Mass athleisure footwear
| Peer | Status | P/E | ROE | Mkt cap | Why we do not hold it (approved text) | Links |
|---|---|---|---|---|---|---|
| Campus Activewear | Held | 41.88 | 16.56% | 6,451 Cr | Mass athleisure footwear | |
| Relaxo Footwear | Not held | n/a | n/a | n/a | 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. | Screener · Tijori |
| Bata India | Not held | n/a | n/a | n/a | 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. | Screener · Tijori |
| Metro Brands | Not held | n/a | n/a | n/a | 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. | Screener · Tijori |
Peer numbers are shown only where the peer is in the security master (fundamentals pulled); "n/a" otherwise — a peer is not added to the data pull without a research request. Reasons are quoted from the one-pager (8 Sep 2026).
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).
All sectors we avoid or underweight →DMart (1.3%, Core): the lowest-cost grocery retailer in India (everyday low price, owned stores, 503 stores), 15–16% revenue growth with store adds accelerating, LFL normalising as the IPO distortion fades; 80x is the price of the cleanest balance sheet in retail. Campus Activewear (1.2%, Core): India's largest sports-and-athleisure footwear brand by volume (5.7 mn pairs a quarter, 31,000 retailers, 850 districts), 18% ROE, sneakers growing 30% after a 100% year, at 41x FY28E after a 20% fall.
| Branded Sports & Athleisure Footwear Market Share | 17 % | as of Mar 22 |