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-22Screener ↗Tijori ↗NSE ↗
Map

What must happen → what could break it → what we watch

Catalysts · 3
  • Q2FY27 results (Nov-2026): festive-season quarter (Q3 is seasonally largest) with 6-7% ASP recovery and margin move toward 17%+.
    C1
  • Elan by Campus premium line (Rs 1,899-2,599) scaling across 110 owned stores and online; 90-100 store openings in FY27.
    C2
  • BIS QCO full enforcement on 31-Jul-2027 (for remaining firms) tightening import/unorganised competition; new CFO Rakesh Thakur effective 17-Aug-2026.
    C3
Material risks · 3
  • 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.
    R1
  • 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.
    R2
  • 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.
    R3
Live monitors
  • Valuation vs approved target
    No target stated
  • Latest reported quarter
    Q Jun-22
  • Results-driven thresholds
    Awaiting approved numbers

Catalysts and risks are the approved one-pager text in full; the register below adds owners and review dates. Monitors read from the price and fundamentals feeds.

Risks as a decision framework

Material risks

Risk register
#Risk (approved text)Owner · next review
01ASP 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.Research · post 2QFY27
02EBITDA 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.Research · post 2QFY27
03Online 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.Research · post 2QFY27

Exposure mechanism, impact and mitigants are as written in the book. Leading indicators and numeric triggers not stated in the approved text remain research tasks rather than being invented.

Catalysts

Observable events

  • 01Q2FY27 results (Nov-2026): festive-season quarter (Q3 is seasonally largest) with 6-7% ASP recovery and margin move toward 17%+.
  • 02Elan by Campus premium line (Rs 1,899-2,599) scaling across 110 owned stores and online; 90-100 store openings in FY27.
  • 03BIS QCO full enforcement on 31-Jul-2027 (for remaining firms) tightening import/unorganised competition; new CFO Rakesh Thakur effective 17-Aug-2026.
Monitors

Live monitors from available data

  • ClearValuation exceeding the approved range: reference close 210 vs base target not stated.
  • DataLatest reported quarter in fundamentals: Q Jun-22. Results-driven monitors (growth below thesis threshold, margin, credit cost) need approved numeric thresholds; none in the book.
  • DataInput-cost and capital-allocation monitors require licensed commodity/filings feeds — not configured.