Event Type: This was a quarterly earnings conference call for Q2 and H1 FY27 results, conducted through digital means. The call included a management presentation followed by a question-and-answer session with analysts and investors.

Date and Time: The conference call was conducted on Friday, November 06, 2026. The specific time was not mentioned in the transcript.

Purpose: The stated purpose of the event was to discuss the company's financial performance for the second quarter and first half of the fiscal year 2026-27 (Q2 & H1 FY27).

Earnings Announcement Timing: The call was conducted after the earnings announcement, as it references and discusses the published financial results.

Management Participants: The sole management participant identified was Mr. Akash Agarwal – Director and Chief Executive Officer.

Availability of Materials: The company confirmed that the transcript of the call would be uploaded on the company's website. The presentation deck was referenced as having been previously uploaded on the stock exchange and the company's website. No mention was made of a recording or earnings deck being made available separately.

UPSI Statement: The call began with a standard disclaimer concerning forward-looking statements, but there was no explicit statement confirming that no Unpublished Price Sensitive Information (UPSI) would be shared.

Financial Period Discussed: The call focused exclusively on the financial results for Q2 FY27 (Quarter ending September 30, 2026) and H1 FY27 (Half-Year ending September 30, 2026), with comparisons to the previous year (FY26).

Forward-Looking Statements & Strategic Themes:

  • Store Expansion: The company opened 49 new stores in Q2 and 106 in H1 (net of closures), its highest ever H1 addition. 60% of new stores are in core states (UP, Bihar, MP, Odisha, Assam). Guidance for H2 FY27 is 60-70 new stores, aiming for 170-190 for the full year. FY28 store addition guidance is tentatively 120-150, contingent on Q3 performance.
  • Financial Guidance: Full-year gross margin target is 29% to 30%. Full-year EBITDA margin target is 13.5% to 14.5%. Full-year revenue growth guidance is maintained at ~50%. Pre-Ind AS EBITDA margin is targeted at 7% to 8% for the full year.
  • Working Capital: Net working capital increased to 88 days due to inventory build-up for new stores and festive season. It is expected to normalize to 75-80 days by March 2027 after festive sales.
  • Outlook: Q3 FY27 is expected to be the company's "biggest quarter ever" due to Durga Puja, Dussehra, Diwali, and the wedding season. A strong recovery in SSSG and PSF is expected. The company will focus on consolidating operations and sweating existing assets in H2.

Additional Notes Section

Attachments: The document is the transcript itself, enclosed with the regulatory filing. It is noted that a presentation was previously uploaded to the exchanges and the company website.

Financial Data Disclosure: This document is a transcript of the earnings call where comprehensive financial data for Q2 and H1 FY27 was discussed in detail. Key figures disclosed include:

  • Operational Metrics (Q2 FY27): Revenue: INR 905.6 Cr (vs. INR 708.6 Cr YoY, +28%); Gross Profit: INR 281.3 Cr (vs. INR 198.2 Cr YoY, +42%); Gross Margin: 31.1% (vs. 28.0% YoY); EBITDA (Ind AS): INR 120.3 Cr (vs. INR 85.4 Cr YoY, +41%); EBITDA Margin: 13.3% (vs. 12.1% YoY); PAT: INR 18.2 Cr (vs. INR 17.2 Cr YoY, +6%).
  • Operational Metrics (H1 FY27): Revenue: INR 1,902.8 Cr (vs. INR 1,340.9 Cr YoY, +42%); Gross Profit: INR 566.4 Cr (vs. INR 384.4 Cr YoY); Gross Margin: 29.8%; EBITDA: INR 259.7 Cr (vs. INR 172.7 Cr YoY, +50%); PAT: INR 60.1 Cr (vs. INR 41.9 Cr YoY, +43%).
  • Balance Sheet (as of Sep 30, 2026): Inventory: INR 1,447.8 Cr (vs. INR 1,141 Cr in Mar 2026); Borrowings: INR 528 Cr (INR 45.6 Cr non-current, INR 483 Cr current) (vs. INR 253 Cr in Mar 2026).
  • Other Metrics: Volume Growth: Q2: 31% YoY, H1: 43% YoY; SSSG (Q2): -14.9% reported, +0.5% normalized; Sales PSF/Month: Q2: INR 700 (vs. INR 933 YoY), H1: INR 785 (vs. INR 948 YoY); Average Bill Value (H1): INR 917 (vs. INR 900 YoY); Full Price Sales: 91% (vs. 92% YoY).

Logistical Details: Dial-in numbers and access codes were not included in the transcript.