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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
Analysis · industrial rules · FY19–FY22

What the numbers say

data to 30 Jun 2022
Growth
5.0
Profitability
4.2
Balance sheet
3.5
Cash conversion
4.1
Valuation
3.5
Sales1,194 cr FY22
Net Profit109 cr FY22
Operating margin20.2% FY22
ROCE32.9% FY22
Revenue CAGR 3y
26.1%
Net profit CAGR 3y
41.6%
Operating margin
20.2%
3y avg 17.2%
CFO / PAT, 3y
1.22x
FCF ₹44 cr cumulative
ROCE
32.9%
3y avg 30.0%
Debt / equity
0.41x
interest cover 9.7x
Cash conversion cycle
-27 days
45 days three years earlier
P/E
42.3x
PEG 1.0 on 3y PAT growth
Promoter holding
72.1%
FII 6.0% · DII 11.4%
  • Growth. Revenue compounded 26.1% a year over FY19–FY22, net profit 41.6%; the latest year grew 67.9% (profit 305.7%). · Tijori P&L, annual
  • Margins. Operating margin 20.2% in FY22, +3.0 pp against the prior three-year average. · Tijori P&L (OPM)
  • Cash conversion. Operating cash flow was 1.22x reported profit across the last three years; free cash flow of ₹44 cr after capex. · Tijori cash flow vs P&L
  • Returns on capital. ROCE 32.9% and ROE 25.4% in FY22 (three-year average ROCE 30.0%). · Tijori ratios sheet
  • Balance sheet. Debt to equity 0.41x, interest covered 9.7x by EBIT in FY22. · Tijori ratios sheet
  • Working capital. Cash conversion cycle shortened from 45 to -27 days over three years. · Tijori ratios sheet
  • Valuation. 42.3x trailing earnings, 1.3x EV/EBITDA, 0.0x book — 1.0x the three-year profit growth rate. · Tijori valuation ratios at the latest price
Forensic flags · Tijori
Accounting & Shareholding
  • Contingent Liabilities: Company does not have significant contingent liabilities
  • Depreciation Effect: Depreciation accounting is not leading to increase in profits
  • Other Income: Other income is not affecting ratios of the company
  • Pledge: Promoters have not pledged a significant portion of their holding
  • Retail Holding: Retail has been buying the stock which is usually a sign of exuberance
  • Promoter Holding: Promoter has not sold any shares in the last 90 days
  • Revenue Recognition: Company is converting accounting profit to cash
Price & Performance
  • Capex vs ROCE: Roce of the company has increased over the last three years
  • ROE: Asset turnover is responsible for roe increase over last 10 years
  • Share price: Share price has decreased over last 10 years more due to earnings
  • Working Capital: Working capital of the company seems to be under control
  • Current vs Historic Valuation: Company is trading at a discount to 3yr historic valuations
  • Debt: Company should not have issues servicing its debt
  • Sales Growth: Sales of the company has grown at a good pace
  • Margin Stability: Margins of the company are volatile
  • ROCE Strength: Roce of the company is consistently strong
  • Balance Sheet Strength: Balance sheet of the company is strong. it shouldnt have solvency or liquidity issues

Rules over the stated numbers only — CAGRs need positive start and end values, margins use the company's own OPM line, cash conversion is cumulative operating cash flow over cumulative profit for the last three fiscal years. Scores are 0–5 rule outputs, not a recommendation. Source: Tijori Finance normalised statements; Buoyant's own estimates are shown separately below and never blended in.

Cross-check

Same metric, every source · Campus Activewear

Where the app shows the same metric in more than one place, this table lists each figure with its period and definition. No two sources disagree on the same period and definition; every difference below is a period or definition difference.

MetricSourcePeriodDefinitionValueVerdict
Return on equityTijori ratio tableFY22net profit ÷ year-end equity (Tijori)25.38%Different basis
Figures differ because they measure different periods or definitions; each is labelled.
Tijori screenerTTMtrailing 12 months (Tijori)16.56%
House model (one-pager)FY26net profit ÷ average equity, standalone18.00%
Net profitTijori P&LFY22consolidated, annual₹109 crDifferent basis
Figures differ because they measure different periods or definitions; each is labelled.
Tijori P&LTTM Jun-22trailing 12 months₹64 cr
Tijori screenerTTMtrailing 12 months₹150 cr
House model (one-pager)FY26standalone, annual₹150 cr
Tijori quarterly tableQ Jun-22single quarter₹29 cr
P/ETijori screenerTTM at 2026-09-28price ÷ trailing EPS41.80xDifferent basis
Figures differ because they measure different periods or definitions; each is labelled.
Tijori ratio tableFY22 year-endyear-end price ÷ that year's EPS0.00x
House model (one-pager)FY27EFY27E / FY28E P/E (Buoyant sheet)46.20x
P/BTijori screenerat 2026-09-28price ÷ book value per share7.12xDifferent basis
Figures differ because they measure different periods or definitions; each is labelled.
Tijori ratio tableFY22 year-endyear-end price ÷ book value0.00x
Market capBSE master2026-09-28BSE full market cap₹6,459 crDifferent basis
Figures differ because they measure different periods or definitions; each is labelled.
Tijori screenerlatest Tijori refreshprice × shares₹6,451 cr
House one-pager31-Jul-26as printed₹6,736 cr
Promoter holdingTijori screenerlatest filing% of shares72.08%One source

Tolerance for a conflict: 1.5% on the same period and definition (3% for market cap, which moves with the price date). Tijori's ratio table uses its own definitions; the quarterly table and operating metrics carry the company's reported figures; the house model is standalone and dated.

Trend

Sales and net profit, FY

₹ crore. Actuals only; the last column is a TTM where labelled. Estimates are shown separately below with an "E" and never blended into this series.

Buoyant estimates

Model table from the research book

Buoyant estimates
₹ crore / %FY24FY25FY26
Revenue (₹ cr)1,4481,5931,774
EBITDA (₹ cr)211244292
Net profit (₹ cr)89121150
ROE (%)n.a.n.a.18.0

Estimate columns (E) are in green italics.

Consolidated where reported · standalone not separately available in this source
Income statement (annual)
₹ crore unless %FY19FY20FY21FY22TTM Jun-22
Sales5957327111,1941,100
Operating Expenses495596595953880
Raw Material273337340573669
Material Cost (%)43.7341.3443.6040.0048.26
Employee Cost4357556871
Power & Fuel Cost691018—
Operating Profit100136116242220
Other Income22423
OPM (%)16.8218.6116.3120.2319.99
Depreciation and Amortisation1423335352
Interest2117172020
Profit Before Tax669970171150
Tax2836436387
Net Profit38622710964
Number of shares(Crs)———30—
Dividend Payout Ratio(%)0.000.000.000.00—

Consolidated where the company reports consolidated; Tijori Finance normalisation of company filings. Fiscal years end 31 March; "TTM" columns are trailing twelve months to the stated quarter. Quarterly growth is year-on-year (same quarter, prior year). Quarterly balance-sheet and cash-flow data are not disclosed and are not implied. General industrial/consumer/IT preset: growth, margins, ROCE/ROIC, working capital, FCF, net debt; P/E, EV/EBITDA.

Ratios

Sector-appropriate ratios

RatioFY19FY20FY21FY22
Interest Coverage Ratio4.136.985.089.72
Cash Conversion Cycle44.7111.98-29.69-27.29
Inventory Days66.5465.2686.7179.83
Days Receivable91.2369.4056.4633.25
Days Payable113.00123.00173.00140.00
Debt to Equity Ratio0.870.850.430.41
Free Cash Flow/Sales (%)4.30-1.379.75-1.25
Free Cash Flow(est) (Crs)25.57-10.0569.32-14.95
Gross Margin (%)56.2758.6656.4060.00
Op Profit Margin (%)16.8218.6116.3120.23
Net Profit Margin (%)6.468.413.789.09
ROCE (%)47.5534.6522.4632.85
ROIC (%)27.8129.628.5221.49
ROE (%)19.0421.638.6025.38
Net Profit Margin (%)6.468.413.789.09
P/En.m.n.m.n.m.n.m.
Price to Book0.000.000.000.00
EV/EBITDA1.702.422.391.34

General industrial/consumer/IT preset: growth, margins, ROCE/ROIC, working capital, FCF, net debt; P/E, EV/EBITDA. Suppressed for this preset: none.