Campus Activewear
Mass athleisure footwear
- Last close
- ₹209.76
- 29 Sept 2026 · reference
- 1D · 1M
- −0.6% · −7.2%
- price-only
- Weight
- 1.2%
- 31 Jul 2026 · Aug rank 28
- Thesis review
- 8 Sep 2026
- Why We Own, p62
Approved description
Campus is India's largest domestic sports & athleisure footwear brand by volume (FY26 revenue Rs 1,774 cr, ~24 mn pairs implied at ASP Rs 683), selling mass-to-mid price sneakers, running and school shoes through 31,000+ retailers in 850+ districts, ~110 owned stores plus franchise EBOs, and online (D2C incl. brand.com, Amazon, Myntra, Flipkart). D2C (online + offline) was 46.1% of Q1FY27 revenue. Manufacturing is in-house (Paonta Sahib, Pantnagar, Ganaur), which matters under the BIS footwear QCO.
- 01Volume growth has returned: 5.7 mn pairs (+11.7%) in Q1FY27 after only 4% volume growth in FY26; management guides mid-double-digit FY27 revenue growth with 6-7% ASP recovery from Q2 on an 8% MRP hike (Apr-2026).
- 02Margin expansion path: gross margin 52.9% (+105bp in FY26), EBITDA margin 16.4% FY26 rising toward the 17-19% guided band; MOFSL models 21% PAT CAGR FY26-28.
- 03Channel mix upgrading: D2C 46.1% of sales (44.4% LY), brand.com +100% YoY, franchise network moving to sale-or-return and master-franchise partners expanding from 8-9 to ~16 states.
- 04BIS footwear QCO (effective 1-Aug-2024, small-firm deadline extended to 31-Jul-2027) structurally favours domestic manufacturers like Campus over import-led brands and unorganised players.
- 05Sector tailwind: India footwear market USD 22.7 bn in 2026 growing 9.7% CAGR to USD 47.5 bn by 2034, athletic footwear the fastest segment at ~11.8% CAGR and 32% of the market (IMARC).
Reference close, with results-period markers
Quality score, technicals and Buoyant Score
Computing the scorecard…
Latest quarter · Q Jun-22
| Line (₹ cr) | Q Jun-22 | YoY | QoQ |
|---|---|---|---|
| Net Sales | 338 | — | −4.0% |
| Operating Profit | 62 | — | −21.3% |
| Net Profit | 29 | — | +24.9% |
Reported vs internal estimate: internal quarterly estimates are not in the supplied package; consensus feed not licensed. YoY/QoQ per PRD §12.5 (transitions, not %, on non-positive bases).
Position and valuation context
General industrial/consumer/IT preset: growth, margins, ROCE/ROIC, working capital, FCF, net debt; P/E, EV/EBITDA.
Valuation range
No headline target on this page; the book quotes the thesis and the risk rather than a target.
What we watch
- Q2FY27 results (Nov-2026): festive-season quarter (Q3 is seasonally largest) with 6-7% ASP recovery and margin move toward 17%+.
- Elan by Campus premium line (Rs 1,899-2,599) scaling across 110 owned stores and online; 90-100 store openings in FY27.
- BIS QCO full enforcement on 31-Jul-2027 (for remaining firms) tightening import/unorganised competition; new CFO Rakesh Thakur effective 17-Aug-2026.
- ASP dilution from school-shoe mix and marketplace accounting kept revenue growth (12%) below volume growth; if the 6-7% ASP recovery does not show from Q2, FY27 'mid-double-digit' guidance is at risk.
- EBITDA margin (15.9%) sits below the 17-19% guided band; wage inflation and new-plant depreciation (Rs 2.5 cr/qtr) plus franchise sale-or-return transition weigh near term.
- Online marketplace dependence (Amazon/Myntra/Flipkart) and rising competition from global brands localising under BIS; stock has already de-rated ~20% in a year and consensus targets (Rs 294-325) assume flawless execution.