Credo Brands Marketing Limited (MUFTI)
₹68.45 +0.41% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Credo Brands' revenue was ₹125 Cr (+4.4% year on year, -22.7% on the previous quarter), and net profit ₹2.3 Cr (-61.9% year on year); the operating margin was 21.2%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹125 | +4.4% | -22.7% |
| Operating profit | ₹26.6 | -14.3% | -36.7% |
| Net profit | ₹2.3 | -61.9% | -84.8% |
| EPS (₹) | 0.35 | -63.5% | -85.0% |
| Operating margin | 21.2% | — | — |
MUFTI delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 49.17% of the MUFTI shares traded on NSE were taken to delivery, against the stock's own 20-session average of 56.56%. That is close to its usual level. Turnover was only ₹27 lakh, so a handful of trades can move this figure.
Delivery in the last 5 sessions: 51.5% · 51.5% · 58.4% · 61.7% · 49.2%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Credo Brands Marketing Limited (MUFTI) has submitted its compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate was issued by Registrar and Transfer Agent MUFG Intime India Private Limited. The RTA confirmed that zero demat requests were received from shareholders during the quarter ended September 30, 2026. This is a standard quarterly regulatory submission with no impact on business operations or financials.
- Compliance certificate submitted for the quarter ended September 30, 2026
- Issued by RTA MUFG Intime India Private Limited on October 07, 2026
- 0 demat requests received from shareholders during the quarter
Credo Brands Marketing Limited (MUFTI) announced that shareholders at the 27th AGM held on September 11, 2026, approved the re-appointment of promoter Kamal Khushlani as Chairman and Managing Director. The 5-year extension is effective from March 08, 2027, to March 07, 2032, upon the completion of his current term. Mr. Khushlani has led the brand since its founding in 1998 and brings over 34 years of apparel industry experience. The move provides leadership continuity as the company navigates soft consumer demand and executes its 'MUFTI 2.0' strategic revamp.
- Re-appointment of promoter Kamal Khushlani as Chairman & Managing Director approved by shareholders at the 27th AGM on September 11, 2026
- New tenure spans a 5-year period starting from March 08, 2027, until March 07, 2032
- Kamal Khushlani has over 34 years of experience in the apparel industry and founded the 'Mufti' brand in 1998
Credo Brands Marketing Limited (MUFTI) announced the conclusion and voting results of its 27th Annual General Meeting held on September 11, 2026. Shareholders approved all agenda items with over 99.9% majority, including the adoption of FY26 financial statements and a dividend of ₹2.00 per equity share. Additionally, the re-appointment of Mr. Kamal Khushlani as Chairman and Managing Director received 99.93% approval. A total of 3,66,10,508 votes were polled across 71,121 eligible shareholders as of the September 04, 2026 cut-off date.
- Dividend approved at ₹2.00 per equity share of face value ₹2.00 each for FY26
- Kamal Khushlani re-appointed as Chairman and Managing Director with 99.93% votes in favor
- Total votes polled stood at 3,66,10,508, representing 55.98% of total outstanding shares
- Total shareholder count as of the September 04, 2026 cut-off date was 71,121
Credo Brands Marketing (MUFTI) released its Q1 FY27 earnings conference call transcript, reporting a 5% YoY revenue growth to ₹125.3 crore. EBITDA stood at ₹26.6 crore (margin of 21.2%) compared to ₹31 crore last year, primarily impacted by higher ad spend of 8.5% of revenue under the 'Mufti 2.0' premiumization drive. Net profit fell to ₹2.3 crore with a 1.8% PAT margin. Total store count stood at 427 after opening 5 stores and closing 7 underperforming locations during the quarter.
- Q1 FY27 revenue grew 5% YoY to ₹125.3 crore, while Gross Profit margin remained strong at 61.6% (₹77.2 crore)
- EBITDA declined to ₹26.6 crore from ~₹31 crore YoY due to 8.5% of revenue allocated to marketing/ad spend
- Net profit dropped to ₹2.3 crore, yielding a 1.8% PAT margin
- Net store count reduced by 2 to 427 stores following 5 new openings and 7 closures of lower-productivity locations
- Management guided full-year marketing spend at 8% to 10% of revenue and noted a 1.5-2 year horizon for Mufti 2.0 transformation
Credo Brands Marketing Limited has released the notice for its 27th Annual General Meeting (AGM) scheduled for Friday, September 11, 2026. The company has fixed Friday, August 28, 2026, as the record date for determining shareholder eligibility for the final dividend. The final dividend payment is scheduled to commence on or from Tuesday, September 15, 2026. Remote e-voting is set from September 08 to September 10, 2026, with the cut-off date on September 04, 2026.
- 27th AGM scheduled to be conducted on Friday, September 11, 2026.
- Record date for Final Dividend fixed as Friday, August 28, 2026.
- Dividend payment date scheduled on or from Tuesday, September 15, 2026.
- e-Voting window open from September 08, 2026 (9:00 a.m. IST) to September 10, 2026 (5:00 p.m. IST).
Credo Brands Marketing Limited has issued the notice for its 27th Annual General Meeting (AGM) scheduled for September 11, 2026, via video conferencing. Key ordinary business includes the adoption of FY26 financial statements and approval of a recommended final dividend of ₹2.00 per equity share (100% on face value of ₹2.00). A special resolution is also tabled for the re-appointment of Mr. Kamal Khushlani as Chairman and Managing Director for a 5-year term starting March 8, 2027, along with enabling provisions for executive remuneration.
- 27th AGM scheduled to be held on Friday, September 11, 2026, at 12:30 PM IST via VC/OAVM
- Final dividend of ₹2.00 per equity share of face value ₹2.00 each proposed for FY 2025-26
- Proposed re-appointment of Mr. Kamal Khushlani as Chairman & MD for a period of 5 years effective March 08, 2027
- Resolution enabling annual promoter-executive remuneration exceeding ₹5.00 crore or 2.5% of net profit
Credo Brands (MUFTI) has released the audio recording of its investor conference call held on August 12, 2026, regarding its Q1 FY27 financial results. The company is currently executing its 'MUFTI 2.0' strategy to elevate brand identity and shift toward a premium product mix. With a TTM revenue of ₹575 Cr and a PAT of ₹45 Cr, the company is trading at a P/E of 11.9. Investors should note the management's commentary on demand recovery and the impact of previous supply chain disruptions in Bangladesh.
- Conference call held on August 12, 2026, to discuss unaudited financial results for the quarter ended June 30, 2026.
- TTM Revenue stands at ₹575 Cr with an Operating Profit Margin (OPM) of 26.7%.
- Gross margins have been maintained above 57% despite soft demand in recent quarters.
- Promoter holding remains stable at 55.01% as of the latest March 2026 filing.
- Retail footprint efficiency (revenue per sq. ft.) improved 4.4% to ₹11,928 in FY25.
Credo Brands (MUFTI) reported a modest 5% YoY revenue growth to ₹125.3 Cr for Q1 FY27, but profitability faced a sharp decline. PAT fell 63% YoY to ₹2.3 Cr, primarily driven by a 460 bps compression in EBITDA margins to 21.2%. This decline is attributed to the 'MUFTI 2.0' transformation strategy, which saw marketing and advertising spends rise to 8.5% of revenue. The company is currently rationalizing its retail footprint, closing 7 underperforming stores while opening 5 new premium format locations.
- Revenue grew 5% YoY to ₹125.3 Cr, representing approximately 21.8% of TTM revenue.
- PAT declined 63% YoY to ₹2.3 Cr from ₹6.3 Cr in the previous year's quarter.
- EBITDA margin compressed significantly by 460 bps to 21.2% due to brand-building investments.
- Marketing and Ad spend reached 8.5% of revenue, in line with the 8-10% guidance for FY27.
- Working capital cycle remains high at 176 days as of June 30, 2026.
Credo Brands (MUFTI) reported a 5% YoY revenue growth to ₹125.3 crore for Q1 FY27, but net profit plummeted 63% to ₹2.3 crore. The profitability squeeze was primarily due to a strategic doubling of marketing investments to 8.5% of revenue (₹10.7 crore) to support the 'MUFTI 2.0' premiumization strategy. While gross margins remained healthy at 61.6%, EBITDA margins contracted by 470 basis points to 21.2%. The company is actively optimizing its retail footprint, closing 7 underperforming stores while opening 5 new premium locations, bringing the total count to 427.
- Revenue from operations grew 5% YoY to ₹125.3 crore in Q1 FY27.
- Profit After Tax (PAT) fell 63% to ₹2.3 crore from ₹6.3 crore in the same quarter last year.
- Marketing spend increased to 8.5% of revenue (₹10.7 crore) vs 4.5% (₹5.4 crore) in Q1 FY26.
- Inventory days increased significantly to 176 days as of June 2026, compared to 159 days in FY25.
- Retail network optimization resulted in 5 new store openings and 7 closures, totaling 427 stores.
Credo Brands Marketing (MUFTI) has announced a proposed dividend of ₹2.00 per share for the financial year 2025-26. The company has fixed August 28, 2026, as the record date to determine shareholder eligibility. This payout represents a dividend yield of approximately 2.4% based on the current share price of ₹83.3. The final distribution is subject to approval at the Annual General Meeting scheduled for September 11, 2026.
- Proposed dividend of ₹2.00 per equity share for FY 2025-26
- Record date for dividend eligibility fixed as August 28, 2026
- 27th Annual General Meeting (AGM) scheduled for September 11, 2026
- Dividend payout represents approximately 28.6% of TTM EPS of ₹6.98
- Current dividend yield stands at ~2.4% based on market price of ₹83.3
Credo Brands (MUFTI) reported a weak Q1 FY27 with net profit falling 63.7% YoY to ₹2.29 Cr, despite a 4.4% growth in revenue to ₹125.27 Cr. The profitability was severely impacted by a 19.8% surge in 'Other expenses' and higher purchase costs. The Board has fixed August 28, 2026, as the record date for a proposed ₹2.00 per share dividend. Additionally, the company allotted 24,000 equity shares under its ESOP plan during the quarter.
- Net profit declined sharply to ₹2.29 Cr in Q1 FY27 from ₹6.30 Cr in Q1 FY26.
- Revenue from operations grew marginally by 4.4% YoY to ₹125.27 Cr.
- Other expenses increased to ₹41.18 Cr from ₹34.37 Cr in the year-ago period.
- Proposed dividend of ₹2.00 per share on a face value of ₹2.00 (100% payout).
- Allotted 24,000 equity shares to employees under the Credo Stock Option Plan 2020.
Credo Brands (MUFTI) reported a weak start to FY27, with Net Profit falling 63.7% YoY to ₹2.29 cr. While revenue grew marginally by 4.4% to ₹125.27 cr, profitability was severely impacted by a 9.6% rise in total expenses, particularly a 19.8% jump in 'Other Expenses' to ₹41.18 cr. Profit Before Tax (PBT) margins contracted sharply to 2.5% from 6.9% in the same quarter last year. This suggests that the company's 'MUFTI 2.0' transition and increased marketing investments are currently weighing on the bottom line.
- Revenue from operations increased 4.4% YoY to ₹125.27 cr from ₹119.94 cr
- Net Profit after tax plummeted 63.7% YoY to ₹2.29 cr from ₹6.30 cr
- Other expenses surged 19.8% to ₹41.18 cr, likely reflecting higher marketing and brand investments
- Profit Before Tax (PBT) stood at ₹3.14 cr, down significantly from ₹8.24 cr in Q1 FY26
- Basic EPS for the quarter fell to ₹0.35 from ₹0.97 in the year-ago period
Credo Brands Marketing Limited (MUFTI) has scheduled its earnings conference call for the quarter ended June 30, 2026, on August 12, 2026, at 12:30 PM IST. The call will feature the Chairman & Managing Director and the CFO discussing the company's unaudited financial performance. This follows a challenging period where the company faced a 11.8% revenue dip in Q2 FY26 due to supply chain disruptions in Bangladesh. Investors will be looking for updates on the 'MUFTI 2.0' premiumization strategy and recovery in footfalls.
- Earnings conference call scheduled for August 12, 2026, at 12:30 PM IST
- Discussion to focus on unaudited financial results for the quarter ended June 30, 2026
- Key participants include CMD Kamal Khushlani and CFO Rasik Mittal
- Company previously reported maintaining gross margins above 57% despite soft demand
- Management is currently executing a 1.5 to 2-year transition period for brand premiumization
Credo Brands Marketing Limited (MUFTI) has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The Registrar and Transfer Agent, MUFG Intime India Private Limited, confirmed that no dematerialization requests were received from shareholders during the quarter ended June 30, 2026. This is a standard administrative filing required to ensure the company's share registry matches depository records. The company continues to operate with a TTM revenue of ₹575 Cr and a promoter holding of 55.01%.
- Zero demat requests were received from shareholders for the quarter ended June 30, 2026
- Compliance certificate issued by MUFG Intime India Private Limited (formerly Link Intime)
- Company maintains a TTM revenue of ₹575 Cr and TTM PAT of ₹45 Cr
- Promoter holding remains stable at 55.01% as per latest available data
Credo Brands Marketing Limited (MUFTI) has announced the closure of its trading window effective July 01, 2026, in compliance with SEBI Insider Trading regulations. The closure is ahead of the announcement of the company's unaudited financial results for the quarter ending June 30, 2026. The window will remain closed until 48 hours after the financial results are declared to the exchanges. This is a standard regulatory procedure to prevent insider trading during the sensitive pre-earnings period.
- Trading window for equity shares will be closed starting July 01, 2026.
- Closure pertains to the financial results for the quarter ending June 30, 2026.
- The window will reopen 48 hours after the official announcement of the unaudited results.
- Restriction applies to all Designated Persons and their immediate relatives as per the Company's Code of Conduct.
- The notification follows SEBI (Prohibition of Insider Trading) Regulations, 2015.
Financial Performance
Revenue Growth by Segment
Standalone revenue from operations grew 8.96% YoY to INR 618.18 Cr in FY25 from INR 567.33 Cr. However, H1 FY26 revenue was INR 283.6 Cr, with Q2 FY26 revenue at INR 164 Cr, a decline of 11.8% compared to INR 186 Cr in Q2 FY25 due to supply chain disruptions.
Geographic Revenue Split
Not disclosed in available documents; however, the company operates across India through EBOs, MBOs, and LFS formats.
Profitability Margins
Gross margin improved to 59% in H1 FY26, up 200 basis points YoY from 57%. PAT for FY25 was INR 68.4 Cr (11.1% margin), up 15.6% from INR 59.1 Cr in FY24. Q2 FY26 PAT margin stood at 11.5% (INR 19 Cr).
EBITDA Margin
EBITDA margin for FY25 was 29.1% (INR 180 Cr) compared to 28.3% in FY24. H1 FY26 EBITDA margin was approximately 28% (INR 79 Cr). Management guides for a long-term EBITDA range of 27% to 30%.
Capital Expenditure
Planned capex and growth investments are funded entirely through internal accruals; the company maintains a zero-leverage policy for expansion. Specific INR values for future years are not disclosed but described as 'accelerated' for marketing.
Credit Rating & Borrowing
Liquidity is rated as 'Adequate' with a current ratio of 4.65x and quick ratio of 2.82x. Working capital utilization is low at ~15.59% of a INR 70 Cr sanctioned limit.
Operational Drivers
Raw Materials
Finished garments (shirts, denims, t-shirts) represent the primary cost; the company outsources 100% of manufacturing, focusing on design and branding.
Import Sources
Bangladesh is a key sourcing hub for product availability; disruptions there delayed Q2 FY26 dispatches.
Key Suppliers
Not disclosed in available documents; company maintains a multi-vendor outsourced manufacturing model.
Capacity Expansion
Retail footprint efficiency is measured by revenue per sq. ft., which increased to INR 11,928 in FY25 from INR 11,422 in FY24 (a 4.4% improvement).
Raw Material Costs
Gross Profit margin of 57.2% in FY25 indicates COGS is approximately 42.8% of revenue. Strategic cash payments to suppliers are used to secure better pricing and priority production slots.
Manufacturing Efficiency
Manufacturing is 100% outsourced; efficiency is driven by 'Strategic Speed' in payables (16 days) to ensure priority delivery and quality from vendors.
Logistics & Distribution
Multi-channel strategy spanning EBOs (FOFO/COCO), MBOs, and LFS to diversify operational risk and maximize reach.
Strategic Growth
Expected Growth Rate
0%
Growth Strategy
Implementation of 'MUFTI 2.0' to elevate brand identity, closing underperforming stores, and accelerating marketing investments over the next 1.5 years. The company is shifting toward a premium evolution to rekindle demand and scale its D2C digital business.
Products & Services
Men's fashion garments including shirts, denims, T-shirts, shorts, joggers, outerwear, blazers, and accessories.
Brand Portfolio
MUFTI
New Products/Services
MUFTI 2.0 premium collection; expected to drive growth after a 1.5 to 2-year transition period.
Market Expansion
Expansion of domestic store network in existing and new cities, alongside deepening digital presence for D2C growth.
Strategic Alliances
Long-standing partnerships with franchisees and MBO partners where receivables are secured through deposits.
External Factors
Industry Trends
The lifestyle retail industry is growing but faces intense competition and changing consumer preferences. MUFTI is positioning itself for 'India's premium evolution' to counter flattish growth in the mid-market segment.
Competitive Landscape
Competitors like Cantabil and Rare Rabbit are reporting 15-17% YoY growth, while MUFTI is currently in a 'flattish' transition phase.
Competitive Moat
27-year brand authenticity and a 'risk-free' supply model for partners (taking back unsold stock) creates strong channel loyalty and ensures fresh retail merchandise, which is difficult for competitors to replicate without high capital.
Macro Economic Sensitivity
Sensitive to consumer discretionary spending; recent GST reforms are expected to boost long-term consumption.
Consumer Behavior
Shift toward premium menswear and digital/D2C shopping; MUFTI is responding by upgrading store identities and increasing digital marketing.
Geopolitical Risks
Political instability in Bangladesh directly impacted the supply chain and product delivery timelines in FY26.
Regulatory & Governance
Industry Regulations
Subject to GST regulations and textile import/export norms; recent GST reforms cited as a positive long-term driver for consumption.
Environmental Compliance
Low exposure to environmental risks as the company does not own manufacturing facilities.
Taxation Policy Impact
Effective tax rate of approximately 25.5% based on FY25 tax expense of INR 23.42 Cr on PBT of INR 91.83 Cr.
Legal Contingencies
No material departures in accounting standards; no specific pending court cases or values disclosed in the provided documents.
Risk Analysis
Key Uncertainties
Success of the 'MUFTI 2.0' rebranding transition, which management expects will take 1.5 to 2 years to reflect in growth trajectory.
Geographic Concentration Risk
Not disclosed; however, the company is expanding its domestic network to mitigate regional demand fluctuations.
Third Party Dependencies
100% dependency on outsourced manufacturers; recent Bangladesh disruptions highlight vulnerability to vendor locations.
Technology Obsolescence Risk
Risk of failing to scale D2C and digital presence relative to competitors; company is currently 'deepening' digital investments to mitigate this.
Credit & Counterparty Risk
Receivable days increased to 133 in Mar-25 from 112 in Mar-24, but risk is mitigated by security deposits from franchisees and long-standing MBO relationships.
