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Mgmt Guided Margin PressureInvestor Communications View source PDF

MUFTI · price

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₹90.40

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₹90.85

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AI summary

Credo Brands (MUFTI) reported Q4 FY26 revenue of INR162 crore, up 6% YoY, with EBITDA flat at INR42 crore (25.6% margin). FY26 revenue remained flat at INR592 crore, though gross margin improved 110 bps to 58.4%. The company is in the midst of a Mufti 2.0 transformation, closing underperforming stores and opening premium format stores at INR40-45 lakh capex per store. Same-store sales were flat in Q4. Online channel grew 75% YoY and now contributes 5% of revenue. The company plans to keep store count flat in FY27 (opening ~20, closing ~20) and expects mid-single-digit growth. Management guided FY27 EBITDA margins to decline to 23-24% due to planned advertising spend increase to 9-10% of revenue from current ~8%.

Likely market impact

Margins are expected to come under pressure in FY27 as the company increases brand investments. The conservative growth outlook (mid-single-digit) reflects caution amid geopolitical uncertainty and inflationary pressures, though long-term premiumization strategy remains intact.