Vedant Fashions (MANYAVAR) investor relations material

Executive summary

• Q2 customer sales rose 0.6% YoY to INR 3,515 million; Navratri shifted into Q3, and Q2’s final 10 days coincided with Shradh.

• H1 customer sales increased 2.1% YoY to INR 7,710 million, with measured retail expansion focused on high-potential locations.

• Unaudited Q2 and H1 results were approved by the Board on November 5, 2026; the limited review found no material misstatement or disclosure concern.

Financial highlights

• Q2 revenue from operations was INR 2,693.68 million, up 2.4% YoY; net profit was INR 562.19 million, up 0.2%.

• Q2 EBITDA was INR 1,075 million, down 4.8%; gross margin was 64.9% vs 65.2%, EBITDA margin 39.9% vs 42.9%, and PAT margin 20.9% vs 21.3%.

• H1 revenue from operations was INR 5,707.33 million, up 4.8%; net profit was INR 1,368.30 million, up 8.3%.

• H1 gross margin was 65.3%, EBITDA margin 42.4%, and PAT margin 24.0%; prior-year margins were 66.1%, 43.0%, and 23.2%, respectively.

• At September 30, 2026, total assets were INR 29,523.25 million and total equity was INR 20,992.02 million.

Outlook and guidance

• Management expects stronger H2; Diwali-minus-30-day comparable trends showed green shoots, with no specific SSG guidance given.

• High-single-digit to double-digit SSG is an ambition for the next three quarters, not formal guidance.

• FY27 store openings are expected at a mid-single-digit level, with some improvement next year and double-digit openings targeted the following year.

• Management expects strong full-year margins, with H2 expected to offset Q2 operating deleverage.

• Growth priorities include domestic and international retail expansion, up-selling and cross-selling, targeted marketing, developing emerging brands and disciplined acquisitions.