VISHAL MEGA MART Q2 CONCALL: DOUBLE-DIGIT SAME-STORE SALES GROWTH TARGET, 100+ STORE EXPANSION & MARGIN RECOVERY

• FY27 SAME-STORE SALES GROWTH (SSSG) TARGET MAINTAINED AT DOUBLE DIGITS • Q3 FY27 SSSG NEEDS TO EXCEED 10% TO SUPPORT FULL-YEAR TARGET • Q2 SSSG AT 5.4%; FESTIVAL-ADJUSTED GROWTH ESTIMATED AROUND 9% • MANAGEMENT EXPECTS STRONGER Q3 SALES, SUPPORTED BY FESTIVE DEMAND SHIFT • FY27 STORE ADDITIONS TARGETED ABOVE 100; 53 STORES ADDED IN H1 • MEDIUM-TERM PLAN TO OPEN 100+ STORES ANNUALLY, WITH ADDITIONS INCREASING PROGRESSIVELY • MANAGEMENT SEES POTENTIAL FOR APPROXIMATELY 2,000 LARGE-FORMAT STORES ACROSS INDIA • LONG-TERM EBITDA MARGIN EXPANSION EXPECTED AROUND 30 BPS ANNUALLY • H2 FY27 GROSS MARGINS EXPECTED TO REMAIN BROADLY STABLE YOY • STORE-LEVEL COST INFLATION AT 6–7%; MANAGEMENT BELIEVES 8–10% SSSG CAN OFFSET HIGHER COSTS • NO ADDITIONAL PRODUCT PRICE HIKES PLANNED AT CURRENT INFLATION LEVELS • KERALA & SOUTH INDIA REMAIN KEY EXPANSION MARKETS; KERALA STORE NETWORK REACHED 35 • PRIVATE BRANDS CONTRIBUTED 74% OF H1 REVENUE, SUPPORTING PRICING FLEXIBILITY • BELONG & CO. FASHION FORMAT TO ADD MORE PILOT STORES IN FY27; LARGE-SCALE ROLLOUT NOT YET DECIDED • QUICK-COMMERCE EXPANSION & AUTOMATED WAREHOUSE INVESTMENTS EXPECTED TO SUPPORT FUTURE GROWTH

VISHAL MEGA MART LIMITED

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