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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹343.3 Cr
verification pending
Revenue YoY
1.4%
reported change
EBITDA
₹55.4 Cr
latest reported figure
Source
manual review required
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Campus Activewear reported Q1 FY26 revenue of INR 343.3 Cr (+1.4% YoY), with EBITDA margin of 15.9% (+10 bps YoY). Volume declined 11.6% due to a 15-20 day disruption from raw material warehouse consolidation and SAP implementation, which primarily impacted the online channel. However, ASP grew 14.7% to INR 671, driven by a 150% surge in sneaker sales (550K pairs) and a conscious shift away from low-margin entry-level products. Distribution channel grew 8% and large format stores 20%. Management reaffirmed double-digit revenue growth guidance for FY26 and aspires to return to 17-19% EBITDA margins over the medium term, though near-term margin recovery may be gradual. Key risk: intense price competition from unorganized players and potential demand softness in the mass market segment.
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Guidance to track
- Management reaffirmed double-digit revenue growth guidance for the full year, despite Q1 disruption.
- Management aspires to return to 17-19% EBITDA margins over the medium term, but did not commit to a specific timeline.
- Sneaker sales are expected to grow 15-20% quarter-on-quarter from the current base of ~550K pairs per quarter.
Risks flagged
- The warehouse consolidation and SAP implementation caused a 15-20 day disruption, impacting online sales. Further operational hiccups could affect near-term performance.
- Management acknowledged aggressive price cutting by unorganized players, which could pressure volumes and margins in the mass segment.
- Despite guidance, Q1 volume decline and macro headwinds raise questions about the pace of demand recovery, especially in the online channel.
Key quotes
- 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.
- We are absolutely on track with the double digit guidance. There is no change in that.
- The disruption was more on account of back end supply chain which is there.
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