Campus Activewear Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Campus Activewear Ltd filed with BSE on 11 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Campus Activewear reported Q1 FY27 revenue growth of 12.2%, volume growth of 11.7%, EBITDA margin of 15.9%, and profit after tax growth of 17.7%. Management attributed the results to an 8% MRP increase implemented from April 2026, a roughly 50% year-on-year jump in school shoes revenue, and an accounting change in Walmart-related revenue treatment for Flipkart and Myntra. The company also highlighted its highest-ever Q1 production, the launch of the Elan by Campus brand, a new logo, and continued transition of franchise stores to an SOR model.
Numbers mentioned
Revenue growth: 12.2% (Q1 FY27)
p. 2
“delivering 12.2% revenue growth, 11.7% volume growth, stable EBITDA margins of 15.9%, and 17.7% growth in profit after tax”
Nikhil Aggarwal, page 2 of the filed PDF · View the filing
Volume growth: 11.7% (Q1 FY27)
p. 2
“delivering 12.2% revenue growth, 11.7% volume growth, stable EBITDA margins of 15.9%, and 17.7% growth in profit after tax”
Nikhil Aggarwal, page 2 of the filed PDF · View the filing
EBITDA margin: 15.9% (Q1 FY27)
p. 2
“delivering 12.2% revenue growth, 11.7% volume growth, stable EBITDA margins of 15.9%, and 17.7% growth in profit after tax”
Nikhil Aggarwal, page 2 of the filed PDF · View the filing
Profit after tax growth: 17.7% (Q1 FY27)
p. 2
“delivering 12.2% revenue growth, 11.7% volume growth, stable EBITDA margins of 15.9%, and 17.7% growth in profit after tax”
Nikhil Aggarwal, page 2 of the filed PDF · View the filing
Additional depreciation from new facilities: Rs. 2.5 crores (Q1 FY27)
p. 3
“approximately Rs. 2.5 crores of additional depreciation arising from the commissioning and ramp-up of our new manufacturing facilities at Paonta Sahib and Pantnagar”
Nikhil Aggarwal, page 3 of the filed PDF · View the filing
MRP increase: approximately 8% (Q1 FY27)
p. 3
“we implemented MRP increases of approximately 8% across key product categories, resulting in an underlying ASP increase of around 5% in our core Stuck-On category”
Nikhil Aggarwal, page 3 of the filed PDF · View the filing
School shoes revenue growth: nearly 50% Y-O-Y (Q1 FY27)
p. 3
“we witnessed an exceptional recovery in our school shoes business, with revenue from this category growing by nearly 50% Y-O-Y”
Nikhil Aggarwal, page 3 of the filed PDF · View the filing
ASP suppression from Walmart accounting change: approximately 2.5% (Q1 FY27)
p. 3
“This suppressed the ASP by approximately 2.5%, which will bounce back Q2 onwards.”
Nikhil Aggarwal, page 3 of the filed PDF · View the filing
ASP dilution from school shoes mix shift: another 2% (Q1 FY27)
p. 3
“the inherently lower ASP of school shoes as a category diluted our blended ASP by another 2%”
Nikhil Aggarwal, page 3 of the filed PDF · View the filing
Sneaker contribution to volumes: About 12% to 13% (Q1 FY27)
p. 9
“About 12% to 13%.”
Nikhil Aggarwal, page 9 of the filed PDF · View the filing
Additional expenses due to minimum wage increase: Rs. 5 crores (Q1 FY27)
p. 8
“So, Rs. 5 crore is on account of minimum wage, Rs. 2.5 crores on account of advertising and marketing, like we have done a great distributor meet plus logo launch.”
Neeraj Gupta, page 8 of the filed PDF · View the filing
Franchise ROI range: 18% to 30%
p. 14
“from a ROI point of view, it will range from 18% to 30% range depending on store-to-store economics”
Uplaksh Tewary, page 14 of the filed PDF · View the filing
Marketplace operations growth: mid-double-digit (Q1 FY27)
p. 17
“we had a mid-double-digit growth on our marketplace operations”
Uplaksh Tewary, page 17 of the filed PDF · View the filing
Company-owned store SSG growth: 20-odd percent (Q1 FY27)
p. 17
“We had a 20-odd percent growth on our SSG level on our company-owned stores.”
Uplaksh Tewary, page 17 of the filed PDF · View the filing
Brand.com growth: over 100% (Q1 FY27)
p. 17
“Our brand.com grew over 100% this quarter over last year, right?”
Uplaksh Tewary, page 17 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Full year revenue growth — mid-double-digit growth · FY27
stated firmly by Nikhil Aggarwal
p. 8
“we are targeting mid-digit, mid-double-digit growth, as we have highlighted before, right, for the year. And we are very much on track with that.”
Nikhil Aggarwal, page 8 of the filed PDF · View the filing
ASP growth — 6% to 7% · from Q2 onwards
stated firmly by Nikhil Aggarwal
p. 8
“ASP, we are looking to deliver back again like 6% to 7% at least, right, which will come back from quarter 2 onwards”
Nikhil Aggarwal, page 8 of the filed PDF · View the filing
EBITDA margin — 17% to 19% · FY27
stated firmly by Nikhil Aggarwal
p. 8
“Absolutely, Umang. Yes, we are 100% confident of delivering that. There is no reason not to deliver the margin.”
Nikhil Aggarwal, page 8 of the filed PDF · View the filing
Sneaker category volume growth — close to 30% · FY27
stated as an aspiration by Uplaksh Tewary
p. 7
“we are looking at a close to 30% growth on this category. And we are investing and our product launches as well as the category growth are in sync with that.”
Uplaksh Tewary, page 7 of the filed PDF · View the filing
Volume growth for the year — high single digits · FY27
stated conditionally by Nikhil Aggarwal
p. 9
“We cannot promise a doubledigit volume growth, but it will be high single digits for sure, right?”
Nikhil Aggarwal, page 9 of the filed PDF · View the filing
Store openings — 90 to 100 stores · FY27
stated firmly by Nikhil Aggarwal
p. 12
“Let us say give more or less about 90 to 100 stores is what we should achieve”
Nikhil Aggarwal, page 12 of the filed PDF · View the filing
Employee expense as percentage of sales — FY27
stated firmly by Nikhil Aggarwal
p. 12
“It would be proportionate to last year like how it would be in the same proportion as a percentage.”
Nikhil Aggarwal, page 12 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said the price hike was necessary given RM and wage pressure and volumes still grew despite it.
Answered by Uplaksh Tewary
Asked by Vidisha Seth: Whether the 8% MRP increase, higher than industry, risks volumes given price elasticity in economy segments.
p. 4
“8% is a reasonably fair price hike that has gone and the input costs were under pressure.”
Uplaksh Tewary, page 4 of the filed PDF · View the filing
Management said RM inflation has been fully absorbed and no further MRP corrections are planned.
Answered by Nikhil Aggarwal
Asked by Vidisha Seth: Whether another round of price hikes is being evaluated given RM inflation.
p. 5
“RM inflation has been fully absorbed. And in fact as the volatility subsides we believe that and we will not be obviously taking the MRP increases correction again.”
Nikhil Aggarwal, page 5 of the filed PDF · View the filing
Management confirmed full confidence in maintaining the margin band.
Answered by Nikhil Aggarwal
Asked by Umang Mehta: Whether the company remains confident of delivering 17-19% EBITDA margin for the full year.
p. 8
“Absolutely, Umang. Yes, we are 100% confident of delivering that. There is no reason not to deliver the margin.”
Nikhil Aggarwal, page 8 of the filed PDF · View the filing
Management attributed the gap to a proportionate increase in employee costs and other SG&A expenses.
Answered by Nikhil Aggarwal
Asked by Devanshu Bansal: Why EBITDA growth of 11% lagged revenue growth of 15-16% after adjusting for accounting changes.
p. 12
“there has also been a proportionate increase in costs with respect to HR like employee cost and the other SG&A which Neeraj just called out”
Nikhil Aggarwal, page 12 of the filed PDF · View the filing
Management said early response has been extremely positive and the product sits at a premium price bracket.
Answered by Uplaksh Tewary
Asked by Shraddha Kapadia: How the Elan by Campus launch has been received and its expected role in ASP growth.
p. 10
“This product normally, from a selling price, sells between the Rs. 1899 to Rs. 2599 price bucket today, right?”
Uplaksh Tewary, page 10 of the filed PDF · View the filing
Management said sandals production was constrained by CNG/LPG supply restrictions during the war period.
Answered by Uplaksh Tewary
Asked by Ajay Nandavar: What drove slower growth in open footwear this quarter.
p. 16
“sandals specifically work on a slightly different technology of hot and cold which was dependent on the CNG supply in our factories which was restricted during the war period”
Uplaksh Tewary, page 16 of the filed PDF · View the filing
Management said there were production constraints among smaller and unorganized competitors this quarter due to working capital stress.
Answered by Uplaksh Tewary
Asked by Devanshu Bansal: Whether reduced competitive intensity from unorganized players is helping the company take price hikes.
p. 18
“there were production constraints that we are able to find that happen to some smaller or unorganized places as well because, of course, the cost of the working capital gets under stress”
Uplaksh Tewary, page 18 of the filed PDF · View the filing
Risks flagged
Geopolitical uncertainties and volatility across global supply chains affecting input costs.
p. 3
“businesses continued to navigate geopolitical uncertainties, volatility across global supply chains, and inflationary pressures on key raw materials”
Nikhil Aggarwal, page 3 of the filed PDF · View the filing
Increase in labor costs following statutory minimum wage revisions.
p. 3
“we absorbed a significant increase in labor costs following statutory minimum wage revisions”
Nikhil Aggarwal, page 3 of the filed PDF · View the filing
Production constraints on sandals category due to restricted CNG/LPG supply during the war period.
p. 16
“there is some constraint of supply on the sandals category which led to a bit of production lag”
Uplaksh Tewary, page 16 of the filed PDF · View the filing
Tapering of demand last quarter due to geopolitical factors and flooding in Maharashtra and Gujarat.
p. 10
“There has been a bit of tapering of demand in the last quarter across the board. There were factors of geopolitical, as well as certain factors like Maharashtra and Gujarat, suffering due to deep flood situations there.”
Uplaksh Tewary, page 10 of the filed PDF · View the filing
Shift of festive season dates causing potential revenue timing shift between quarters.
p. 11
“there would be some marketplace operations or revenue shifting from quarter 2 to quarter 3”
Uplaksh Tewary, page 11 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.