CAMPUS
Micro CapCampus Activewear Limited
Consumer
Campus Activewear is India's largest and fastest-growing scaled sports & athleisure footwear brand. It operates a vertically integrated manufacturing ecosystem, focuses on superior product innovation, and leverages a pan-India omni-channel distribution to cover over 85% of the S&A footwear market.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is supportive, price trend argues for patience, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Average · 47/100margin compression · Rev +12% YoY · PAT +26% YoY · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹456 Cr | +12.3% | -22.6% |
| EBITDA | ₹82 Cr | +15.5% | -25.5% |
| Operating margin | 18.0% | +0 bps | -100 bps |
| PAT | ₹44 Cr | +25.7% | -31.3% |
| PAT margin | 9.7% | +103 bps | -122 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
CAMPUS reported strong Q4 FY26 results with PAT up 25.8% YoY and revenue up 12.3% YoY, driven by volume growth and ASP increases. Full-year FY26 revenue grew 11.4% YoY, with PAT up 23.8% YoY, reflecting margin expansion and effective premiumization strategy.
CAMPUS's Q4 FY26 performance indicates successful execution of its premiumization and D2C strategies, leading to robust PAT growth and margin improvement. While full-year volume growth was moderate, the strong ASP increase and expanding D2C contribution suggest a healthy shift towards higher-value offerings. The company's integrated model and market positioning remain strong.
Revenue Mix (Jan-Mar’26) by Channel
Latest issuer-disclosed distribution across 3 reported categories.
Premiumization
Sustained focus on premiumization across product segments.
Product Diversification
Extension into allied categories like apparels segment.
Omni-channel Experience
Further accentuate our omni-channel experience.
Geographic Expansion
Steadily extend into new territories by deepening presence in Western and Southern regions of India.
Ganaur Capacity Expansion
Ganaur Capacity Expansion completed.
Haridwar II Upper Plant
Haridwar II Upper Plant for Sneaker Implementation.
Paonta Upper Facility
Production commenced at Paonta upper facility.
Pant Nagar Upper Facility
Production commenced at Pant Nagar upper facility.
Footwear Market Growth
Footwear expected to be one of the fastest-growing segments within Indian retail.
S&A Market Size
Indian S&A and Casual Footwear Market projected to reach INR 882bn (US$11.7bn) by FY25P.
Increasing Disposable Income
Rising GDP per capita (India's GDP Per Capita projected to grow from INR 142k in 2020 to INR 243k in 2025).
Health Consciousness
Increasing number of health-conscious individuals (from 108mn in 2020 to 142mn in 2025).
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Q4 YoY provides insight into recent momentum and seasonal trends, crucial for a consumer business. Full-year YoY offers a comprehensive view of annual performance and the impact of strategic initiatives like premiumization and D2C expansion.
Revenue from Operations
Q4 FY26: INR 455.6 Cr (+12.3% YoY); FY26: INR 1774.1 Cr (+11.4% YoY)
Sales Volume
Q4 FY26: 6.8 mm pairs (+10.6% YoY); FY26: 25.97 mm pairs (+4.2% YoY)
Average Selling Price (ASP)
Q4 FY26: INR 668 (+1.5% YoY); FY26: INR 683 (+6.9% YoY)
EBITDA Margin
Q4 FY26: 19.2% (vs 18.7% Q4 FY25); FY26: 17.5% (vs 16.1% FY25)
Product Strategy
Deliver new and differentiated offerings for the Indian market through nimble, fashion-forward, and segmented approach.
Manufacturing Efficiency
Strategic blend of in-house capacity and backward integration enabling flexibility, quality control, cost controls, and timing to market.
Distribution Strategy
Pan-India omni-channel distribution to meet customers where they are.
Digitization Benefits
Digitization of sales process has generated a virtuous flywheel enabling faster speed to market and better merchandising.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| D2C Revenue Contribution | 48.3% (Q4 FY26) | Continued increase, indicating successful channel shift and premiumization. |
| Sales Volume Growth | +4.2% (FY26) | Acceleration in volume growth, complementing ASP-driven revenue. |
| Average Selling Price (ASP) | INR 683 (+6.9% YoY in FY26) | Sustained growth, reflecting successful premiumization efforts. |
| EBITDA Margin | 17.5% (FY26) | Further expansion, driven by operating leverage and product mix. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
43NeutralSMA20 -4.9% / mo
Technical chart
CAMPUSdaily · 1Y-13.6%Technical trend read
Bearish setupTrend is weak — long-term trend unclear. RSI 41.
- SMA20 falling (~2.4% over last month) — short-term momentum negative.
- RSI(14) at 41 — falling, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 17% off 52W high · 10% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 38.0%.
- Balance sheet contributes 11/15 to the score.
Main drags
- Valuation is weaker at 10/30; verify the latest quarterly trend.
- Cash flow is weaker at 5/10; verify the latest quarterly trend.
- Quality is weaker at 11/20; verify the latest quarterly trend.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 79th percentile of the scored universe and 80th percentile within Consumer. Main check: cash conversion is weak at 55/100.
High Trust Lite: Promoter holding is 72.1%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Consumer: 80th pctile, median 67 · Micro: 68th pctile, median 71
0 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 72.1%.
- ▸Promoter pledge is zero.
- ▸ROCE is 31.8%.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 48.30
- P/B
- 7.98
- EV/EBITDA
- 19.71
- Market Cap
- 7253.00Cr
Profitability
- ROE
- 18.00%
- ROCE
- 21.20%
- ROA
- 10.22%
- Dividend Y
- 0.63%
Growth (CAGR)
- Revenue 5Y
- 20.00%
- EPS 5Y
- 41.00%
- Revenue 3Y
- 6.00%
- EPS 3Y
- 9.00%
Balance Sheet
- Debt/Equity
- 0.26
- Interest Coverage
- 12.17×
- Altman Z
- 8.81
- Book Value
- 29.70
Cash Flow
- FCF Yield
- 1.10%
- FCF Positive Y
- 5/5
- OCF
- 135.00 Cr
- EPS TTM
- 4.91
Shareholding
- Promoter Hold
- 72.09%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 25%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Consumer — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.