Campus Activewear Ltd (CAMPUS)
🎯 Key Takeaways
- Campus Activewear Ltd is in a mature growth phase with strong profitability but faces near-term headwinds. The company exhibits high margins and returns, yet revenue growth has stalled in recent quarters, and the 1-year return is negative.
- Revenue declined 4.2% QoQ to ₹338 in Q1FY23.
- ⚠️ Sustained revenue decline from peak levels indicates potential demand weakness or competitive pressure in the leather footwear segment.
- Market Cap
- ₹6,382
- P/E Ratio
- 50.6
- P/B Ratio
- 14.93
- ROE
- 29.2%
- ROCE
- 32.5%
- Debt/Equity
- 0.41
- Promoter
- 72.1%
📖 The Story
Campus Activewear Ltd is in a mature growth phase with strong profitability but faces near-term headwinds. The company exhibits high margins and returns, yet revenue growth has stalled in recent quarters, and the 1-year return is negative. Management is focused on operational efficiency and investor communication, but macro and market pressures appear to be impacting performance.
📰 What's Happening
In the last quarter, Campus Activewear appointed Ms. Akshita Kathuria as Senior General Manager of Investor Relations on September 18, 2026, to strengthen investor engagement. The company also scheduled an Analyst Day for October 9, 2026, in New Delhi to discuss its business outlook. These moves reflect a strategic emphasis on transparency and stakeholder communication. Additionally, promoter Hari Krishan Agarwal transferred 1 million shares to his spouse via off-market gift on September 29, 2026, reducing his stake to 55.51% — a routine procedural action with no material impact on governance or shareholding dynamics.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Jun 2021 | Dec 2021 | Mar 2022 | Jun 2022 |
|---|---|---|---|---|
| Revenue | 135 | 434 | 352 | 338 |
| Operating Profit | 4 | 79 | 63 | 47 |
| OPM % | 2.8% | 18.2% | 17.9% | 14.0% |
| Net Profit | 2 | 55 | 40 | 29 |
| EPS | ₹0.09 | ₹1.80 | ₹1.30 | ₹0.94 |
Revenue peaked in December 2021 at ₹434 crore but has declined steadily, with June 2022 revenue down to ₹338 crore, indicating softening demand or pricing pressure. Operating margins, while still healthy at 14% in June 2022, have compressed from a high of 18.2% in December 2021, suggesting rising cost pressures or margin erosion. Profitability remains robust, with net profit of ₹29 crore and EPS of ₹0.94 in June 2022, but the downward trend in top-line growth raises concerns about near-term expansion capacity.
🔮 Management Outlook & What's Next
Management has not provided formal forward guidance in the latest filings. However, the scheduled Analyst Day on October 9, 2026, is expected to offer insights into strategic priorities, potentially including demand trends, margin improvement levers, and capital allocation plans. Until then, no explicit outlook on revenue recovery or margin trajectory has been disclosed in regulatory submissions.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2021 | Mar 2022 |
|---|---|---|
| Equity Capital | 152 | 152 |
| Reserves | 161 | 275 |
| Borrowings | 177 | 174 |
| Total Liabilities | 685 | 960 |
| Fixed Assets | 255 | 322 |
| Investments | 0 | 0 |
| Total Assets | 685 | 960 |
The balance sheet shows stable equity of ₹152 crore and growing reserves, indicating retained earnings are being capitalized. Borrowings remain moderate at ₹174 crore, with no significant increase in debt over the past year. Total assets rose from ₹685 crore to ₹960 crore, reflecting asset base expansion, likely from operational investments. The capital structure remains conservative, with a debt-to-equity of 0.41, supporting financial flexibility despite ongoing margin pressures.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2022 |
|---|---|
| Operating | +18 |
| Investing | -34 |
| Financing | +16 |
| Net Cash Flow | -1 |
👥 Shareholding Pattern
| Category | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoters | 72.1% | 72.1% | 72.1% | 72.1% |
| FII | 6.0% | 6.2% | 6.1% | 6.0% |
| DII | 11.8% | 11.7% | 11.6% | 11.4% |
| Public | 8.8% | 8.8% | 8.9% | 8.9% |
| # Shareholders | 1,97,302 | 1,87,304 | 1,79,881 | 1,77,825 |
Promoter holding has gradually declined from 72.12% in Q2FY26 to 72.08% in Q1FY27, while institutional ownership (FII) has slightly increased to 6.03%, and DII to 11.39%. The number of public shareholders has grown to 1,77,825, suggesting retail participation is expanding. There are no signs of significant promoter selling or institutional exit, and the recent share transfer to a spouse is procedural. Overall, shareholding stability supports long-term investor confidence.
⚖️ Peer Comparison — Leather
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| METROBRAND | 23,012 | 56.6 | 38.9% | — | 0.00 |
| BATAINDIA | 7,951 | 54.4 | 20.7% | — | 0.00 |
| RELAXO | 7,249 | 39.1 | 12.4% | — | 0.00 |
| CAMPUS | 6,382 | 50.6 | 32.5% | — | 0.41 |
| MAYURUNIQ | 3,194 | 15.4 | 29.0% | — | 0.01 |
| BIL | 1,344 | 52.0 | 10.2% | — | 1.07 |
| SREEL | 660 | 20.1 | 9.5% | — | 0.00 |
| MIRZAINT | 386 | — | -3.4% | — | 0.03 |
| LIBERTSHOE | 376 | 46.2 | 8.9% | — | 0.84 |
| KHADIM | 210 | 75.5 | 10.5% | — | 0.73 |
🔗 Peer Stock Analyses
⚠️ Risk Factors
1. Sustained revenue decline from peak levels indicates potential demand weakness or competitive pressure in the leather footwear segment. 2. Operating margin compression from 18.2% to 14.0% over two years suggests cost inflation or pricing pressure that may not be easily offset. 3. High P/E of 50.6 and ROE of 29.2% may not be sustainable if top-line growth remains stagnant, creating valuation vulnerability. 4. Reliance on a mature product segment without visible new growth drivers poses execution risk.
📋 Recent Filings
- 🔴 Insider Trading2026-10-01On September 29, 2026, promoter Hari Krishan Agarwal transferred 1 million shares to his wife Prerna Agarwal via off-market gift, reducing his stake t…
- 🔴 Insider Trading2026-09-30On September 29, 2026, promoter Hari Krishan Agarwal transferred 1 million shares to his wife Prerna Agarwal via off-market gift, reducing his stake t…
- 🔴 Announcement2026-09-30Campus Activewear Ltd announced an in-person Analyst Day on October 9, 2026, in New Delhi from 11:30 AM to 3:00 PM, inviting analysts to discuss busin…
- Announcement2026-09-28Campus Activewear Ltd announced that its trading window will close on 1 October 2026 and remain shut until 48 hours after the unaudited quarterly resu…
- 🟡 corporate governance2026-09-18Campus Activewear appointed Ms. Akshita Kathuria as Senior General Manager of Investor Relations effective 16 September 2026 to enhance investor engag…
- 🔴 Announcement2026-09-10Campus Activewear Ltd announced it received a Crisil ESG 61 rating from CRISIL ESG, an independent assessment based solely on public disclosures, with…
- 🔴 Announcement2026-09-07Campus Activewear announced it will participate in the UBS India Summit on September 10, 2026, from 10 am to 6 pm in Mumbai, an in-person event where …
- 🟡 Board Meeting2026-08-20Campus Activewear Limited held its 18th Annual General Meeting on 20 August 2026 via video conferencing, where shareholders approved the audited FY202…
- 🟡 Board Meeting2026-08-17Campus Activewear announced the appointment of Rakesh Thakur as CFO and KMP effective August 17, 2026, following board approval based on recommendatio…
- 🟡 Board Meeting2026-08-17Campus Activewear announced the appointment of Rakesh Thakur as CFO and KMP effective August 17, 2026, following board approval based on recommendatio…
🧠 Analyst's Read
Campus Activewear remains a high-return business with strong fundamentals, but near-term growth challenges and margin pressure require close monitoring. Investors should watch for signs of revenue stabilization and management's commentary on demand recovery at the upcoming Analyst Day. The company's ability to reinvigorate growth will be critical to sustaining its premium valuation.
Based on filing content and financial data. Not a recommendation.
Read the full analysis
Quarterly trends, balance sheet, cash flow, peer comparison, and AI insights — sign up free to unlock.
Sign Up Free — Unlock Full Analysis2 free AI queries per day.
Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-10-01.
Editorial & Data Transparency Notice
This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.
📡 Get AI alerts when CAMPUS files new disclosures
Track CAMPUS filings, board meetings, and corporate actions. Free email alerts at 5 PM.
Track CAMPUS — FreeFree account · 2 AI queries/day