Date: November 04, 2026

Financial Performance Summary

Quarterly Performance (Q2 FY27 vs Q2 FY26)

  • Total Revenue: ₹189.3 Crore (vs ₹163.7 Crore), +16% YoY
  • Gross Profit: ₹111.0 Crore (vs ₹93.5 Crore), +19% YoY
  • Gross Margin: 58.6% (vs 57.1%), +150 bps expansion
  • EBITDA: ₹59.5 Crore (vs ₹48.1 Crore), +24% YoY
  • EBITDA Margin: 31.4% (vs 29.4%), +200 bps expansion
  • PAT: ₹27.3 Crore (vs ₹18.8 Crore), +45% YoY
  • PAT Margin: 14.4% (vs 11.5%), +290 bps expansion

Half-Yearly Performance (H1 FY27 vs H1 FY26)

  • Total Revenue: ₹314.6 Crore (vs ₹283.6 Crore), +11% YoY
  • Gross Profit: ₹188.2 Crore (vs ₹167.3 Crore), +12% YoY
  • Gross Margin: 59.8% (vs 59.0%), +80 bps expansion
  • EBITDA: ₹86.1 Crore (vs ₹79.1 Crore), +9% YoY
  • EBITDA Margin: 27.4% (vs 27.9%), (50) bps contraction
  • PAT: ₹29.6 Crore (vs ₹25.1 Crore), +18% YoY
  • PAT Margin: 9.4% (vs 8.9%), +50 bps expansion

Operational Highlights

Store Network & Sales Distribution

  • Total number of Exclusive Brand Outlets (EBOs) as on 30th September 2026: 419 stores
  • Sales Mix for H1 FY27:
  • EBO: 53%
  • MBO: 29%
  • LFS: 4%
  • Online: 12%
  • Others: 2%

Product Category Performance

  • Product Mix for H1 FY27:
  • Shirts: 42%
  • Bottom wear: 43%
  • T-shirts: 12%
  • Outerwear: 1%
  • Others: 2%

Financial Metrics

  • Working Capital Days as on 30th September 2026: 217 days
  • Return on Capital Employed (RoCE) for H1 FY27: 14.6%
  • Return on Equity (RoE) for H1 FY27: 11.9%
  • Marketing & Advertising spends for H1 FY27: 6.7% of revenue

Business Initiatives & Strategic Updates

Mufti 2.0 Transformation

  • Continued progress on premiumization journey through elevated stores, sharper merchandise, and stronger brand storytelling
  • Opened new-format premium stores in strategic locations with encouraging consumer response
  • Focused on improving retail productivity through selective store rationalization and expansion into premium retail destinations
  • During Q2 FY27, opened 14 stores of the New Mufti 2.0 identity (including 12 renovated stores)
  • Total stores under New Mufti 2.0 identity as of announcement date: 57 stores
  • Initiatives aimed at strengthening brand visibility, customer experience, and throughput per store

Digital & Omnichannel Strategy

  • Continued investments in digital marketing through Google and Meta platforms
  • Increased focus on content-led consumer engagement, digital storytelling, and performance marketing
  • Omnichannel strategy connects online discovery with offline conversion and vice versa
  • Digital campaigns include Prateik x Mufti, Flow Linen, and Havana
  • Third consecutive quarter of positive same-store sales growth (SSSG)

Management Commentary

Mr. Kamal Khushlani, Chairman & MD, stated:

  • Q2 FY27 revenue of ₹189 crore represents highest-ever quarterly revenue
  • Company operates with a debt-free balance sheet
  • Gross margin expansion driven by richer product mix and better price realizations
  • Average selling prices rising across shirts, t-shirts, and bottom wear categories
  • Brand building investments showing positive early signals
  • Mufti 2.0 is a multi-year journey focused on making Mufti one of India's most loved menswear brands
  • Strategy prioritizes productivity over pure store count expansion

Manufacturing & Business Model

  • Company follows asset-light model with respect to plant, property, and equipment
  • Manufacturing operations are outsourced to various manufacturing partners
  • Company focuses on product design and conducts multiple quality checks
  • Structure provides agility with longstanding sourcing partners to manage supply based on demand