Campus Activewear (CAMPUS) Q3 25/26 earnings summary

Executive summary

• Achieved strong Q3 and nine-month FY26 performance, with Q3 revenue up 14.3% YoY to INR 588.6 crore and PAT up 37% YoY, driven by premiumization, distribution expansion, and festive demand.

• Direct-to-consumer channels contributed 50.6% of Q3 FY26 revenue, up from 48.2% YoY, with online and distribution channels showing robust growth.

• Sold 8.3 million pairs in Q3 FY26, with women's and kids' share in revenue mix rising from 18.7% to 22%.

• Focused on premiumization, with sneaker portfolio volume doubling and ASP rising 5.2% YoY to INR 711.

• Launched successful women's campaign and entered athleisure apparel segment, piloted in 60+ EBOs and online.

Financial highlights

• Q3 FY26 operational revenue grew 14.3% YoY to INR 588.6 crore; online channel up ~18%, distribution up 9%.

• Gross margin improved to 53.1% from 51.2% YoY; EBITDA at INR 115.8 crore, margin at 19.5% (+290 bps YoY); PAT at INR 63.7 crore, PAT margin at 10.7% (+175 bps YoY).

• For 9M FY26, revenue was INR 1,318.5 crore and PAT was INR 105.95 crore, both up YoY.

• Basic EPS for Q3 FY26 was ₹2.08, up from ₹1.52 in Q3 FY25.

• Working capital days improved, with inventory days at 92 and receivables at 31 for TTM 9MFY26.

Outlook and guidance

• Management confident in sustaining growth due to strategic initiatives, premiumization, and omni-channel expansion.

• Gross margin improvement targeted for full year, but seasonality will affect quarterly comparisons.

• Ad spend expected to normalize annually despite Q3 spike due to campaigns.

• Management continues to monitor regulatory changes, including new labour codes.