Credo Brands Marketing Limited · NSE:MUFTI
Credo Brands Marketing — Q2 FY26 Earnings Presentation
42 slides from Credo Brands Marketing's earnings presentation, Nov 7, 2025
Slide 1: Exchange cover letter: presentation on unaudited results
------------------------------------------------------------------------------------------------------------------ November 07, 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 B
Slide 2: Credo Brands Marketing Limited Investor Presentation November 2025
Credo Brands Marketing Limited Investor Presentation November’25 MUFTI 2.0 - Premium Retail Experience × Elevated Merchandise × Brand Storytelling
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: Q2 & H1 FY26 Financial Highlights
Q2 & H1 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 At MUFTI, we began our transition journey MUFTI 2.0, which aims at offering consumers a premium retail experience, elevated merchandise, and stronger brand storytelling. As part of this tr
Slide 6: Q2 FY26 Operational & Financial Performance
Q2 FY26 Operational & Financial Performance 4.4% Rs. 163.7 crores 443 Shirts Revenue from Operations Total Store Count T-shirts 37.3% Bottomwear 41.5% Others Rs. 93.5 crores 57.1% 16.8% Gross Profit Gross Profit Margin Product Mix (Q2 FY26) Rs. 48.1 crores 29.4% 12.6% 1.1% EBOs EBITDA EBITDA Margin
Slide 7: H1 FY26 Operational & Financial Performance
H1 FY26 Operational & Financial Performance 2.8% Rs. 283.6 crores 443 Shirts Revenue from Operations Total Store Count 39.2% T-shirts 43.0% Bottomwear Others Rs. 167.3 crores 59.0% 15.0% Gross Profit Gross Profit Margin Product Mix (H1 FY26) Rs. 79.1 crores 27.9% 3.0% 11.4% EBITDA EBITDA Margin EBOs
Slide 8: Cash Flow & Balance Sheet
Cash Flow & Balance Sheet Working Capital (in Days) Cash Flow from Operations (Rs. Crs.) Inventory Debtors Creditors Post IND AS 116 166 184 217* 166 166 133 112 77 67 67 23 16 15 Mar-24 Mar-25 Sep-25 56 32 Return on Capital Employed^* Return on Equity^* (RoCE) (RoE) Mar-24 Mar-25 Sep-25 16.0% 14.5%
Slide 9: Profit & Loss Statement
Profit & Loss Statement Profit & Loss (in Rs. Crore) Q2 FY26 Q2 FY25 YoY H1 FY26 H1 FY25 YoY Total Revenue 163.7 185.6 -12% 283.6 309.5 -8% ❖ During the quarter we faced Cost of Materials Consumed 70.2 83.4 116.3 134.6 supply chain challenges in Gross Profit 93.5 102.2 -8% 167.3 174.8 -4% Bangladesh
Slide 10: Balance Sheet
Balance Sheet Assets (Rs. In crore) Sep-25 Mar-25 Equity & Liabilities (Rs. in crore) Sep-25 Mar-25 Property Plant & Equipment 68.6 74.5 Share Capital 13.1 13.1 Capital Work in Progress 0.1 0.7 Other Equity 403.0 397.1 Right of Use Asset 217.1 214.5 Total Equity 416.1 410.2 Investment Property 1.6 1
Slide 11: Cash Flow Statement
Cash Flow Statement Particulars (Rs. in crore) Sep-25 Sep-24 Net Profit Before Tax 33.5 48.4 Adjustments for: Non-Cash Items / Other Investment or Financial Items 45.7 42.9 Operating profit before working capital changes 79.2 91.3 Changes in working capital -33.7 -14.9 Cash generated from Operations
Slide 12: Key Focus Areas Of The Company
Key Focus Areas Of The Company GP Margin (%) 1 Consistent Gross Profit (GP) ✓ Consistent Gross Margin despite tough demand scenario 56.9% 57.5% 57.5% 57.2% Margins ✓ Consistently, GP Margins have remained above 57% FY22 FY23 FY24 FY25 Revenue per sq. ft. (Rs.) 2 ✓ Company has consistently increased
Slide 13: Transitioning into Premiumization
TRANSITIONING INTO PREMIUMIZATION
Slide 14: Premiumization of Stores Experience
Premiumization of Stores 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 Omnichan
Slide 15: Reinvented Brand Identity
Reinvented Brand Identity A new identity rooted in 27 years of authenticity - ready for India’s premium evolution PREMIUM DESIGN | ELEVATED STYLE Reinvented Brand Identity at Phoenix Palladium, Lower Parel, Mumbai Click Here to Experience MUFTI 2.0 Sky City Mall, Borivali, Mumbai Click Here to Exper
Slide 16: How Is MUFTI Different
HOW IS MUFTI DIFFERENT
Slide 17: How is MUFTI Different (1/2)
How is MUFTI Different (1/2) Our metrics tell a different story than traditional retail - one of strategic design, not operational weakness Inventory Days: Higher by Design Receivable Days: Secured Relationships Payable Days: Strategic Speed High inventory days suggest slowmoving stock, High receiva
Slide 18: How is MUFTI Different (2/2)
How is MUFTI Different (2/2) Our metrics tell a different story than traditional retail - one of strategic design, not operational weakness Risk Allocation Strategy Working Capital Profile Channel Mix In most retail models, inventory and Higher inventory and receivable days can be Heavy dependence o
Slide 19: 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 cust
Slide 20: Recent Marketing Campaigns (1/2)
Recent Marketing Campaigns (1/2) FIRST CUT LOOSE JEAN 400050 Elsewhere Click Here Click Here Click Here 19
Slide 21: Recent Marketing Campaigns (2/2)
Recent Marketing Campaigns (2/2) POLO 400050 For EVERY ARTIST ALL SAME Click Here Click Here Click Here 20
Slide 22: 'Mufti' – Redefining Menswear
‘Mufti’ – Redefining Menswear Creative, Bold and Expressive Clothing for the Contemporary Indian Man Focus on expressiveness and boldness in our Diverse products range under the mid- Strong brand recall amongst customers with a designs differentiates us from competition premium to premium price rang
Slide 23: 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 24: 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 23
Slide 25: Company Differentiators
COMPANY DIFFERENTIATORS
Slide 26: 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 Offering Holistic In-Store Brand Driven Through Longst
Slide 27: 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 Offering the most balanced mix of products across Topwear, Bottomwear and Outerwear Note: (1) Shirts and T-shirts
Slide 28: 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 27
Slide 29: 3. Multi-channel having Pan-India Distribution
3. Multi-channel having Pan-India Distribution Retail Touchpoints Sales Mix (H1 FY26) 122 1,841+ 266 3.0% 11.4% 17 5.6% EBOs Cities Present MBO 54.8% LFS 580 90 Online 113 25.2% Others 403 247 EBO – Cities Present 28 41 51 244 181 Diversified Presence Across High Streets, Malls & Airports 10 Geograp
Slide 30: 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. Annual 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
Slide 31: Evenly spread PAN-India network of 443 EBOs
… with an evenly spread PAN-India network 443 EBO’s in 244 cities; evenly spread pan-India EBO network Geography Wise Tier Wise Location Wise South Top 2* 11% 15% Tier 3 North 28% 27% Next 6** Malls 12% 33% East 20% 16% Tier 1 66% 1% Airports 12% 25% 34% Central West HighStreets Tier 2 As of Sep 30,
Slide 32: 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 52 113 152 COCO COFO 15 16 2 Store roll-out Sustainable FOFO growth FY22 FY23 FY24 FY25 H1 FY26 178 Manufacturing Increase or decrease supply
Slide 33: 6. Driven Through Longstanding Relationships with Partners
6. Driven Through Longstanding Relationships with Partners Sourcing Partners Manufacturing Partners Franchisee Partners Over 50 Over 50% 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 su
Slide 34: 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 35: 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 36: Growth Drivers
| GROWTH DRIVERS ia ie ieee
Slide 37: Key Growth Strategies
KEY GROWTH STRATEGIES Expand domestic store ✓ Identifying potential markets for opening/relocating 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 recognition and eco
Slide 38: Historical Financials
HISTORICAL FINANCIALS
Slide 39: 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 40: 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 41: 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 42: Company and Investor Relations contacts
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 98333 73300 /
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