India · Delayed Price · Currency is INR Campus Activewear Earnings Call Transcripts
Fiscal Year 2026
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Revenue grew 12.3% YoY in Q4 and 11.4% for FY26, driven by strong online and sneaker sales. Margins improved across EBITDA and PAT, with premiumization and new capacity supporting future growth. Industry consolidation and easing raw material inflation are expected to benefit market share.
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Q3 FY26 saw 14.3% YoY revenue growth and 37% PAT growth, driven by premium sneakers, women's category expansion, and strong online and distribution channels. Gross margin rose to 53.1%, with robust operational execution and new athleisure apparel launches supporting future growth.
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Q2 FY26 saw 16% revenue and 40% PAT growth, led by premium and distribution channels. Premium segment saliency rose, gross margin improved, and capacity expansion is underway. GST cuts and new product launches are expected to drive continued double-digit growth.
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Revenue grew 1.2% year-over-year to INR 343 crore, with gross margin up 210 bps to 55.4% and EBITDA margin at 15.9%. Premiumization, especially in sneakers, offset volume declines, while supply chain transitions impacted online sales. Management maintains double-digit growth guidance.
Fiscal Year 2025
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Revenue grew 10% year-over-year to INR 1,593 crore, with strong volume growth, margin expansion, and a 150% increase in sneaker sales. Operational efficiency improved, and the company remains debt-free, with positive outlook supported by new capacity and digital initiatives.
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Q3 FY25 saw record revenue and strong profit growth, driven by distribution and online channels, with sneakers and new product launches fueling segment gains. Margins improved year-over-year, and inventory health strengthened, while selective price hikes and cost controls are expected to support future profitability.
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Q2 FY25 saw 28.8% revenue growth and 36% volume growth, driven by strong distribution and online channels. Margins were impacted by one-off promotions and inventory liquidation, but H2 is expected to see margin improvement as these effects phase out.
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Q1 FY25 saw 3% volume growth and resilient gross margins despite revenue decline from seasonal factors and lower ASP. Marketplace online grew strongly, while B2B online declined; sneakers and women/kids segments expanded. Margin outlook remains positive as demand is expected to recover.