Campus Activewear (CAMPUS) Q2 25/26 earnings summary

Executive summary

• Achieved 16% YoY revenue growth in Q2 FY26, reaching INR 386.6 crore, with profit after tax up 40.4% to INR 20.1 crore and strong distribution-led performance.

• Premium segment (INR 1,500+) saliency rose from 45.2% to 57.2% YoY, improving ASP by INR 50; women's category mix improved to 16.2% of revenue.

• EBITDA increased 32.3% YoY to INR 55 crore, margin at 14% (up 140 bps YoY); PAT margin at 5.1%.

• Announced new factory at Pantnagar to expand premium upper capacity and continued investments in marketing and brand-building.

• Un-audited financial results for the quarter and half year ended 30 September 2025 were approved, showing continued revenue and profit growth.

Financial highlights

• Operating revenue for Q2 FY26 reached INR 386.6 crore, up from INR 333.3 crore in Q2 FY25; distribution channel grew 20%, online channel 6%.

• Sold 5.8 million pairs in Q2 vs 5.4 million last year; ASP increased 8% YoY to INR 672.

• Gross margin improved to 53.9% (vs 52.8% last year); advertising and sales promotion spend surged 42.8% YoY to INR 41 crore.

• EPS for Q2 FY26 was ₹0.66, up from ₹0.47 in Q2 FY25.

• EBITDA for H1 FY26 was ₹99.36 crore.

Outlook and guidance

• Expect GST rate reductions to spur demand and sustain premium segment momentum; double-digit full-year growth targeted.

• Marketing expenses front-loaded in Q2 (10.5% of sales), expected to normalize to 8.5% for the year.

• EBO expansion to resume next year, targeting 70-75 new stores annually, aiming for 500 stores in three years.

• Focus on product diversification, premiumization, omni-channel expansion, and deepening presence in Western and Southern India.

• Expansion plans include acquisition of land and building in Uttarakhand for ₹74.75 crore to increase manufacturing capacity.