The call has ended.

Key takeaways

Q2 revenue rose 16.9% to ₹452 Cr, but EBITDA margin fell to 13.5% and gross margin dropped to 51.4%. The FY27 17% EBITDA margin target needs a sharp H2 recovery.

Highlights
Revenue growth	Revenue +16.9% YoY to ₹452 Cr; no one-time items cited.
Margins	EBITDA margin 13.5%, down 50 bps; gross margin 51.4% vs 53.9%.
Demand visibility	Subdued consumption; B2C reportedly double-digit; trade channel ~15% sustained.
Management confidence	Balanced to optimistic; hedged on margins, repeatedly says 'we believe'.

Growth

Volume +10.2% to 6.3 mn pairs and ASP +6%. EBITDA +12.5% to ₹62 Cr; PAT +21.3% to ₹24 Cr.

Outlook

FY27 EBITDA margin guided at 17%. Mid-teens FY27 revenue growth is mentioned but not quantified. No FY28 numbers given.

Risks

Implied H2 EBITDA margin of about 19% is needed for the 17% FY27 target. Input inflation persists, and ₹125 Cr GST credit is stuck for 12–18 months.

Last quarter's promises, checked

Delivered

Volume 'high single digits' floor → +10.2% (= BEAT)
FY27 'mid-double-digit' revenue growth → Q2 revenue +16.9% (= BEAT, quarter only)

Partly delivered

ASP '6–7% at least' from Q2 → +6% (= PARTIAL, floor only)
ASP/volume split ~even → ASP +6%, volume +10.2% (= PARTIAL, volume-led)

Missed

FY27 EBITDA 17–19%, '100% confident' → Q2 13.5% (Q1 15.9%); FY now 17% (= MISS)
RM inflation 'fully absorbed' → 'input inflation persists'; gross margin 51.4% vs 53.9% (= MISS)

Summary by ALFA Finder, written with AI assistance from the earnings call transcript the company filed, published 5 Nov 2026, 4:16 PM IST. Open it on ALFA Filings ›

The results behind this call

5 Nov 2026 12:50 IST BSE

Financial Results

Campus Activewear Q2 FY27 Results: Net Profit ₹24.3 Cr, Up 20.9% YoY

Campus Activewear Ltd reported un-audited financial results for the quarter ended September 30, 2026. Revenue from operations reached ₹452.10 Crore with a profit of ₹24.34 Crore.