Credo Brands Marketing Limited · NSE:MUFTI
Credo Brands Marketing — Q1 FY26 Earnings Presentation
43 slides from Credo Brands Marketing's earnings presentation, Jul 31, 2025
Slide 1: Stock exchange filing cover letter
------------------------------------------------------------------------------------------------------------------ July 31, 2025 To To BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchange Plaza, C-1, Block G Dalal Street, Mumbai – 400 001 Bandra Kurla Complex Bandr
Slide 2: Credo Brands Marketing Limited Investor Presentation
Credo Brands Marketing Limited Investor Presentation July’25
Slide 3: Safe Harbor
Safe Harbor This presentation has been prepared by and is the sole responsibility of Credo Brands Marketing Limited (the “Company”). By accessing this presentation, you are agreeing to be bound by the trailing restrictions. This presentation does not constitute or form part of any offer or invitatio
Slide 4: Q1 FY26 Financial Highlights
Q1 FY26 FINANCIAL HIGHLIGHTS
Slide 5: MD's Comments
MD’s Comments Commenting on the Result, Mr. Kamal Khushlani, Chairman & MD, Credo Brands Marketing Limited said During the quarter, revenues remained steady at approximately ₹120 crores, reflecting the continued softness in discretionary spending, particularly across Tier 2 and Tier 3 markets, where
Slide 6: Q1 FY26 Operational & Financial Performance
Q1 FY26 Operational & Financial Performance Rs. 119.9 crores 444 Revenue from Operations Total Store Count 3 No. of EBOs added during the quarter ^ Rs. 73.8 crores 61.6% Gross Profit Gross Profit Margin Product Mix (Q1 FY26) Sales Mix (Q1 FY26) 4.0% 5.0% 11.0% Rs. 31.0 crores 25.9% 41.0% 4.0% EBITDA
Slide 7: Cash Flow & Balance Sheet
Cash Flow & Balance Sheet Working Capital (in Days) Cash Flow from Operations (Rs. Crs.) Inventory Debtors Creditors Post IND AS 116 166 184 168 133 166 112 116 77 68 67 23 16 16 Mar-24 Mar-25 Jun-25 56 43 Return on Capital Employed^ Return on Equity^ (RoCE) (RoE) Mar-24 Mar-25 Jun-25 18.2% 16.9% Ro
Slide 8: Key Focus Areas Of The Company
Key Focus Areas Of The Company GP Margin (%) 1 ✓ Consistent Gross Margin despite tough demand scenario Consistent Gross Profit (GP) ✓ Consistently, GP Margins have remained above 57% 56.9% 57.5% 57.5% 57.2% Margins ✓ No material inventory write-offs historically, all products including leftovers hav
Slide 9: Profit & Loss Statement
Profit & Loss Statement Profit & Loss (in Rs. Crore) Q1 FY26 Q1 FY25 YoY Total Revenue 119.9 123.9 -3% Cost of Materials Consumed 46.1 51.2 Gross Profit 73.8 72.6 2% Gross Margin 61.6% 58.6% Employee Cost 8.4 8.0 Other Expenses 34.4 31.2 Other Expenses have increased mainly due to increase in invest
Slide 10: Transitioning into Premiumization
TRANSITIONING INTO PREMIUMIZATION
Slide 11: Premiumization of Store Experience
Premiumization of Store Experience Reinventing the Store. Redefining the Brand Experience. Reigniting the Spark Premiumised Customer Experience 1 Stronger Customer Loyalty & Repeat Visits 3 Stronger Brand Differentiation 55 Higher Customer Engagement 2 Increased Conversion Rates 4 Supports Omnichann
Slide 12: Increasing focus on D2C channel
Increasing focus on D2C channel Leveraging online platforms such as Google and Meta to amplify Digital Brand presence • Utilizing leading online platforms—Google and Meta ✓ Shifting Consumer Behavior and strengthening digital visibility meets the customer where they are. This will attract new custom
Slide 13: Various Marketing Campaigns SS-25 (1/2)
Various Marketing Campaigns SS-25 (1/2) Different marketing campaigns held by MUFTI for Spring Summer’25 A SUMMER TO REMEMBER THE SUMMER NIGHT 400050 For EVERY ARTIST Click Here Click Here Click Here 12
Slide 14: Various Marketing Campaigns SS-25 (2/2)
Various Marketing Campaigns SS-25 (2/2) Different marketing campaigns held by MUFTI for Spring Summer’25 A SUMMER BEYOND REALITY THE LOOSE JEAN BY THE COAST Click Here Click Here Click Here 13
Slide 15: 'Mufti' – Redefining Menswear
‘Mufti’ – Redefining Menswear Creative, Bold and Expressive Clothing for the Contemporary Indian Man Diverse products range under the mid- Strong brand recall amongst customers with a Focus on expressiveness and boldness in our premium to premium price range of clothing database of over 2 million cu
Slide 16: MUFTI is a Brand, Redefining Menswear
MUFTI is a Brand, Redefining Menswear Building Loyalty through our values, aesthetics, and product quality We are Unique, Creative and Expressive MUFTI goes beyond being MUFTI’s Merchandise Lifecycle Flow ✓ The company offers all fresh just a brand; it is a lifestyle. It merchandise every season emb
Slide 17: Our Journey
Our Journey ✓ Reinvented the Brand Company listed ✓ Opened 200th Store Philosophy and launched new on BSE and NSE logo ✓ Awarded the title of Badshah- e-Hind - Esteemed King of ✓ Opened 300th Store India at GlamMe Awards ✓ Received Retailer of the Year ✓ Awarded Most Admired RMG (Fashion & Lifestyle
Slide 18: The Story of Our Logo
Reinvented Brand Identity THE STORY OF OUR LOGO Signifying and reiterating our status as a home-grown brand of Indian origin Coherent merchandise display at stores to communicate our lifestyle thought to the end consumer 17
Slide 19: Reinvented Merchandise Architecture
Reinvented Merchandise Architecture AUTHENTIC RELAXED URBAN ATHLEISURE Daily Casuals Holiday Casuals Party-Wear Lounge-Wear Increasing our share of customer’s wallet by providing designs suited for specific occasions in our customer’s life 18
Slide 20: Company Differentiators
COMPANY DIFFERENTIATORS
Slide 21: Company Differentiators
Company Differentiators 1 2 3 Multi-channel, Pan-India Distribution Wide Range of Products for Multiple Strong Brand Equity with Presence Extending from Major Metros to Tier- Occasions in our Consumer’s Life Across Categories 3 Cities 4 5 6 EBOs Prime Distribution Driven Through Longstanding Channel
Slide 22: 1. Wide Range of Products for Multiple Occasions
1. Wide Range of Products for Multiple Occasions Focus on creativity, expressiveness and boldness in designs to provide a youthful appearance Shirts (1) T-shirts (1) Bottomwear Outerwear Among brands offering the most balanced mix of products across Topwear, Bottomwear and Outerwear* Note: (1) Shirt
Slide 23: 2. Strong Brand Equity with Presence Across Categories
2. Strong Brand Equity with Presence Across Categories Prominent focus on casual wear in the mid-premium to premium price range Denim Led Casual Led Premium+ Premium Mid-Premium Value 22
Slide 24: 3. Multi-channel having Pan-India Distribution
3. Multi-channel having Pan-India Distribution Retail Touchpoints Sales Mix (Q1 FY26) 124 1,849+ 275 5.0% 14 11.0% 4.0% EBOs Cities Present MBO LFS 568 91 17.0% Online 111 63.0% Others 406 233 EBO – Cities Present 24 40 51 247 183 Diversified Presence Across High Streets, Malls & Airports 10 Geograp
Slide 25: 4. EBOs Offering Holistic In-Store Brand Experience
4. EBOs Offering Holistic In-Store Brand Experience and Enhancing Brand Visibility… Avg. Cost of Capex per EBO Avg. Revenue per EBO (Rs. Lakhs) (Rs. Lakhs) +12% 28.5 28.1 30.1 75.8 74.8 78.0 25.6 55.1 FY22 FY23 FY24 FY25 FY22 FY23 FY24 FY25 Avg. Revenue per product Avg. ticket value per bill for sol
Slide 26: Evenly spread PAN-India network of 444 EBOs in 247 cities
… with an evenly spread PAN-India network 444 EBO’s in 247 cities; evenly spread pan-India EBO network Geography Wise Tier Wise Location Wise South Top 2* 11% 15% North Tier 3 28% Next 6** Malls 28% 11% 32% East 20% 16% Tier 1 1% 67% Airports 11% 25% 34% Central West Tier 2 HighStreets As of June 30
Slide 27: 5. Scalable and Asset Light Business Model
5. Scalable and Asset Light Business Model Scalable Asset Light Healthy mix of owned and franchisee EBO stores (1) Retailing Added 135 EBOs in last 4 years 52 52 115 152 COCO COFO 15 16 3 Store roll-out Sustainable FOFO growth FY22 FY23 FY24 FY25 Q1 FY26 177 Manufacturing Increase or decrease supply
Slide 28: 6. Driven Through Longstanding Relationships with Partners
6. Driven Through Longstanding Relationships with Partners Sourcing Partners Manufacturing Partners Franchisee Partners Over 50 52% Fabric and accessories suppliers Over 50 of franchisees associated with Mufti Manufacturing Partners for over 5 years Over 10 years Average association of Top-5 supplie
Slide 29: 7. Systems Driven Processes and Analytical Capabilities
7. Systems Driven Processes and Analytical Capabilities Enable Data Based Decision-making Strong In-house Design Competencies To Deliver Innovative And High-quality Products Product Design Procurement Manufacturing Tech-enabled Inventory Business Intelligence Tool Management System ✓ Experienced in-
Slide 30: 8. Financially Stable Business Model With Profitable Growth
8. Financially Stable Business Model With Demonstrated History of Profitable Growth … and tight operational control leading to Demonstrated growth in Revenues.. .. with expansion in gross margins high EBITDA margin 56.9% 57.5% 57.5% 57.2% 27.9% 32.9% 28.3% 29.1% +22% +22% +24% 567 618 326 354 164 16
Slide 31: 9. Experienced Board of Directors
9. Experienced Board of Directors… • Undergraduate degree in mechanical engineering (IIT Delhi), PGDM (IIM Bangalore), Mr. Kamal Khushlani Mrs. Poonam Khushlani Executive Doctor of PROMOTER, CHAIRMAN AND PROMOTER AND WHOLE TIME Management (Case Western MANAGING DIRECTOR DIRECTOR Reserve University)
Slide 32: Proficient Team Committed to the Brand's Philosophy
…with a Proficient Team Committed to the Brand’s Philosophy Mr. Kamal Khushlani Mrs. Poonam Khushlani Promoter, Chairman & Managing Director Promoter & Whole Time Director Right from Company Inception Right from Company Inception Experience > 33 years Experience > 27 years Mr. Rasik Mittal Mr. Sanja
Slide 33: Prestigious Awards Received by the Company
Prestigious Awards Received by the Company 32
Slide 34: Growth Drivers
GROWTH DRIVERS
Slide 35: Key Growth Strategies
KEY GROWTH STRATEGIES Expand domestic store ✓ Identified several markets as having potential for opening further EBOs network in existing and new ✓ Leverage existing store network and knowledge to tap this growth opportunity cities ✓ Offers the potential for market share gains, increased brand recog
Slide 36: Industry Overview
INDUSTRY OVERVIEW
Slide 37: Organized Market Share to Reach ~60% by FY'27 for Men's Apparel
Organized Market Share to Reach ~60% by FY’27 for Men’s Apparel Branded apparel and organized apparel retail as a share of Growing middle class apparel market (Rs Bn) x% CAGR Hou seh old s b y An n u al E arn in gs [# mn ], % of total h ou seh old s <US$ 5K US$ 5 -10K US$ 10-50 K >US$ 50K Branded Ap
Slide 38: India's Predisposition Towards Casual Wear has Grown Exponentially
India’s Predisposition Towards Casual Wear has Grown Exponentially One of the youngest populations globally Causal (1) and formal led play in total men’s western wear market Med ian Age CY202 2 Age Dep en d en cy Ratio (3) Casual Led Play Formal Led Play In Rs Bn 38.4 38.5 64% 59% 54% 3,702 28.7 42%
Slide 39: Historical Financials
HISTORICAL FINANCIALS
Slide 40: Historical Profit & Loss Statement
Historical Profit & Loss Statement Profit & Loss (Rs. In crore) FY25 FY24 FY23 FY22 Revenue from Operations 618.2 567.3 498.2 341.2 Raw Material Cost 264.3 241.3 211.9 147.1 Gross Profit 353.9 326.1 286.2 194.1 Gross Profit Margin 57.2% 57.5% 57.5% 56.9% Employee Cost 32.1 31.6 26.8 29.2 Other Expen
Slide 41: Historical Balance Sheet
Historical Balance Sheet Assets (Rs. In crore) Mar-25 Mar-24 Mar-23 Mar-22 Equity & Liabilities (Rs. in crore) Mar-25 Mar-24 Mar-23 Mar-22 Property Plant & Equipment 74.5 77.2 61.5 40.3 Share Capital 13.1 12.9 3.2 3.2 Capital Work in Progress 0.7 0.8 0.2 0.6 Other Equity 397.1 328.8 278.1 232.5 Righ
Slide 42: Historical Cash Flow Statement
Historical Cash Flow Statement Particulars (Rs. in crore) FY25 FY24 FY23 FY22 Net Profit Before Tax 91.8 78.9 103.8 47.8 Adjustments for: Non-Cash Items / Other Investment or Financial Items 89.3 83.1 64.0 60.8 Operating profit before working capital changes 181.1 162.0 167.8 108.7 Changes in workin
Slide 43: Thank You !
THANK YOU ! Company: Credo Brands Marketing Limited CIN: L18101MH1999PLC119669 Mr. Rasik Mittal – CFO investorrelations@mufti.in Investor Relations: Strategic Growth Advisors (SGA) CIN: U74140MH2010PTC204285 Mr. Deven Dhruva / Mr. Deep Hemani deven.dhruva@sgapl.net / deep.hemani@sgapl.net Tel: +91 9
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