CAMPUS / Q1-FY26 / claim-ledger

Audit the questions that mattered.

Campus Activewear · Analyst questions, management answers, and the quality of the response where the ledger is available.

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WatchQ1-FY26 · 2025-08-06Back to quarter ↗

Questions audited

Answered directly

75%

Numeric claims

Consistency

contradicted

Question ledger

What was answered, and how?

Gorav Joani · JM Financials

direct

Why did online sales decline sharply and how much is recoupable?

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.

Gorav Joani · JM Financials

direct

What benefits does the warehouse consolidation provide?

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.

Gorav Joani · JM Financials

evasive

Can margins reach 16-17% this year given higher ad spend?

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.

Priyanker · VM Capital

evasive

When will double-digit growth and 17-19% margins actually be delivered?

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.

Priyanker · VM Capital

partial

Why is ad spend high as % of revenue despite low ROI?

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.

Shardakia · Smith Limited

direct

What drove ASP increase and what are Q2 demand trends?

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.

Shardakia · Smith Limited

partial

What is non-BIS inventory proportion and margin drag for FY26?

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.

Omang Maha · Kotak Institutional Equities

direct

Would overall sales have grown high single digits without disruption?

Yes, high single digits. That's right. Even at company level.

Omang Maha · Kotak Institutional Equities

direct

Does 17-19% margin guidance include other income?

Yes.

Samir Gupta · India Infoline

direct

Have BIS benefits fully accrued or more expected?

We've just actually started seeing the benefits... the bulk of it is yet to come.

Action · Fidelity

direct

Is the sharp ASP uptick sustainable or one-off?

ASP may not be as high as this every quarter, but it will certainly be higher than last year.

Aliasar Shaki · Motilal Oswal Financial Services

direct

Is double-digit growth target still achievable after Q1 disruption?

We are absolutely on track with the double digit guidance. There is no change in that.