Campus Activewear (CAMPUS) Q2 26/27 earnings summary

Executive summary

• Q2 FY27 revenue from operations rose 16.9% YoY to INR 452.10 crore; PAT increased 21.3% to INR 24.34 crore.

• H1 FY27 revenue grew 14.7% to INR 837.30 crore and PAT rose 19.4% to INR 50.48 crore; volume increased 10.9%.

• Board approved unaudited results for the quarter and half year ended 30 September 2026; the limited review report was unmodified.

Financial highlights

• Q2 volume grew 10.2% to 6.3 million pairs, with ASP up 6%; EBITDA increased 12.5% to INR 62 crore.

• H1 EBITDA was INR 125 crore, up 12.9% YoY; total expenses were INR 782.16 crore, including INR 549.10 crore of materials consumed.

• Q2 profit before tax was INR 33.00 crore versus INR 26.95 crore YoY; H1 profit before tax was INR 68.29 crore versus INR 57.33 crore.

• Q2 gross margin was 51.4%; material-cost inflation and the lag before pricing benefits flowed through weighed on margins.

Outlook and guidance

• FY27 growth guidance remains mid-teens and EBITDA margin guidance 17%; H2 profitability is expected to benefit from seasonality, operating leverage, pricing, product mix and cost discipline.

• Management said the 17% margin guidance does not depend on raw-material costs declining; input-cost pressure is expected to flow through the ecosystem from January.

• Further price increases depend on input-cost movements; another hike may be needed if costs rise again.

• Growth priorities include adding EBO and CSD outlets, scaling quick-commerce, deepening South India penetration, and pursuing the UK, UAE and Southeast Asia.

• Strategic inventory was built ahead of anticipated Q3 festive demand.