{"id":180261,"date":"2026-02-10T05:26:30","date_gmt":"2026-02-10T10:26:30","guid":{"rendered":"https:\/\/alphastreet.com\/india\/?p=180261"},"modified":"2026-02-10T05:26:30","modified_gmt":"2026-02-10T10:26:30","slug":"earnings-summary-credo-brands-mufti-reports-muted-q3-fy26-performance-amid-industry-slowdown-continues-premiumisation-push","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/earnings-summary-credo-brands-mufti-reports-muted-q3-fy26-performance-amid-industry-slowdown-continues-premiumisation-push\/","title":{"rendered":"Earnings Summary: Credo Brands&#8217; MUFTI Reports Muted Q3 FY26 Performance Amid Industry Slowdown; Continues Premiumisation Push"},"content":{"rendered":"\n<p>Credo Brands Marketing Ltd (NSE:MUFTI), the owner of the MUFTI menswear brand, operates in India\u2019s mid-premium to premium casual fashion segment, offering apparel designed for contemporary male consumers.<\/p>\n\n\n\n<p>The company follows a multi-channel distribution strategy that includes exclusive brand outlets (EBOs), multi-brand outlets (MBOs), large format stores (LFS), and online platforms. Its scalable, asset-light model relies on outsourced manufacturing, long-term supplier partnerships and strong in-house design capabilities.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Q3 &amp; 9M FY26 Financial Performance<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>For the quarter ended December 31, 2025, revenue from operations declined 6% year-on-year to \u20b9146.1 crore.<ul><li>EBITDA dropped 30% to \u20b933.5 crore, while profit after tax fell to \u20b97.0 crore.<\/li><\/ul>\n<ul class=\"wp-block-list\">\n<li>Gross profit margin stood at 56.5%, affected by pricing adjustments following GST reforms and subdued festive demand.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>For the nine months ended December 2025, revenue totalled \u20b9429.7 crore versus \u20b9465.0 crore a year earlier.<ul><li>EBITDA was \u20b9112.6 crore with an EBITDA margin of 26.2%, while profit after tax came in at \u20b932.1 crore.<\/li><\/ul>\n<ul class=\"wp-block-list\">\n<li>Gross profit margin remained relatively stable at 58.2%, reflecting continued cost discipline despite industry challenges.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Operational Metrics &amp; Geographic Presence<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The company operated 446 EBOs and over 1,877 retail touchpoints across 581 cities in India. Its product mix is dominated by shirts and bottomwear, and EBOs continue to account for the majority of sales.<\/li>\n\n\n\n<li>MUFTI targets urban and tier-2\/3 consumers seeking casual, expressive fashion in the mid-premium segment.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Operational &amp; Business Highlights<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Credo Brands advanced its \u201cMUFTI 2.0\u201d transformation focused on premium store experiences, elevated merchandise and enhanced brand storytelling.<\/li>\n\n\n\n<li>12 premium-format stores have already been launched, with plans for gradual expansion into high-traffic retail locations such as malls, airports and high streets.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Industry Trends &amp; Market Environment<\/strong><\/h2>\n\n\n\n<p>The apparel sector experienced a muted festive season and softer consumer sentiment during the quarter, impacting overall demand. GST-related pricing adjustments also temporarily pressured margins as tax benefits were passed on to customers in certain price segments.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Digital Strategy &amp; Growth Initiatives<\/strong><\/h2>\n\n\n\n<p>The company increased focus on its direct-to-consumer strategy, with sales from its own website growing around 87% year-on-year during the nine-month period. Investments in digital marketing and omnichannel engagement aim to attract younger consumers and strengthen brand visibility.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Management Commentary &amp; Strategic Direction<\/strong><\/h2>\n\n\n\n<p>Chairman and Managing Director Kamal Khushlani highlighted steady progress in premiumisation initiatives and noted encouraging early consumer response to new-format stores. Advertising and branding investments are expected to rise to 8\u201310% of revenue over time to support long-term brand equity despite near-term margin pressure.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Market Sentiment, Guidance &amp; Outlook<\/strong> <\/h2>\n\n\n\n<p>While management expects demand conditions to remain cautious in the near term, the company remains confident in its long-term growth trajectory. Premiumisation, digital expansion and evolving consumer preferences in India\u2019s apparel market are expected to support future growth once consumption trends stabilise.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Credo Brands Marketing Ltd (NSE:MUFTI), the owner of the MUFTI menswear brand, operates in India\u2019s mid-premium to premium casual fashion segment, offering apparel designed for contemporary male consumers. The company follows a multi-channel distribution strategy that includes exclusive brand outlets (EBOs), multi-brand outlets (MBOs), large format stores (LFS), and online platforms. Its scalable, asset-light model [&hellip;]<\/p>\n","protected":false},"author":2378,"featured_media":125269,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[5,392,85],"tags":[1372,16131,16132],"class_list":["post-180261","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest","category-earnings","category-retail-stocks","tag-apparel","tag-menswear","tag-mufti"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2021\/10\/Earnings-Coverage.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":174103,"url":"https:\/\/alphastreet.com\/india\/credo-brands-marketing-ltd-mufti-q1-2026-earnings-call-transcript\/","url_meta":{"origin":180261,"position":0},"title":"Credo Brands Marketing Ltd (MUFTI) Q1 2026 Earnings Call Transcript","author":"News desk","date":"January 22, 2026","format":false,"excerpt":"Credo Brands Marketing Ltd (NSE: MUFTI) Q1 2026 Earnings Call dated Aug. 01, 2025 Corporate Participants: Unidentified Speaker Kamal Khushlani \u2014 Promoter and Managing Director Analysts: Unidentified Participant Nilesh Doshi \u2014 Analyst Presentation: operator Please wait while you're joined to the conference. The conference is now being recorded. IT SAM.\u2026","rel":"","context":"In &quot;Earnings Call Transcripts&quot;","block_context":{"text":"Earnings Call Transcripts","link":"https:\/\/alphastreet.com\/india\/category\/transcripts\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":180413,"url":"https:\/\/alphastreet.com\/india\/credo-brands-marketing-ltd-mufti-q3-2026-earnings-call-transcript\/","url_meta":{"origin":180261,"position":1},"title":"Credo Brands Marketing Ltd (MUFTI) Q3 2026 Earnings Call Transcript","author":"News desk","date":"February 11, 2026","format":false,"excerpt":"Credo Brands Marketing Ltd (NSE: MUFTI) Q3 2026 Earnings Call dated Feb. 10, 2026 Corporate Participants: Kamal Khushlani \u2014 Promoter, Chairman and Managing Director Rasik Mittal \u2014 Chief Financial Officer Analysts: Unidentified Participant Gunit Singh \u2014 Analyst Nilesh Doshi \u2014 Analyst Rahel \u2014 Analyst Deepan Sankara Narayanan \u2014 Analyst Aditya\u2026","rel":"","context":"In &quot;Earnings Call Transcripts&quot;","block_context":{"text":"Earnings Call Transcripts","link":"https:\/\/alphastreet.com\/india\/category\/transcripts\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":178041,"url":"https:\/\/alphastreet.com\/india\/metro-brands-reports-15-4-revenue-growth-in-q3-fy26-announces-%e2%82%b93-interim-dividend\/","url_meta":{"origin":180261,"position":2},"title":"Metro Brands Reports 15.4% Revenue Growth in Q3 FY26, Announces \u20b93 Interim Dividend","author":"Staff Correspondent","date":"January 28, 2026","format":false,"excerpt":"Metro Brands Ltd. 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Q3 FY26\u2026","rel":"","context":"In &quot;LATEST&quot;","block_context":{"text":"LATEST","link":"https:\/\/alphastreet.com\/india\/category\/latest\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/10\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/10\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/10\/Earnings-Coverage.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":174105,"url":"https:\/\/alphastreet.com\/india\/credo-brands-marketing-ltd-mufti-q3-2025-earnings-call-transcript\/","url_meta":{"origin":180261,"position":4},"title":"Credo Brands Marketing Ltd (MUFTI) Q3 2025 Earnings Call Transcript","author":"News desk","date":"January 22, 2026","format":false,"excerpt":"Credo Brands Marketing Ltd (NSE: MUFTI) Q3 2025 Earnings Call dated Feb. 03, 2025 Corporate Participants: Kamal Khushlani \u2014 Chairman & Managing Director Rasik Mittal \u2014 Chief Financial Officer Unidentified Speaker Analysts: Unidentified Participant Apurva Mehta \u2014 Analyst Ruchita Maheshwari \u2014 Analyst Deepak Poddar \u2014 Analyst Rahul Dhruv \u2014 Analyst\u2026","rel":"","context":"In &quot;Earnings Call Transcripts&quot;","block_context":{"text":"Earnings Call Transcripts","link":"https:\/\/alphastreet.com\/india\/category\/transcripts\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":177822,"url":"https:\/\/alphastreet.com\/india\/raymond-lifestyle-q3-fy26-earnings-results\/","url_meta":{"origin":180261,"position":5},"title":"Raymond Lifestyle Q3 FY26 Earnings Results","author":"Chirag Gupta","date":"January 27, 2026","format":false,"excerpt":"Incorporated in 2024, Raymond Lifestyle Ltd offers fashion products and services with branded textile, apparel brands across formal casual and ethnic wear. Q3 FY26 Earnings Results Revenue from Operations \/ Total income: Revenue from operations at \u20b91,849 crore, up about 5.4% YoY versus \u20b91,754 crore in Q3 FY25; total income\u2026","rel":"","context":"In &quot;AlphaGraphs&quot;","block_context":{"text":"AlphaGraphs","link":"https:\/\/alphastreet.com\/india\/category\/infographics\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/180261","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/users\/2378"}],"replies":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/comments?post=180261"}],"version-history":[{"count":3,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/180261\/revisions"}],"predecessor-version":[{"id":180264,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/180261\/revisions\/180264"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/media\/125269"}],"wp:attachment":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/media?parent=180261"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/categories?post=180261"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/tags?post=180261"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}