Campus Activewear Ltd(CAMPUS)

NSE: CAMPUSBSE: 543523

₹ 186.3-1.82%refreshed 26 Oct, 01:14 pm ISTMarket cap: ₹ 5,695 crWebsite: www.campusactivewear.comUpdated: 24 Oct 2026

About

Campus Activewear is one of India's largest Sports Athleisure footwear and apparel companies by both value and volume, holding approximately 17% market share in branded S&A footwear in India. In FY26 the company reported revenue of ₹1,774.1 Cr, operating 8 manufacturing facilities with installed annual assembly capacity of 30.7 million pairs. It sells across Tier 1, Tier 2 and Tier 3 cities through a mix of trade distribution and direct-to-consumer channels.^[1][2][3]

Products and brands

The portfolio spans sports shoes, sneakers, sandals, slippers and open footwear across men's, women's and kids' categories, plus athleisure apparel for men and women; 1,600+ active styles in circulation in FY26.^[1]
240+ new designs were introduced in FY26, developed by an in-house design team of 30+ designers drawing on a global design network.^[1]
ÉLAN by Campus, a neo-casual footwear sub-brand targeting urban professionals, was launched ~60 days before the Q1 FY27 earnings call at price points of ₹1,899 - ₹2,599, with actor Jim Sarbh as category ambassador.^[4][1]
Athleisure apparel was launched in January 2026 across 60+ EBOs and on campusshoes.com, Amazon and Myntra; management described early results as 'very encouraging'.^[1][5]
The sneaker portfolio grew approximately 100% YoY in FY26; sneaker ASP is approximately ₹900 - 910/pair vs blended ASP of ₹683 in FY26.^[3][5]
The school shoe category was fully migrated from DIP to Stuck-On technology in FY27, carrying higher ASP and better margins; school shoe revenue grew ~50% YoY in Q1 FY27.^[4]

Manufacturing operations

Campus operates 8 manufacturing facilities: Dehradun and Haridwar I & II (Uttarakhand), Baddi I & II (Himachal Pradesh), Ganaur/Sonipat (Haryana), Paonta Sahib (Himachal Pradesh), and Pantnagar (Uttarakhand).^[1]
Installed annual shoe assembly capacity stood at 30.7 million pairs per the FY26 annual report; the Q1 FY27 earnings call reported annual assembly capacity of 31.1 million pairs.^[1][4]
Upper manufacturing operates at Haridwar I, Haridwar II, Paonta Sahib and Pantnagar; sole manufacturing at Ganaur; shoe assembly at Baddi I, Baddi II and Dehradun.^[1]
100% of final assembly is conducted in-house; over 90% of raw materials are sourced domestically, with key inputs including EVA, PU and synthetic fabrics; 80+ third-party manufacturing partners supplement the network.^[1]
Manufacturing lead time is 60 - 90 days from demand input to warehouse, versus an industry average of 90 - 120 days.^[1]
Total workforce at 31 March 2026 was 11,632, comprising 980 permanent employees and 10,652 non-permanent workers.^[1]

Key operating numbers

Volume sold in FY26 grew 4.2% YoY; Q1 FY27 volume was 5.7 million pairs (+11.7% YoY).^[3][4]
Average selling price was ₹683/pair in FY26 (+6.9% YoY from ₹639 in FY25); Q1 FY27 ASP was ₹674/pair (+0.4% YoY), with the 8% April 2026 MRP hike only partially flowing through due to mix and accounting effects.^[3][4]
Gross margin was 55.9% in Q1 FY27 (+0.5pp vs Q1 FY26) and 53.5% for full FY26 (+120 bps YoY).^[4][3]
EBITDA margin was 15.9% in Q1 FY27 (flat vs Q1 FY26) and 17.5% for full FY26 (+145 bps YoY).^[4][3]
Revenue from the premium segment (above ₹1,500 MRP) was 53.8% of Q1 FY27 revenue, up from 52.7% in Q1 FY26; the same metric was 57.2% in Q2 FY26.^[4][6]
Advertising and sales promotion spend was ₹30.5 Cr in Q1 FY27 (+9.4% YoY) and ₹162.7 Cr for full FY26 (+20.2% YoY).^[4][3]

Distribution and customers

Campus reaches consumers through 29,000+ retail touchpoints across 800 districts in 28 states, supported by 260+ distributors, 300 EBOs, 2,300+ large-format-store counters and a 220+ member internal sales force (as of FY26).^[1]
D2C channels contributed 46.1% of Q1 FY27 revenue (up from 44.4% in Q1 FY26) and 48% in FY26, comprising online (37% of revenue) and offline EBOs (11% of revenue).^[4][1]
Trade distribution accounted for approximately 52% of FY26 revenues; channel inventory was maintained at approximately 100 days in Q2 FY26.^[1][6]
Company-owned stores delivered ~20% same-store-sales growth in Q1 FY27; brand.com grew over 100% YoY; marketplace operations delivered mid-double-digit growth.^[4]
The 158 franchise stores were fully transitioned from outright sale to a Sale-or-Return (SOR) model during Q1 FY27, giving Campus control over inventory and discounting.^[4]
The primary consumer target is India's youth and Gen Z across Tier 1, Tier 2 and Tier 3 cities; Vicky Kaushal serves as brand ambassador under the 'Move Your Way' philosophy unveiled at Shoecase 2026.^[1]

Expansion and capex

Pant Nagar upper manufacturing facility commenced commercial production in January 2026; combined with Paonta Sahib, average monthly upper output was ~2 lakh pairs at the time of the Q4 FY26 call, targeted to double by end of FY27.^[3][5]
Total sneaker capacity target is 8 - 9 lakh pairs/month across Pant Nagar and Haridwar II; Phase 3 of Pant Nagar will add 6 lakh pairs/month of assembly capacity in subsequent years.^[3][6]
The three-year Pant Nagar capex programme totals ₹230 Cr plus ₹40 - 50 Cr annual maintenance capex; Phase 1 (FY26) of ₹110 - 115 Cr added ~3 lakh pairs/month of upper capacity.^[6]
EBO expansion resumed in Q1 FY27 with 18 new FOFO stores opened - the highest in 6 - 8 quarters - taking the network to 305+; FY27 target is 80 - 120 new stores (management expects 90 - 100).^[4]
Western and Southern India are priority expansion geographies in FY27, with Rajasthan, Maharashtra, Madhya Pradesh and Chhattisgarh cited as overweighted states for new store additions.^[4]

Recent developments

CRISIL reaffirmed Campus's long-term rating at CRISIL A+ and revised the outlook from 'Stable' to 'Positive'; short-term rating reaffirmed at CRISIL A1 (FY26).^[1]
An 8% MRP increase was implemented across key product categories effective 1 April 2026 to offset EVA/PU price inflation and minimum wage hikes.^[3][4]
A refreshed brand identity was unveiled at Shoecase 2026 in May before 300+ distributors; new brand logo had been soft-launched on new product developments from October 2025.^[1][3]
ÉLAN by Campus neo-casual sub-brand was launched approximately 60 days before the Q1 FY27 call (around April - May 2026), now live in 100 - 110 EBOs plus Amazon, Myntra and brand.com; a second product drop is planned for the festive season.^[4]
Distributor annual operating plan (AOP) alignment through September 2026 was 100% complete at the Q4 FY26 distributor meet.^[3]

Market Cap

₹5,695 Cr

High / Low

₹286 / 183

Book Value

₹30

EPS

₹4.9

No. of Shares

30.56 Cr

ROCE

21.8%

ROE

18.1%

OPM

12.6%

Debt / Equity

0.04

Sales

₹1,774 Cr

Net Profit

₹150 Cr

Promoter holding

72.1%

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