Campus Activewear Limited — Q3 FY26
Campus Activewear delivered a strong Q3 FY26 with revenue of ₹589 crore (+14.3% YoY) and PAT of ₹63.7 crore (+37% YoY), driven by festive demand, GST rationalization, and premiu...
bullish
high
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.
67%Questions answered3Evaded / deflected12Questions auditedMixedNumbers vs filing
Partial answer
High priority
Breakdown of double-digit growth levers and whether similar trend sustained in current quarter.
Asked by Vidisha Fate, Ambbit Capital
Answered growth levers but refused to comment on current quarter trend.
declined forward guidance
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Question
So growth in the second and third quarter combined has been as high as 15%. So a if you can break down the underlying levers of this double digit growth... and B uh since we're a month into the quarter now have the have similar growth trend sustained
Nikl (CEO)
the core uh uh reason for this of course is the is the strength of our distribution and the execution progress back with a very strong product story on the lines of sneakers as well as the women's story... on the forward looking I don't think we will be able to give any specifics on the uh for any guidance on that.
Answered
Medium priority
Reason for spike in northern region revenue mix from 40% to 47%.
Asked by Vidisha Fate, Ambbit Capital
Provided specific explanation of state-specific strategies driving regional growth.
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Question
if I were to break down the region wise revenue mix there's been a good spike in the northern region where the mix has gone up from 40 to 47 o%. So are there any focused efforts being undertaken for the specific region or would it be pertaining to weakening competition
Nikl (CEO)
No. So no it's basically complete focus on uh you know of course we have we have very different strategies now for every region. So the way we are playing out the distribution channel is uh it's a state specific almost like a state specific strategy... multiple initiatives of these kinds have come together to give us this growth.
Evasive
Medium priority
Current sneaker portfolio mix in volume and revenue.
Asked by Vidisha Fate, Ambbit Capital
Declined to provide volume or revenue mix, only gave ASP.
refused to share volume mixgave ASP instead
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Question
just on the sneaker portfolio you mentioned that the volume is nearly doubled. So what would the current uh sneaker portfolio mix be in terms of volume and overall revenue?
Nikl (CEO)
Um so we don't share that number uh in terms of volume. Uh we just wanted to let you know of course the base is also slight... it's about 900 to 910 rupees ASP contribution just from sneakers uh so it does, you know, materially add to the premiumization.
Answered
High priority
Online growth breakdown: festive shift vs core growth, and distributor count decline.
Asked by Gorov Jani, GM Financial
Explained marketplace pivot and super stock model addressing both parts.
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Question
my first question is with regards to you know the growth in the online format this quarter... how much is this you know uh due to the shift of the festivity led uh and how much you would see in terms of the core growth... also if you look at the number of distributors this quarter it seems that uh they have come down
Nikl (CEO)
about 2 years back we started pivoting our business from an outright based model to a marketplace model... on the general trade side, we have launched a a newer format of a super stock... smaller wholesalers or smaller distributors have been mapped under the super model and hence you might see a small uh reduction in the oral distributor account
Answered
High priority
Confidence in sustaining growth trends going forward.
Asked by Gorov Jani, GM Financial
Expressed confidence citing past interventions and materializing initiatives.
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Question
there has been quite a uh a volatility in terms of the quarterly performances... going now how confident are you of you know at least sustaining these kind of uh trends or performances uh going ahead.
Nikl (CEO)
we've done a lot of interventions over the past three years uh to to bring a sustainable growth uh and predictable growth... we have a high degree of confidence on the way forward as a lot of those initiatives... are now materializing and and coming together.
Partial answer
High priority
Sustainability of gross margin levels and cost initiatives.
Asked by Gorov Jani, GM Financial
Did not confirm current margin as sustainable, deferred to annual comparison.
refused to confirm current level sustainabledeferred to full year
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Question
can we take the current uh margins uh the gross margin levels at least as a sustainable one uh going ahead uh if not expanding and if you can also help us in terms of the certain cost initiatives
Sanjay (CFO)
we targeted an improvement in gross margin versus our last year numbers... it would be unfair to compare quarter-on-quarter gross margins on a full year basis. That would be a right reflection and the aspiration is to improve versus last year.
Answered
Medium priority
Ad spend jump of 65 crores: seasonal or normalizing?
Asked by Gorov Jani, GM Financial
Confirmed seasonal nature and provided comparative percentages.
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Question
the ad spense was quite uh saw decent jump of around 65 crores in absolute... is the ad spend this quarter a bit more uh higher because of the seasonality and probably this would normal out for the yearly average
Nikl (CEO)
Yes, of course. This quarter the ad spends are higher because of our TV campaign and also the digital campaign... we did about 10.2% if I'm correct in quarter 3 last year on the ad spend versus 10.9%. So uh this is of course a quarterly seasonality thing as well.
Answered
Medium priority
Details on new athleisure apparel venture: channels and rollout.
Asked by Gorov Jani, GM Financial
Provided specific channels and pilot scale.
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Question
on the the new at leisure uh apparel uh venture if you can, you know, give us more insight into what is it just now right now only introduced in the EBOS or is it also piloted in some uh uh MBOS as well?
Nikl (CEO)
it's currently... a pilot that we've done in about 60 odd eB OS... we've also launched it on our brand.com and Myntra and Amazon. Uh so it's been launched on these three platforms at the same time. So so far the result is very encouraging.
Evasive
Medium priority
Online growth acceleration and market share gains on platforms.
Asked by Omang Maha, KC Securities
Acknowledged growth but refused to quantify market share due to lack of data.
no published datadeclined to share market share
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Question
you've seen a acceleration in online growth despite a slightly early festive... do you uh are you tracking uh share games uh on the platforms? Anything on that front if you can highlight
Nikl (CEO)
there is a very strong pivot towards the marketplace business... since there is no published data that these channels uh offer us uh I would not be able to comment on that but uh of course there would be some improvements for sure looking at our performance.
Answered
Medium priority
Marketplace vs outright mix in online sales.
Asked by Omang Maha, KC Securities
Provided approximate percentage split.
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Question
what was the mix of marketplace versus outright and so apart from there is only one platform that we do outright business to that is quick.
Nikl (CEO)
to share a percentage of online sales which came from marketplace versus outright would be approximately 8020 or like 75 7525 roughly.
Evasive
High priority
Impact of inverted duty structure if unresolved by year-end.
Asked by Omang Maha, KC Securities
Did not quantify impact, only mentioned refund filing.
still evaluatingno number given
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Question
on this inverted duty structure uh what would be the approximate impact if there's no resolution by year end uh for the full year
Sanjay (CFO)
we are still evaluating uh I mean as far as raw materials is concerned uh uh we have started filing the refunds with the state governments for uh the inverted duty structure.
Answered
High priority
Channel upstocking impact from GST cut and adjusted growth.
Asked by Samir Gupta, India info line
Denied upstocking with specific inventory days data.
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Question
there is a GST rate cut for a large part of the products... this quarter would also have seen some impact of channel upstocking... would you be able to like give us a uh adjusted number of our growth this quarter if you adjust for that?
Sanjay (CFO)
We don't see any channel upstocking I mean our inventory with the channel partners continue to be at 84 days at the end of this quarter from our DMS data which hovers in the range of 80 to 90 days.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Q3 FY26 revenue growth 15% blended for Q2 and Q3 | 15% | 14.3% | Matches filing |
| Online business model adjustment impact of approximately 10 cr | ₹10 cr | ₹589 cr | Understated vs filing |
| Women category grew by almost 40% | 40% | 14.3% | Overstated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.