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Release
August 2026 · rev 1
Opportunities PMS · Published
As at 31 Aug 2026 · IST₹ · ₹ cr · BSE 500 TRI
Present
Internal working platform. Published figures are extracted from the August 2026 source package and reviewed; reference prices and fundamentals are unlicensed working data, not for redistribution. Past performance is not indicative of future returns.
Company Atlas/Retail/Campus Activewear
NSE: CAMPUS· RetailCore · Aug 26Small cap

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
Coverage owner: Research (per book); latest results Q Jun-22Buoyant AIF I Top 30 Holdings - Aug 2026.pdf · p1Buoyant_Why_We_Own_What_We_Own_Sep2026.pdf (portfolio as of 31 July 2026) · p62Screener ↗Tijori ↗NSE ↗
OverviewBusiness & segmentsChartsFinancialsValuationThesisRisks & catalystsCompetitorsResearch & documents
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SWOT

Strengths · Weaknesses · Opportunities · Threats

Draft
Strengths
  • Volume 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).
  • Margin 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.
  • Channel 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.
  • BIS 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.
Weaknesses
  • vs 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.
  • vs 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.
Opportunities
  • 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.
Threats
  • 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.

Compiled from the approved one-pager (Why We Own What We Own, 8 Sep 2026): why-we-own → strengths, catalysts → opportunities, key risks → threats, peer caveats → weaknesses. Editorial mapping pending review. · author: compiled from the approved one-pager

Research reports · upload with a check step

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Internal evidence

Buoyant sources for this name

  • August 2026 top-30 disclosure — rank 28, Retail, Core. Buoyant AIF I Top 30 Holdings - Aug 2026.pdf
  • One-pager, "Why We Own What We Own" — p62, 8 Sep 2026. Buoyant_Why_We_Own_What_We_Own_Sep2026.pdf (portfolio as of 31 July 2026)
  • Sales playbook, Aug 2026 — holdings matrix (PMS/AIF I/AIF II, $31 Jul 2026). Buoyant_Capital_Sales_Playbook_Aug_2026_Full_Holdings.pdf

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Ownership

Shareholding · Jun'26

Promoter72.08%
Indian Promoters72.08%
Hari Krishan Agarwal55.84%
Nikhil Aggarwal12.03%
Hkv Services Private Limited3.98%
Charu Goel0.23%
Prerna Aggarwal0.00%
Hna Services Private Limited0.00%
Public Shareholding27.92%
Institutions17.42%
Mirae Asset Great Consumer Fund2.77%
Fidelity Funds - India Focus Fund2.64%
Motilal Oswal Small Cap Fund2.39%
Dsp Small Cap Fund2.32%