Campus Activewear Ltd (CAMPUS)

Consumer Durables · Leather · NSE · Updated 1 September 2026

By StockFin Research Team • AI-Assisted Analysis • Source: BSE/NSE Filings

₹226.55 ↓ 14.36% (1Y)

🎯 Key Takeaways

Campus Activewear is in a growth phase driven by aggressive store expansion and premiumization of its product portfolio, particularly through Elan sneakers. Management is targeting 90-100 new stores by FY'27 end and aims to achieve 17-19% EBITDA margins, supported by pricing actions and volume growth.
Revenue declined 4.2% QoQ to ₹338 in Q1FY23.
⚠️ Raw material inflation and supply constraints continue to pose cost pressures, though partially mitigated by pricing actions. Labor costs have risen b

Market Cap

₹6,925

P/E Ratio

54.9

P/B Ratio

16.19

ROE

29.2%

ROCE

32.5%

Debt/Equity

0.41

Promoter

72.1%

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📖 The Story

Campus Activewear is in a growth phase driven by aggressive store expansion and premiumization of its product portfolio, particularly through Elan sneakers. Management is targeting 90-100 new stores by FY'27 end and aims to achieve 17-19% EBITDA margins, supported by pricing actions and volume growth. Despite macro cost pressures, the company is demonstrating resilient profitability and brand strength, with double-digit revenue and PAT growth observed in Q1 FY'27.

📰 What's Happening

In Q1 FY'27, Campus Activewear reported 12.2% YoY revenue growth to ₹385.2 crores and 17.7% PAT growth to ₹26.1 crores, driven by 11.7% volume growth and stable 15.9% EBITDA margins. Management highlighted an 8% MRP hike and favorable product mix as catalysts for a 4-5% ASP improvement from Q2 onward. The company expanded its franchise network with 8-9 new master franchisees under the SOR model and plans to open 90-100 new stores by FY'27 end, focusing on Tier-1 to Tier-3 cities. Elan sneakers contributed 12-13% of Q1 volumes at premium price points, reinforcing product premiumization. Management expects sustained growth through category participation, stronger distribution, and disciplined execution, with no further MRP increases planned.

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 growth has moderated from a peak of ₹434 crores in Dec 2021 to ₹385.2 crores in Q1 FY'27, but profitability has improved significantly, with PAT margin expanding to 6.8% from 12.7% in Dec 2021 despite inflationary pressures. EBITDA margin remained stable at 15.9%, supported by pricing actions and volume growth. The company has demonstrated resilience in margins through cost discipline and product mix optimization, even as operating profit growth slowed to 17.7% YoY. The trend reflects a strategic shift toward premiumization and scale-driven efficiency rather than pure volume expansion.

🔮 Management Outlook & What's Next

Management is confident in sustaining growth momentum through expanded distribution, product innovation, and disciplined execution. They expect EBITDA margins to reach 17-19% for FY'27, driven by pricing actions that will improve ASP by 4-5% from Q2. No further MRP increases are planned, and the focus is on scaling the franchise model with 90-100 new stores targeted by FY'27 end. Management emphasized strong dealer orders post-price hike and pre-built inventory for festive demand as tailwinds for continued momentum.

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 a healthy capital structure with equity of ₹152 crores and reserves of ₹275 crores as of March 2022, while total borrowings stood at ₹174 crores. Total assets grew to ₹960 crores from ₹685 crores in March 2021, indicating strategic investment in capacity and network expansion. The company maintains a conservative debt-to-equity ratio of 0.41, suggesting prudent capital allocation with room for leverage if needed for expansion. There is no evidence of aggressive capital return or large-scale asset sales, indicating reinvestment of cash flows into growth initiatives.

💰 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 remained stable around 72.1% over the last four quarters, indicating confidence in long-term prospects. FII and DII holdings have shown slight fluctuations but remain modest, with FII at 6.03% in Q1FY27 and DII increasing from 11.82% to 11.71% over the same period. The number of public shareholders has slightly declined, but the total shareholder base remains broad with over 1.77 lakh shareholders. There are no signs of significant promoter pledging or large-scale exits, and institutional interest appears stable.

⚖️ Peer Comparison — Leather

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
METROBRAND	25,543	62.8	38.9%	24.1%	0.00
RELAXO	8,886	47.9	13.0%	8.8%	0.00
BATAINDIA	8,760	60.0	20.7%	9.2%	0.00
CAMPUS	6,925	54.9	32.5%	29.2%	0.41
MAYURUNIQ	3,328	16.1	29.0%	21.7%	0.01
BIL	1,155	44.6	10.2%	5.8%	1.07
SREEL	580	17.7	9.5%	7.1%	0.00
MIRZAINT	440	—	-3.4%	-4.0%	0.03
LIBERTSHOE	418	51.4	8.9%	9.2%	0.84
KHADIM	218	78.7	8.3%	1.1%	0.45

🔗 Peer Stock Analyses

METROBRAND RELAXO BATAINDIA MAYURUNIQ BIL

⚠️ Risk Factors

Raw material inflation and supply constraints continue to pose cost pressures, though partially mitigated by pricing actions. Labor costs have risen by 10%, impacting margins despite volume growth. The company's expansion strategy into Tier-3 cities may face execution risks related to franchisee profitability and operational scalability. Additionally, the premiumization drive through Elan sneakers could be vulnerable to competitive responses or shifting consumer preferences in the fast-evolving footwear market.

📋 Recent Filings

🧠 Analyst's Read

Campus Activewear is executing a clear growth strategy centered on store expansion, premiumization, and pricing discipline, supported by resilient profitability and stable institutional interest. The key near-term watchpoints are execution of the store expansion plan and sustainability of margin recovery amid ongoing cost pressures. Management's guidance suggests confidence in continued momentum, but investor focus will likely shift to how effectively the company scales its franchise model while managing input costs.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-01.

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.

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