MUFTI

Credo Brands Marketing financials

Market cap
₹512 Cr
Sector
Consumer Services
Calls analysed
6
Latest concall · Q1 FY27 · call held 12 Aug 2026

Credo Brands Marketing Limited Q1 FY27

Revenue ₹125.3 cr +5%EBITDA ₹26.6 cr −14%EBITDA Margin 21.2% PAT ₹2.3 cr

What went well

  • Revenue grew 5% year-on-year to INR125.3 crores, reflecting steady performance despite softness in discretionary spending.
  • Gross profit grew 5% year-on-year to INR77.2 crores, maintaining a strong gross margin of 61.6%.
  • Strategic retail transformation led to opening 5 new stores and closing 7 underperforming ones, optimizing the network to 427 stores.

What to watch

  • EBITDA declined to INR26.6 crores from INR31 crores in the same period last year, a 14.19% YoY decrease, primarily due to higher investments in advertising, brand building, and retail transformation.
  • Profit after tax (PAT) was low at INR2.3 crores, with a PAT margin of 1.8%.
Read the full call →

What Credo Brands Marketing Limited does

Credo Brands Marketing Limited owns and operates MUFTI, a men's casual-wear brand launched in Mumbai in 1998 spanning shirts, t-shirts, jeans/trousers and outerwear. The company runs an in-house design studio that creates the merchandise, then outsources cutting and stitching to third-party manufacturing partners, keeping the model asset-light. Products reach consumers through exclusive brand outlets (EBOs run as FOFO/COCO/COFO formats), multi-brand outlets (MBOs), large-format stores (LFS), and the company's own website and e-commerce partners.

Segments

  • Shirts
  • T-shirts
  • Bottomwear (Jeans & Trousers)
  • Outerwear
Total EBO store count
429 (as of Mar 31, 2026)
Retail touchpoints
1,913+
Cities/towns with presence
583
Multi-brand outlets (MBOs)
1,336
Large-format store (LFS) touchpoints
148
Manufacturing partners
50+
Founded 1998 Company website

Guidance record · Q1 FY27

what the last two calls moved 11 tracked 2 delivered 3 missed 6 open
  • FY27 EBITDA Margin at risk said Q4 FY26 Promised: 23-24% Q1 FY27: EBITDA margin for the quarter was 21.2%, which is below the full-year guided range of 23-24%. Management attributes this to planned higher investments in advertising and brand building.
  • FY26 Revenue Growth delivered, diluted said Q4 FY25 Promised: mid-teens revenue growth Q4 FY26: FY26 revenue was 592 Cr, a 4.2% decline YoY. This was better than the final guidance of a 5-6% decline, but a massive miss from the original 'mid-teens growth' promise.
  • FY26 EBITDA Margin missed said Q4 FY25 Promised: 28% to 30% Q4 FY26: Full year FY26 EBITDA margin was 26%, which is below the original guided range of 28-30%.

All 11 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q4 FY26: revenue up 5.9%, net profit up 7.1% against the same quarter last year.

₹ Cr · quarterly
Line itemQ1 FY25Q2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26
Revenue124 186 156 153 120 −3%164 −12%146 −6%162 +6%
EBITDA33 58 48 41 31 −6%48 −17%34 −29%42 +2%
Net profit10 26 18 14 6 −40%19 −27%7 −61%15 +7%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −39.6% 1Y

₹60₹80₹100₹120Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 10 Nov 2025Q3 FY26 — 10 Feb 2026Q4 FY26 — 22 May 2026Q1 FY27 — 12 Aug 2026

1Y: ₹120.56 on 10 Sept 2025 → ₹72.78. High ₹120.56 (10 Sept 2025), low ₹64.06 (30 Mar 2026).

How the price took the results

close before → close after

Q1 FY27
−3.8%
12 Aug
Q4 FY26
+8.9%
22 May
Q3 FY26
−7.7%
10 Feb
Q2 FY26
−9.1%
10 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 2.2% a year over 2 years, FY24 to FY26. Operating margin narrowed to 26.2%.

Year endingFY24FY25FY26
Revenue₹567 Cr₹619 Cr₹592 Cr
Operating profit₹161 Cr₹180 Cr₹155 Cr
Operating margin28.4%29.1%26.2%
Interest₹24 Cr₹25 Cr₹25 Cr
Depreciation₹62 Cr₹68 Cr₹74 Cr
Net profit₹60 Cr₹68 Cr₹47 Cr
Net margin10.6%11.0%7.9%
Cash from operations₹56 Cr₹159 Cr—
Free cash flow₹21 Cr₹138 Cr—
ROCE19.0%19.0%—
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25
Equity capital₹3 Cr₹3 Cr₹3 Cr₹13 Cr₹13 Cr
Reserves₹189 Cr₹233 Cr₹278 Cr₹329 Cr₹397 Cr
Borrowings₹144 Cr₹154 Cr₹192 Cr₹253 Cr₹237 Cr
Other liabilities₹81 Cr₹86 Cr₹101 Cr₹115 Cr₹122 Cr
Total liabilities₹417 Cr₹476 Cr₹574 Cr₹710 Cr₹769 Cr
Fixed assets₹167 Cr₹179 Cr₹237 Cr₹281 Cr₹291 Cr
Capital work in progress₹0 Cr₹1 Cr₹0 Cr₹1 Cr₹1 Cr
Investments₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹0 Cr
Other assets₹249 Cr₹296 Cr₹338 Cr₹428 Cr₹478 Cr
Total assets₹417 Cr₹476 Cr₹574 Cr₹710 Cr₹769 Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, the public added +0.67 pp while DIIs trimmed −0.60 pp. The shareholder count shrank 3% to 71,056.

Promoters
55.0%
FIIs
0.5%
DIIs
3.0%
Public
41.5%

Since Jun 2025

  • Public +0.67 pp
  • DIIs −0.60 pp
  • FIIs −0.06 pp

How it drifted, 11 quarters

Over this window the public went from 30.6% to 41.5% — +10.8 pp.

Dec '23Mar '25Jun '26

Ownership split by quarter, oldest first. Dec '23: Promoters 55.4%, FIIs 3.6%, DIIs 10.4%, Public 30.6%.Mar '24: Promoters 55.2%, FIIs 2.7%, DIIs 8.4%, Public 33.6%.Jun '24: Promoters 55.2%, FIIs 1.9%, DIIs 7.7%, Public 35.3%.Sep '24: Promoters 54.8%, FIIs 1.5%, DIIs 6.7%, Public 37.0%.Dec '24: Promoters 54.6%, FIIs 0.5%, DIIs 5.7%, Public 39.2%.Mar '25: Promoters 55.1%, FIIs 0.3%, DIIs 4.4%, Public 40.3%.Jun '25: Promoters 55.0%, FIIs 0.6%, DIIs 3.6%, Public 40.8%.Sep '25: Promoters 55.0%, FIIs 0.5%, DIIs 2.4%, Public 42.1%.Dec '25: Promoters 55.0%, FIIs 0.5%, DIIs 2.3%, Public 42.2%.Mar '26: Promoters 55.0%, FIIs 0.5%, DIIs 3.4%, Public 41.2%.Jun '26: Promoters 55.0%, FIIs 0.5%, DIIs 3.0%, Public 41.5%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 0 holders trimming and 0 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Credo Brands Marketing Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Kamal D Khushlani 28.00%unchanged
Poonam Khushlani 21.47%unchanged
Bennett, Coleman And Company Limited 8.24%unchanged
Andrew Kamal Khushlani 2.76%unchanged
Sonakshi Kamal Khushlani 2.76%unchanged
Trustline Deep Alpha AIF - II AIF2.19%+0.52 pp
Vikram Pratapbhai Kotak 1.07%unchanged
G G Automotive Gears Limited 0.00%unchanged
Kennedy Ram Gajra 0.00%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

What the price assumes

Growth trap

To justify its price of ₹73, this stock must grow earnings at 2% every year for 7 years. Our analysis caps realistic growth at ~-14%. At that growth it is worth ₹30 — downside of 59%.

Growth the price implies
2.0% a year
for 7 years, fading to 4%
It has actually compounded at
-14.4% a year
net profit, FY24–FY26 · EPS -14.1%
The gap
0.2 pp
-59% downside if it only repeats history
Price today ₹72.78 Value at the reference growth ₹29.9

Change the assumptions yourself →

All earnings calls (6)

Read the Q1 FY27 call →

Learn to analyse Credo Brands Marketing Limited

Guides on how to read this kind of business and the numbers that matter.