Mass athleisure footwear
Campus Activewear Limited is India's leading sports and athleisure footwear brand, known for its diverse product portfolio catering to the entire family. With a consumer-centric business model focused on digitization, the company ensures superior demand forecasting and faster time to market.
Campus Activewear Limited engages in the design, manufacture, marketing, and distribution of sports and athleisure footwear, apparels, and backpacks for men, women, and children in India and internationally. It offers general-purpose sports shoes for fitness, exercising, walking, and light sports activities; and sneakers, sandals, slippers and open footwear across men's, women's and kids under the CAMPUS brand name. The company distributes its products through e-commerce platforms, distributors, and retail networks, comprising exclusive brand outlets and multi-brand outlets, as well as wholesale nework. Campus Activewear Limited was founded in 2005 and is based in Gurugram, India.
Key people: Mr. Hari Krishan Agarwal (Chairman & MD) · Mr. Nikhil Aggarwal (CEO & Whole-Time Director) · Ms. Archana Maini (General Counsel, Company Secretary & Compliance Officer) · Mr. Uplaksh Tewary (Chief Operating Officer) · Mr. Rajneesh Sharma (Chief Technology Officer) · Gaurav Sharma (Chief Marketing Officer)
Campus Activewear major competitors are Bata india, Relaxo Footwears, Liberty Shoes, Mirza International, Metro Brands. Market Cap of Campus Activewear is ₹6,509 Crs. While the median market cap of its peers are ₹7,316 Crs.
Campus Activewear seems to be financially stable compared to its competitors.The probability of it going bankrupt or facing a financial crunch seem to be lower than its immediate competitors.
Yahoo profile 23 Sept 2026 · Tijori 23 Sept 2026
Latest reported mix as compiled by Tijori from company disclosures; percentages of revenue.
As the company reports them. They can differ from the ratio table on the Financials tab, which uses Tijori's own definitions (for example NIM on average total assets rather than on interest-earning assets); the Cross-check panel there lines both up.
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.
TTM PE 43.4x with the stock down ~20% over 12 months and market cap -19.6% YoY (screener); listed May-2022 at higher multiples, 5-yr average not applicable. EV/EBITDA computed on mcap + Rs 236 cr gross borrowings over FY26 EBITDA. EV/EBITDA 23.7x; dividend yield 0.7%.
| Relaxo Footwear | Relaxo's volumes have been under pressure in the open-footwear mass segment with weak growth, yet it trades at a premium PE; Campus is growing volumes 12% in the faster athletic category. |
| Bata India | Bata is a mature formal/casual franchise with low-single-digit growth and a multi-year restructuring; Campus offers ~13-21% revenue/PAT CAGR (MOFSL) at a similar PE. |
| Metro Brands | Metro is a premium multi-brand retailer (incl. Crocs/FILA distribution) at a much higher multiple; Campus owns its brand and factories, giving BIS-QCO protection and 18% ROE at ~39x FY27E. |
Share of revenue as disclosed in filings (Tijori normalisation). Segment profit measure: not disclosed in this source — segment EBIT/EBITDA/PBT are not shown rather than estimated. Eliminations and unallocated costs not available here.
Share of revenue as disclosed in filings (Tijori normalisation). Segment profit measure: not disclosed in this source — segment EBIT/EBITDA/PBT are not shown rather than estimated. Eliminations and unallocated costs not available here.
Share of revenue as disclosed in filings (Tijori normalisation). Segment profit measure: not disclosed in this source — segment EBIT/EBITDA/PBT are not shown rather than estimated. Eliminations and unallocated costs not available here.
Share of revenue as disclosed in filings (Tijori normalisation). Segment profit measure: not disclosed in this source — segment EBIT/EBITDA/PBT are not shown rather than estimated. Eliminations and unallocated costs not available here.
Share of revenue as disclosed in filings (Tijori normalisation). Segment profit measure: not disclosed in this source — segment EBIT/EBITDA/PBT are not shown rather than estimated. Eliminations and unallocated costs not available here.
Share of revenue as disclosed in filings (Tijori normalisation). Segment profit measure: not disclosed in this source — segment EBIT/EBITDA/PBT are not shown rather than estimated. Eliminations and unallocated costs not available here.
Retail — 2.5%: the cleanest ways to capture staples and mass-footwear volume
Organised retail is still a minority of a $1.1 trillion Indian retail market and is projected to exceed 35% of it by 2030. The near-term debate is quick commerce — GMV above $10 bn, 30 million monthly users, 150% growth, 80% of it from metros — and whether it structurally impairs brick-and-mortar grocery. Our answer is that DMart's weak like-for-like prints (5.5% in Q1FY27 versus 10.8% in Q4FY26, metros flat) were substantially a supply distortion: a quick-commerce competitor heading into its IPO was underwriting volumes without minimum basket sizes to show growth at any cost. As that normalises and store additions accelerate, DMart remains one of the cleanest ways to capture double-digit staples growth funded by the household transfer wave. Campus is the same thesis at the other end of the price ladder — a ₹700 average selling price in a footwear market growing 10% a year where the BIS quality order is squeezing unorganised imports.
Reliance Retail is unlisted; Vishal Mega Mart is a good value-retail story at a similar multiple with less proven unit economics; Zepto is the IPO we are watching, not buying. Relaxo is losing volume in mass footwear, Bata has not grown in five years and Metro Brands is premium-priced for premium footwear. Apparel is expressed through Trent (in FMCG).
| Branded Sports & Athleisure Footwear Market Share | 17 % | as of Mar 22 |