Credo Brands Marketing Limited · NSE:MUFTI
Credo Brands Marketing — H1 FY27 Earnings Presentation
41 slides from Credo Brands Marketing's earnings presentation, Nov 4, 2026
Slide 1: Exchange filing cover letter
------------------------------------------------------------------------------------------------------------------ November 04, 2026 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
Credo Brands Marketing Limited Investor Presentation November’26 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 & H1FY27 Financial Highlights
Q2 & H1FY27 FINANCIAL HIGHLIGHTS
Slide 5: MD's Comments
MD’s Comments Commenting on the Result, Mr. Kamal Khushlani, Chairman & MD, Credo Brands Marketing Limited said “The first half of the year has been a strong one for Mufti, and an encouraging sign that the choices we have made over the past year are beginning to reflect in our performance. In H1 FY2
Slide 6: Q2 FY27 Operational & Financial Performance
Q2 FY27 Operational & Financial Performance 1.9% Rs. 189.3 crores +16% YoY 419 13.2% 1.4% Shirts Bottomwear Revenue from Operations Total Store Count 38.3% T-shirts Outerwear Other Rs. 111.0 crores +19% YoY 58.6% +150 bps YoY 45.2% Gross Profit Gross Profit Margin Product Mix (Q2 FY27) Rs. 59.5 cror
Slide 7: H1 FY27 Operational & Financial Performance
H1 FY27 Operational & Financial Performance 0.9% Rs. 314.6 crores +11% YoY 419 12.2% 2.6% Shirts Bottomwear Revenue from Operations Total Store Count 41.6% T-shirts Outerwear Other Rs. 188.2 crores +12% YoY 59.8% +80 bps YoY 42.7% Gross Profit Gross Profit Margin Product Mix (H1 FY27) 2.8% Rs. 86.1
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 116 184 196 217* 162 159 147 133 132 67 65 69 16 16 14 FY 25 FY 26 H1 FY27 Return on Capital Employed^* Return on Equity^* (RoCE) (RoE) 4 FY 25 FY 26 H1 FY27 14.6% 11.9% R
Slide 9: 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% 58.4% Margins ✓ Consistently, GP Margins have remained above 57% FY22 FY23 FY24 FY25 FY26 Revenue per sq. ft. (Rs.) 2 ✓ Company has consistent R
Slide 10: Profit & Loss Statement
Profit & Loss Statement Profit & Loss (in Rs. Crore) Q2 FY27 Q2 FY26 Y-o-Y H1 FY27 H1 FY26 Y-o-Y Total Revenue 189.3 163.7 16% 314.6 283.6 11% Cost of Materials Consumed 78.3 70.2 126.4 116.3 Gross Profit 111.0 93.5 19% 188.2 167.3 12% Gross Margin 58.6% 57.1% 150 bps 59.8% 59.0% 80 bps Employee Cos
Slide 11: Balance Sheet
Balance Sheet Assets (Rs. In crore) Sep-26 Mar-26 Equity & Liabilities (Rs. in crore) Sep-26 Mar-26 Property Plant & Equipment 67.9 69.4 Share Capital 13.1 13.1 Capital Work in Progress 0.0 0.8 Other Equity 442.3 425.5 Right of Use Asset 192.4 204.9 Total Equity 455.4 438.6 Investment Property 1.5 1
Slide 12: Cash Flow Statement
Cash Flow Statement Particulars (Rs. in crore) H1 FY27 H1 FY26 Net Profit Before Tax 39.8 33.5 Adjustments for: Non-Cash Items / Other Investment or Financial Items 47.9 45.7 Operating profit before working capital changes 87.7 79.2 Changes in working capital -71.9 -33.7 Cash generated from Operatio
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 28 years of authenticity - ready for India’s premium evolution PREMIUM DESIGN | ELEVATED STYLE Reinvented Brand Identity at • Himayat Nagar, Hyderabad • City Centre Mall, Mangalore • Parle Point, Surat • Saguna, Patna • Commercial Street, Bengaluru
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) PRATEIK X MUFTI POPA CORDUROY Click Here Click Here Click Here 19
Slide 21: Recent Marketing Campaigns (2/2)
Recent Marketing Campaigns (2/2) SLOW LIVING THE DETOUR LOOSE JEAN 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 Lounge Wear Daily Casuals Party Wear Holiday Casuals 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 FY27) 111 1,785+ 247 2.8% 11.8% 22 EBOs 4.0% Cities Present MBO 52.7% LFS Online 563 88 105 28.7% Others 405 238 EBO – Cities Present 28 49 45 227 171 Diversified Presence Across High Streets, Malls & Airports 13 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) +8% 43.3 75.8 74.8 78.0 75.2 28.5 28.1 30.1 55.1 25.6 FY22 FY23 FY24 FY25 FY26 FY22 FY23 FY24 FY25 FY26 Avg. Revenue per product Avg. tic
Slide 31: Evenly spread PAN-India EBO network
… with an evenly spread PAN-India network 419 EBO’s in 227 cities; evenly spread pan-India EBO network Store Operating Model Tier Wise Location Wise Top 2* 11% Tier 3 26% Malls COCO Next 6** 33% COFO 37% 13% 39% 16% 67% 1% Tier 1 Airports 34% 24% Tier 2 HighStreets FOFO As of Sep 30, 2026 *Includes
Slide 32: 6. Driven Through Longstanding Relationships with Partners
6. Driven Through Longstanding Relationships with Partners Sourcing Partners Manufacturing Partners Franchisee Partners Over 50 Over 50 Over 50% Fabric and accessories suppliers Manufacturing Partners of franchisees associated with Mufti for over 5 years Over 10 years Over 10 years Average associati
Slide 33: 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 34: 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 sustained in gross margins sustained EBITDA margin 56.9% 57.5% 57.5% 57.2% 58.4% 27.9% 32.9% 28.3% 29.1% 26.0% +15% +15% +13% 567 6
Slide 35: Growth Drivers
GROWTH DRIVERS
Slide 36: 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 37: Historical Financials
HISTORICAL FINANCIALS
Slide 38: Historical Profit & Loss Statement
Historical Profit & Loss Statement Profit & Loss (Rs. In crore) FY26 FY25* FY24* FY23* FY22* Revenue from Operations 592.1 618.2 567.3 498.2 341.2 Raw Material Cost 246.6 264.3 241.3 211.9 147.1 Gross Profit 345.5 353.9 326.1 286.2 194.1 Gross Profit Margin 58.4% 57.2% 57.5% 57.5% 56.9% Employee Cos
Slide 39: Historical Balance Sheet
Historical Balance Sheet Assets (Rs. In crore) Mar-26 Mar-25* Mar-24* Mar-23* Mar-22* Equity & Liabilities (Rs. in crore) Mar-26 Mar-25* Mar-24* Mar-23* Mar-22* Property Plant & Equipment 69.4 74.5 77.2 61.5 40.3 Share Capital 13.1 13.1 12.9 3.2 3.2 Capital Work in Progress 0.8 0.7 0.8 0.2 0.6 Other
Slide 40: Historical Cash Flow Statement
Historical Cash Flow Statement Particulars (Rs. in crore) FY26 FY25* FY24* FY23* FY22* Net Profit Before Tax 63.9 91.8 78.9 103.8 47.8 Adjustments for: Non-Cash Items / Other Investment or Financial Items 91.9 89.2 83.1 64.0 60.8 Operating profit before working capital changes 155.8 181.0 162.0 167.
Slide 41: Thank You!
THANK YOU ! Company: Credo Brands Marketing Limited CIN: L18101MH1999PLC119669 Mr. Rasik Mittal – CFO [email protected] Investor Relations: Strategic Growth Advisors (SGA) CIN: U74140MH2010PTC204285 Mr. Deven Dhruva / Mr. Sumit Kinikar [email protected] / [email protected] Tel: +
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