1. At a Glance
Campus is India’s biggest homegrown sports and athleisure footwear brand with 17% market share. But with a P/E ratio running a half marathon at 72.7, can this fashion-forward company deliver runway returns or are we being sold just air in the soles?
2. Introduction with Hook
Imagine paying Louis Vuitton prices for Bata shoes just because they’re in a flashy box. That’s Campus Activewear’s valuation story.
- ₹1,593 Cr sales in FY25
- ₹121 Cr PAT in FY25
And the market’s still tossing rose petals at their feet like it’s the Met Gala. Why? Because “fashion + growth” = investor drool.
3. Business Model (WTF Do They Even Do?)
Campus sells sneakers, floaters, slippers, and dreams — lots of dreams.
- Segments: Running, walking, casual, lifestyle, slippers.
- Target market: Tier 2 & Tier 3 cities with big brand hunger and smaller wallets.
- D2C ambitions via online platforms and offline stores.
- Competes with Bata, Relaxo, Metro… but tries to act like the Nike of Bharat.
4. Financials Overview
| Year | Revenue (₹ Cr) | EBITDA (₹ Cr) | PAT (₹ Cr) | EPS (₹) |
|---|---|---|---|---|
| FY21 | 711 | 116 | 27 | 1.77 |
| FY22 | 1,194 | 243 | 109 | 3.57 |
| FY23 | 1,484 | 254 | 117 | 3.84 |
| FY24 | 1,448 | 211 | 89 | 2.93 |
| FY25 | 1,593 | 244 | 121 | 3.97 |
Key Takeaway: Sales dipped in FY24 but bounced back in FY25. Margins? Not quite the Air Max — more like floaters in the monsoon.
5. Valuation
Campus is rocking a P/E of 72.7x, and a Price-to-Book of 11.7x. That’s not just rich. That’s Mukesh-Ambani-eating-pasta-in-Positano rich.
Fair Value Estimate (FY26E):
- DCF-based FV: ₹210 – ₹250
- EV/EBITDA-based FV: ₹225 – ₹265
- Peer multiple average: ₹200 – ₹230
EduInvesting FV Range: ₹210 – ₹260
Current price: ₹289
Conclusion: You’re not buying shoes. You’re buying the idea of India getting more fashionable.
6. What’s Cooking – News, Triggers, Drama
- Insider Trading Violation: June 2024 & May 2024, relatives of insiders caught with laced-up portfolios.
- COO & CFO exits (2023): Management treadmill seems slippery.
- Land acquired from Marico: Expansion plans on, possibly a new manufacturing unit = margin play.
- CRISIL & Fitch upgrades: Someone’s still cheering from the bleachers.
7. Balance Sheet
| FY25 (₹ Cr) |
|---|
| Equity Capital |
| Reserves |
| Borrowings |
| Total Assets |
| Net Worth |
| D/E Ratio |
Key Insight: Debt under control. Reserves pumped. No hidden Achilles heels here.
8. Cash Flow – Sab Number Game Hai
| ₹ Cr | FY23 | FY24 | FY25 |
|---|---|---|---|
| CFO | 126 | 264 | 235 |
| CFI | -70 | -74 | -155 |
| CFF | -33 | -192 | -85 |
| Net CF | 24 | -2 | -4 |
Analysis: Operating cash is solid, but investing heavily. Burning soles to expand footprints.
9. Ratios – Sexy or Stressy?
| Ratio | FY25 | FY24 | Comment |
|---|---|---|---|
| ROCE | 20% | 17% | Healthy |
| ROE | 17% | 15% | Stable-ish |
| Debtor Days | 34 | 30 | Well managed |
| Inventory Days | 181 | 218 | Still bloated |
| CCC | 107 | 143 | Improving |
Verdict: Slightly sweaty but not smelly yet.
10. P&L Breakdown – Show Me the Money
| ₹ Cr | FY25 |
|---|---|
| Sales | 1,593 |
| Op Profit | 244 |
| OPM % | 15% |
| PAT | 121 |
| EPS | 3.97 |
Margins have shrunk since peak COVID stimulus years. But the jog continues.
11. Peer Comparison
| Company | CMP (₹) | P/E | ROCE | OPM % | Sales (₹ Cr) |
|---|---|---|---|---|---|
| Metro Brands | 1,182 | 91.7 | 20% | 30% | 2,507 |
| Bata India | 1,236 | 66.3 | 14.6% | 21% | 3,488 |
| Relaxo | 490 | 71.7 | 11% | 13.7% | 2,789 |
| RedTape | 135 | 43.7 | 21.5% | 16.6% | 2,020 |
| Campus | 289 | 72.7 | 20.1% | 15.3% | 1,593 |
Insight: Campus is the rookie charging premium pricing in the sneaker game. Valuation sprint > fundamentals marathon.
12. Miscellaneous – Shareholding, Promoters
- Promoter Holding: Down from 74.1% to 72.1%
- FIIs: Recovering post dump, now at 6.6%
- DIIs: Increased to 11.1% — domestic institutions are flexing
- Public: Still curious but watching from the fence
- Shareholders: Over 2.1 lakh — the hype train is full.
13. EduInvesting Verdict™
Campus has built a brand moat in Tier 2 & Tier 3 India — think Virat Kohli meets your local gym bro. But with sky-high valuations, thinning margins, and a few management exits, this jog may need a hydration break.
It’s fashionable, it’s flashy, but at this price… your wallet might need orthopedic soles.
Metadata
– Written by EduInvesting Analyst | July 15, 2025
– Tags: Campus Activewear, Footwear Stocks, Athleisure, IPO Stocks, Fashion Retail, India Consumer Play, Sneaker Stocks
