Campus Activewear Limited — Q1 FY26
Campus Activewear reported Q1 FY26 revenue of INR 343.3 Cr (+1.4% YoY), with EBITDA margin of 15.9% (+10 bps YoY).
neutral
medium
Financial stats pending filing verification
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
75%Questions answered2Evaded / deflected12Questions auditedContradictedNumbers vs filing
Answered
High priority
Why did online sales decline sharply and how much is recoupable?
Asked by Gorav Joani, JM Financials
Management explained the cause and quantified the lost growth potential.
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Question
if you can tell us why the online sales have declined uh sharply and uh how much of this is recoupable in the uh coming quarters.
Nikhil (CEO)
We consolidated three warehouses into one... we unfortunately could not supply enough material for the online marketplace and that is where we sort of lost out on the growth over 15 days... otherwise we would have gotten at least higher single-digit growth in the online as well.
Answered
Medium priority
What benefits does the warehouse consolidation provide?
Asked by Gorav Joani, JM Financials
Management clearly explained the capacity increase and supply chain benefit.
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Question
if you can highlight what kind of benefit this consolidation is giving you. Are you talking more in terms of a cost side?
Nikhil (CEO)
The new warehouse gives us a capacity of... up to 200,000 pairs a day... it's basically doubling of the capacity of the throughput. This debottlenecks the entire supply chain.
Evasive
High priority
Can margins reach 16-17% this year given higher ad spend?
Asked by Gorav Joani, JM Financials
Management reiterated aspiration without committing to a timeline or specific year.
no timeline givenaspirational language
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Question
would you be confident of at least touching 16 to 17% margin this year?
Sanjay (CFO)
We continue to aspire to go back to the old days. 17 to 19% is what we have been highlighting always. So that's what we aspire to achieve.
Evasive
High priority
When will double-digit growth and 17-19% margins actually be delivered?
Asked by Priyanker, VM Capital
Management acknowledged delays but gave no concrete timeline for delivery.
no specific timelineaspirational languageblamed transitions
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Question
could you please highlight by when should we actually see what you have been guiding in terms of delivery happening on the P&L also.
Sanjay (CFO) and Nikhil (CEO)
We aspire to go back to 17 to 19% trajectory... these transitions... are building blocks. Yes, it is taking a bit of time. I agree with that.
Partial answer
Medium priority
Why is ad spend high as % of revenue despite low ROI?
Asked by Priyanker, VM Capital
Management explained lag effect but did not quantify ROI or justify absolute spend level.
no specific ROI metric given
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Question
we spend top dollars in terms of percentage revenue when compared to all the other footwear brands... how do we reconcile this... that ROI getting translated into the revenues?
Sanjay (CFO)
A&P spends always have a lag in terms of realization in terms of sales... the degrowth in online was a channel specific phenomena... spends are like channel agnostic and the investments are ahead of curve.
Answered
Medium priority
What drove ASP increase and what are Q2 demand trends?
Asked by Shardakia, Smith Limited
Management provided specific drivers for ASP and qualitative Q2 outlook.
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Question
So is there any specific region where there has been more ASP increase or it's overall... also in terms of the consumer buying patterns... recent Q2 demand trends.
Nikhil (CEO)
ASP increase is due to higher saliency of sneaker portfolio (150% growth) and conscious scale-down of low-margin school shoes, sandals, slippers. Sneaker base of 550,000 pairs will grow consistently.
Partial answer
Medium priority
What is non-BIS inventory proportion and margin drag for FY26?
Asked by Shardakia, Smith Limited
Management confirmed reduction but did not quantify the proportion.
no specific proportion given
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Question
what is the proportion of non-BIS inventory in the system and do you continue to expect the 20 to 40 basis points of margin drag for FY26?
Sanjay (CFO)
The proportion has significantly reduced and that has started reflecting in our gross margins. We don't see much stress there beyond the range we have already highlighted.
Answered
High priority
Would overall sales have grown high single digits without disruption?
Asked by Omang Maha, Kotak Institutional Equities
Management confirmed the implied growth rate.
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Question
you mentioned that D2C online... would have grown by around high single digits... so assuming that... your overall sales would have grown in something like 6-7%?
Nikhil (CEO)
Yes, high single digits. That's right. Even at company level.
Answered
Medium priority
Does 17-19% margin guidance include other income?
Asked by Omang Maha, Kotak Institutional Equities
Management gave a clear one-word answer.
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Question
the 17 to 19% guidance that you gave, that includes your other income is it in terms of the EBITDA margin that you all calculate?
Sanjay (CFO)
Yes.
Answered
High priority
Have BIS benefits fully accrued or more expected?
Asked by Samir Gupta, India Infoline
Management clearly stated benefits are still to come.
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Question
are all the related benefits to this accrued to us already or more can be expected?
Nikhil (CEO)
We've just actually started seeing the benefits... the bulk of it is yet to come.
Answered
Medium priority
Is the sharp ASP uptick sustainable or one-off?
Asked by Action, Fidelity
Management gave a clear directional answer on sustainability.
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Question
We've seen a sharp uptick this quarter... is this just choice of inventory we sold or something that we should see steady state going forward?
Sanjay (CFO)
ASP may not be as high as this every quarter, but it will certainly be higher than last year.
Answered
High priority
Is double-digit growth target still achievable after Q1 disruption?
Asked by Aliasar Shaki, Motilal Oswal Financial Services
Management reaffirmed guidance without qualification.
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Question
do you think we should be able to still do our double digit growth target that we had or with this Q1 disruption... that would come down?
Nikhil (CEO)
We are absolutely on track with the double digit guidance. There is no change in that.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Online would have grown high single digits without disruption | 7% | 1.4% | Overstated vs filing |
| Sneaker portfolio grew 150% YoY | 150% | 1.4% | Overstated vs filing |
| Distribution channel grew 8.6% | 8.6% | 1.4% | Overstated vs filing |
| Revenue loss of 10-12 cr due to disruption | ₹12 cr | ₹343.3 cr | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.