Campus Activewear Q4 FY26: Higher volumes, steady margins, and a D2C-led mix

Revenue from operations was INR 455.6 crore (up 12.3% YoY), EBITDA was INR 88.5 crore (19.2% margin), and PAT was INR 44.1 crore (9.6% margin).

FY26 revenue from operations was INR 1,774.1 crore (up 11.4% YoY), EBITDA was INR 314.7 crore (17.5% margin), and PAT was INR 150.1 crore (8.4% margin).

The presentation states D2C contributed 48.3% of revenue in Q4 FY26 versus 44.8% in Q4 FY25.

The presentation states annual assembly capacity of 30.7 million pairs, with 100% final assembly in-house. Uppers and soles are sourced through a mix of in-house and outsourced production.

Management said online portal accounting changes reduced billed revenue by separating freight charges, which lowered reported revenue and ASP comparability; mix also shifts in Q4 with more school shoes.

FY26 working capital days were 70. DSO was 31 days, DIO was 85 days, and DPO was 90 days, per the presentation.