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INVESTOR NOVEMBER 2026 N\ ZARK Sprandt
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SAFE HARBOR STATEMENT This presentation was prepared by REDTAPE LIMITED with its registered office in Noida, Uttar Pradesh, India under its brand name REDTAPE'. Its purpose is to present selected data concerning the brand, RedTape. The presentation is for information purposes only and does not constitute a complete analysis of the financial situation of the Group. The data contained in the Presentation are valid as at the date of its preparation, so the Presentation will not be subject to change, update or modification in order to present changes occurring after that date. The Presentation should not be treated as investment advice, recommendation, offer to buy or sell any securities or financial instruments or participation in any commercial undertaking of RedTape. The Presentation was prepared with due diligence, however, the Brand does not guarantee the accuracy and completeness of the information contained therein, | particular in the event that the materials on which it was based turn out to be incomplete or do not fully reflect the actual state of affairs. RedTape recommends that any person intending to make an investment decision regarding any financial instruments of the Brand should rely on the information disclosed in official reports of REDTAPE LIMITED prepared and published in accordance with the applicable laws, which are a reliable source of data concerning the Group. RedTape and members of its bodies, as well as employees and associates and advisors participating in the preparation of the Presentation or any entity of the Group are not responsible for the consequences of decisions taken on the basis of or based on the information contained in the Presentation or resulting from its content or for its any use. Moreover, the Presentation does not constitute any statement of any of the above mentioned persons. The Presentation and descriptions contained therein may contain forward- looking statements, including statements regarding expected financial results, but they cannot be treated as forecasts of financial results. The forward-looking statements contained in the Presentation are burdened with a number of known and unknown risks, uncertainties and other factors (also beyond the control of RedTape), which may cause the actual results, level of activity or achievements of the Group significantly differ from the statements indicated in the Presentation, including the expected financial results described in the Presentation. 2 REDTAPE LIMITED
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ABOUT RedTape was conceptualised in London in 1994, rooted in a leather heritage that traces back to Mirza Tanners, founded in 1979. The brand was launched in India in 1996 and in over three decades, it made a deliberate pivot: away from leather footwear and toward a branded, non-leather lifestyle business built for the Indian consumer. That strategic choice has since been validated by the market. In August 2023, RedTape completed its demerger from Mirza International and listed independently on BSE and NSE, with the branded business now generating 2,000+ Cr in revenue. Today, RedTape operates five brands across three categories — footwear, apparel and accessories — sold across 330 Indian cities, presence in over 10 international markets, and on India’s leading online marketplaces, all on a single shared sourcing and distribution platform. Since 1996 X2,415Cr 5 brands 10+ countries | ~17-4 lakh sq ft #2
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REDTAPE BUILDING BLOCKS OF THE BUSINESS Three categories, five brands, multi-channel — one shared sourcing and distribution platform. CATEGORIES — Q2 FY27 63% Footwear Casuals, formals, semi-formals, sports, outdoor. 30+ year heritage. 32% Apparel T-shirts, shirts, denim, joggers, activewear. ~20-year build. 5% Accessories Emerging segment. Backpacks, sunglasses, luggage, grooming. 4 REDTAPE LIMITED BRANDS — W = 0ZARK L= _ _ randi REOTAFPE MODE sonD sTme=T — REDTAPE — \_/ RedTape Mode Bond Street Ozark Sprandi Core mainstream Premium men's Heritage casual Outdoor & Sportswear lifestyle & women's adventure To be launched in November end CHANNELS Exclusive Showroom Exclusive Mega -@ Shop-in-Shop Showroom (Online) (Offline) E-commerce pe.) Marketplaces & Factory Shop %@ Sports Outlet Own Website a
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THE BRAND PORTFOLIO Each brand has a defined role in the portfolio; all sit on a single operating platform. ) —a RedTape REOTAPE Mode Premium men's & women’s apparel Bond Street Core mainstream lifestyle MODE Casual Price band Mid-premium Price band Mid-premium Price band Mid-premium Category Footwear + Apparel Category Apparel Category Footwear Portfolio role Anchor brand Portfolio role Emerging Portfolio role Scaling Ozark Sprandi The shared platform OZARK | | % @ — REDTAPE — Outdoor & adventure Sportswear New brands are launched as additional badges on the same operating system, rather than as standalone businesses. Price band Mid-premium Price band Mid-premium Common sour: Category Footwear (Outdoor & Trekking) Category Sports and Casual Portfolio role Scaling Portfolio role Proposed to be launched in November end 5 REDTAPE LIMITED Common merchandising
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BOARD OF Chairman Whole Time Director Whole Time Director Chief Financial Officer Independent Director Independent Director Independent Director Independent Director Company Secretary & Compliance Officer
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KEY MILESTONES L 4 — ’ ) 1 Awarded Top FlipStar — By Flipkart Awarded Top New Brand first launched a R Best Partner Casual Brand’s first exclusive Amazon Seller - By 480+ stores with revenue . 1t store in Pitampura, ) N i A in London Delhi, India Footwear - recognised by store in Dubai, Ibn mazon of INR 2,000+ Cr ° ’ T Myntra o Battuta . * Demerger a‘)pointed date ° 1994 2001 2012 2020 2022 2025 RedTape brand Launched Apparel and * 2015: Bond Street brand * Brand’s first store in Sri Lanka NCLT sanction * Poised to become a launched in India Accessories launched « Listed amongst top footwear (Allahabad) disruptor in the * Men's Athleisure launched brands as per market reports lifestyle industry « Best Men's Lifestyle Footwear * Biggest store in Zirakpur, Punjab * Acquisition of Brand — recognised by Myntra with retail area of 10,100 sq.ft. Sprandi * Brand's First Exclusive store * RedTape Limited incorporated outside India - Nepal What the demerger separated What RedTape is today The branded consumer business was carved into RedTape Limited; the leather exports A consumer-facing branded lifestyle business — footwear-led, multi-category, sold across an business was retained at Mirza International. Both companies are listed and operate owned and franchise-managed retail network of 756 stores, complemented by e-commerce that independently. contributes around 31% of revenue in Q2 FY27. 7 REDTAPE LIMITED
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WHO THE CONSUMER IS Mid-priced lifestyle for the Indian aspirational consumer — across men, women and kids, weighted toward Tier-1 and Tier-2 with active Tier-3 expansion. DEMOGRAPHIC Men Primary segment — anchor of footwear and apparel ranges Women Active expansion through Mode, sunglasses, and women's footwear and apparel Kids Selective range — extends the family-fashion footprint 8 REDTAPE LIMITED GEOGRAPHY Tier-1 Metros and large cities — flagship store density Tier-2 Active expansion in newer state capitals and emerging cities Tier-3 Reached through exclusive brand outlets PRICE BAND Footwear entry X500-%1,500: flip-flops, casuals, basics Footwear core %1,500-%3,000: casuals, sneakers, sports Apparel core 500-%2,500: T-shirts, denim, sweatshirts, occasion wear Wardrobe occasion served Casual everyday Semi-formal Occasion-wear (selected) Athleisure Outdoor performance
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REACHING THE CONSUMER — MULTI-CHANNEL, ONE BRAND Channel Exclusive Showroom (Offline) Exclusive Mega Showroom (Online) Shop-in-Shop Factory Shop Sports Outlet E-commerce Network of EBOs across Tier-1, 2 and 3 cities, around 1500- 2000 sq. ft. Large outlets around 4400 sq. ft. Shelves in larger stores to primarily test markets prior to opening EBOs Limited count; sharp value-led format Performance-led format ~31% of revenue in Q2 FY27 Primary brand-experience anchor; majority franchise- managed (FOFO) Full-assortment store; hero- category windows Catchment extension at lower fixed cost Carry-forward stock at value pricing; protects full-price channels Showecase for selected footwear range Marketplaces (Flipkart, Myntra, Ajio) plus own website redtape.com, and quick commerce like Zepto 9 REDTAPE LIMITED
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EXPANDING GLOBAL FOOTPRINT: 1994-2026 A balanced mix of owned retail, franchise-managed retail, and digital > Since inception in 1994, RedTape has grown from a single-store presence to a global network of stores by 2026. » Our footprint now spans across the UK, UAE, Bangladesh, Bhutan, Sri Lanka, Maldives, Singapore, Australia, Seychelles, Turkiye, among others Exclusive Exclusive Sports | Factory | Shopin Total Mega | Showroom Outlet Shop Shop Showroom (Offline) (s1s) (Online) Store count # 299 305 3 12 137 756 Cities # 163 233 3 10 63 369 756 369 20+4 10+ Total Stores Cities States + Union Export (lakhs sq. ft.) in India Territories Markets 12.8 4.3 0.02 0.3 = 17.4 10 REDTAPE LIMITED
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SEGMENTAL AND CHANNEL-LEVEL PERFORMANCE Footwear, retail EBOs and RedTape led Q2 FY27 revenue. Footwear leads the mix CATEGORY MIX — CHANNEL MIX — BRAND MIX — Footwear contributed 63% of Q2 FY27 Q2 FY27 (%) Q2 FY27 (%) Q2 FY27 (%) revenue, followed by apparel at 32% and accessories at 5%. 1% 1% % Digital mix rebounds to 31% Digital mix rebounded to 31% in Q2 FY27 from 22% in Q1 FY27. Own website RedTape.com posted record sales of INR 31.9 Cr., up 712% YoY versus 95% Q2 FY26. — RedTape m Mode + Bond Street Brand mix remains RedTape-led mFootwear M Apparel M Accessories mRetail EBO W E-commerce* m Others** m0zark Other RedTape contributed 95% of Q2 FY27 revenue. Mode + Bond Street accounted for 1%, Ozark for 3%, and other brands for 1%. Footwear Apparel Accessories Total Revenue Q2 FY27 (INR Cr.) Note: Category revenue figures may not sum to the displayed total due to rounding. 300.46 150.09 23.75 474.30 1 REDTAPE LIMITED *E-commerce in channel mix includes B2C and a portion of B2B sales to marketplaces | **Others includes revenue from distribution channels
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UNIT ECONOMICS Capital-light retail model, vendor-partner sourcing, improving sales density. OPERATING MODEL — THREE BUILDING BLOCKS Capital-light retail * Approximately two-thirds of the store network is franchise-managed (FOFO) on a fixed margin to the franchisee, with the company retaining inventory ownership and GST billing. * New store additions are weighted toward this model — capex is meaningfully lower than a pure COCO build-out at the same pace of expansion. 12 REDTAPE LIMITED Vendor-partner sourcing * Footwear and apparel are sourced primarily through vendor partners, with the company controlling design, merchandising and brand standards. * This compresses working-capital intensity, accelerates time-to-market and keeps fixed-asset intensity low relative to a vertically integrated manufacturer. Gross-margin discipline * Gross margin over the last three years has been in the 45% range * The margins are supported by a mix of brand-led pricing and disciplined markdown control through the factory-shop channel.
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FINANCIAL PERFORMANCE Multi-year revenue, EBITDA and PAT trajectory Revenue (X Cr) 2000 1500 1000 500 2,415 2,018 1,838 19.0 19.9 17.3 9.6 955 8.5 86 FY24 FY25 FY26 H1FY27 ~———EBITDA Margin % ——PAT Margin % 13 REDTAPE LIMITED 25 20 15 10 Overall Business Momentum FY26 revenue grew 19.6% to X2,415 Cr; EBITDA margin expanded 150 bps to 19.0%, and PAT margin rose 110 bps to 9.6%. H1 FY27 revenue was X955 Cr, with EBITDA and PAT margins at 19.9% and 8.6%.
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CORE GROWTH One Experience Penetration through a strategic mix of retail outlets, and a strong e-commerce presence. Ensuring maximum accessibility to our diverse customer base. Access to millions of customers built upon a legacy of quality, style, and affordability. Leveraging our established reputation to foster deep customer loyalty and drive repeat purchases. Catering to diverse needs across footwear (formal, casual, sports) and apparel. This ensures market relevance and reduces reliance on any single category, driving market share growth. Product innovation, direct acquisition, onboarding of new design trends. Utilizing cutting- edge materials and footwear technology (e.g., eTPU outsoles, Dial Lace-up Technology) to offer superior comfort and style. Family-owned professionally-led business by visionary management ensuring a unified approach and quick execution of strategic goals.
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WHY LOOK AT REDTAPE NOW Independent listed lifestyle business with a clean structure Demerged from Mirza International and listed on BSE and NSE since August 2023, the business operates with its own retail footprint, brand house, capital structure and forward agenda. Distribution and brand house with measurable runway Operates 756 stores in 369 cities, with active Tier-2 and Tier-3 build-out. Five brands on a single operating platform — RedTape, Mode, Bond Street, Ozark, with newer labels still in early innings. Multi-year revenue & operating leverage now visible Revenue grew at almost 20% with EBITDA & PAT margins showing traction. Three-year revenue CAGR for FY 26 is at 18.3%. Momentum expected to continue in the future. Conservative capital structure with promoter alighment Promoter holding ~72% with active involvement in the business, ably supported by a professional management team. Growth funded primarily through internal accruals. Dividend track record maintained since listing. An independent, listed, branded lifestyle business with a national retail footprint and operating leverage now visible in the numbers. 15 REDTAPE LIMITED
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Q2 FY27 & H1 FY27 Update
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' KEY HIGHLIGHTS — Q2 FY27 & H1 FY27 Q2 FY27 X474 Cr X36Cr Revenue PAT Decline of 3.5% YoY PAT Margin 7.5% H1FY27 X955 Cr X83Cr Revenue PAT YoY Growth remained flat PAT Margin 8.6% 45.4% Gross Margin Growth of 752 bps X0.64 EPS 18.9% EBITDA Margin Growth of 204 bps 54 New Store addition 46.5% Gross Margin Growth of 494 bps X1.49 EPS 19.9% EBITDA Margin All figures Ind AS basis. EBITDA includes other income 17 REDTAPE LIMITED Growth of 220 bps 87 Net Store addition YTD
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MANAGEMENT COMMENTARY Our focus continues to be on building RedTape into a stronger, more diversified and consistently profitable consumer brand. Q2 FY27 was a seasonally softer quarter, further influenced by a shift in the promotional calendar. With Big Billion Days moving from September last year to October this year, a portion of the sales that would otherwise have been reflected in Q2 moved into Q3. Despite the softer revenue base, we maintained healthy margins and delivered strong profitability, reflecting the resilience of our operating model and continued discipline across the business. We are also making steady progress in strengthening RedTape across channels. Our retail network continues to expand, our online contribution has returned to more normalized levels, and RedTape.com is scaling rapidly as our own digital channel. Together, these are helping us build a more balanced omnichannel presence and deepen the brand’s reach with consumers. As we enter the seasonally stronger second half, supported by the festive and winter periods, we remain focused on the fundamentals that will drive the business over the long term: strengthening the brand, expanding our consumer reach, maintaining profitability discipline and building sustainable growth across channels.” Mr. Shuja Mirza Managing Director 18 REDTAPE LIMITED
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KEY BUSINESS HIGHLIGHTS — Q2 FY 27 19 Revenue impacted by shift in Big Billion Days timing With Big Billion Days shifting from September last year to October this year, associated sales moved from Q2 into Q3, impacting reported revenue for the quarter. Digital contribution returns to normalized levels Online mix increased to ~31% in Q2 FY27 from ~22% in Q1 FY27, returning broadly to the historical level of ~30%. RedTape.com continues to scale rapidly Sales through the Company’s own website grew 712% YoY, strengthening RedTape.com as an increasingly meaningful part of the digital ecosystem. Retail network expansion continues Added 49 EBOs and 5 shop-in-shops during Q2 FY27, further expanding the brand’s physical consumer reach. Omnichannel presence strengthens across formats Continued expansion across RedTape.com, third-party marketplaces and physical retail, creating a more balanced channel mix and broader consumer access. REDTAPE LIMITED
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STANDALONE RESULTS Quarterly performance versus Q2 FY26 and versus Q1 FY27. Revenue from Operations -3.5% -1.3% 0.0% Gross Profit 216 186 15.7% 228 -5.6% 444 397 11.9% Gross Margin 45.4% 37.9% 752 bps 47.5% -208 bps 46.5% 41.6% 494 bps EBITDA 89 83 8.2% 101 -11.5% 190 169 12.4% EBITDA Margin (%) 18.9% 16.8% 204 bps 21.0% -217 bps 19.9% 17.7% 220 bps PAT 36 28 27.3% 47 -24.1% 83 67 22.7% PAT Margin (%) 7.5% 5.7% 182 bps 9.8% -226 bps 8.6% 7.0% 160 bps All figures Ind AS basis. EBITDA includes other income COMMENTARY * Q2 FY27 EBITDA grew 8.2% YoY despite a 3.5% revenue decline. Operating efficiencies and disciplined channel management supported profitability. * Gross margin improved 752 bps YoY to 45.4%, supporting EBITDA margin expansion to 18.9%. PAT grew 27.3% YoY to %36 Cr. * The shift in Big Billion Days from September to October moved associated sales from Q2 into Q3, weighing on quarterly revenue. 20 REDTAPE LIMITED
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CHANNEL PERFORMANCE —— Revenue for Q2FY27 (in INR Cr.) Revenue for H1 FY27 (in INR Cr.) For Q2FY27 Volume stood at 5.23 Mn ke 308 664 Gross addition of 86k sq. ft. in Q2FY27 g > 268 573 Q2FY26 Q2FY27 H1FY26 H1FY27 2% 2% E-commerce now contributes ~31% of the total revenue > 185 146 323 756 #2 footwear brand on . N Flipkart [5f | M\ Myntra Q2FY26 Q2FY27 H1FY26 H1FY27 m Others now contributes 4% of the total 2 D revenue g — > 38 o 20 58 - Q2FY26 Q2FY27 H1FY26 H1FY27 21 REDTAPE LIMITED
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OUTLOOK * RedTape remains focused on disciplined growth, supported by stronger execution across its retail and digital channels. * The Company will continue to drive operating efficiency, align e-commerce growth with profitability, and protect its consumer value proposition. * RedTape believes it is well positioned to navigate near-term demand volatility while continuing to strengthen its brand and operating model through FY27. 22 REDTAPE LIMITED
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SUMMARY BALANCE SHEET EQUITY AND LIABILITIES Equity Share Capital 111 111 Other Equity 881 914 Total Equity 992 1,025 Non-current Borrowings 5 14 Lease Liabilities (Ind AS 116) 317 294 Current Borrowings 459 371 Trade Payables 401 363 Total Liabilities 1,434 1,280 ASSETS Property, Plant & Equipment 475 445 Right-of-Use Assets 323 296 Inventories 1,290 1,150 Trade Receivables 117 209 Cash & Cash Equivalents 7 8 Total Assets 2,426 2,304 23 REDTAPE LIMITED
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DETAILED STAN DALONE P&L Revenue from Operations Other Income 14 36 15 29 79 Total Income 488 528 496 984 1,034 Cost of Materials / Goods 259 305 252 511 558 Gross Profit 216 186 228 444 397 Gross Margin (%) 45.4% 37.9% 47.5% 46.5% 41.6% Employee Benefits Expense 32 30 32 64 59 Other Expenses 108 110 111 219 247 EBITDA 89 83 101 190 169 EBITDA Margin (%) 18.9% 16.8% 21.0% 19.9% 17.7% Depreciation 26 22 24 49 43 Finance Costs 16 19 15 30 35 Profit Before Tax 48 42 63 111 92 Tax Expense 12 14 16 28 24 Profit After Tax 36 28 47 83 67 PAT Margin (%) 7.5% 5.7% 9.8% 8.6% 7.0% EPS (Basic, %) 0.64 0.51 0.85 1.49 1.22 Note : Financial numbers are rounded off 24 REDTAPE LIMITED
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DEMERGER SCHEME MECHANICS Reference disclosure on the scheme of arrangement between RedTape Limited and Mirza International Limited. Demerging Company Mirza International Limited Resulting Company RedTape Limited Appointed Date 1 January 2022 NCLT Order 21 February 2023 — Allahabad Bench Effective Date On filing of certified order with ROC Listing Date 11 August 2023 — BSE & NSE Share Exchange Ratio 1:1 — every Mirza shareholder received 1 RedTape equity share for every 1 Mirza share held Equity Allotted by RedTape 13.82 crore equity shares of X2 face value (subject to subsequent corporate actions, including 3:1 bonus in FY25) Cost of Acquisition Split 41.47% allocated to RedTape | 58.53% retained in Mirza International Outcome Mirza International retained the leather exports business; RedTape Limited received the branded consumer business and operates as an independent listed entity from August 2023 Full scheme document Available on the company's website: about.redtape.com 25 REDTAPE LIMITED
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CONTACT INVESTOR RELATIONS CONTACT Kasturi K Sharma | Nikita Atri Ernst & Young LLP E: Kasturi.Sharma@in.ey.com | Nikita.Atri@in.ey.com REDTAPE LIMITED Plot No. 8, Sector 90 Noida, Gautam Buddha Nagar Uttar Pradesh 201305, India Tel: +91 120 6994444 Web: www.redtape.com | IR: about.redtape.com