DEEPA JEWELLERS Q2 CONCALL : REVENUE UP 25% YOY, PAT JUMPS 37%; MANAGEMENT TARGETS 40–45% ANNUAL REVENUE GROWTH THROUGH FY29 & 80–120 BPS EBITDA MARGIN EXPANSION

• MANAGEMENT TARGETS 40–45% ANNUAL REVENUE GROWTH DURING FY27–FY29, SUPPORTED BY GEOGRAPHICAL EXPANSION, NEW PRODUCTS & GROWTH FROM EXISTING JEWELLERY RETAIL CLIENTS • MANAGEMENT EXPECTS EBITDA MARGIN EXPANSION OF 80–120 BPS OVER THE NEXT 4–6 QUARTERS, DRIVEN BY HIGHER IN-HOUSE MANUFACTURING & IMPROVED PRODUCT MIX • MANAGEMENT TARGETS STUDDED JEWELLERY CONTRIBUTION OF APPROXIMATELY 75% OVER THE NEXT 3–4 QUARTERS, COMPARED WITH 57% IN H1 FY27 • MANAGEMENT EXPECTS IN-HOUSE MANUFACTURING SHARE TO REACH APPROXIMATELY 40% IN Q3 & 50% IN Q4 FY27, WITH A LONG-TERM TARGET OF 65% • MANAGEMENT PLANS TO OPEN NEW SALES OFFICES IN CHENNAI BY DECEMBER 2026 & BENGALURU BY APRIL–MAY 2027, FOLLOWING EXPANSION INTO VIJAYAWADA • Q2 REVENUE GREW 25% YOY TO ₹626 CR, WHILE EBITDA INCREASED 17% TO ₹45 CR & EBITDA MARGIN STOOD AT 7.24% • Q2 NET PROFIT JUMPED 37% YOY TO ₹37 CR, WITH PAT MARGIN AT 5.96%, BENEFITING PARTLY FROM LOWER TAX EXPENSES & HIGHER OTHER INCOME • H1 FY27 REVENUE GREW 30% YOY TO ₹1,057 CR, EBITDA INCREASED 24% TO ₹84 CR & NET PROFIT ROSE 32% TO ₹64 CR • Q2 TOTAL OPERATING VOLUMES GREW 13% YOY TO 809 KG, INCLUDING 491 KG FROM PROCESSING & MANUFACTURING AND 318 KG FROM JOB WORK • JOB WORK VOLUMES SURGED 44% YOY IN Q2 & 51% IN H1, SUPPORTED BY HIGHER DEMAND FOR OLD-GOLD EXCHANGE-BASED JEWELLERY MANUFACTURING • NEW HYDERABAD MANUFACTURING FACILITY COMMENCED OPERATIONS IN SEPTEMBER 2026, WITH ANNUAL CAPACITY OF 1.5 TONNES ON SINGLE SHIFT & 2.5 TONNES ON DOUBLE SHIFTS • MANAGEMENT EXPECTS MARGIN BENEFITS FROM HYDERABAD FACILITY TO BECOME MORE VISIBLE FROM Q3 FY27 AS UTILISATION INCREASES & OUTSOURCED PRODUCTION DECLINES • COMPANY SERVES APPROXIMATELY 373 CUSTOMERS, INCLUDING 47 JEWELLERY RETAIL CHAINS, WITH EXPANSION FOCUSED ON REGIONAL RETAILERS & TIER 2–3 MARKETS • MANAGEMENT TARGETS GOLD HEDGE COVERAGE CLOSE TO 100% WITHIN 2–3 QUARTERS FROM 94%, WHILE EXPECTING INVENTORY & RECEIVABLE DAYS TO REMAIN AROUND 55–65 DAYS • MANAGEMENT REMAINS CONFIDENT IN GROWTH & MARGIN EXPANSION, BUT HIGHER PLAIN GOLD JEWELLERY MIX, WORKING CAPITAL REQUIREMENTS, MANUFACTURING RAMP-UP & NORMALISATION OF TAX RATE REMAIN KEY RISKS

DEEPA JEWELLERS LIMITED

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