Date: Presentation covers period ended 30 September 2026

Financial Results (Consolidated)

Q2 FY27 Performance (30 Sep 2026)

  • Revenue from operations: ₹1,421.13 million, up 52.8% YoY from ₹930.11 million in Q2 FY26
  • Total income: ₹1,437.89 million, up 53.1% YoY from ₹939.33 million
  • Other income: ₹16.76 million vs ₹9.22 million in Q2 FY26
  • EBITDA: Growth of 53.7% YoY; Normalised EBITDA grew 52.7% YoY to ₹588 million
  • EBIT: Growth of 52.5% YoY; Normalised EBIT grew 50.7% YoY
  • PAT: Fell 62.6% YoY to ₹181.88 million; Normalised PAT grew 52.2% YoY to ₹240 million
  • EPS (Basic): ₹1.84 vs ₹4.85 in Q2 FY26
  • No cash tax paid during the quarter

H1 FY27 Performance (30 Sep 2026)

  • Revenue from operations: ₹2,684.40 million, up from ₹1,766.09 million in H1 FY26
  • Total income: ₹2,708.88 million, up 51.5% YoY
  • Normalised EBITDA: ₹1,001 million with margin of approximately 41%
  • Normalised PAT: ₹459.22 million with margin of approximately 17%
  • Operating cash flow: ₹1,100 million, representing 110% of EBITDA
  • Capital expenditure: ₹1,923 million, up 140.6% on H1 FY26

Balance Sheet Strength (as of 30 Sep 2026)

  • Net worth: ₹4,662 million (post-IPO)
  • Net debt: ₹1,306 million (reduced from ₹1,493 million)
  • Net debt to equity: Improved from 0.50x to 0.28x
  • Debt to equity: Fell from 0.63x to 0.50x
  • Normalised ROCE: 25.3% (would be ~27.1% excluding IPO proceeds)
  • Normalised ROE: Would be 30.0% without effect of ₹1,414 million net fresh issue

Initial Public Offering

  • Equity shares listed on NSE and BSE on 17 September 2026
  • Total issue size: ₹12,556 million (3,10,80,011 shares transacted)
  • Issue price: ₹404 (price band ₹384-₹404)
  • Market capitalization: ₹42,463 million at issue price; ₹62,165 million as of 9 Nov 2026 (+46.4%)

Utilisation of IPO Proceeds

Net proceeds of fresh issue: ₹1,413.72 million

Utilised up to 30 Sep 2026: ₹900.00 million (63.7% of net proceeds)

  • Repayment of borrowings: ₹700.00 million (100% of earmarked amount, fully utilised)
  • Lease rental and licence fee: ₹80.98 million (19.1% of earmarked ₹425.00 million)
  • General corporate purposes: ₹119.02 million (41.2% of earmarked ₹288.72 million)

Unutilised balance: ₹513.72 million

Operational Highlights

  • Items ordered: Grew 45.0% year-on-year
  • Live subscribers: Up 42.5%
  • Live items: Up 44.0%
  • Average occupancy: Improved to 85.9%
  • Average revenue per item: Declined by 0.8% QoQ due to reverse pick up of ACs

Management Commentary

Geetansh Bamania, Founder, Chairperson, Managing Director and CEO highlighted:

  • Strong underlying business performance with broad-based growth
  • Focus on scaling through subscriber growth, better asset utilization and technology
  • Maintenance of strong profitability, cash generation and returns on capital
  • Operating cash flow conversion at 110% of EBITDA

Key Management Personnel

  • Geetansh Bamania: Founder, Chairperson, Managing Director and Chief Executive Officer (14+ yrs experience, IIT Madras, KPMG, Flipkart, TrendSutra)
  • Ketan Krishna: Executive Director – People & Governance (19 yrs experience, MDI Gurgaon, Aditya Birla, Magma, IDFC Bank)
  • Hakim Ujjainwala: Chief Financial Officer (15 yrs experience, CA, CFA, B.Com, Pioneer Investcorp, MGB)
  • Deepika Bhandiwad: Company Secretary & Compliance Officer (8 yrs experience, LL.B., ACS (ICSI), BPL, Pro FX Tech)

Network and Infrastructure

  • 24 warehouses servicing 33 major cities across India
  • Experience stores in multiple locations including Mumbai, Pune, Gurgaon
  • Product categories: Furniture, appliances, and lifestyle items available on subscription

Cohort Performance

  • Fiscal 2017 Cohort: Revenue earned 5.32x per ₹100 of original cohort value, 53.98% of items still generating revenue
  • Fiscal 2018 Cohort: Revenue earned 4.71x per ₹100 of original cohort value, 59.19% of items still generating revenue

Marketing Initiatives

  • "Brave to Be Free" brand campaign supporting emerging artists and professionals
  • Retail-store integration with comedian Aakash Gupta
  • Paid creator partnerships on LinkedIn focusing on flexibility and renting benefits

Financial Statements Included

  • Consolidated Profit and Loss Statement for Q2 FY27, Q1 FY27, Q2 FY26, H1 FY27, H1 FY26
  • Statement of Assets and Liabilities as at 30 September 2026, 31 March 2026, 31 March 2025
  • Statement of Cash Flows for H1 FY27, FY26, FY25
  • Ind AS to IGAAP reconciliation for quarterly comparisons

Auditor Information

Not explicitly stated in the presentation document

Dividend Declaration

Not specified in the presentation

Legal and Regulatory Disclosures

No material legal or regulatory disputes disclosed