📌 At a Glance
- FY25 revenue grew 10% to ₹1,593 Cr — despite ASP falling to ₹639.
- PAT jumped 35.5% YoY to ₹121.2 Cr.
- EBITDA margin rose to 16.1%, aided by lower costs and better efficiencies.
- Sneaker segment? Up 150% YoY.
- And they added 30 more stores, reaching 296 EBOs across India.
They may be selling ₹639 shoes, but Campus is kicking it with ₹121 Cr profit. Not bad for a “budget Nike”.
📊 FY25 Financials Snapshot
| Metric | FY25 | FY24 | Change |
|---|---|---|---|
| Revenue | ₹1,593 Cr | ₹1,448 Cr | +10.0% |
| EBITDA | ₹258.2 Cr | ₹215.3 Cr | +19.9% |
| EBITDA Margin | 16.1% | 14.8% | +130 bps |
| PAT | ₹121.2 Cr | ₹89.4 Cr | +35.5% |
| PAT Margin | 7.5% | 6.1% | +140 bps |
| ASP (Average Price) | ₹639 | ₹652 | ↓ 2.0% |
| Sales Volume | 24.9 mn pairs | 22.2 mn pairs | +12.3% |
📦 Q4 FY25 Highlights
| Metric | Q4 FY25 | Q4 FY24 | YoY Growth |
|---|---|---|---|
| Revenue | ₹405.7 Cr | ₹363.8 Cr | +11.5% |
| PAT | ₹35.0 Cr | ₹32.7 Cr | +7.3% |
| EBITDA | ₹76.7 Cr | ₹66.3 Cr | +15.6% |
| ASP (Q4) | ₹658 | ₹636 | +3.4% |
| Volume | 6.2 mn pairs | 5.75 mn | +7.8% |
| PAT Margin | 8.5% | 8.9% | Slight drop |
Campus made fewer bucks per shoe — but sold more shoes, trimmed costs, and upped efficiency. That’s classic retail compounding.
👟 Business Moves That Worked
- 250+ new styles across men, women, and kids
- Shoe-count flex: 24.9 million pairs sold in FY25
- Sneaker segment = 150% growth
- Expanded to premium Large Format Stores
- New Haridwar II unit started production in Mar’25
- SAP system implemented April 2025 = ops streamlined
- ASP fell YoY but margin grew. More affordable, more efficient.
🌍 Distribution & Reach
- 296 Exclusive Brand Outlets (EBOs) — 30 added in FY25
- 300+ distributors → 26,000+ retailers in 650+ cities
- Direct sales force covers ~13,000 retailers
- Online sales (Flipkart, Amazon, Ajio, Myntra, etc.) = 7.4 million pairs
- Online revenue CAGR of 40.3% since FY21
That’s right — 40% CAGR online. Even Zomato would be jealous.
💥 Brand Strategy
- ‘Move Your Way’ campaign with Vikrant Massey hit Gen Z
- Strong traction in North, Central, West India
- South India penetration improving
- Quick commerce debut & digitization initiatives launched
- Colourful new designs and “family” focus = more footfalls
Campus is basically saying: “We’ll sell chappals to your dad, sneakers to your son, and crocs to your cousin — all under one cool campaign.”
📉 Risks & Headwinds
- Q4 QoQ Revenue fell 21.2% (seasonality or slowdown?)
- ASP dropped from ₹652 to ₹639 — price pressure?
- Heavy dependency on North + online channels
- International brands might retaliate with deeper discounts
📈 Forward-Looking Fair Value (FV) Estimate
Let’s run some optimistic numbers:
- FY26E PAT = ₹150 Cr (assumed 24% YoY growth)
- Assigning a 40x P/E multiple (consumer brand avg)
- FV = ₹150 Cr × 40 / 306 Cr shares ≈ ₹196/share
- CMP = ₹283.48 (as of May 29, 2025)
🤔 So yes, Campus is trading at 55–60x FY25 earnings, pricing in future growth already.
You’re not just buying sports shoes. You’re buying brand valuation, online growth, sneaker culture, and Bharat premiumisation.
🧠 EduInvesting Take
Campus Activewear isn’t building shoes — it’s building aspirations on a budget. And it’s working.
“Not everyone can afford ₹9,999 Nikes. But ₹639 Campus sneakers? Game on.”
They’re doing it right:
- Focused expansion ✅
- Killer design lineup ✅
- Online + retail domination ✅
- Profits? Double-digit margins ✅
Only concern? Valuation is jogging way ahead of fundamentals.
So unless they hit ₹2,000 Cr+ revenue and ₹200 Cr+ PAT by FY26, this may remain a premium-priced stock in a mid-price segment.
Author: Prashant Marathe
Date: 29 May 2025
Tags: Campus Activewear FY25, Sneaker Stocks India, Budget Footwear Boom, Campus Results 2025, Vikrant Massey Brand Campaign, Footwear Retail Earnings, ASP Compression Campus, Indian Athleisure Stocks
