MUFTI / Q3-FY26 / claim-ledger

Audit the questions that mattered.

Credo Brands Marketing · Analyst questions, management answers, and the quality of the response where the ledger is available.

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NegativeQ3-FY26 · 2026-02-12Back to quarter ↗

Questions audited

Answered directly

59%

Numeric claims

Consistency

mixed

Question ledger

What was answered, and how?

Gunit Singh · Counter Cyclical PMS

evasive

Why increase ad spend to 8-10% of revenue when revenues are falling?

So uh Gonit uh the thing is that the brand has undergone transformation again and is moving towards a premium position... for the next couple of years for sure we are going to be spending 8 to 10 odd% of our revenue.

Gunit Singh · Counter Cyclical PMS

evasive

What positive signs justify the pivot to high ad spend?

Sure Gonit uh it is certainly going well and we will still be spending from our profits only. It's not that we are going to uh hit our bottom line or take it into the negative.

Nilles Doshi · Prospero Tree

partial

Why is revenue not growing despite premium stores and higher ASP?

So at this you should not be looking at our business on a quartarter basis. I have even said that in the past by the end of the year this should the EITA should come to around 25 odd percent by end of Q4 and also our uh our GP margin will be sustained.

Nilles Doshi · Prospero Tree

direct

Will revenue be maintained from Q4 onward?

No no it won't further go down but by at the end of the year we we might be five to 6% lower than last year.

Rahil · Sapphire Capital

evasive

How will MUJI become an overnight sensation against new brands?

this is exactly what we are looking to do Rael people have a overhang of the brand from the past and with whatever changes that we are making it's important to communicate and change people's perceptions about the brand...

Deepan Shankara Narayan · Trust Line Holdings Private Limited

evasive

How will growth profile change over 3 years with higher ad spend?

Certainly certainly we see it changing over the long term. But however as we have mentioned earlier for the next couple of years uh we are not going to commit on numbers...

Deepan Shankara Narayan · Trust Line Holdings Private Limited

direct

What was gross sales growth this quarter adjusting for returns and GST?

We have not seen any growth in the revenue. In fact, the in the quarter has regrown around 6%.

Adita Warha · Synergy Investments

direct

How are sales in Q4 so far? Any improvement from previous quarter?

So uh as I mentioned earlier uh Adita uh at the end of the year uh we should be at uh at about five or 6% lower than last year's uh sale numbers. So it continues to be muted.

Ashi · Marhon Investment Advisors

direct

What are store opening and closing plans for coming quarters?

So Ashi currently we have uh in 9 months we have opened 27 uh new stores and closed 22 stores. That's a net addition of five. However, in the next uh quarter we shall be uh we shall be closing 21 stores and adding 15 new doors...

Tanma · Growth Infinity

direct

Are YouTube/Instagram ad views converting into sales?

Yes. Yes. on the website our business has grown by 87% over the uh last year same quarter and definitely we are seeing an improvement in that...

Tanma · Growth Infinity

direct

How many premium stores by end of Q4?

End of Q4 there will be 20 new uh new identity stores out of which 15 will be uh new stores and five will be renovated stores.