Investor Presentation

**1. Business Performance:** Mufti navigated a challenging FY26 market, with full-year revenue at ₹592.1 Cr (down 4% YoY) and PAT at ₹47.4 Cr (down 31% YoY). However, Q4 showed stability, with revenue up 6% to ₹162.3 Cr and PAT rising 11% to ₹15.3 Cr, driven by a better product mix and disciplined inventory management.

The company focused on strengthening its brand and retail network quality. **2. Growth Drivers or Strategy:** Mufti is deep into its "MUFTI 2.0" premiumization journey, reinventing store experiences and merchandise.

The strategy involves optimizing its 429-store network by closing underperforming outlets and expanding new experience-led stores in prime locations.

Direct-to-consumer (D2C) sales are a key focus, growing 74% in FY26, with planned ad spend of 8-10% of revenue in FY27 to boost digital presence. **3. Recent Developments:** Significant investments were made in advertising, branding, and premium retail initiatives, reflecting the MUFTI 2.0 transformation.

New-format stores are already showing encouraging responses. **4. Key Financial Metrics:** Q4 FY26 saw an EBITDA margin of 25.6%. For FY26, the EBITDA margin was 26.0%. **5. Management Commentary / Outlook:** Management highlighted FY26 as a "transition and disciplined execution" year.

Despite near-term demand uncertainty due to macro factors, they believe current product and brand-building investments will drive stronger, sustainable growth ahead.