Campus Activewear Q1 FY27: Growth Holds, Pricing Benefits Expected From Q2

Revenue from operations was INR 385.2 crore (up 12.2% YoY), EBITDA was INR 62.7 crore (15.9% margin on total income), and PAT was INR 26.1 crore (6.6% margin on total income).

Management said it implemented about an 8% MRP increase, but Q1 ASP was suppressed by (1) Flipkart/Myntra accounting netting GT charges (about 2.5% ASP impact) and (2) higher mix of lower-ASP school shoes (about 2% impact).

The presentation shows Trade Distribution at 53.9%, D2C Online at 32.9%, and D2C Offline at 13.2% for Q1 FY27.

Elan is Campus’s neo-casual footwear category. Management said it is about two months old and is selling in about 100 to 110 own stores and online channels including Amazon, Myntra and the company website, with early response described as extremely positive.

Management reiterated a mid double digit growth target for FY27, with ASP growth of about 6% to 7% expected from Q2 onwards, and stated confidence in achieving 17% to 19% EBITDA margin for the full year.

Management said it is targeting 80 to 120 store openings in FY27 and indicated a likely achievement of about 90 to 100 stores.

Management said it transitioned franchise stores from an outright model to a sale-or-return (SOR) model where the company controls inventory and discounting, while the franchise partner manages rent and store operations; it expects growth to improve after the transition normalises.