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
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.
79%Questions answered1Evaded / deflected12Questions auditedMixedNumbers vs filing
Answered
Medium priority
Why was there a shift in product mix towards shoes below ₹1000?
Asked by Adita Sman, CLSA
Management directly explained the shift was due to GST change from 12% to 5%.
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Question
if I look at the product mix in the pyramid that you shared compared with 4Q25 we've seen a significant increase in the shoes sold below 1,000 rupees so one could just what happened why was there a shift
Management (unidentified)
this price is the price which the company realizes which is our average selling price. And if you refer to the last slide of the investor deck and the increase or the movement between different price points that is a reflection of the corrections in MRP which happened post the GST change.
Evasive
High priority
What was the quantum of price hikes taken due to raw material inflation?
Asked by Koro Jani, J Financial
Management declined to provide specific percentage or amount of price hikes.
no number givenrefused to quantify
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Question
what was the kind of price hikes that we have taken?
Management (unidentified)
I would not like to diverge into numbers but you know there has been macro inflationary pressures with respect to raw material pricing and minimum wage impact. Proportionately we have taken price hikes across the range.
Answered
High priority
Will the price hikes suffice to cover inflation or more needed?
Asked by Koro Jani, J Financial
Management clearly stated price hikes are sufficient and raw material has peaked.
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Question
the recent price hikes that you have taken shall that suffice to cover the inflation or you might need to take more price increases.
Management (unidentified)
No, we have taken enough increase in pricing to cover the inflation impact. We don't see the RM impact going worse from here. I think we've seen the peak and with time maybe a quarter or so it should start coming down.
Answered
Medium priority
Why did other expenses increase only 5% despite online commission growth?
Asked by Koro Jani, J Financial
Management explained the two reasons: commission waivers and flat store count.
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Question
our other expenses for the quarter or for the year ex of the ad spend have increased by 5% only... despite that the other expenses have only increased by 5%. So what is leading to this 5% growth only?
Management (unidentified)
online commission again is a dynamic negotiation between our platforms and at times there are waivers based on events. Also our store count remained flat which means no new cost associated with EBO stores.
Answered
Medium priority
Why did inventory days increase and how to think about it going forward?
Asked by Arian Garodia, Ambit Capital
Management explained the increase was a deliberate correction to reach optimal inventory level.
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Question
for FY26 if I see the inventory days it has increased by approximately 5 to 6 days. So how one should think of going ahead with respect to inventory days and what are the drivers for increasing inventory for FY26.
Management (unidentified)
Last year we reached to a FG inventory level in terms of days of cover to a very minimal level and we had to do that correction. The level at which we are in terms of FG inventory that's the right level going forward.
Answered
High priority
How much did the sneaker portfolio grow and what is the mix?
Asked by UA
Management provided specific growth percentages for sneaker portfolio.
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Question
on the sneakers portfolio. Possible to share how much did they grow? What was the mix in terms of volumes, revenues in FY26 and how are you looking to scale that up?
Management (unidentified)
We've grown this portfolio about 100% year on year this year we've delivered like a 100% plus growth on an annual basis and quarterly it's been like 50% plus growth.
Partial answer
High priority
Is capacity a constraint for sneakers and can 24 lakh annual addition grow portfolio 60-70%?
Asked by UA
Management denied capacity constraint but did not confirm whether 60-70% growth is achievable.
no specific growth guidance given
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Question
can we assume that you are constrained by capacity as of now and this two lakh per month which you are adding or this 24 lakh annually is entirely kind of potentially grow your portfolio by another 60 70% in 27?
Management (unidentified)
I would not say that capacity is a constraint at this point. We have enough capacities and this number of two lakhs is actually a very dynamic number. We are continuing to increase capacity.
Partial answer
High priority
Will price hikes cause demand shock and can margins reach 17-19% in FY27?
Asked by UA
Management gave qualitative response on demand and reiterated margin range but no specific FY27 guidance.
no commitment on margin timeline
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Question
does it lead to any temporary demand shock in terms of volumes and in that context do you think FY27 you could come to your aspirational margin band of 17 to 19?
Management (unidentified)
We are trying to balance between the increase in ASP versus ensuring demand sustains. We are in a very nascent stage. This price increase happened in the first week of April. We will endeavor to stay within the range we've guided before 17 to 19%.
Answered
Medium priority
How many stores will be opened and what is the capex for stores and facilities?
Management provided specific store opening target and qualitative capex guidance.
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Question
how do we see this number going forward? ... the company level capex how should we see things?
Management (unidentified)
We expect to open anywhere between 60 to 70 stores or about 80 stores. The capex would continue to be in the normal range which is plant routine maintenance capex plus regular capex on mold, EBO store additions etc.
Partial answer
Medium priority
What insights from the annual distribution meet and order trends?
Management shared qualitative positivity but declined to disclose order value or volume.
no specific order numbers given
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Question
we have recently concluded our annual distribution meet. Checking if you can share some insights from the meet versus whatever you witnessed during the year.
Management (unidentified)
We had a very successful meet. We received really encouraging set of orders. I will not be able to share the numbers around that unfortunately. We were able to close at over 100% of the AOP alignment.
Answered
High priority
What explains the low ASP growth of 1.5% despite healthy D2C growth?
Management clearly explained the accounting change for GST/freight that reduced reported ASP.
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Question
on the ASP growth of 1 and a half% this quarter now there is a healthy growth in the D2C online and offline space and typically here realizations are higher... what explains the low ASP growth this quarter?
Management (unidentified)
It's primarily the GST charges impact. Last year in the online business we were having an ASP of 100 but this year since 16th of June the portals changed their accounting wherein we are billing them at 82, 18 rupees towards freight is being built directly by them.
Answered
High priority
What drove PAT margin improvement to 9.6% in Q4 despite lower ASP?
Management attributed margin improvement to volume and revenue growth, not ASP.
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Question
the company has reported the 9.6% PAT margin in comparison to Q4 FY25 8.5%... what has actually occurred and what is the trigger point by which our profit margin has increased?
Management (unidentified)
The PAT margin growth is primarily driven by revenue and volume growth. Lower ASP does not mean lower material margin. In Q4 we have shown decent growth in both volume and revenue which has resulted into a better PAT margin.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Sneaker portfolio grew about 100% year on year | 100% | 12.3% | Overstated vs filing |
| Sneaker portfolio quarterly growth 50% plus | 50% | 12.3% | Overstated vs filing |
| ASP growth 1.5% this quarter | 1.5% | 12.3% | Understated vs filing |
| Industry growth last year 7-8% | 8% | 12.3% | Understated vs filing |
| Campus grew about 12% | 12% | 12.3% | Matches filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.