Campus Activewear (CAMPUS) Q1 26/27 earnings summary

Executive summary

• Q1 FY27 delivered 12.2% revenue growth to INR 385.2 Cr, 11.7% volume growth to 5.7 million pairs, stable EBITDA margin at 15.9%, and 17.7% profit after tax growth, despite inflation and supply chain volatility.

• Direct-to-consumer channels contributed 46.1% of revenue, up from 44.4% YoY, reflecting a strong omni-channel strategy.

• Strategic initiatives included launching Élan in the neo-casual segment, refreshing the brand logo, and holding a record distributor meet to boost festive season visibility.

• Over 100 new designs were launched, with expansion into apparel and premium categories.

• Unaudited financial results for the quarter ended 30 June 2026 were approved by the Board and reviewed by statutory auditors, with no material misstatements identified.

Financial highlights

• Revenue from operations for Q1 FY27: INR 385.2 Cr (+12.2% YoY); sales volume up 11.7% YoY; EBITDA at INR 62.7 Cr (15.9% margin); PAT at INR 26.1 Cr (6.6% margin).

• Gross margin in Q1 FY27: 55.9%, up from 55.4% YoY.

• Earnings per share (basic and diluted) for the quarter were INR 0.86, up from INR 0.73 YoY.

• MRP increased by 8% across key products, with underlying ASP up 5% in core categories, though blended ASP was diluted by temporary factors.

• School shoes revenue grew nearly 50% YoY, impacting ASP mix.

Outlook and guidance

• Expectation of mid-double-digit annual growth, split between ASP and volume, with ASP growth of 6%-7% anticipated from Q2 onwards.

• Confident in sustaining 17%-19% EBITDA margin for the full year.

• High single-digit to low double-digit volume growth targeted for FY 2027.

• Festive season outlook is positive, with inventory built up and production at all-time highs.

• A final dividend of INR 1.50 per equity share for the year ended 31 March 2026 was recommended, subject to shareholder approval.