Campus Activewear
Campus Activewear
Consumer GoodsKey Fundamentals
MicrocapFootwearConsumer GoodsTapetide Score
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Key Insights
Strengths
1- Company has been maintaining a healthy dividend payout of 18.6%
Weaknesses
1- Stock is trading at 7.23 times its book value
Growth Rate
AI Analysis — Bull vs Bear
Campus Activewear Ltd is India's largest sports and athleisure footwear brand by volume with a ~17% market share in the organized segment. The company reported FY26 revenue of ₹1,774 Cr (up 11.4% YoY) and PAT of ₹150 Cr (up 23.9% YoY), but trades at a P/E of 44.8x and 7.4x book value, while the stock has declined ~18% over the past year.
- Market leadership with ~17% volume share in India's organized sports and athleisure footwear segment, providing pricing power and distribution leverage
- FY26 PAT grew 23.9% YoY to ₹150.1 Cr, demonstrating accelerating profit growth after a muted FY23-FY24 period
- EBITDA margins expanded from 16.1% in FY25 to 17.5% in FY26, with Q4 FY26 margins reaching 19.2%, indicating improving operating efficiency
- FY26 revenue grew 11.4% YoY to ₹1,774 Cr, with Q4 FY26 volumes up 10.6% YoY to 6.8 million pairs, showing sustained demand
- Five-year compounded sales CAGR of 20% and profit CAGR of 41% reflect a strong long-term growth runway in Indian athleisure
- Low debt-to-equity ratio of approximately 4% (total debt ₹363 Cr vs shareholder equity ₹9,100 Cr) provides financial flexibility for expansion
- EPS improved from ₹3.97 in FY25 to ₹4.91 in FY26, a 24% increase, supporting earnings momentum
- Consistent dividend payout ratio of 18.6% signals management confidence in cash flow sustainability
- Stock trades at 44.8x P/E and 7.4x P/B, a premium valuation that leaves limited margin of safety if growth disappoints
- Stock price has declined 18% over the past 1 year and compounded at -10% over 3 years, indicating sustained de-rating by the market
- Three-year compounded sales CAGR of only 6% suggests a significant growth slowdown from the 20% five-year CAGR, raising questions about saturation
- Q1 FY26 revenue grew just 1.2% YoY to ₹343 Cr, highlighting quarterly volatility and seasonality risk
- ROE of 17-18% over recent years, while decent, does not justify a 7.4x P/B multiple unless growth re-accelerates materially
- Intense competition from global brands (Nike, Adidas, Puma) and domestic players (Relaxo, Bata) in the Indian athleisure space pressures market share retention
- Dividend yield of only 0.69% offers minimal income cushion for investors during periods of stock price weakness
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Strong FY26 revenue and profit Jul 23
Revenue from operations grew 11.4% to ₹1,774.10 crore in FY26. PAT increased 23.8% to ₹150.09 crore with margins expanding to 8.4%, and the Board recommended a final dividend of ₹1.50 per share.
- Q1FY27 earnings call scheduled Aug 1
Campus Activewear scheduled an earnings call for August 6, 2026, to discuss Q1FY27 results with top management participation.
- BRSR filed for FY 2025-26 Jul 23
Campus Activewear filed its Business Responsibility and Sustainability Report for FY 2025-26, detailing ESG initiatives, workforce data, and environmental performance.
TL;DR: Campus Activewear delivered a solid FY26 with double-digit revenue growth and meaningful PAT expansion, signaling improving operating leverage. No material headwinds surfaced in recent news flow. The upcoming Q1FY27 earnings call on August 6 will be a key checkpoint to confirm whether the growth momentum is sustaining into the new fiscal year.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 354 | 259 | 472 | 364 | 339 | 333 | 515 | 406 | 343 | 387 | 589 | 456 | 385 |
| Expenses | 288 | 234 | 416 | 300 | 287 | 295 | 433 | 334 | 294 | 337 | 478 | 373 | 331 |
| Operating Profit | 66 | 24 | 56 | 64 | 52 | 38 | 82 | 71 | 49 | 50 | 110 | 82 | 55 |
| OPM % | 19% | 9% | 12% | 18% | 15% | 11% | 16% | 18% | 14% | 13% | 19% | 18% | 14% |
| Other Income | 0 | 0 | 1 | 3 | 2 | 3 | 4 | 5 | 6 | 5 | 6 | 6 | 8 |
| Interest | 7 | 6 | 6 | 4 | 4 | 4 | 4 | 6 | 5 | 6 | 7 | 6 | 5 |
| Depreciation | 17 | 18 | 18 | 19 | 16 | 18 | 19 | 23 | 20 | 22 | 22 | 24 | 23 |
| PBT | 42 | 0 | 33 | 44 | 34 | 20 | 63 | 48 | 30 | 27 | 86 | 59 | 35 |
| Tax % | 26% | 14% | 26% | 25% | 26% | 27% | 26% | 26% | 27% | 26% | 26% | 25% | 26% |
| Net Profit | 31 | 0 | 25 | 33 | 25 | 14 | 46 | 35 | 22 | 20 | 64 | 44 | 26 |
| EPS in Rs | 1.03 | 0.01 | 0.82 | 1.07 | 0.83 | 0.47 | 1.52 | 1.15 | 0.73 | 0.66 | 2.08 | 1.44 | 0.86 |
Profit & Loss
| Particulars | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 410 | 464 | 633 | 711 | 1,194 | 1,484 | 1,448 | 1,593 | 1,774 | 1,816 |
| Expenses | 357 | 407 | 561 | 596 | 951 | 1,231 | 1,237 | 1,349 | 1,482 | 1,519 |
| Operating Profit | 53 | 57 | 72 | 116 | 243 | 254 | 211 | 244 | 292 | 297 |
| OPM % | 13% | 12% | 11% | 16% | 20% | 17% | 15% | 15% | 16% | 16% |
| Other Income | 18 | 26 | 36 | 4 | 1 | 3 | 4 | 15 | 23 | 25 |
| Interest | 20 | 14 | 13 | 17 | 20 | 29 | 23 | 19 | 24 | 24 |
| Depreciation | 8 | 9 | 20 | 32 | 53 | 71 | 72 | 75 | 88 | 91 |
| PBT | 42 | 60 | 75 | 70 | 172 | 157 | 120 | 164 | 202 | 207 |
| Tax % | 25% | 33% | 20% | 62% | 37% | 25% | 25% | 26% | 26% | — |
| Net Profit | 31 | 40 | 60 | 27 | 109 | 117 | 89 | 121 | 150 | 154 |
| EPS in Rs | 3,233 | 4,130 | 3.97 | 1.77 | 3.57 | 3.84 | 2.93 | 3.97 | 4.91 | 5.04 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 25% | 31% | — |
Balance Sheet
| Particulars | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 0.1 | 0.1 | 152 | 152 | 152 | 152 | 153 | 153 | 153 |
| Reserves | 160 | 203 | 133 | 161 | 275 | 400 | 499 | 604 | 753 |
| Borrowings | 127 | 127 | 245 | 177 | 289 | 335 | 178 | 232 | 236 |
| Other Liabilities | 107 | 109 | 125 | 196 | 247 | 297 | 286 | 339 | 349 |
| Total Liabilities | 395 | 439 | 654 | 686 | 964 | 1,184 | 1,115 | 1,328 | 1,491 |
| Fixed Assets | 48 | 54 | 146 | 255 | 322 | 373 | 354 | 430 | 516 |
| CWIP | 11 | 25 | 35 | 0 | 2 | 4 | 20 | 34 | 11 |
| Investments | 37 | 62 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 299 | 300 | 473 | 431 | 639 | 807 | 741 | 863 | 964 |
| Total Assets | 395 | 439 | 654 | 686 | 964 | 1,184 | 1,115 | 1,328 | 1,491 |
Cash Flow
| Particulars | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Operating | — | 22 | -21 | 125 | 18 | 126 | 264 | 235 | 135 |
| Investing | — | -23 | -55 | -9 | -34 | -70 | -74 | -155 | -55 |
| Financing | — | 1 | 89 | -129 | 16 | -33 | -192 | -85 | -94 |
| Net Cash Flow | — | 0 | 13 | -14 | -1 | 24 | -2 | -4 | -13 |
| Free Cash Flow | — | -1 | -128 | 70 | -15 | 60 | 220 | 176 | 46 |
| CFO/OP | — | 44 | -4 | 130 | 25 | 71 | 142 | 117 | 65 |
Ratios
| Particulars | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 113 | 86 | 78 | 50 | 41 | 43 | 30 | 34 | 31 |
| Inventory Days | 108 | 128 | 140 | 195 | 216 | 222 | 218 | 192 | 207 |
| Days Payable | 128 | 78 | 88 | 161 | 119 | 104 | 105 | 108 | 98 |
| Cash Conversion Cycle | 94 | 137 | 130 | 85 | 138 | 161 | 143 | 118 | 140 |
| Working Capital Days | -4 | 13 | 37 | 63 | 69 | 68 | 96 | 89 | 109 |
| ROCE % | — | 24% | 20% | 17% | 32% | 23% | 17% | 20% | 21% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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62 extracted metrics + investor summaries across FY18–FY27.
Documents
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Company Information
Campus Activewear Limited (“Campus”) was incorporated on September 24, 2008, and is one of India’s largest sports and athleisure footwear brands in terms of value and volume. The company manufactures and distributes a variety of footwear like Running Shoes, Walking Shoes, Casual Shoes, Floaters, Slippers, Flip Flops, and Sandals, available in multiple colors, styles, and at affordable prices.[1]
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