Campus Activewe. Q2 FY27 Results (NSE: CAMPUS)
Signal: Growth decelerated
The read
The key inflection is earnings recovery from the Q2FY26 trough: revenue reached ₹420.20 crore, +8.7% YoY, and PAT rose to ₹24.14 crore, +60.0% YoY, but PAT declined 7.7% sequentially from ₹26.14 crore and H1 operating cash flow was negative at ₹109.29 crore as inventory climbed to ₹628.24 crore; the next proof point is whether margin repair can continue without another working-capital build.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹420.2 Cr | +8.7% | +9.1% |
| Net profit | ₹24.14 Cr | +60.0% | |
| EPS | ₹0.79 | +61.2% | |
| EBIT margin | N/A |
P&L walk
Standalone revenue increased to ₹420.20 crore, +8.7% YoY and +9.1% QoQ, while PAT increased to ₹24.14 crore, +60.0% YoY but declined 7.7% QoQ; the year-on-year recovery reflects the low Q2FY26 profit base, while sequential earnings remain below Q1FY27.
Key positives
- Revenue increased to ₹420.20 crore, +8.7% YoY and +9.1% QoQ, reversing the Q1FY27 revenue base of ₹385.20 crore.
- PAT recovered to ₹24.14 crore, +60.0% YoY, after ₹15.09 crore in Q2FY26.
- EPS of ₹0.79 grew 61.2% YoY and tracked PAT growth, with the PAT-to-EPS cross-check clean.
Key concerns
- PAT of ₹24.14 crore declined 7.7% QoQ from ₹26.14 crore, so the recovery has not yet translated into sequential earnings momentum.
- H1FY27 operating cash flow was negative at ₹109.29 crore while inventory increased to ₹628.24 crore from ₹449.45 crore at March 2026.
- Trade receivables rose to ₹183.83 crore from ₹152.75 crore and borrowings rose to ₹78.00 crore from ₹36.28 crore, increasing balance-sheet funding needs.
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