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View Claim Ledger →Campus Activewear Limited — Q4 FY26
Campus Activewear delivered a strong Q4 FY26 with 12.3% YoY revenue growth to INR 456 crore, driven by 18.9% online channel growth and 5.5% distribution growth.
bullish
high
Financial stats pending filing verification
2-Minute Summary
✦ AI-Generated from Full Transcript
Campus Activewear delivered a strong Q4 FY26 with 12.3% YoY revenue growth to INR 456 crore, driven by 18.9% online channel growth and 5.5% distribution growth. EBITDA margin expanded 50 bps YoY to 19.2%, while PAT margin improved 100 bps to 9.6%. The sneaker portfolio grew ~100% YoY, contributing to a 7% ASP increase to INR 683 for the full year. Management highlighted disciplined working capital, stable EBO count at 300, and new capacity at Punapur and Haridwar ramping to ~2 lakh pairs/month, targeting 8-9 lakh pairs/month by FY27. Guidance remains within the 17-19% EBITDA margin band, with price hikes taken to offset raw material inflation. A key risk is potential demand elasticity from the recent price increases, though April saw a positive start.
कैंपस एक्टिववियर ने वित्त वर्ष 2026 की चौथी तिमाही में मजबूत प्रदर्शन किया। पिछले साल की तुलना में कमाई 12.3% बढ़कर 456 करोड़ रुपये हो गई। ऑनलाइन बिक्री में 18.9% और डिस्ट्रीब्यूशन में 5.5% का इज़ाफा हुआ। कंपनी का मुनाफा (EBITDA) 19.2% और शुद्ध मुनाफा (PAT) 9.6% रहा। स्नीकर्स की बिक्री दोगुनी हो गई, जिससे औसत कीमत 683 रुपये पहुंच गई। कंपनी ने पुनापुर और हरिद्वार में नई फैक्ट्री लगाई है, जहां हर महीने 2 लाख जोड़ी जूते बनेंगे, और अगले साल तक 8-9 लाख जोड़ी बनाने का लक्ष्य है। कीमतें बढ़ाई गई हैं, लेकिन अप्रैल में अच्छी शुरुआत हुई है।
Promises0 met · 2 missedRisks4 trackedTranscriptfull text
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Promises
2 promises
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0 delivered, 0 close, 2 missed.
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Risks
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Risk Intelligence
Demand elasticity from price increases
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Transcript
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Read Transcript →Quarter Snapshot
Sneaker portfolio growth
~100%
+100% YoY
Sneaker portfolio grew approximately 100% year-on-year in FY26, with quarterly growth exceeding 50%.
Average Selling Price (ASP) - Full Year
INR 683
+7% YoY
Full-year ASP increased 7% to INR 683, driven by premiumization and better product mix.
Online channel share
48.3%
+350 bps YoY
D2C channel (online + offline) contributed 48.3% of revenue in Q4 FY26, up from 44.8% a year ago.
New SKUs launched in FY26
~250
N/A
Approximately 250 new SKUs were launched during FY26 to strengthen consumer engagement and product freshness.
What Changed vs Last Quarter
NEW
EBITDA margin band of 17-19% for FY27
Management reiterated its aspirational EBITDA margin range of 17-19% for FY27, despite inflationary pressures.
NEW
EBO store expansion of 60-80 stores in FY27
After a year of store rationalization, Campus plans to open 60-80 new exclusive brand outlets in FY27, with a 40:60 COCO-franchisee mix.
NEW
Sneaker capacity target of 8-9 lakh pairs per month by FY27-end
Current monthly sneaker output of ~2 lakh pairs is expected to double by end of FY27, with total capacity reaching 8-9 lakh pairs per month.
NEW
Price hikes to cover raw material inflation
Management stated that recent price increases across the range are sufficient to cover peak raw material inflation, with no further hikes anticipated.
DROPPED
Gross margin improvement target for FY26
Management targets gross margin improvement versus last year on a full-year basis, driven by product and channel mix.
DROPPED
Athleisure apparel pilot expansion
Apparel launched in 60+ EBOs and online; plans to expand to more EBOs after adding trial rooms.
DROPPED
EBO profitability focus before expansion
EBO count kept stable; focus on unit economics and profitability before resuming store additions.
NEW RISK
Demand elasticity from price increases
The recent price hikes (first week of April) may lead to temporary demand resistance, though management noted a positive start in April.
NEW RISK
Raw material inflation persistence
EVA and PU prices have risen sharply due to crude-linked inflation; while management believes the peak has passed, any reversal could pressure margins.
NEW RISK
Geopolitical uncertainty impacting demand
Prolonged geopolitical tensions could disrupt demand recovery; management acknowledged that sustained conflict makes forecasting difficult.
NEW RISK
BIS compliance deadline risk
Management expects full BIS compliance by July 31, 2026, but any delay or relaxation chatter could create uncertainty in the market.
RISK GONE
Tepid industry demand recovery
Management noted that overall industry demand has not picked up as anticipated, which could cap growth.
RISK GONE
Inverted duty structure impact
Analyst raised concern about inverted GST duty; management said they are filing refunds but impact not quantified.
RISK GONE
Q4 seasonality shift to open footwear
Q4 typically sees higher mix of open footwear, which may pressure ASP and margins.
Fast read
Guidance and risk preview
Management reiterated its aspirational EBITDA margin range of 17-19% for FY27, despite inflationary pressures.
The recent price hikes (first week of April) may lead to temporary demand resistance, though management noted a positive start in April.
View Risks →