NSE: MUFTI · BSE: 544058
CREDO BRANDS MARKETING L
Retails mid-premium men's casual wear in India under the Mufti brand, which launched in 1998. Operates 429 exclusive brand outlets across 233 cities, supplemented by sales through multi-brand outlets, large-format stores, and an own e-commerce site. The omnichannel mix in FY26 was 54% EBO, 27% MBO, 11% online, 5% large-format stores, and 3% others. The business is in the middle of a 'Mufti 2.0' premiumisation programme, with 31 new-identity stores opened or renovated and same-store sales flat in Q4. Other operating expenses — dominated by advertising — are the largest cost line at 26.3% of revenue, with ad spend raised to ~8% of revenue in Q4 and guided to 9-10% in FY27. Cotton at INR 62,000/candy is flagged as a raw-material risk, with gross margin guided to the 56-58% range. FY26 revenue was INR 592.1 crore and net profit INR 47.4 crore. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Exclusive Brand Outlets (EBOs) (54%), Multi-Brand Outlets (MBOs) (27%), Online (own website + marketplaces) (11%), Large-Format Stores (LFS) (5%), Others (3%). Brand-led speciality retail of mid-premium men's casual wear, store-heavy with company-operated outlets but channel-diversified across EBOs, MBOs, LFS and online.
Exhibit 1: Financial summary, FY24–FY25 (all audited; no estimate years)
| ₹ crore · consolidated | FY24 | FY25 |
|---|---|---|
| Revenue | 567 | 618 |
| EBITDA (ex other income) | 161 | 180 |
| margin % | 28.3 | 29.1 |
| Owners' profit | 0 | 0 |
| EPS, as reported (₹) | 9.20 | 10.53 |
| ROE % · ROCE % | 17.3 · 18.0 | 16.7 · 17.9 |
| Debt / equity (x) | 0.11 | 0.00 |
| Cash from operations | 56 | 166 |
| Capex | (36) | (21) |
Exhibit 2: Quarterly performance, last 7 quarters
| ₹ crore | Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 |
|---|---|---|---|---|---|---|---|
| Revenue | 166 | 150 | 133 | 124 | 186 | 156 | 153 |
| Profit before tax | 37 | 21 | 10 | 13 | 35 | 24 | 19 |
| Net profit | 28 | 16 | 7 | 10 | 26 | 18 | 14 |
| EPS (₹) | 4.35 | 2.42 | 1.10 | 1.52 | 4.10 | 2.81 | 2.13 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| TRENT LTD | 1,50,394 | 61.3 | 21.16 | 40.0 | 24.2 | 26.2 | 50.6 | 20.1 |
| LENSKART SOLUTIONS LTD | 1,16,496 | 174.9 | 13.16 | 60.5 | 5.7 | 5.8 | — | 24.2 |
| VEDANT FASHIONS LIMITED | 11,516 | 28.6 | 7.54 | 15.8 | 8.5 | 8.4 | — | 52.7 |
| ADITYA BIRLA LIFES BRAN L | 9,142 | 51.7 | 6.47 | 7.2 | 12.1 | 5.0 | — | 16.0 |
| ADITYA VISION LIMITED | 7,307 | 52.5 | 10.61 | — | 17.0 | 17.4 | — | 10.6 |
| V2 RETAIL LIMITED | 5,721 | 3.7 | 6.34 | 12.1 | 18.0 | 14.2 | 41.6 | 14.1 |
| ARVIND FASHIONS LIMITED | 4,928 | 41.1 | 4.25 | 7.5 | 15.8 | 12.9 | 19.1 | 13.0 |
| ADITYA BIRLA FASHION & RT | 4,876 | — | 0.78 | 7.0 | (13.3) | (7.1) | 9.3 | 8.5 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 6.4 | 26.3 | 4 of 19 | 83% |
| P/B | 1.1 | 3.9 | 4 of 14 | 77% |
| ROCE | 14.0 | 10.0 | 6 of 20 | 74% |
| ROE | 16.7 | 11.7 | 4 of 14 | 77% |
| Debt / Equity | 0.0 | 0.1 | 3 of 14 | 85% |
| EBITDA margin | 28.7 | 15.7 | 4 of 14 | 77% |
| Revenue growth | 15.1 | 16.6 | 10 of 16 | 40% |
| Profit growth | 95.8 | 20.6 | 1 of 13 | 100% |
| Market cap | 444 | 735 | 12 of 20 | 42% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 7 Oct 2026 · Credo Brands files Reg 74(5) certificate; no demat requests in Q2 FY27 | compliance | minimal | — | — |
| 28 Sept 2026 · Trading window closed from Oct 1 until Q2 FY26 results are announced | compliance | minimal | — | — |
| 11 Sept 2026 · Credo Brands re-appoints Kamal Khushlani as Chairman and MD for 5 years | management changes | high | — | — |
| 11 Sept 2026 · Credo Brands 27th AGM held; all 4 resolutions passed with high majority | board shareholder meetings | low | — | — |
| 20 Aug 2026 · Notice of 27th AGM and Remote E-Voting Information | compliance | minimal | — | — |
| 18 Aug 2026 · Credo Brands Q1 FY27 earnings call transcript filed | investor communications | medium | — | — |
| 17 Aug 2026 · 27th AGM notice - Sept 11, 2026 via video conference | compliance | minimal | — | — |
| 17 Aug 2026 · Credo Brands 27th AGM on Sep 11, 2026; FY26 dividend of Rs 2 per share | board shareholder meetings | medium | — | — |
| 17 Aug 2026 · AGM on Sept 11, 2026 with Rs 2 dividend and MD re-appointment | board shareholder meetings | medium | — | — |
| 13 Aug 2026 · Newspaper publication of Q1 FY27 unaudited financial results | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.