Campus’s calibrated approach to marketing, adding more touchpoints, new launches and price hike will help market share gains. Buy for target price of ₹335 (28% upside): SMIFS

Campus Activewear delivered a muted Q1FY26 performance, broadly below our expectations. Revenue grew 1.2% YoY to Rs3,433mn, supported by a 14.5% increase in ASP to Rs671, offset by an 11.7% decline in volumes. The ASP improvement was driven by pricing actions and favourable product mix. In Q1 Campus consolidated its three warehouses into a modern 300k-pair/day facility, causing a temporary dip in online sales but is expected to boost fulfilment speed, stock accuracy and working capital efficiency in coming quarters.