Analysts/Institutional Investor Meet/Con. Call Updates

------------------------------------------------------------------------------------------------------------------ August 18, 2026 To To BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchange Plaza, C-1, Block G Dalal Street, Mumbai – 400 001 Bandra Kurla Complex Bandra (E), Mumbai – 400 051 Scrip Code: 544058 Scrip Symbol: MUFTI Dear Sirs, Sub: Transcript of the investor/analyst conference call Pursuant to Regulation 30(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the transcript of the investor/analyst conference call held on August 12, 2026 on unaudited financial results of the Company for the quarter ended June 30, 2026, is enclosed herewith. The same is also available on the Company’s website at: https://www.credobrands.in/investors/financials/#acc_42. This is for your information and dissemination on your website. Thanking you, Yours faithfully, For Credo Brands Marketing Limited Sanjay Kumar Mutha Company Secretary and Compliance Officer Encl. As above “Credo Brands Marketing Limited Q1 FY27 Earnings Conference Call” August 12, 2026 MANAGEMENT: MR. KAMAL KHUSHLANI - CHAIRMAN AND MANAGING DIRECTOR MR. RASIK MITTAL - CHIEF FINANCIAL OFFICER INVESTOR RELATIONS ADVISORS: STRATEGIC GROWTH ADVISORS Disclaimer: E&OE - This transcript is edited for factual errors. In case of discrepancy, the audio recordings uploaded on the stock exchanges on August 12, 2026 will prevail. Page 1 of 8 Credo Brands Marketing Limited August 12, 2026 Moderator: Ladies and gentlemen, good day, and welcome to Credo Brands Marketing Limited Q1 FY27 Earnings Conference Call. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing the star then zero on your touch-tone phone. Please note that this conference is being recorded. This conference call may contain forward- looking statements about the company, which are based on the beliefs, opinions and expectations of the company as on date of this call. These statements are not the guarantees of future performance and involve risks and uncertainties that are difficult to predict. I now hand the conference over to Mr. Kamal Khushlani, Managing Director. Thank you, and over to you, Mr. Khushlani. Kamal Khushlani: Thank you, Anushka. Good afternoon, everyone, and thank you for joining us. I have with me Mr. Rasik Mittal, our Chief Financial Officer; and SGA, our Investor Relations Advisors. I hope you all have received the investor deck. If not, it is available on the stock exchanges and our company website. Before we get into the numbers, I would like to briefly talk about where Muti stands today. FY26 was a year of resilience and focused execution. In Q1 FY27, we continued to advance Mufti 2.0 with a focus on premiumizing the brand, elevating the customer experience across our stores and strengthening Mufti's influence as the aspirations of the Indian consumers continue to evolve. Coming to the operating environment, we saw healthy consumer interest through April and part of May which moderated towards the mid of May. As indicated earlier, we continue to remain measured about near-term demand. The broader global environment also remains uncertain with geopolitical tensions likely to keep consumers cautious and selective in their discretionary spending. At the same time, we remain confident about the long-term opportunity. India's growing aspirations and the evolution of casual lifestyle segment provides significant headroom, and we believe Mufti is well positioned to participate meaningfully in this opportunity. Coming to our performance, Q1 FY27 revenue grew by 5% year-on-year to approximately INR125 crores, reflecting steady performance despite continued softness in discretionary spending. As part of our retail transformation strategy, we opened 5 new stores across leading malls and high streets while closing 7 underperforming stores, taking our total store count to 427. Our focus is on improving the quality and productivity of our network by progressively replacing lower productivity locations with stronger experience-led stores, thereby improving output per store while enhancing customer experience and brand salience. Gross profit grew 5% year-on-year to INR77 crores with gross margin at 62%. EBITDA stood at INR27 crores approximately compared to about INR31 crores in the same period last year, primarily due to higher investments in advertising, brand building and retail transformation. Page 2 of 8 Credo Brands Marketing Limited August 12, 2026 Marketing investment during the quarter was approximately 8.5% of revenue, which is in line with our full year guidance of 8% to 10% through FY27. We see this as an important investment in building Mufti's long-term salience and aspiration. A growing proportion is being directed towards digital platforms such as Google and Meta to strengthen visibility, understand consumer behaviour and support engagement across online and offline channels, particularly among new consumers. Alongside this, we continue to build our D2C business, bringing us closer to our consumers and their evolving preferences. Our long-term Mufti 2.0 transformation remains firmly on track. We will continue to elevate our retail experience, strengthen our merchandise offering and invest behind the brand. These initiatives are aimed at deepening consumer engagement, improving footfalls and conversion and progressively rekindling growth. Our ambition remains clear to build Mufti into one of India's most loved and enduring homegrown menswear brands, growing in a disciplined, profitable and sustainable manner. While near-term demand visibility may remain uneven, we believe Mufti 2.0 is building a stronger foundation for the brand's next phase of growth. With that, I'll hand over to our CFO, Mr. Rasik Mittal, for the detailed financial performance for the quarter. Rasik Mittal: Thank you, Kamal. Good afternoon, everyone. I will give you financial highlights for Q1 FY27. Revenue for the quarter stood at INR125.3 crores. Gross profit stood at INR77.2 crores with a GP margin of 61.6% for the quarter. EBITDA stood at INR26.6 crores. Our EBITDA margin stood at 21.2%. Profit after tax for the quarter stood at INR2.3 crores. Our PAT margin stood at 1.8% for the quarter. With this, we will now open the floor for question and answer. Thank you. Moderator: We will now begin the question-and-answer session. We take the first question from the line of Sakshi Pratap from Pratap Securities. Please proceed. Sakshi Pratap: Thanks for the question. Are you seeing any early signs of improvement in discretionary consumption? Or is it just the current environment still largely dependent on the festive season was my first question. Kamal Khushlani: Sakshi, hi. We certainly see some positive signals from the renovated new stores and the new retail identity that we have created in the new stores. But it's a little too early to be able to extrapolate them and put any kind of projections on this. We would refrain from doing that. But as of now, certainly, we are seeing positive signals, and we will continue to make these changes to our stores, renovate our stores and open new stores and shut some of the underperforming stores. Sakshi Pratap: Understood, sir. Sir, my second question would be what would be the key milestones over the next 12 to 18 months that we can see and say that MUFTI 2.0 is working successfully? Kamal Khushlani: Like I said, Sakshi, this is going to be a long-drawn process. The environment is changing. The competition is intense. And at this point, we are going through a transformation phase, and it Page 3 of 8 Credo Brands Marketing Limited August 12, 2026 may not immediately translate into visible numbers within the next few quarters. But we've seen these ti [Showing first 8,000 characters — download PDF for full document]