Avenue Supermarts Ltd. (AVEU.BO): Investor meet takeaways: Store adds ambition lower than expectations; no major changes in e-commerce strategy; Sell

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Avenue Supermarts Ltd. (AVEU.BO): Investor meet takeaways: Store adds ambition lower than expectations; no major changes in e-commerce strategy; Sell

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in-depth analysis of a single company, or to make comparisons between companies in different sectors and markets.

Disclosures

The rating(s) for Avenue Supermarts Ltd. is/are relative to the other companies in its/their coverage universe: Asian Paints (India), Avenue

Supermarts Ltd., Bata India, Britannia Industries Ltd., Colgate Palmolive (India), Dabur India, Devyani International Ltd., Emami Ltd., Godrej Consumer

Products Ltd., Hindustan Unilever, Honasa Consumer Ltd., ITC, ITC Hotels Ltd., Indian Hotels Company Ltd., Jubilant Foodworks, Lenskart Solutions Ltd.,

Marico, Metro Brands, Nestle India, Page Industries Ltd., Pidilite Industries, Tata Consumer Products Ltd., Titan Co., Trent Ltd., United Spirits, Varun

Beverages Ltd., Westlife Foodworld Ltd.

Company-specific regulatory disclosures

The following disclosures relate to relationships between The Goldman Sachs Group, Inc. (with its affiliates, “Goldman Sachs”) and companies covered

by Goldman Sachs Global Investment Research and referred to in this research.

There are no company-specific disclosures for: Avenue Supermarts Ltd. (Rs3,847.45)

Distribution of ratings/investment banking relationships

Goldman Sachs Investment Research global Equity coverage universe

Rating Distribution Investment Banking Relationships

Buy Hold Sell Buy Hold Sell

Global 50% 34% 16% 65% 59% 43%

As of July 1, 2026, Goldman Sachs Global Investment Research had investment ratings on 3,104 equity securities. Goldman Sachs assigns stocks as Buys

and Sells on various regional Investment Lists; stocks not so assigned are deemed Neutral.