Campus Activewear Ltd. (CAMPUS) AI Stock Analysis

• Market Cap: ₹76.49B
• Dividend Yield: 0.39%
• Average Volume (3M): 17.33K
• Price to Earnings (P/E): 56.2
• Beta (1Y): 1.09
• Revenue Growth: 9.42%
• EPS Growth: 27.12%
• Country: IN
• Employees: 1,380
• Sector: Consumer Defensive
• Sector Strength: 42
• Industry: Apparel - Footwear & Accessories
• EPS (TTM): 2.10
• Shares Outstanding: 305,593,200
• 10 Day Avg. Volume: 32,725
• 30 Day Avg. Volume: 17,333
• PEG Ratio: 1.65
• Price to Book (P/B): 9.40
• Price to Sales (P/S): 4.46
• P/FCF Ratio: 40.38
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: ₹320.00
• Price Target Upside: 24.03% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): 5.69
• Revenue Forecast (FY): ₹17.74B

• Rating: 72 Outperform
• Price Target: ₹302.00 ▲(17.05% Upside)
• Action: Reiterated Date: 02/03/26
• Date: Action: Reiterated 02/03/26

The score is driven primarily by strong financial performance (profitability and cash generation with manageable leverage). Technicals are supportive due to price strength above key moving averages, but momentum is mixed with a negative MACD. Valuation is the main drag given the high P/E and low dividend yield.

Positive Factors

Strong operating cash flow and FCF

Consistent operating cash flow exceeding net income and a recovering positive free cash flow trend indicate durable internal funding. This supports capex, store/DTC expansion, working capital needs and debt service without relying on external financing, improving long-term resiliency.

Improving margins and operating performance

Rising gross and net margins alongside strong EBIT/EBITDA margins point to effective cost control and pricing power. Sustained margin expansion enhances free cash generation, funds marketing and product development, and supports durable profitability over multiple cycles.

Healthy balance sheet with positive ROE trend

A strengthening equity base, manageable leverage and improving ROE provide financial flexibility for investment and shareholder returns. This balance-sheet health lowers refinancing risk and supports strategic initiatives without materially increasing financial vulnerability.

Negative Factors

Revenue dip in 2023 shows volatility

A revenue decline in 2023 suggests demand sensitivity or execution gaps; if persistent it could erode scale economics. The company must translate margin gains into stable top-line growth to sustain long-term share gains and justify continued investment in distribution and branding.

Moderate equity ratio limits balance-sheet cushion

A moderate equity ratio indicates a smaller capital cushion versus peers. During downturns this could constrain borrowing capacity or force more dilutive financing to seize growth opportunities, limiting flexibility for large strategic investments or extended promotional cycles.

Wholesale concentration and seasonality risk

Heavy reliance on wholesale distribution and seasonal demand concentrates revenue timing and reduces control over retail pricing and margins. This channel mix can compress long-run realizations versus direct retail, making margins and growth more sensitive to distributor inventory management and retail footfall trends.

Campus Activewear Ltd. Business Overview & Revenue Model

Company Description

Campus Activewear Limited manufactures, distributes, and sells sports and athleisure footwear products for men, women, and kids and children in India and internationally. The company offers running, walking, and casual shoes; casual and sports sandals and floaters; slippers, flip flops, and slides; and accessories, such as backpacks, caps, and socks under the CAMPUS brand name. As of September 30, 2021, it operated 48 company owned and operated stores and 3 franchises. The company distributes its products through multi-brand outlets, e-commerce platforms, and exclusive brand outlets. Campus Activewear Limited was founded in 2005 and is based in New Delhi, India.

How the Company Makes Money

Campus Activewear Ltd. generates its revenue primarily through the sale of its footwear products. The company operates a robust distribution network that includes company-owned retail outlets, a wide range of multi-brand stores, and e-commerce platforms. CAMPUS benefits from its strong brand presence and marketing strategies, which help to drive consumer demand. Additionally, the company may engage in strategic partnerships and collaboration with other brands or retailers to expand its market reach and enhance product offerings. As a result, CAMPUS is able to capitalize on the growing trend of athleisure and increased consumer spending on lifestyle and fitness products.

Campus Activewear Ltd. Financial Statement Overview

Summary

Strong overall fundamentals: improving margins and solid operating performance, healthy operating cash flow and free cash flow generation, and a stable balance sheet with manageable leverage. Slight revenue decline in 2023 and only moderate equity ratio temper the score.

Income Statement

Campus Activewear has shown a strong revenue growth trajectory with Total Revenue increasing consistently over the years. The Gross Profit Margin and Net Profit Margin have improved, indicating efficient cost management and enhanced profitability. The company has also achieved a robust EBIT and EBITDA margin, suggesting solid operating performance. However, the slight decline in revenue in 2023 suggests some volatility, which should be monitored.

Balance Sheet

The company exhibits a healthy balance sheet with increasing Stockholders' Equity, suggesting strong financial health and stability. The Debt-to-Equity ratio is reasonable, indicating manageable leverage. Return on Equity has been positive and shows a favorable trend, reflecting the company's ability to generate returns for its shareholders. However, the Equity Ratio is moderate, which could be improved to strengthen the balance sheet further.

Cash Flow

Operating Cash Flow has been strong, consistently surpassing Net Income, which indicates good cash generation from operations. The Free Cash Flow has shown a positive growth trend, reflecting efficient capital expenditure management. Despite the temporary dip in Free Cash Flow in 2022, the recovery in subsequent years highlights resilience. The Free Cash Flow to Net Income Ratio is healthy, demonstrating effective cash utilization.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	15.97B	15.93B	14.48B	14.84B	11.94B	7.11B
Gross Profit	8.34B	8.26B	7.53B	4.51B	5.92B	3.32B
EBITDA	2.60B	2.58B	2.15B	2.56B	2.44B	1.20B
Net Income	1.18B	1.21B	894.40M	1.17B	1.09B	268.74M
Balance Sheet
Total Assets	0.00	13.05B	10.97B	11.76B	9.60B	6.85B
Cash, Cash Equivalents and Short-Term Investments	1.03B	1.03B	549.80M	239.94M	3.48M	12.05M
Total Debt	0.00	2.32B	1.78B	3.35B	2.89B	1.77B
Total Liabilities	-7.57B	5.49B	4.45B	6.24B	5.33B	3.72B
Stockholders Equity	7.57B	7.57B	6.52B	5.52B	4.28B	3.13B
Cash Flow
Free Cash Flow	0.00	1.76B	2.19B	577.90M	-164.09M	687.49M
Operating Cash Flow	0.00	2.35B	2.64B	1.26B	178.34M	1.24B
Investing Cash Flow	0.00	-1.55B	-744.90M	-696.80M	-340.82M	-89.91M
Financing Cash Flow	0.00	-846.90M	-1.92B	-331.41M	155.25M	-1.29B

Campus Activewear Ltd. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 258.00
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:CAMPUS, the sentiment is Negative. The current price of 258 is below the 20-day moving average (MA) of 269.12, below the 50-day MA of 261.50, and below the 200-day MA of 271.58, indicating a bearish trend. The MACD of -1.18 indicates Positive momentum. The RSI at 35.93 is Neutral, neither overbought nor oversold. The STOCH value of 21.19 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:CAMPUS.

Campus Activewear Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CAMPUS	72 Outperform	₹76.49B	56.18	―	0.39%	9.42%	27.12%
METROBRAND	69 Neutral	₹277.01B	74.09	―	1.48%	10.30%	-14.28%
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
BATAINDIA	57 Neutral	₹98.90B	56.99	―	0.95%	-0.95%	-50.96%
RELAXO	56 Neutral	₹82.45B	51.60	―	0.75%	-8.39%	-3.74%
KHADIM	53 Neutral	₹2.20B	67.17	―	―	-26.54%	-21.93%
LIBERTSHOE	53 Neutral	₹3.96B	34.48	―	―	―	―

Campus Activewear Ltd. Corporate Events

Campus Activewear Releases Q3 FY26 Investor Earnings Presentation

Campus Activewear Limited has disclosed that it has released its analysts and investors earnings presentation for the quarter ended 31 December 2025, in compliance with Regulation 30 of SEBI’s Listing Obligations and Disclosure Requirements. The presentation, now available on the company’s website and shared with the stock exchanges, underscores Campus Activewear’s continued adherence to transparency and timely financial communication for market participants and shareholders.

Campus Activewear Allots 62,873 ESOP Shares, Grants 69,000 New Options Under Vision Pool

Campus Activewear Limited has allotted 62,873 equity shares of Rs 5 each to eligible employees upon exercise of options granted under its Employee Stock Option Plan 2021 and ESOP 2021 – Vision Pool, leading to a marginal increase in its paid-up share capital from Rs 1,52,76,51,660 to Rs 1,52,79,66,025 and the total number of equity shares from 30,55,30,332 to 30,55,93,205. In addition, the Nomination and Remuneration Committee has granted 69,000 new options to one employee under the Vision Pool at an exercise price of Rs 197.16 per share with a four-year vesting at 25% annually, underscoring Campus Activewear’s continued use of equity-based compensation to reward and retain talent while slightly diluting share capital for existing shareholders.

Campus Activewear Allots ESOP Shares and Grants Fresh Options Under Vision Pool

Campus Activewear Limited has allotted 62,873 equity shares under its Employee Stock Option Plan 2021 and ESOP 2021 – Vision Pool to eligible employees following the exercise of vested options, marginally increasing its paid-up share capital to Rs. 1,52,79,66,025, representing 30,55,93,205 equity shares of Rs. 5 each. In addition, the Nomination and Remuneration Committee granted 69,000 new options to a single employee at an exercise price of Rs. 197.16 per share, vesting over four years in equal 25% tranches under the Vision Pool, underscoring the company’s continued reliance on equity-based incentives to reward key talent and potentially dilute existing shareholders slightly while seeking to strengthen management alignment with future performance.