1. Opening Hook
Just when FMCG peers were blaming GST, weather, channels, and probably Mercury retrograde for weak volumes, Campus decided to jog in the opposite direction. While everyone else was busy “normalizing demand,” Campus casually dropped a 16% revenue growth and a 40% PAT jump. Not bad for a quarter with GST disruption, festive delays, and online sale timing issues.
Management insists this wasn’t luck—it was “execution.” Distribution flexed, premium sneakers sprinted, and Kriti Sanon entered the chat to make women’s shoes fashionable and aspirational. Online underperformed, but apparently that’s just sales stuck in accounting limbo, waiting for Q3 glory.
Margins improved, inventory stayed “healthy,” and CAPEX plans now resemble a small industrial township. Sounds smooth. Sounds confident. Sounds like there’s more beneath the sole.
Read on—because the real story hides between GST cuts, premium sneakers, and a factory that wants to be Vietnam.
2. At a Glance
- Revenue up 16% – Management calls it distribution strength; peers call it showing off.
- PAT up 40% – When margins behave and finance costs stay polite.
- Volumes up ~7.5% – Even with 15 days of GST-induced chaos.
- ASP up 8% – Premium sneakers quietly doing the heavy lifting.
- EBITDA margin at 14% – “Actually 16% if you normalize,” says management, confidently.
- Women’s mix at 16.2% – Kriti Sanon hasn’t even started yet.
3. Management’s Key Commentary
“Our results reflect the strength of our distribution-led strategy.”
(Translation: We sell where India actually shops, not just where slides look good.) 😏
“Profit after tax surged by 40%.”
(Translation: Finally, growth and margins shook hands.)
“The premium INR 1,500-plus segment saliency improved to 57.2%.”
(Translation: Sneakers are paying the bills now.)
“Online growth was modest due to festive sale timing and GST reforms.”
(Translation: The sales happened, accounting just hasn’t caught up.)
“We are investing in a new Pant Nagar factory with China- and Vietnam-level technology.”
(Translation: If global brands can do it, so can we—cheaper.) 😌
“Women’s category continues to show encouraging improvement.”
(Translation: Kriti Sanon wasn’t
