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28th October 2026| AhmedabadArvind Limited Q2 FY27 ResultsInvestor Review Note
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2 Safe harbour statementCertain statements contained in this document may be statements of future expectations and other forward looking statements that are based on management‘s current view and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. None of Arvind Limited or any of its affiliates, advisors or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this document or its content or otherwise arising in connection with this document. This document does not constitute an offer or invitation to purchase or subscribe for any shares and neither it nor any part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever.
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3 +Focus on growth resulted in Arvind delivering record quarterly revenue & EBITDA of ₹2919 Cr & ₹331 Cr, growth of 23% & 27% respectively while margins improved to 11.4%+AMB achieved record quarterly revenue of ₹805 Cr and EBITDA of ₹119 Cr, accounting for 28% & 36% of consolidated revenue & EBITDA respectively. AMB India delivers a YoY growth of 23% revenue & 29% EBITDA.+Protective Gear [HP] segments in AMB seeing robust traction as we continue to invest in capability building including new product development for the future +AMB India Industrial business commissioned the 4thline of its Needle Felt Non-Woven platform, enhancing capacity and unlocking annual revenue potential of ~₹70 Cr.+Successfully completed Phase-1 of the Varanasi Garmenting Project, inaugurated by Hon'ble Prime Minister Shri Narendra Modi, with an annual revenue potential of ~₹250 Cr.+Established a denim design & marketing hub in Amsterdam, reinforcing Arvind’s strategy of proximity to key European customers and industry trends, marking its second such international hub after London.+Arvind’s credit rating upgraded by one notch from “AA-” to “AA”. Geopolitical headwinds continues however, demand scenario remain stable reflecting in volumes growth in both textiles and AMBHigher logistics cost, disrupted supply chain resulted in a mixed buying pattern despite good consumer demand Current quarter margins got significantly impacted particularly in textiles, on account of higher RM cost [Cotton, Yarn, DCH] & partial transmission to the customer, net Impact of ~75 bps in textile margins considering normalized baseWhat went rightWhat went rightWhat could have gone betterWhat could have gone betterQ2 reflections – hits & misses AMB: Advanced Materials Business | DCH: Dyes & Chemicals | HP: Human Protection
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4 Q2 performance reflects steady execution despite external headwinds, AMB outperforms!•Higher share of AMB, steady execution across businesses & integration of Dalco drove ~23% YoY consolidated revenue growth, aided by volume expansion– Advanced Materials maintained strong momentum through broad-based volume growth and the Dalco-GFT integration.– Textiles continued to benefit from higher verticalization; revenue growth supported by realization gain across Denim, Woven and Garmenting.– Garmenting volumes crossed 11 Mn pcs, 2ndQuarter in a row•Higher EBITDA growth (27%) reflects growth in revenue, higher share of AMB & operational efficiency partially offset by escalated cost matrix•EBITDA margin improved by ~110 bps on QoQ basis & ~40 bps on YoY basis to reach 11.4%•Profit after tax grew by 16% on YoY basis RevenuesEBITDAPAT (Before exceptional items)291923%33127%12316%Closing Net Debt20632158(30thJun 2026) YoY₹ Cr
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5 Q2 FY27 | Summary P&L Note1. Increase in Variable Cost on account of increase in RM prices, Utilities & Freight cost impacted textile margin by ~75 bps 2. Q2 FY27 Interest cost includes – Interest of ₹16 Cr on $110 Mn ($60 Mn – India, $50 Mn Dalco US) Loan taken for Dalco-GFT acquisition, MTM loss of ₹4 Cr on $60 Mn, ₹9 Cr is on account of higher working capital usage3. Q2FY27 Depreciation includes ₹18 Cr on account of additional depreciation on Intangibles at US Hold Co’s due to Acquisition of Dalco-GFT, ₹11 Cr Depreciation of Dalco-GFT Financials, Balance ₹6 Cr is on account of new capex*EBITDA includes other income | #PAT is before exceptional items Particulars Q2 FY27 Q2 FY26 YoY ChangeQ2 FY27 Dalco-GFTQ2 FY27 US Hold Co'sQ2 FY27W/o Dalco-GFT & US Hold Co'sYoY ChangeRevenue from Operations 2,919 2,371 23% 256 - 2,663 12%Other Income 22 15 0 0 22EBITDA*331 262 27% 41 0 290 11%EBITDA % 11.4% 11.0% 16.0% - 10.9%Interest 71 41 8 - 63Depreciation 107 72 11 18 78PBT 154 149 3% 22 -18 150 1%Tax32 42 - 1 31PAT#123 107 16% 22 -19 121 13%Cash PAT 230 179 29% 33 -1 199 11%
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6 H1 FY27 | Summary P&L *EBITDA includes other income | #PAT is before exceptional itemsNote1. H1 FY27 no’s include Dalco-GFT financials for 4.8 months (from 6thMay’26)2. Increase in Variable Cost on account of increase in RM prices, Utilities & Freight cost impacted Textile Margins by ~50 bps 3. H1 FY27 Interest cost includes – Interest of ₹26 Cr on $110 Mn ($60 Mn – India, $50 Mn Dalco US) Loan taken for Dalco-GFT acquisition, MTM loss of ₹4 Cr on $60 Mn 4. H1FY27 Depreciation includes ₹29 Cr on account of additional depreciation on Intangibles at US Hold Co’s due to Acquisition of Dalco-GFT, ₹16 Cr Depreciation of Dalco-GFT Financials, Balance ₹14 Cr is on account of new capex Particulars H1 FY27 H1'FY26 YoY ChangeH1 FY27 Dalco-GFTH1 FY27 US Hold Co'sH1 FY27W/o Dalco-GFT & US Hold Co'sYoY ChangeRevenue from Operations 5,420 4,377 24% 413 - 5,007 14%Other Income 40 24 0 0 40EBITDA*590 448 32% 65 0 525 17%EBITDA % 10.9% 10.2% 15.7% - 10.5%Interest 125 82 13 - 112Depreciation 200 141 16 29 155PBT 264 225 18% 36 -29 258 15%Tax63 64 - 2 62PAT#204 161 26% 36 -31 199 23%Cash PAT 404 302 34% 52 -2 354 17%
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7 Double digit revenue growth with stable margins is emblematic of planned execution Note-1. Above no’s includes Dalco-GFT financials from 6thMay’262. Textile division EBITDA margin impacted by ~75 bps in Q2 FY27 & ~50 bps in H1 FY27 on account of significant increase in Raw material cost & partial transmission to customers3. AMB ROCE doesn’t reflect the combined ROCE of segments (Advanced Materials India & Dalco-GFT) on account acquisition transaction [Goodwill & Intangibles] done at consolidated level@Reported revenue for textile division stood at ₹2146 Cr for Q2 FY27 & ₹4008 Cr for H1 FY27 , the difference of ₹147 Cr (₹2146- ₹1999) & ₹274 Cr (₹4008-₹3734) respectively represents inter segment sales between textile & Advance Materials business which is eliminated to present a fair picture Particulars Q2 FY27 Q2 FY26Δ YoYBusiness Revenue EBIDTA EBIDTA % ROCE % Revenue EBIDTA EBIDTA % ROCE %RevenueTextiles @1999 190 9.5%13.2%1803 180 10.0%14.2%10.9%Advance Materials India 550 78 14.2% 31.0% 446 60 13.6% 29.7%23.3%Dalco-GFT 256 41 16.0% 36.8% - -- --AMB Total 805 119 14.8% 19.1% 446 60 13.6% 29.7%80.8%Others 191 23 185 22Inter Segment @-78 -63Total 2919 331 11.4% 13.1% 2371 262 11.0% 14.4%23.1%Particulars H1 FY27 H1 FY26Δ YoYBusiness Revenue EBIDTA EBIDTA % ROCE % Revenue EBIDTA EBIDTA % ROCE %RevenueTextiles @3734 329 8.8% 10.5% 3339 310 9.3% 11.4%11.8%Advance Materials India 1042 152 14.6% 30.1% 797 106 13.3% 25.5%30.8%Dalco-GFT 413 65 15.6% 36.9% - -- --AMB Total 1455 216 14.9% 18.2% 797 106 13.3% 25.5%82.6%Others 369 44 334 33Inter Segment @-139 -93Total 5420 590 10.9% 10.8% 4377 448 10.2% 11.6%23.8%
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8 Note•Increase in Minority interest is on account of 39% residual shareholding by continuing promoters of Dalco-GFT•Increased in debt is mainly on account of loan taken [~₹ 1000 Cr] to fund Dalco Acquisition•Other Liabilities includes an option purchase liability of ₹416 Cr relating to Dalco, with a corresponding impact reflected in Reserves & Surplus.•Fixed Assets includes ₹393 Cr of Goodwill & ₹513 Cr of Intangibles assets created on account of Acquisition Consolidated Balance sheet as at 30thSeptember 2026Particulars30th Sep 26 31st Mar 26Shareholders' Fund 4639 4141 Share Capital 272 262 Reserves & Surplus 3977 3782 Minority Interest 389 97Borrowings 2651 1441 Long Term Borrowings 1413 432 Short Term Borrowings 1237 1009Lease Liabilities (Current + Non Current) 290 219Other Liabilities 3887 3035Total 11467 8836Assets 5884 4395 Fixed Assets 5248 3926 ROU Assets 297 189 Non Current Investments 63 43 Other Non Current Assets 275 237Cash and cash equivalents 602 284Other Current Assets 4981 4157Total 11467 8836
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9 DENIMWOVENSGARMENTS Comparison for Q2 FY27 (YoY)•Denim Fabric achieved high double digit growth on the back of Robust demand & higher verticalization.•Woven Fabric stood at 34 Mn meters•Garmenting registered 11 Mn pcs for the second timeMillion MMillion M Million Pcs Textiles * Export volumes includes sales made to export customers and shipments made to their garment factories in India DomesticExport*DomesticExport* Both Woven & Denim delivered strong volumes while garmenting performance as planned21.521.221.017.320.412.915.513.913.913.934.436.734.931.234.3Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY2710.48.713.012.313.54.85.24.45.24.615.213.917.417.518.1Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY2710.710.310.811.1 11.1Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 19%3%
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10 262284528577368497738817-92 -17618031999 Q2 FY26 Q2 FY27 Textile revenues (₹ Cr)TextileQ2 FY27 (YoY)•Woven reported low double-digit growth, driven by improved realizations•Denim revenue growth was driven by higher volumes from increased verticalization and improved realizations.•Garmenting revenue growth is on account of better realization owing to favorable product mix during the quarter•Most important factor for increase in realization is partial transmission of increased input costs35%9% Double digit revenue growth attributable to improved realization across segments+11%11%WovenDenimGarmentsOthersInter Segment
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11 Fabric realisation10.011.211.28.09.5Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27236 236243253266206201202209227Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27DenimWovenTextiles marginsEBITDA Margins (%)TextileFabric margin suffered on account of input cost increase, Realisation improvement reflects partial transmission₹/mtr+12%+12%YoY Growth
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12 4015621962012002794137971,455H1 FY26 H1 FY27Dalco-GFTCompositesIndustrialHuman Protection CommentsCommentsAMB performance summaryAMB performance summaryHuman Protection•Traction seen from Tier 1 customers, Defense & para military forces•New product development [Tactical Gear] other than protective garments is progressing to advanced stage of trial Industrials:•Current Capacity utilization remains strong. •Delay in commissioning of expansion project resulted in lower growth•AOG 4thLine commissioned with revenue potential of ₹70 CrComposites: •CSM Line & Carbon pultrusion facility gone live during Q2•Mobility segment continued its strong momentum, supported by new customer additionEBITDA & EBITDA Margin:•AMB India EBITDA growth in Q2 & 1stHalf of the year outscores revenue growth & grew by 29% & 43% respectively due to favorable product mix, lower base & operating leverage•Dalco Margin remained stable despite higher input cost Advanced MaterialsAMB India registers a robust double digit growth backed by higher volume, Dalco-GFT integration on track Dalco-GFT no’s are not having corresponding period no’s as it is consolidated from this quarter [part of the quarter]AMB: Advanced Materials Business | H1 FY27 no’s includes Dalco financials for 4.8 months (from 6thMay’26) | CSM: Chop Strand Mat214301110107122142256446805Q2 FY26 Q2 FY2781%83%31%23%13.6%14.8%13.3%14.9%EBITDA margins (%) Revenue (₹Cr)
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13 Update on Dalco-GFTAdvanced MaterialsIntegration of Dalco GFT into Arvind’s stream is progressing wellPerformance update Q2 FY27 [Revenue, EBITDA & Margins]•Demand continues to be strong in-spite of cost escalation in terms of RM & fuel cost•Significant increase in raw material cost•Major part of cost escalation taken up with long term customers expected to yield positive results in Q3 & Q4•Status quo in product mix₹ CrProfit & LossSegment Wise RevenueQ1 FY27 Q1 FY27 Q2 FY273 months 1.8 months 3 monthsRevenue 244 157 256 EBITDA 40 24 41 EBITDA % 16.3% 15.1% 16.0%ParticularsQ1 FY27 Q2 FY273 months 3 monthsAuto162 66% 176 69%Geo-Textiles47 19% 35 14%Industrial & others35 14% 45 18%Total244 100% 256 100%% %Segments₹ Cr
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14 Other Updates..Greenfield garmenting facility at Varanasi, UP inaugurated Greenfield plant forward-integrating Arvind’s knitted fabric – adding scale and quality to grow Essentials across Europe, UK & beyond Varanasi Facility – Arvind LimitedPhasing & Business PotentialLand Area~5.5 AcresBuilt-up Area~65,000 sq ftManufacturing Lines10 in Phase 1Employment [Both Phase]~1,000 jobsFinancial MatrixCapex (W/o land)Ph 1 ~₹75 CrPh 2 ~₹75 CrRevenue potential p.a.Ph 1 ~₹250 CrFacility inaugurated by Hon’ble Prime Minister Shri Narendra Modi on 25thOctober 2026 Hon’ble Prime Minister Shri Narendra Modi, Smt. Anandiben Patel, Hon’ble Governor of Uttar Pradesh, Shri Yogi Adityanath, Hon’ble Chief Minister of Uttar Pradesh along with Arvind’s Senior management team
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15 Macro Economic conditions1.Defense, aerospace and renewable energy spending remains strong, supporting demand for composites, protective materials and technical textiles.2.Early festive-season trends are encouraging, continues to provide support for Arvind’s domestic Textile business.3.US market presents mixed signals; strong GDP growth, improving consumer confidence and rising disposable incomes are positiveindicators, although higher interest rates and inflation could weigh in on demand in the coming quarters.4.EU apparel market is stabilizing, with improving conditions for major retailers and brands. The India-EU FTA is expected to provide an additional tailwind for exporters such as Arvind.Business1.Advanced Materials India business is strong, higher demand is driven by industrial capex, infrastructure, mobility and specialtyapplications. Expected to achieve ~18% revenue and EBITDA growth with a stable margin of 14-15%2.Dalco integration assumed full steam, capex programs are preponed to foster higher growth, margin to remain stable at 15-16%.3.Textile segment is expected to achieve early double digit revenue growth, while margin may remain at current levels due to elevated cost scenario. 4.The operating environment continues to be challenged by persistent raw material cost escalation, nevertheless the Company remains focused on executing its mitigation measures effectively, which are expected to partly offset these pressures and support margin resilience.Capital Allocation1.All ongoing capex programs are on track, expected to cross ₹500 Cr in full year FY27. Outlook for Q3 FY27
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Thank you!