Credo Brands Marketing Ltd(MUFTI)

NSE: MUFTIBSE: 544058

₹ 69.36+8.78%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 454 crWebsite: www.credobrands.inUpdated: 27 Oct 2026

About

Credo Brands Marketing designs, brands, markets and retails men's apparel and accessories in India under the MUFTI brand, founded in 1998. The annual report describes MUFTI as one of India's leading mid-premium to premium men's casualwear brands. Revenue was 592.1 in FY26 (Rs crore), and the company ran 427 exclusive brand outlets as of Q1 FY27.^[1][2][3]

Products and brand

The range covers shirts, T-shirts, jeans, chinos, cargos, sweatshirts, jackets, blazers, sweaters and athleisure wear. It is grouped into four lifestyle lines: Authentic, Relaxed, Urban and Athleisure (FY26).^[1]
A 15-member in-house design team creates over 1,400 designs each year (FY26 annual report).^[1]
Shirts sold: 1.99 million in 2025-26 vs 2.17 million in 2024-25.^[1]
About 60% to 70% of the portfolio, at realised sale price, sits below the ₹2,500 GST threshold (Q2 FY26 call).^[4]

Sourcing and operations

The company uses an asset-light model. Manufacturing is outsourced to more than 50 manufacturing partners, and it buys from over 50 fabric and accessory suppliers (FY26).^[1]
The entire supply chain runs on the Ginesys ERP system, with QlikSense used for analytics (FY26). The permanent workforce was 245.^[1]
Inventory days were 74 and debtor days were 159 as of Jun-26.^[3]
Working capital days were 179 in Q3 FY26, down from 217 at H1 FY26.^[5]

Store network

There were 427 exclusive brand outlets across 231 towns in Q1 FY27. During the quarter, 5 stores opened and 7 underperforming stores closed.^[3]
There were 429 exclusive brand outlets at the end of FY26, which the annual report says were spread across 583 cities.^[1][6]
In Q4 FY26, 7 stores opened and 24 closed, taking the count to 429 from 446 in Q3 FY26.^[6][5]
Total distribution reach was 1,913+ touchpoints in Q1 FY27.^[3]

Key operating numbers

Revenue per sq ft in retail was ₹9,324 in FY26, vs ₹11,719 in FY25 and ₹11,928 in FY24 (company presentation).^[6]
Average annual revenue per exclusive brand outlet was ₹75.2 lakhs in FY26, and the average ticket value per outlet bill was ₹5,232.^[1]
Gross margin was 61.6% in Q1 FY27, unchanged from 61.6% in Q1 FY26. It was 58.4% for FY26, up 110 bps from the prior year.^[3][6]
Same-store sales growth was flat in Q4 FY26.^[6]
Advertising and promotion spend was ₹10.7 crore (8.5% of revenue) in Q1 FY27, vs ₹5.4 crore in Q1 FY26. For FY26 it was about 6% of revenue.^[3][6]

Customers and channels

The Muftisphere loyalty platform has over 3 million customers, and the consumer repeat purchase rate was 44% (FY26).^[1]
Large-format store partners include Shoppers Stop and Lifestyle. The company sells through 5 online platforms (FY26).^[1]
Franchisees, multi-brand outlets and some large-format partners are supplied on a risk-free basis. Unsold stock is taken back at season-end and sold online and through factory outlets.^[1]
Online sales were 4.9% of the mix in Q1 FY27, vs 10.7% in FY26. Own-website sales were roughly 5% of FY26 revenue.^[3][6]
Own-website sales grew about 74% year-on-year in FY26 and about 7% year-on-year in Q1 FY27.^[1][3]

MUFTI 2.0 expansion plans

31 stores carried the new MUFTI 2.0 identity at the Q4 FY26 call: 14 renovated, 16 new and 1 relocated.^[6]
The FY27 plan is to open about 20 MUFTI 2.0 stores and close about 20 underperforming ones, keeping the net count broadly flat.^[6][3]
Capex per new MUFTI 2.0 store is about INR 40-45 lakhs, depending on whether it is on a high street or in a mall (Q4 FY26 call).^[6]
All new stores will carry the MUFTI 2.0 identity, and the whole network is to move to it over 2-3 years (Q4 FY26 call).^[6]
Marketing spend is planned at 8-10% of revenue through FY27. Management targets mid-single-digit same-store sales growth for FY27.^[3]
MUFTI 2.0 capex is to be funded from internal accruals (Q2 FY26 call).^[4]

Recent developments

Q1 FY27: management said demand was healthy through April and part of May, then moderated from mid-May.^[3]
Q3 FY26: after the GST reform, GST benefits were passed on for products under ₹2,500 and prices were held for products above it. Gross margin was 56.5%, vs 61.9% a year earlier.^[5]
Q2 FY26: about 2 lakh pieces (about INR 20-25 crore) of sales were affected by delayed Bangladesh supplies and stock pulled back early ahead of Diwali.^[4]
H1 FY26: five premium flagship stores opened, including at Phoenix Palladium, Sky City Mall, R City Mall, Inorbit Hubli and 4D Square Ahmedabad.^[4]

Market Cap

₹454 Cr

High / Low

₹116 / 63

Stock P/E

12.0

Price / Book

2.0

Book Value

₹67

EPS

₹7.3

No. of Shares

6.54 Cr

ROCE

16.9%

ROE

11.2%

OPM

15.0%

Debt / Equity

0.00

Sales

₹592 Cr

Net Profit

₹47 Cr

Promoter holding

55.0%

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