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Campus Activewear Results: Latest Quarterly Results & Analysis

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Campus Activewear Ltd. 12 Nov 2025 16:25 PM
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Q2FY26 Quarterly Result Announced for Campus Activewear Ltd.

Footwear company Campus Activewear announced Q2FY26 results

  • Revenue from operations up by 16.0% YoY to Rs 386.6 crore in Q2FY26 attributed to higher distribution channel sales.
    • The sales volume grew by 7.4% YoY to 5.8 million pairs in Q2FY26.
    • Campus Activewear's ASP stood at Rs 672 in Q2FY26 vis-a-vis Rs 622 in Q2FY25.
  • EBITDA stood at Rs 55.0 crore in Q2FY26; EBITDA margin expanded by 160 bps YoY to 14.0% during the quarter. Higher marketing spends during Q2FY26 is partially offset by lower online commission and freight in online channels.
  • PAT was atRs 20.1 crore in Q2FY26: PAT margin expanded by 90 bps to 5.1% during the quarter.

Nikhil Agarwal, CEO, Campus Activewear, said: "The Company delivered a resilient performance in Q2 and H1FY26, reflecting the strength of our distribution-led strategy and continued focus on high-growth categories. Revenue during the quarter grew by 16.0%, while PAT improved by 40.3%, driven primarily by robust momentum in the distribution business.

During the quarter we saw a strong traction in our premium segment (i.e. > 1500 price point) the saliency of which has improved from 45.2% to 57.2%, leading to an improvement in ASP by Rs. 50/- during Q2FY26.

Our efforts to enhance consumer engagement through 150 retailer meets have further strengthened our distribution network and reinforced brand visibility.

We also witnessed an improvement in the women’s category mix, aligning with our strategy to broaden appeal across demographics.

Online channel delivered a modest growth of 5.7% growth, impacted by the timing shift of major festive sales due to GST reforms.

Overall average selling price (ASP) improved by Rs 50 YoY to Rs 672, supported by higher volumes and the strong contribution from sneakers.

Marketing spends were elevated during the quarter to fuel brand-building initiatives, which have already translated into tangible growth in our core distribution business.

During the quarter, we invested in Pant Nagar facility to augment our upper manufacturing facility.

Looking ahead, we remain optimistic. The recent GST rate reductions are expected to spur demand, and we anticipate sustained momentum in sneakers, supported by our distribution strength and capacity expansion plans. We are committed to delivering consistent growth, enhancing shareholder value, and creating long-term opportunities for all stakeholders.”

Result PDF

Result PDF

Footwear company Campus Activewear announced Q1FY26 results

  • Revenue from operations grew by 1.2% YoY to Rs 343.3 crore in Q1FY26 lead by distribution channel in key markets.
    • The sales volume dropped by 11.6% YoY to 5.1 million pairs in Q1FY26.
    • Average Selling Price (ASP) grew by 14.5% YoY at Rs 671 in Q1FY26.
  • EBITDA stood at Rs 55.4 crore in Q1FY26; EBITDA margin expanded by 10 bps YoY to 15.9% during the quarter.
  • PAT was at Rs 22.2 crore in Q1FY26; PAT margin was at 6.4 % during the quarter.

Nikhil Agarwal, CEO, said: “The Company reported revenue of Rs 343.3 crore for the quarter, demonstrating resilience amid a challenging macroeconomic landscape and internal transitions. Notably, the successful implementation of SAP was completed with minimal disruption, and business operations resumed by the second week of April 2025, ahead of expectations.

We continue to expand and refine our product portfolio, launching over 50 new value-for-money styles across men’s, women’s, and children’s categories. Our sneaker segment delivered exceptional growth of 150 %, underscoring our commitment to stylish, high-quality footwear at accessible prices.

Gross margin improved by 210 basis points YoY to 55.4 %, driven by a richer product mix and operational efficiencies. PAT margin stood at 6.4%, impacted by higher depreciation from capacity expansion at our Haridwar Il and Gannuar plants.

On the brand front, our digital campaign ‘Aye Bro, Capsule Pro’ featuring Siddhant Chaturvedi has struck a chord with younger audiences, while our landmark distributor event ‘Shoecase 2025’ celebrated two decades of partnership and progress.

Encouraged by the positive reception of our Focus Collection and the momentum across premium categories, we remain optimistic about demand recovery and sustained growth in the coming quarters.”

Result PDF

Footwear company Campus Activewear announced Q4FY25 & FY25 results

Q4FY25 Financial Highlights:

  • Revenue from operations surged by 11.5% YoY to Rs 405.7 crore in Q4FY25 attributed to distribution channel push and higher online sales.
    • The sales volume grew by 7.8% YoY to 6.2 million pairs in Q4FY25.
    • Campus Activewear's ASP stood at Rs 658 in Q4FY25 vis-à-vis Rs 636 in Q4FY24.
  • EBITDA stood at Rs 76.7 crore in Q4FY25; EBITDA margin expanded by 60 bps YoY to 18.7% during the quarter owing to lower SGA (LY SGA included one off higher provision for Inventory & Receivables)
  • PAT was at Rs 35.0 crore in Q4FY25; PAT margin stood at 8.5% during the quarter.

FY25 Financial Highlights:

  • Revenue from operations grew by 10.0% YoY to Rs 1593.0 crore in FY25 aided by higher distribution push.
    • The sales volume grew by 12.3% YoY to 24.9 million pairs in FY25.
    • Campus Activewear's ASP stood at Rs 639 in FY25 vis-à-vis Rs 652 in FY24.
  • EBITDA grew by 19.9% YoY to Rs 258.2 crore in FY25; EBITDA margin at 16.1% during FY25.
  • PAT grew by 35.5% YoY to Rs 121.2 crore in FY25; PAT margin at 7.5 % during the period.

Commenting on the results and performance, Campus Activewear’s CEO Mr. Nikhil Agarwal said, “I am pleased to share that the Company delivered a robust revenue of Rs 1593.0 crore in FY25, reflecting our resilience and strategic focus in a dynamic macroeconomic environment. Our revenues grew by 10.0% YoY, driven by strong volume momentum. This performance was underpinned by our focused expansion in distribution, a surge in online sales, the introduction of trend-forward styles, and the impactful launch of our new digital marketing campaign. FY25 marked a year of meaningful progress in brand visibility and channel diversification. We successfully debuted on the quick commerce platforms and expanded our footprint into premium Large Format Stores, enhancing accessibility and brand equity.

Our presence deepened across key markets in the North, Central, and West regions, while our foray into Southern India gained traction, supported by improved online engagement. Reinforcing our identity as a ‘Family Brand,’ we introduced over 250 new styles across men’s, women’s, and children’s categories featuring vibrant colour palettes and value-driven pricing. This enriched portfolio enabled us to cater to diverse lifestyle occasions for the modern Indian family. Our sneaker segment stood out with a remarkable 150% growth, underscoring our commitment to delivering stylish, high-quality footwear at accessible price points. We also expanded our retail presence significantly, with our total Exclusive Brand Outlets (EBOs) reaching 296, following the launch of 30 new stores across India.

On the financial front, our gross margin improved by 20 bps to 52.3%, supported by procurement & production efficiencies. EBITDA margin expanded by 120 bps YoY to 16.1%, driven by lower SGA (LY numbers included one-off Inventory & Receivables provisions)

Our brand campaign, ‘Move Your Way,’ entered its second phase this quarter with Vikrant Massey as our brand ambassador. The campaign resonated strongly with Gen Z audiences, celebrating individuality and self-expression, further strengthening our brand connect and market positioning.

We also commenced the commercial production from our Haridwar II facility for manufacturing high quality uppers for sneakers during March’2025. Additionally, the successful implementation of SAP in April 2025 has streamlined our business operations, enhancing agility and scalability.

With a strong balance sheet and a clear strategic roadmap, Campus Activewear is well-positioned to lead through its omni-channel presence, vertically integrated manufacturing, operational excellence, product innovation, digital transformation and innovative marketing initiatives.”

Result PDF

Footwear company Campus Activewear announced Q3FY25 results

  • Revenue from operations surged by 9.1% YoY to Rs 514.9 crore in Q3FY25 attributed to distribution channel push and higher online sales.
    • The sales volume grew by 10.0% YoY to 76.2 million pairs in Q3FY25.
    • Campus Activewear's ASP stood at Rs 675 in Q3FY25 vis-a-vis Rs 682 in Q3FY24.
  • EBITDA stood at Rs 85.9 crore in Q3FY25; EBITDA margin expanded by 4.4 bps YoY to 16.6% during the quarter owing to operating leverage driven by 10.0% volume growth and cost efficiencies.
  • PAT was at Rs 46.5 crore in Q3FY25; PAT margin expanded by 3.7 bps to 9.0 % during the quarter.

Campus Activewear’s CEO Mr. Nikhil Agarwal, said: The Company continued its growth momentum displayed in Q2 FY25. We achieved our highest ever quarterly revenues of Rs 514.8 crore largely attributed to our aggressive distribution drive strategy and higher online sales benefitting from the festive season, thereby navigating a challenging macro environment. Our revenues surged by 9.1% YoY in Q3FY24 led by strategic focus towards multiple initiatives for gaining market share, like reach expansion in key markets, 116% growth in sneaker category, and the new multi media marketing campaign.

The Company has registered double digit growth in key states in North, Central & West. Additionally, we have made swift foray into the focused southern markets through scaling up our online presence. We have strengthened our product portfolio by launching 69 new articles during the quarter (234 during 9 months period) and new SKUs for women category, resulting in an improved product mix catering the diverse needs of the Indian families for every occasion. During the quarter, we have added 6 new stores across India, taking our total EBOs count to 290.

We have embarked our presence on Zepto during the end of the quarter, thereby satiating our customers preference with prompt delivery convenience through quick commerce & our brand is also getting traction in premium large formats stores.

Our gross margin for the quarter stands at 51.2% marginally lower as against 51.4% in Q3FY24, owing to the raw material price inflation.

The EBITDA margin has expanded by 440 bps YoY from 12.2% to 16.6%, primarily due to Improvement in debtors & Inventory health (lower provisioning) reflecting better working capital management.

Campus Activewear forged a profound and enduring engagement with its core demographic through a 360 degree 'Move Your Way' campaign, prominently showcasing our brand ambassador Vicky Kaushal, to resonate and captivate the market. During the quarter we reached out to all our consumers through a Multi-media Strategy including TV, Digital Media, Print, Outdoor & visual merchandising campaigns.

We would like to share key updates in our capital expenditure journey. The capex for the sole manufacturing unit at our Gannaur facility was completed in Q3FY25. Furthermore, we anticipate the completion of our Haridwar facility, dedicated for manufacturing state of the art uppers, in Q4FY25, with commercial production projected to commence from March 25.

We persist in our endeavor to maintain a competitive edge through a data-driven strategy that allows us to actively track and adapt to evolving consumer trends, preferences, and pricing dynamics, ensuring our product portfolio is consistently attuned to market needs.

Result PDF

Footwear company Campus Activewear announced H1FY25 & Q2FY25 results

Q2FY25 Financial Highlights:

  • Revenue from operations surged by 28.8% YoY to Rs 333.3 crore in Q2FY25 attributed to continued push toward distribution channel despite of challenging macros.
    • The sales volume grew by 36.3% YoY to 5.36 million pairs in Q2FY25.
    • Campus Activewear's ASP stood at Rs 622 in Q2FY25 vis-a-vis Rs 658 in Q2FY24.
  • EBITDA stood at Rs 41.6 crore in Q2FY25; EBITDA margin at 12.3% during the quarter.
  • PAT was at Rs 14.3 crore in Q2FY25; PAT margin at 4.2 % during the quarter.

H1FY25 Financial Highlights:

  • Revenue from operations grew by 9.8% YoY to Rs 672.5 crore during H1FY25 led by higher distribution push.
    • The sales volume grew by 16.6% YoY to 11.15 million pairs in H1FY25.
    • Campus Activewear's ASP stood at Rs 603 in H1FY25 vis-a-vis Rs 641 in H1FY24.
  • EBITDA grew by 4.7% YoY to Rs 95.6 crore in H1FY25; EBITDA margin at 14.2% during H1FY25.
  • PAT grew by 24.8% YoY to Rs 39.7 crore in H1FY25; PAT margin at 5.9% during H1FY25.

Nikhil Agarwal, CEO, Campus Activewear, said: Campus Activewear achieved 28.8% YoY growth in the revenues during the second quarter of the fiscal year 2024-25, achieving it’s highest ever Q2 sales, driven by strategic distribution initiatives, despite challenging macro-economic environment. Our expansive PAN India network expanded with the addition of 9 stores (including 5 stores conversion from FOFO to COCO) during the quarter.

Our margins were under check due to higher trade spends driven by Retailers meet, phasing of performance marketing spends in online platforms & higher online commission. During the Quarter we have onboarded Vicky Kaushal, a renowned Bollywood actor as our new brand ambassador. We plan to leverage this association for further building our brand through various media channel. Additionally, our recent ‘Move Your Way’ campaign intends to make a deep connect with our target audience.

At Campus, we are committed to providing innovative and unique products designed for the vibrant Indian market. Our nimble and trend-driven strategy enables us to create agile and fashion-forward product portfolio that aligns with the diverse family needs across various occasions. We continue to integrate durability and adaptability into our core product development and design ethos, thereby appealing to a broad PAN-India demography.”

Result PDF

Footwear company Campus Activewear announced Q1FY25 results:

  • Revenue from operations stood at Rs 339.2 crore in Q1FY25 amidst muted demand scenario driven by general elections. The revenues dropped by 4.1% YoY.  
  • Sales Volume stood at 5.8 million pairs in Q1FY25 driven by higher sale of open footwear
  • Average Selling Price stood at Rs 585 in Q1FY25 vis-à-vis Rs 629 in Q1 FY24 driven by higher saliency of open footwear
  • EBITDA stood at Rs 54 crore in Q1FY25: EBITDA margin at 15.8% during the quarter.
  • PAT was at Rs 25.4 crore in Q1FY25: PAT margin at 7.4% during the quarter. 

Commenting on the results and performance, Campus Activewear’s CEO Nikhil Agarwal said, “Campus Activewear registered 4.1 % degrowth YOY to Rs 339.2 crore in Q1FY25 driven by muted demand scenario, witnessed across the rural and semiurban areas. Company continued its focus on driving reach & enhancing its retail footprint in new geographies. During the quarter company added 13 new stores. Campus Activewear continued to expand its geographical footprints in FY25.

Campus Activewear strives to bring the best global design and technology backed Sports and Athleisure footwears to its customers with a diverse product portfolio, multiple colour styles and value-for-money proposition. With its strong balance sheet position, the management remains committed to scale and strengthen its omni-channel capabilities, deliver exceptional consumer experience through innovative products and continue to strengthen Campus brand recall as an integral part of the daily active lifestyle of every Indian family.”

Result PDF

Footwear company Campus Activewear announced Q4FY24 & FY24 results:

Q4FY24 Financial Highlights:

  • Revenue from operations stood at Rs 363.9 crore in Q4FY24 owing to renewed focus on trade distribution. The revenues dropped by -22.9% QoQ due to seasonality effect.
  • The sales volume stood at 5.7 million pairs in Q4FY24.
  • Campus Activewear's ASP stood at Rs 636 in Q4FY24 vis-a-vis Rs 632 in Q4FY23.
  • EBITDA stood at Rs 66.4 crore in Q4FY24: EBITDA margin at 18.3% during the quarter.
  • PAT was at Rs 32.7 crore in Q4FY24: PAT margin at 9.0 % during the quarter. 

FY24 Financial Highlights:

  • Revenue from operations stood at Rs 1,484.3 crore in FY24.
  • The sales volume stood at 22.2 million pairs in FY24.
  • Campus Activewear's ASP stood at Rs 652 in FY24 vis-a-vis Rs 631 in FY23.
  • EBITDA stood at Rs 215.3 crore in FY24; EBITDA margin at 14.9% during the period.
  • PAT stood at Rs 89.4; PAT margin at 6.2% in FY24. 

Commenting on the results and performance, Campus Activewear’s CEO Nikhil Agarwal said, “We would like to perceive FY24 as a transitionary year. Campus Activewear made a strong comeback in H2FY24 with vigoured focus on trade distribution and new launches. The Company was successful in grabbing customer’s mindshare and wallet share from its prudent investment in the brand for its R&D enabled products.

Campus Activewear continued to expand its geographical footprints in FY24. The Company added 66 stores in Western, Southern and Eastern states of India taking the total EBOs to 250 during the year.

Despite of challenging business environment, we remained committed to strengthen our balance sheet. The Company repaid its borrowing of Rs 156 croreore in FY24, thereby achieving net-debt free status during FY24. Additionally, we have made significant improvement in our working capital days from 108 days in FY23 to 79 days in FY24 led by lower inventory and conscious trimming of receivable days.

Campus Activewear strives to bring the best global design and technology backed Sports and Athleisure footwears to its customers with a diverse product portfolio, multiple colour styles and value-for-money proposition. With its strong balance sheet position, the management remains committed to scale and strengthen its omni-channel capabilities, deliver exceptional consumer experience through innovative products and continue to strengthen Campus brand recall as an integral part of the daily active lifestyle of every Indian family.”

Result PDF

Footwear company Campus Activewear announced Q1FY24 results:

  • Revenue from operations grew by 4.8% YoY to Rs 353.8 crore in Q1FY24, driven by premiumization-led ASP Growth.
    • The sales volume stood at 5.6 million pairs up by 0.7% YoY.
    • Campus Activewear's ASP stood at Rs 629 in Q1FY24 vis-à-vis Rs 604 in Q1FY23.
  • EBITDA stood at Rs 66.4 crore; EBITDA margins at 18.8% in Q1FY24.
  • PAT stood at Rs 31.5 crore; PAT margin at 8.9% in Q1FY24.

Commenting on the results and performance, Campus Activewear’s CEO Nikhil Agarwal said, “Campus Activewear registered 4.8% revenue growth YoY to Rs 353.8 crore in Q1FY24 despite subdued demand, witnessed across the rural and semi-urban areas. The company continued its premiumisation journey through new product offerings & enhancing its retail footprint in new geographies. During the quarter company added 24 new stores.

We are judiciously investing in brand-building exercises across the omnichannel platform. We will continue our planned investments towards brand building, D2C network infrastructure expansion, and talent acquisition which is key to our growth in the coming quarters. These investments are expected to generate margin accretive impact in the future.

Our vertically integrated manufacturing ecosystem enables design, quality, and cost proposition leading to the launch of new styles in a lightening space. Campus Activewear is well-placed in the Indian Sports and Athleisure footwear industry to ride on the growing sports and fitness tide amongst customers backed with premiumization of its diverse product portfolio across categories."

 

 

 

Result PDF

Footwear company Campus Activewear announced Q4FY23 & FY23 results:

  • Q4FY23:
    • Revenue from operations stood at Rs 3,477.5 million in Q4FY23, marginally lower than Q4FY22 on account of demand contraction being witnessed in rural and semi-urban areas.
      • The sales volume stood at 5.5 million pairs in Q4FY23 as against 5.6 million pairs in Q4FY22, lower by 2.1% YoY.
      • Campus Activewear's ASP stood at Rs 632 in Q4FY23 vis-à-vis Rs 627 in Q4FY22.
    • EBITDA stood at Rs 571.2 million; EBITDA margins at 16.4% in Q4FY23.
    • PAT stood at Rs 229.5 million; PAT margin at 6.6% in Q4FY23.
  • FY23:
    • Revenue from operations surged by 24.3 % YoY to Rs 14,842.5 million in FY23 led by growth across channels including trade distribution, D2C online, and D2C offline.
      • The sales volume stood at 23.5 million pairs in FY23 as against 19.3 million pairs in FY22, thereby registering 22.1 % YoY volume growth.
      • Campus Activewear's ASP stood at Rs 631 in FY23 vis-à-vis Rs 620 in FY22.
    • EBITDA grew by 4.9% YoY to Rs 2,563.3 million; EBITDA margin contracted by 319 bps YoY to 17.3 % in FY23.
    • PAT grew by 7.9 % YoY to Rs 1,171.2 million in FY23; PAT margin stood at 7.9 % in FY23.
    • The Company will continue to leverage its strong brand recall and leadership position coupled with an enhanced focus on adding new styles across categories making Campus Activewear the preferred ‘One Stop Family Sports and Athleisure Omnichannel Brand’.

Commenting on the results and performance, Campus Activewear’s CEO Nikhil Agarwal said, “I am pleased to share that Campus Activewear recorded its highest ever revenues at Rs 1,484.25 crore in FY23, registering a growth 24.3% YoY led by growth across channels including trade distribution, D2C online and D2C offline. The year gone by was special as we surpassed the EBO milestone of 200 retail stores with our first EBO at Kochi. Campus Activewear enhanced its retail presence with the addition of 95 new EBOs taking the total EBOs to 202 by FY23. Thus, we are steadily expanding our footprints by deepening our presence in Western and Southern Indian States.

Our data-centric approach facilitates us to proactively respond and launch styles as per the changing consumer trend and demand, design & colours, and price movements across categories. Additionally, the investment in the sales digitization process has amplified our go-to-market strategy with enhanced merchandising, design efficiency, and high customer satisfaction resulting in strong brand recall across omnichannel platforms.

Indian Sports and Athleisure footwear is a sunrise industry with sports and fitness quotient grabbing a significant mind share amongst customers across India including metros, Tier II cities, and hinterland areas. Campus Activewear is well placed to satiate the evolving customer demands and create value for its stakeholders in the coming years with its robust business model laced with a vertically integrated manufacturing ecosystem, growing omnichannel presence, premiumization focus, product diversification across product segments & categories backed with strong balance sheet position.”

 

 

 

Result PDF

Footwear company Campus Activewear announced Q3FY23 results:

Q3FY23:

  • Revenue from operations grew by 7.4% YoY to Rs 4,656.2 million in Q3FY23 driven by robust growth in Online Channels. Direct to Customers channel demonstrated an YoY growth of 45.6% demand.
    • The sales volume stood at 7.0 million pairs in Q3FY23 as against 6.6 million pairs in Q3FY22, thereby registering 5.5% YoY volume growth.
    • Campus Activewear's ASP stood at Rs 669 in Q3 FY23 vis-à-vis Rs 657 in Q3FY22.
  • EBITDA stood at Rs 927.9 million; EBITDA margins at 19.9% in Q3FY23
  • PAT stood at Rs 483.1 million at 10.4% in Q3FY23.
  • The Company continues to outperform the market despite softening of demand from Tier 2, Tier 3 cities, and inflationary headwinds with focussed investments into Direct to Customer Channels. Cumulative additions of EBOs in the last 9 months at 74 of which 25 additional EBOs in Q3FY23.

9MFY23:

  • Revenue from operations surged by 35% YoY to Rs 11,365.0 million in 9MFY23 supported by strong demand from across segments coupled with robust omillionichannel presence.
    • The sales volume stood at 18.0 million pairs in 9MFY23 as against 13.6 million pairs in 9MFY22, thereby registering 32.1% YoY volume growth.
    • Campus Activewear's ASP stood at Rs 630 in 9MFY23 vis-à-vis Rs 617 in 9MFY22.
  • EBITDA grew by 20.3% YoY to Rs 1,992.1 million; EBITDA margins declined by 215 bps YoY to 17.5% in 9MFY23 on account of higher material cost.
  • PAT grew by 10.0% YoY to Rs 941.7 million in 9M FY23; PAT margins stood at 8.3% in 9MFY23. The company continues its endeavour to improve operational metrices with continued focus on faster sales realisation, DSO maintained at 38-40 days range, inventory rationalisation Operating, Cash flow improvement. 9MFY23 at 720 million vs 179 million for FY 22.

Commenting on the results and performance, Campus Activewear’s CEO Mr. Nikhil Agarwal said, “Campus Activewears products are steadily making in-roads in the consumer wardrobes through its budget friendly and promise of optimum comfort proposition thanks to the Company’s strong brand recall coupled with attractive styles and designs across categories. Campus Activewear’s continues to satiate the changing customer needs with product innovation and design, thereby driving the brand towards premiumization.

“The Indian sports and athleisure footwear market is at an inflexion point with rising fitness quotient amongst customers across India including metros, Tier II cities and hinterland areas. The Company aims to create sustainable growth in the coming years through its omillionichannel experience, focus on premiumization, product diversification across product segments & categories and pan-India distribution network.”

Result PDF

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