi Jain from Valorem Advisors. We represent the investor relations of Thomas Scott India Limited. On behalf of the company and Valorem Advisors, I would like to thank you all for participating in the Company's Earnings Conference Call for the 1st Quarter of the Financial Year 2027. Before we begin, let me mention a short 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. These statements are based on management's belief as well as information presently available to the management. Audiences are cautioned not to place any undue reliance on these forward-looking statements while making any investment decisions. The purpose of today's Earnings Call is purely to educate and bring awareness about the company's fundamental business and performance during the period under review. Let me now 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. Vedant Bang – Managing Director, heading the e-commerce division of the company. Page 1 of 20 Without any further delay, I request Mr. Vedant Bang to start with his opening remarks. Thank you, and over to you, sir. Vedant Bang: Thank you, Purvangi, and good afternoon to everyone. Very warm welcome to all of you who have joined our Earnings Conference Call. As some of you may be new to our company, I would like to begin with a brief overview about the company and then move to our operational and financial performance for the 1st Quarter of the Financial Year 2027. Thomas Scott (India) Limited was incorporated in 2010 as a traditional apparel manufacturer and has progressively evolved into a technology-enabled, digital-first fashion retailer. The company was formed through a demerger from Bang Overseas Limited with a clear vision of building a focused fashion and retail business. Our journey began with contract manufacturing from our Solapur facility for reputed domestic clients. This phase helped us build strong capabilities in product quality, manufacturing discipline, and most importantly, deepen our relationships across the apparel ecosystem. Over time, we have identified a significant opportunity to move closer to the customer and build our own retail identity. Leveraging our manufacturing heritage, we have transformed Thomas Scott into a data-driven fashion platform that brings together technology, analytics, and manufacturing with agility to deliver trend-led products with great speed and precision. A key differentiator of our model is our build-for-demand or test-and-scale approach. Through our technology and data ecosystem, we are able to forecast demand in real time, optimize inventory, and rapidly launch new products. This enables us to test consumer response, scale successful styles quickly, and at the same time manage inventory risk better. Today, we operate a portfolio of 15-plus brands and 35,800-plus SKUs, including our own flagship brand, Thomas Scott, while also partnering with reputed global brands and exclusive partnerships with marketplaces. Our products reach consumers through leading platforms such as Myntra, Amazon, and others alongside our own website, thomasscott.in, and our own offline stores for Thomas Scott. Our manufacturing footprint across Sholapur, Bangalore, and Gurgaon, supported by fulfillment centers across India, gives us strong control over quality, efficiency, and speed of delivery. We are positioned in the premium and mid-premium fashion segment, catering to aspirational and brand-conscious consumers who seek contemporary style and quality at accessible price points. Page 2 of 20 Technology continues to be at the core of our evolution. Our own proprietary platforms are being deployed internally for demand forecasting, planning, catalog management. These help us identify emerging trends, understand pricing dynamics, and pinpoint high-demand products, enabling faster decision-making and improved conversion. What gives us the greatest confidence is the architecture we have built, a strong data infrastructure, agile manufacturing capabilities, and a scalable multi-brand platform. Today, we look at ourselves as a centralized back-end where brands can plug and play for retail sales in India and globally. Importantly, this architecture is still in the early stages of deployment. We still believe that we are in the early stages of our run, and we are yet to realize our full potential. We are therefore focused on accelerating this transformation and taking the platform to its full stride. With that context, let me take you through our operational performance for the 1st Quarter of Financial Year 2027. Starting with pricing and demand, we experienced subdued price elasticity to demand during the quarter, reflecting cautious consumer sentiment against the challenging global macroeconomic backdrop. To explain this a little better, as majorly an online retailer, we are able to adjust prices in real time. In fact, we are able to adjust prices multiple times in a single day or even an hour. Any price decreases that we do are essentially an ROI-driven decision. Where we do not see price elasticity due to demand, we maintain our prices and maintain our ROI so that any such adjustment is made in a thoughtful manner. Our strategy, therefore, considering the current price elasticity that we observed and our models observed, remain focused on protecting our realizations rather than pursuing volume through aggressive discounting. We have maintained our price points at healthy levels by leveraging performance-led marketing to acquire new consumers and expand our consumer base without compromising pricing discipline. It is worth noting that this quarter's headline growth reflects this deliberate trade-off. We chose to protect price realizations and margin quality. We view this as the right choice for long- term brand equity and profitability. However, looking ahead, we will continue to assess the environment throughout the year and when we are able to find the right kind of ROI for price discounts, it may be something that we may invest in as soon as we identify favorable [Showing first 8,000 characters — download PDF for full document]