Spencer's Retail Limited — Interim / Quarterly Report 2026

Nov 10, 2025

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SRL:SEC:SE:2025-26/47

November 10, 2025

National Stock Exchange of India Limited BSE Limited Exchange Plaza, 5[th] Floor Phiroze Jeejeebhoy Tower Plot No. C/1, G-Block Dalal Street Bandra-Kurla Complex Mumbai – 400 001 Bandra (East), (Scrip Code: 542337) Mumbai – 400 051

(Symbol: SPENCERS)

Dear Sir/Madam,

Sub: Investor Update for the quarter ended September 30, 2025

Pursuant to Regulation 30 of SEBI (LODR) Regulation, 2015, please find annexed herewith a copy of the Investor updates dated November 10, 2025 for the quarter ended on September 30, 2025.

This information is also available on the website of the Company at www.spencersretail.com.

You are requested to kindly take the abovementioned information on record and oblige.

Thanking you.

Yours faithfully,

For Spencer’s Retail Limited

NAVIN Digitally signed by NAVIN KUMAR RATHI KUMAR RATHI Date: 2025.11.10 17:26:53 +05'30' Navin Kumar Rathi Company Secretary & Compliance Officer

Encl: As above

Spencer's Retail Limited

Regd. Office: Duncan House, 31, Netaji Subhas Road, Kolkata-700 001 Corp. Office: RPSG House, 2/4 Judges Court Road, Kolkata-700 027 Tel: +91 33 2487 1091 Web: www.spencersretail.com

CIN: L74999WB2017PLC219355

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Q2 FY 26 Results Presentation 10[th] November 2025

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Nov-25 | RP-Sanjiv Goenka Group Presentation 1
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Key Consolidated performance highlights Q2

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• Q2 Sales at Rs 445 Crs vs Rs 416 Crs in Q1, ( 7% QoQ growth) but decline vs Q2 LY (Rs 518 Crs) wherein store footprint at Spencer’s was wider.

• Top line growth of 9% (QoQ) at Spencer’s, driven by Online. Margin expansion offset by higher investment in marketing & lower other income resulting in reduced EBITDA

• Online +53 % driven by higher number of orders/ customers/frequency

• Margins at 19.6% vs 19.1 % in Q1 CY & Q2 LY margins of 15.4%

• Increase in overall expenses to Rs 64 crs vs Rs 60 crs in Q1 CY& Rs 110 crsin Q2 LY

• Q2 EBITDA at Rs 13 crs ( 3.4% of Sales) vs Rs 15 Crs, ( 4.2% of Sales) in Q1 CY & Rs 18 crs ( 4.0% of sales) in Q2 LY,

• Natures Basket maintained same sales (QoQ) with marginal reduction in margin offset by controlled expenses

• Sales at Rs 68 Crs vs Rs 69 Crs in Q1 CY and Rs 75 Crs in Q2 LY

• Margins at 27.6% vs 28.2% Q1 CY & 28.0% in Q2 LY

• Expenses were at Rs 20 crs. vs Rs 22 crs. in Q1 CY

• Financial EBITDA of Rs (-) 0.6 crs vs Rs 0.8 crs in Q1 CY and Rs 0 crs in Q2 LY

• Q2 EBITDA at consolidated level down by 109 bps QoQ @ Rs 0 crs vs, 5 cr Q1 CY

• Q2 PBT at consolidated level Rs (-)64 crs. vs Rs (-)62 crs. in Q1 CY and Rs (-)87 crs. in Q2 LY

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Nov-25 | RP-Sanjiv Goenka Group Presentation 2
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Consolidated Financial Parameters Q2 FY26

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Quarter 2
Gross Sales per Sq ft (₹)
1626
1523
1235
Q2FY25 Q1FY26 Q2FY26
EBITDA neutral, lower
EBITDA (₹ Cr) than Q1 CY due to
lower Other Income
16
5
0.2
Q2FY25 Q1FY26 Q2FY26
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Quarter 2
Revenue from Operation (₹ Cr)
7 % QoQ Growth
YoY not like for like
518 given store closures
445 in Q2 LY
416
Q2FY25 Q1FY26 Q2FY26
Gross Margin (%) Margin Improvement on lower sales base
20.8% 21.0%

17.3%
Q2FY25 Q1FY26 Q2FY26
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Gross Sales per sqft calculated on monthly Basis

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Nov-25 | RP-Sanjiv Goenka Group Presentation 3
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QoQ Sales and Margin improvement @ Consolidated level

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7% QoQ growth

QoQ & YoY improvement in margins and continued reduction in operating costs Reduction in other income by 7Cr driving EBITDA by 5 Cr

PBT Losses at same level vs Q1 CY and significantly lower than Q2 LY

3 months ended	3 months ended	3 months ended	Growth	Growth	Consolidated (₹ Cr)	6 months ended
30-Sep-25	30-Jun-25	30-Sep-24	Y-o-Y	Q-o-Q		30-Sep-25 30-Sep-24
445 416 518			-14.1% 7.0% Revenue from operations			861 1,066
352 329 428 93 87 90 21.0% 20.8% 17.3% 34 31 49 63 62 85 4 11 61 0 5 16 0.1% 1.1% 3.1% 23 26 64 41 40 40 (64) (62) (87) -14.3% -14.8% -16.8% (0.1) (0.1) (0.1) (64) (62) (87) 0.2 0.2 0.2 (64) (61) (87)			Expenses: Cost of Goods Sold 4% 8% Gross Margin 370 bps 17 bps Gross Margin % -32% 7% Employee expenses -26% 2% Other expenses -94% -67% Other income EBITDA -306 bps -109 bps EBITDA % Depreciation Finance costs PBT 250 bps 49 bps PBT % Tax Expenses PAT Other Comprehensive Income Total Comprehensive Income			681 864 180 202 20.9% 18.9% 65 94 125 152 15 89 5 46 0.6% 4.3% 50 94 81 83 (126) (131) -14.6% -12.3% (0.1) (0.1) (125) (131) 0.4 0.4 (125) (130)

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Nov-25 | RP-Sanjiv Goenka Group Presentation 4
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Business Highlights

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Nov-25 | RP-Sanjiv Goenka Group Presentation 5
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Sales and Margin Improvement @ Spencer’s in Q2

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Sales in ₹ Cr

Gross Margin %

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443
376
346
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Q-o-Q growth of 9%
Y-o-Y (not LFL) Impact of closed
regions
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19.6%
19.1%
Q-o-Q improvement by 50 bps
15.4%
Q2 LY Q1 CY Q2 CY
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Q2 LY Q1 CY Q2 CY
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Operating Exp ₹ Cr
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EBITDA in ₹ Cr

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110
Investment in Marketing has led to
increase in operating costs
64
60
Q2 LY Q1 CY Q2 CY
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18
Marginal decline in EBITDA
15
13
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Nov-25 | RP-Sanjiv Goenka Group Presentation 6
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Q2 LY Q1 CY Q2 CY

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Sales and Margin improvement @ Spencer’s in Q2

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Revenue increase Q-o-Q by 9%

Good Margin Delivery

Costs continued to be tightly managed

Reduction in other income by 5Cr reducing EBITDA by 2 Cr

Significant Reduction in YTD PBT Losses (H1 CY vs H1 LY)

3 months ended	3 months ended	3 months ended	Growth	Growth	SRL Standalone (₹ Cr)	6 months ended	6 months ended
**30-Sep-25 **	**30-Jun-25 **	30-Sep-24	Y-o-Y	Q-o-Q		30-Sep-25 30-Sep-24
- 1 1 90 90 98 - 0.05 0.09			New Stores added Total Store count TA added (Lac sq.ft)			1 2 90 98 0.05 0.22
7.73 7.73 9.17			TA exit (Lac sq.ft)			7.73 9.17
376 346 443			-15.1% 8.7% Revenue from operations			722 919
303 280 375			-19% 8% Cost of Goods Sold 8% 11% Gross Margin 415 bps 48 bps Gross Margin % -39% 10% Employee expenses -43% 6% Other expenses -95% -61% Other income EBITDA -66 bps -85 bps EBITDA % Depreciation Finance costs PBT 670 bps 5 bps PBT % Tax Expenses PAT Other Comprehensive Income Total Comprehensive Income			583 758 140 160 19.3% 17.5% 45 72 79 126 11 63 27 26 3.8% 2.8% 28 75 64 68 (65) (117) -9.0% -12.8% - - (65) (117) 0.4 0.4 (64) (117)
74 66 68 19.6% 19.1% 15.4% 23 21 38 41 38 72
3 8 60
13 15 18
3.4% 4.2% 4.0%
14 14 55 32 31 33 (34) (31) (69)
-9.0% -9.0% -15.7%
- - - (34) (31) (69) 0.2 0.2 0.2 (33) (31) (69)

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Nov-25 | RP-Sanjiv Goenka Group Presentation 7
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Business Highlights

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Launch of Healthy Alternative SnacksGenerating 6-7 Lac Monthly Turnover

3 days mega event in Ahmedabad Anniversary with Standup comedy, and multi masterclasses- Ahemdabad NOB grown 20% month on month

Launched Elysium Days on Independence day for all Members and now we celebrate every month -3 days

Celebrated Friendship Weekend Edit on Friendship Weekend with multiple engagement experiences with customers

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Nov-25 | RP-Sanjiv Goenka Group Presentation 8
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Q-o-Q flat, Y-o-Y de growth @ NB in Q2

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Sales in ₹ Cr
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Gross Margin %

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75
69
Q-o-Q neutral @ -1% 68
Y-o-Y down by 9%
Q2 LY Q1 CY Q2 CY
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28.0% 28.2%
27.6%
QoQ & YoY flat
Q2 LY Q1 CY Q2 CY
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Operating Exp ₹ Cr

EBITDA in ₹ Cr

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Tight control on Operating Costs
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22 22
20
Q2 LY Q1 CY Q2 CY
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0.8
QoQ EBIDTA declines
0.0
(0.6)
Q2 LY Q1 CY Q2 CY
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Nov-25 | RP-Sanjiv Goenka Group Presentation 9
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PBT Improvement @ NB in Q2

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Flat Sales Q-o-Q, decline vs LY

Margin continues to be flat

QoQ EBITDA decline vs Q1 CY

Marginal Reduction in PBT/Losses vs Q1 CY

3 months ended	3 months ended	3 months ended	Growth	Growth	NBL Standalone (₹ Cr)	6 months ended	6 months ended
**30-Sep-25 **	30-Jun-25	30-Sep-24	Y-o-Y	Q-o-Q		30-Sep-25 30-Sep-24
- 1 - 31 31 33 - 0.06 - 1.18 1.18 1.16			New Stores added Total Store count TA added (Lac sq.ft) TA exit (Lac sq.ft)			1 - 31 33 0.06 - 1.18 1.16
68 69 75			-9% -1% Revenue from operations			137 147
49 49 54 19 19 21 27.6% 28.2% 28.0% 8 8 9 12 14 14 1 4 1 (0.6) 0.8 0.0 -0.9% 1.2% 0.1% 9 12 9 8 8 7 (18) (19) (15) -25.9% -27.7% -20.5% - - - (18) (19) (15) (0.0) (0.0) (0.0) (18) (19) (15)			-9% 0% Cost of Goods Sold -11% -3% Gross Margin -42 bps -62 bps Gross Margin % -10% 2% Employee expenses -9% -15% Other expenses -41% -79% Other income EBITDA -92 bps -207 bps EBITDA % Depreciation Finance costs PBT -533 bps 185 bps PBT % Tax Expenses PAT Other Comprehensive Income Total Comprehensive Income			98 106 38 41 27.9% 27.8% 15 17 27 27 4 26 0.2 23.2 0.2% 15.7% 20 18 16 14 (37) (9) -26.8% -6.1% - - (37) (9) (0.0) (0.0) (37) (9)

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Nov-25 | RP-Sanjiv Goenka Group Presentation 10
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Thank You
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About Spencer’s Retail Limited: Spencer’s Retail Limited, part of RP-Sanjiv Goenka Group, is a multi-format retailer providing a wide range of quality products across categories such as FMCG, fashion, food, staples, general merchandise, personal care, home essentials, electrical and electronics to its consumers. specialty sections such as Spencer’s Gourmet, Patisserie, Wine & Liquor and Epicuisine section are some of the key differentiators in our hypermarket stores and in Natures Basket Limited L’exclusif, healthy alternatives and Natures.

The first ever hypermarket in India was launched by Spencer’s in Hyderabad in 2000. Today, Spencer’s (including Natures Basket) runs 121 stores with a total 8.91 Lacs Square Feet in over 23 cities in India. Spencer’s brand positioning – MAKES FINE LIVING affordable – embodies its philosophy of delighting shoppers with the best products and services that enable a fine living at reasonable prices, while providing them with a warm, friendly and educational retail environment. Value Market format is ‘maha bachat har din’ on your daily essentials household needs with best quality.

Natures Basket Limited is a one shop destination for all multi cuisine cooking needs, healthy food including international food products.

ORIPL is an E-commerce company 100% owned Subsidiary of Spencer’s Retail Limited. It is an OMNI Channel platform for Food, Grocery, Fresh, Apparel, General Merchandise and Liquor .

Disclaimer : Certain statements in this document may be forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties like government actions, local political or economic developments, technological risks, and many other factors that could cause our actual results to differ materially from those contemplated by the relevant forward-looking statements. Spencer’s Retail Limited will not be in any way responsible for any action taken based on such statements and undertakes no obligation to publicly update these forward-looking statements to reflect subsequent events or circumstances.

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Nov-25 | RP-Sanjiv Goenka Group Presentation 11
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