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INVESTOR PRESENTATION Q2 & H1 FY27, OCT 2026
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2 Disclaimer This presentation and the accompanying slides (the “Presentation”), have been prepared by Aditya Vision Limited (the “Company”) solely for information purposes and do not constitute any offer, recommendation, or invitation to purchase or subscribe for any securities and shall not form the basis or be relied on in connection with any contract or binding commitment whatsoever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company. Certain statements in this presentation concerning our future growth prospects are forward-looking statements that involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The Risk and uncertainties relating to the statements include but are not limited to, risks and uncertainties regarding fiscal policy, competition, inflationary pressures, climate and general economic conditions affecting demand/supply and price conditions in domestic and international markets. The Company does not undertake to update any forward-looking statement that may be made from time to time by or on behalf of the Company. This Presentation has been prepared by the Company based on information and data which the Company considers reliable. This Presentation may not be all-inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded. The Company does not make any promise to update/provide such a presentation along with results to be declared in the coming quarters and years.
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Delivering a Record Q2 Performance • Achieved best ever Q2 performance with revenue growth of 28% YoY, EBITDA margins expanding to 7.8% and PAT rising 45% YoY, reflecting strong growth and improving profitability. Strengthening Core-Market Momentum • SSSG rebounded to 18% in H1FY27, reflecting sustained momentum across core markets, supported by deeper market penetration and stronger customer traction. Building a Diversified State Mix • Expanded to 214 stores, with a diversified H1 revenue mix led by Bihar (72%), followed by Uttar Pradesh (16%), Jharkhand (11%) and Chhattisgarh (1%). Accelerating Geographic Expansion • Entered 3 new states within six months - Chhattisgarh, Madhya Pradesh and West Bengal accelerating geographic expansion ahead of guidance. 4 Mr. Yashovardhan Sinha Chairman & Managing Director Q2 & H1 FY27: Robust Execution Execution-Led Growth
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5Source: Media Sources – Goodreturns, NewsX, The Print, IBTimes India, NDTV Bihar floods, essentials inflation and fuel uncertainty squeezed discretionary spending in Q2; durables makers lined up another price hike before Diwali 2 Staples Inflation Rising food prices pushed households to save, squeezing discretionary spends on durables Real Bharat, Real Challenges Q2 FY27: Macro factors impacting discretionary spending 4 Durables Price Hikes Another industry-wide price hike of 2026 ahead of the festive season led buyers to defer purchases 3 War & LPG Price Hikes Fuel worries and costlier cooking gas made households hold on to cash 1 Bihar Floods & Cyclone Floods across 15 districts disrupted footfalls and rural incomes in our core market
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6 (Rs. Cr) Q2FY27 35 46 Q2FY26 Q2FY27 31.6% 17 24 Q2FY26 Q2FY27 45.3% 13 18 Q2FY26 Q2FY27 45.2% 458 586 Q2FY26 Q2FY27 28.1% H1FY27 124 170 H1FY26 H1FY27 36.8% 90 127 H1FY26 H1FY27 41.1% 41.0% 1,398 1,779 H1FY26 H1FY27 27.3% 68 96 H1FY26 H1FY27 7.6% 7.8% 3.7% 4.1% 2.8% 3.2%M a r g i n s 8.9% 9.6% 6.4% 7.1% 4.9% 5.4%M a r g i n s R e v e n u e E B I T D A P B T P A T Financials: Consistent Compounding Gaining market share
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7 (Rs. Cr) H1 FY27 Operational Performance H1FY27 S A M E S T O R E S A L E S G R O W T H ( % ) B I L L C U T S ( N o s . i n ‘ 0 0 0 ) A V E R A G E S E L L I N G P R I C E ( R s . ) 620 724 H1FY26 H1FY27 16.8% 22,724 24,272 H1FY26 H1FY27 2%* 18% H1FY26 H1FY27 H1FY27 6.8% P R O D U C T M I X ( % ) 61% 60% 21% 23% 18% 17% H1FY26 H1FY27 Large Appliances Digital Gadgets Small & Other Appliances S T O R E C O U N T ( N o s . ) 188 214 H1FY26 H1FY27 13.8% R E T A I L F O O T P R I N T ( S q . F t . ) 8,03,625 9,51,000 H1FY26 H1FY27 18.3% *SSSG in H1FY26 was impacted by unseasonal rainfall.
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8 Q2 & H1 FY27 Financial Performance Particulars (Rs. Cr) Q2FY27 Q2FY26 YoY% H1FY27 H1FY26 YoY% Revenue from Operations 586 458 28.1% 1,779 1,398 27.3% COGS 491 389 26.3% 1,491 1,185 25.9% Gross Profit 96 69 38.8% 287 213 34.9% Gross Margin % 16.3% 15.1% 125 bps 16.2% 15.2% 91 bps Other Expenses 50 34 46.0% 117 89 32.3% EBITDA 46 35 31.6% 170 124 36.8% EBITDA Margin % 7.8% 7.6% 21 bps 9.6% 8.9% 66 bps Depreciation 13 10 29.6% 26 20 32.0% Profit Before Interest & Tax 32 24 32.5% 144 105 37.6% Interest 10 10 4.7% 22 19 16.1% Other Income 2 2 4.6% 4 4 13.9% Profit Before Tax 24 17 45.3% 127 90 41.1% Tax 6 4 45.5% 31 22 41.4% Net Profit 18 13 45.2% 96 68 41.0% PAT Margin (%) 3.2% 2.8% 37 bps 5.4% 4.9% 52 bps Diluted Earnings Per Share (Rs) 1.43 0.98 45.9% 7.41 5.25 41.1%
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9 Particulars (Rs. Cr) Sept-26 Mar-26 Equity (a) Equity Share Capital 13 13 (b) Other Equity 755 676 Total Equity 768 688 Non-current Liabilities (a) Borrowing - - (b) Lease Liability 240 214 Other Non-Current Liabilities - - Deferred Tax Liabilities (Net) - - Total Non-Current Liabilities 240 214 Current Liabilities (a) Borrowings 293 331 (b) Lease Liabilities 42 28 (c) Trade Payables 171 196 (d) Other Financial Liabilities 6 4 Provisions 0 2 Other current liabilities 4 8 Current Tax Liabilities 9 - Total Current Liabilities 525 569 Total Equity and Liabilities 1,533 1,471 Balance Sheet Particulars (Rs. Cr) Sept-26 Mar-26 Non-Current Asset Property, Plant and Equipment 136 131 Capital Work in Progress 7 6 ROU 230 195 Financial Assets (a)Investments - - (b) Other Financial Assets 48 46 Other Non-Current Assets 5 5 Deferred Tax Assets (net) 9 9 Total Non-Current Asset 435 392 Current Assets Inventories 865 840 Financial Assets (a) Trade Receivables 0 - (b) Cash and Cash Equivalents 147 129 (c)Loans 0 - (d) Other financial assets - - Other current assets 85 109 Total Current Assets 1,097 1,079 Total Assets 1,533 1,471
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10 Cash Flow Statement Particulars (Rs. Cr) Sept-26 Sept-25 Net Profit before tax 127 90 Adjustments for: Add : Depreciation 26 20 Add : Interest Expenses 17 15 Add : Shared based payment expenses - (1) Add : Asset Written off - - Less: Investment Income - - Adjustments For Working Capital Movements : (28) 32 Cash Generated From Operations 142 156 Direct Taxes (Paid) /adjusted (23) (20) Net Cash flow From Operating Activities (A) 119 136 Cash Flow From Investing Activities (B) (36) (23) Cash Flow From Financing Activities (C) (91) (119) Net Increase in Cash & Cash Equivalents (A+B+C) (8) (7) Cash & Cash Equivalent At The Beginning Of The Year 30 26 Cash & Cash Equivalent At The End Of The Year 23 19
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The Hindi Heartland Playbook to cover 45% of India's population State-by-State Conquest 11 Six states collectively account for ~45% of India’s population Bihar: 13 Cr Uttar Pradesh: 24 Cr Jharkhand: 4 Cr Chhattisgarh: 3 Cr Madhya Pradesh: 9 Cr West Bengal: 10 Cr 214 Stores Across 4 States | Zero Store Closure since Inception Till FY21 FY22 FY23 FY26 Madhya Pradesh & West Bengal Entered Bihar Founding state Jharkhand Entered FY22 Uttar Pradesh Entered FY23 Chhattisgarh Entered FY26 FY27 (In 32 cities; 32Districts covered out of 75 Districts) (Present in 71 cities in all 38 districts) (In 25 cities; 22 Districts covered out of 24 Districts) (In 4 cities; 3 Districts covered out of 33 Districts) 120 STORES 33 STORES 56 STORES 5 STORES
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13 Aditya Vision at a Glance Patna Headquarters 214 Showrooms As on 30th Sep 4,445 Avg store size (sq ft) ~9.5 Lakh Sq ft Retail footprint as of Q2 FY27 Cooktops Soundbars Home Theatres Microwaves Chimneys Mobile Phones & Tablets Cameras Air Conditioners Washing Machines Refrigerators Televisions Largest Electronic Retailer in Jharkhand 50%+ Mkt Share In Bihar as per Crisil Report 1st Consumer Electronics Retailer To be listed 100+ Long Term Relationships with OEMs 100% Retail Sales 2016 Listed on BSE 2024 Listed on NSE
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14 Aditya Vision – Sambandh Bharose ka 10 years Revenue CAGR: 27% FY22-26 Revenue CAGR: 31% 240 362 444 564 797 748 899 1,322 1,743 2,260 2,672 1 14 19 28 38 43 64 79 105 145 175 207* FY99 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY 1999: Established 1st store in Patna, Bihar FY 2014: Initiated Expansion outside Patna FY 2016: 1st Consumer Electronics Company to be listed on Exchange FY 2019: Revenues INR 500+ Cr FY 2021: Established Market Dominance in Bihar - 50%+ Market Share FY 2022: Started expanding in Jharkhand FY 2023: Started expanding in UP; Became the largest organized player in Jharkhand in one year FY 2024: First fund raise after IPO from the one of the World’s largest FII – Capital Group Opened 18 stores in UP in one year, Crossed 100 stores in Bihar Inception to IPO Scaling Up in Bihar Accelerating Growth Trajectory FY 2025: Listed on NSE, Started expanding in Central UP FY 2026: Started expanding in Western UP & Chhattisgarh *214 Stores as on 30th September, 2026
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15 Unique Business Model • 85% Direct OEM Supply leading to higher margins • 15% Distributors/C&F Agents • Long-term relationships with 100+ brands • No private labels • Bihar - 120 stores • Jharkhand - 33 stores • Uttar Pradesh - 56 stores • Chhattisgarh – 5 stores • Aditya Seva - One- stop solution for after-sales services • Aditya Suraksha - Allows customers to enjoy an extended warranty • Customer Loyalty Reward Program - Buy & Win since 2012 • Low debt balance sheet • Operates on a cash - and-carry model • Efficient inventory management and high cash reserves OEM Supply Customer Service Strong Financial Management Expanding Footprint
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16 Store Unit Economics At A Glance Rs 80-90 lacs Average Capex per Store Rs 2.75 – 3.00 Cr Average Working Capital per Store Rs 1.11 Cr (in FY26) Productivity Per Employee* 214 Stores in Bihar + Jharkhand + UP + Chhattisgarh 6 - 12 months Average Store Level Break Even Rs 41,000+ Revenue Per Sq Ft for FY26** 13 - 15% Gross Margin Range 3 years Payback Period Rs 1,900+ Average PBT per Sq Ft for FY26*** *Computed for employees with at least 12 months of tenure **Computed based on gross sales for stores that have completed at least 12 months of operations as of March 31, 2026. Gross sales are inclusive of GST, which was revised during the year ***PBT is computed on average retail space of the company for FY26
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2X stores in Just 3 Years. Doubling in 3 Years – and why profitability will follow O u r S t o r e G r o w t h J o u r n e y FY99-FY23 | 24 YRS FY24-FY26 | JUST 3 YEARS +102 Stores added in FY24-FY26 (in just 3 years) OPEX IMPACT (SHORT TERM) New stores take ~3 years to mature YEAR 1 Setup & Ramp-up | Achieving breakeven YEAR 2 Growth Phase | Profitability improves YEAR 3 Path to Maturity | Profitability normalizes 105 40 30 32 207 FY99-FY23 FY24 FY25 FY26 FY26 Total Increase Decrease Total 17
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35 64 77 105 117 68 96 3.9% 4.9% 4.4% 4.7% 4.4% 4.9% 5.4% FY22 FY23 FY24 FY25 FY26 H1FY26 H1FY27 PAT Margins 19 Historical Financial Highlights 1.5 1.4 0.2 0.7 0.3 0.4 FY22 FY23 FY24 FY25 FY26 H1FY27 Net Debt to EBITDA (x) 1.6 1.4 0.1 0.2 0.1 0.2 FY22 FY23 FY24 FY25 FY26 H1FY27 Net Debt to Equity (x) (Rs. in Cr) 899 1,322 1,743 2,260 2,672 1,398 1,779 FY22 FY23 FY24 FY25 FY26 H1FY26 H1FY27 83 133 167 204 228 124 170 9.2% 10.1% 9.6% 9.0% 8.5% 8.9% 9.6% FY22 FY23 FY24 FY25 FY26 H1FY26H1FY27 EBITDA Margins EBITDA & EBITDA Margins PAT & PAT MarginsRevenue CAGR: 31% 27% CAGR: 29% 37% CAGR: 35% 41%
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20 Historical Annual Financials and Operational Performance **FY22 was Pandemic year *Receivable Days are less than 0 since the Company has negligible Trade Receivables **Payables & Inventory Days is calculated based on Purchases and Cost of Goods Sold respectively 320 433 588 750 914 951 FY22 FY23 FY24 FY25 FY26 H1FY27 Retail Footprint (Sq ft in ‘000) CAGR: 30% 429 617 787 1001 1190 724 FY22 FY23 FY24 FY25 FY26 H1FY27 Bill Cuts (Nos. in ‘000) CAGR: 29% 20,173 21,156 22,150 21,894 22,088 24,272 FY22 FY23 FY24 FY25 FY26 H1FY27 Average Selling Price (Rs.) CAGR: 2% Payable Days** 45 17 13 18 26 22 FY22 FY23 FY24 FY25 FY26 H1FY27 98 83 91 108 124 104 FY22 FY23 FY24 FY25 FY26 H1FY27 Inventory Days** 53 66 77 91 98 82 FY22 FY23 FY24 FY25 FY26 H1FY27 Working Capital Days
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Here Here
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➢ According to the CMS consumption Report 2025, average monthly spending on consumer durables soared by 72% in FY25 ➢ Increasing financing options and no cost EMIs helping to boost consumption ➢ Rising temperatures to have a significant impact on the growth of the consumer durables market, particularly the room Acs and Refrigerators ➢ Increasing smart appliances adoption in youths and urban areas supporting premiumization Increased household spending on consumer durables over the years Source: F&S, CRISIL Research, MoSPI 27% 22% 15% 14% 13% 6% 3% APAC China Europe Middle East & Africa North America LATAM India Global Consumer Durables Market Penetration (CY25E - Market Size – $1.29 Tn) India's consumer durable penetration of 3% significantly lower than other countries 22 Powering India's Retail Surge: Driving Consumer Spending Growth 2.6% 3.7% 6.6% 3.6% 4.3% 7.0% 1999-2000 2009-2010 2024-2025(E) Rural Urban% of Monthly Per Capita Consumption Expenditure on Consumer Durables Source: Media Source – Times of India Indian Consumer Durables & IT Market (Rs Bn) 4,606 7,856 8,397 13,737 FY19 FY24 FY25 FY30P CAGR 11.3% CAGR 10.3% Source: The Knowledge Company
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23 Low Penetration and Rising premiumization is in favor of AVL Penetration in India (%) Demand for Fully Automated WMs and Washer Dryers continuously rising 4-star and 5-star Acs with 2 tons capacity higher in demand Frost Free Refrigerators & French door/SBS capacity demand on the rise Premium and Mid-tier products growing in the Home Entertainment Market ➢ Premium products are associated with quality, and physical stores help enhancing the perception of a brand by providing a tangible, luxurious environment ➢ Personalized and high-touch customer experience that brick-and-mortar stores excel at providing ➢ Good after sale service plays a major role while buying a high-ticket item Source: CRISIL Research, Technopak report, LG DRHP Air Conditioner Refrigerator Washing Machine Television Water Purifier 50% 31% 27% 32% 23% 38% CY24 CY29 (P) Base (%) Mid-Tier (%) Premium (%)2 57% 44% 31% 35% 12% 21% CY24 CY29 (P) Base (%) Mid-Tier (%) Premium (%) 55% 33% 30% 37% 15% 30% CY24 CY29 (P) Base (%) Mid-Tier (%) Premium (%) ~250 (In INR Bn) (In INR Bn) (In INR Bn)(In INR Bn) ~640 ~220 ~340 ~305 ~570 56% 45% 29% 33% 15% 22% CY24 CY29 (P) Base (%) Mid-Tier (%) Premium (%) ~895 ~1,725 ~13% ~6%~20%~43% ~58% ~19-20% Current FY31(P) ~47-49% ~25-27% ~65-67% ~8-10%
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24 Shift from Unorganised to Organised: Aditya Vision is well positioned to benefit Consumer Durables & IT Market – Organised Outpacing Overall Market (Rs Trn) 4.09 7.50 4.31 6.24 FY25 FY30P Organised Unorganised Organised CAGR 12.9% vs total 10.3% Organised Retail – Brick & Mortar vs E-Retail (Rs Trn) 4.1 9.1 10.3 20.1 2.2 7.1 8.6 17.9 FY19 FY24 FY25 FY30P Brick & Mortar E-Retail B&M ~55% of organised retail (FY25) Rapid Shift from Unorganised to Organised in India’s Consumer Durables & IT Market 32.0% 48.7% 54.6% 68.0% 51.3% 45.4% Organised Unorganised FY30PFY19 FY25 ➢ Established reputation and reliability influence customers preferences ➢ Deeper and Strong relations with OEMs ensures low cost purchasing and higher margins ➢ Diverse and latest Product offering ensures strong footfall Source: The Knowledge Company Research
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25 Hindi Heartland– Engine for Aditya Vision’s Sustainable Growth • Largest state population with ~24Cr accounting for ~17% of India’s population • India’s 3rd largest economy - with Rs. 30.8 Lakh Crore - Gross State Domestic Product in FY26 • Outstanding bank credit reached Rs. 11.74 lakh crore in FY26, up 11.1% YoY from Rs. 10.57 lakh crore in FY25. • Targeting to reach $1 trillion economy by 2027 • 3rd largest contributor to GST collections in June’26 with Rs. 7,572 crore in revenue • Installed power capacity grew to 39+GW (2025-26) • Bihar is 9% of India’s Population at 13.07cr; second largest in India population wise • Rs. 11,743 Cr - Budget of Department of Urban Development & Housing • In the recent Union Budget, govt announced Rs. 58,900cr allocation for Bihar’s development focusing on infrastructure • Per capita income increased to Rs. 84,136 in FY26, up 10.0% YoY. • Rs. 10.97 Lakh Cr - Gross State Domestic Product (FY26 Budget Estimate) • Cumulative FDI inflows of US$2.8 bn (as of Mar 2026) • Jharkhand’s per capita income increased to Rs. 1,25,248 in FY26 from Rs. 78,660 in 2021-22 • Rs. 5.56 Lakh Cr gross state domestic product (FY26E) • 3.9 GW total installed power generation capacity (as of Jan 2026) • ~10.1 Cr population: 4th most populous state, ~7% of India’s population • Rs. 19.91 Lakh Cr GSDP in FY26 (RE); Rs. 21.48 Lakh Cr budgeted for FY27 • Per capita GSDP Rs. 1,98,451 in FY26, up 9% YoY • Capital outlay of Rs. 40,930 Cr in FY27 budget, up 55% from FY26 • ~9.0 Cr population: ~6% of India’s population • Rs. 16.69 Lakh Cr GSDP in FY26, up 11.1% YoY (real growth 8.0%) • Per capita income Rs. 1,69,050 in FY26, up from Rs. 38,497 in 2011-12 UTTAR PRADESH BIHAR JHARKHAND WEST BENGALMADHYA PRADESHCHHATTISGARH • ~3.1 Cr population • Rs. 6.35 Lakh Cr GSDP (FY26E); targeting Rs. 10 Lakh Cr by 2028 • Per capita income Rs. 1,79,279 in FY26E- fastest growing in Hindi belt • Rs. 3,00,000 Cr energy sector investment proposals (Energy Investors Summit 2025) India's fertility has fallen below the replacement rate (TFR: 1.9), while key growth states remain above replacement - Bihar (2.9), Uttar Pradesh (2.6), Madhya Pradesh (2.4), Chhattisgarh (2.2) and Jharkhand (2.1).
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26 Market Penetration & Opportunity in Hindi Heartland Source: www.statsofindia.in , Business Standard Note: The underlying data is from 2022. While absolute values have changed since, the percentage trends remain broadly in-line.
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27 Rising Prosperity in Underpenetrated Hindi Heartland Note: The underlying data is from 2022. While absolute values have changed since, the percentage trends remain broadly in-line.
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28 Electricity Consumption Growth In Hindi Heartland States to Outpace Other States FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY28 (P) Uttar Pradesh Madhya Pradesh Chhattisgarh Bihar Jharkhand Maharashtra Gujarat West Bengal ~3.9x ~2.8x ~2.3x ~2.3x ~1.4x Source: Central Electricity Authority, MoSPI; Ministry of Power – Press Release *The starting point for all the states has been indexed to100 ~1.6x ~2.1x ~1.8x
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30 Our Trade Partners ~53% Sales Financed in FY26 Our Consumer Finance Partners
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31 Board of Directors Yashovardhan Sinha Chairman & Managing Director • Promoter, Chairman and Managing Director • Has a wealth of experience in Consumer Electronics Retail and Banking • Responsible for the overall growth and advancement of the venture as well as key decisions • Member of the Board since 31st March 2009 and Managing Director since 16th May 2016 Nishant Prabhakar Whole Time Director • Promoter and Whole-time Director with 20+ years of experience in Consumer Electronics Retail • Responsible for operations of the Company and expanding the consumer electronics product base • Board Member since 1st April 2005 and Whole Time Director since 22nd September 2016 Yosham Vardhan Whole Time Director • Promoter and Whole-time Director with 5+ years of experience in Consumer Electronics Retail • Responsible for developing and executing the company’s business strategy as well as Investor Relations • 9+ years of experience as a cross-border lawyer in leading law firms advising on Mergers & Acquisitions and Private Equity transactions Sunita Sinha Non-Executive Director • Founder, Promoter and Non-Executive Director • Responsible for operations and managing customer relationship • Member of the Board since incorporation of the Company • Promoter and Non- Executive Director • Seasoned legal professional with LLB and LLM from the University of Nottingham, UK with expertise in Corporate law and Legal Advisory with leading law firms • Leads legal strategy and digital marketing initiatives across Content, Social media, and E-commerce Rashi Vardhan Non-Executive Director
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32 Independent Directors • 45+ years of experience in the Indian Consumer Durables and Electronics Industry • Superannuated after 19 yrs from Samsung India Pvt Ltd • Worked with LG Electronics India Pvt. Ltd. & with Havells India Limited; Ravinder Zutshi Independent Director • 35+ years at UCO Bank in various capacities including General Manager and various other capacities across the country • Worked as Chief Vigilance Officer for National Housing Bank, IFCI Ltd. & Oriental Bank of Commerce Atul Sinha Independent Director • Qualified professional having CS and LLB degrees • Advise management on corporate issues with respect to the Companies Act, SEBI (LODR), SEBI (SAST), and Foreign Exchange Management Act Rahul Kumar Independent Director • Managing Director at Dentons Link Legal, leading international law firm • 3 decades of experience as a practicing Corporate Lawyer in Cross- border transactions and Dispute Resolution Nusrat Syed Hassan Independent Director ` • Highly qualified professional & Member of the ICAI ; Is in whole time practice at Agiwal & Company since 2014 • Works in corporate and non-corporate Direct & Indirect Tax, Financial Management & Bank Audits Apeksha Agiwal Independent Director
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