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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
₹456 Cr
verification pending
Revenue YoY
12.3%
reported change
EBITDA
₹88.5 Cr
latest reported figure
Source
bse pending
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
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.
Colored figures show movement against the previous available record.
Guidance to track
- Management reiterated its aspirational EBITDA margin range of 17-19% for FY27, despite inflationary pressures.
- 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.
- 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.
- Management stated that recent price increases across the range are sufficient to cover peak raw material inflation, with no further hikes anticipated.
Risks flagged
- The recent price hikes (first week of April) may lead to temporary demand resistance, though management noted a positive start in April.
- EVA and PU prices have risen sharply due to crude-linked inflation; while management believes the peak has passed, any reversal could pressure margins.
- Prolonged geopolitical tensions could disrupt demand recovery; management acknowledged that sustained conflict makes forecasting difficult.
- Management expects full BIS compliance by July 31, 2026, but any delay or relaxation chatter could create uncertainty in the market.
Key quotes
- We have taken enough increase in pricing to cover the inflation impact. We don't see the RM impact going worse from here.
- We will definitely endeavor to stay within the range we've guided before 17 to 19%.
- Anybody trying to replicate our supply chain would need maybe close to around 2,000 crores today.
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