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Motilal Oswal Report
Motilal Oswal has reiterated its Buy rating on Campus Activewear Ltd., citing the company's strong positioning in the fast‑growing sports and athleisure segment and its ability to benefit from multiple structural growth tailwinds.
The brokerage highlights that Campus' innovative designs, appealing colour combinations and attractive price points have helped it emerge as a market leader in the S&A footwear category. Additionally, the GST rate cut is seen as a structural demand catalyst, enhancing affordability and supporting volume growth over the medium term.
Motilal Oswal believes Campus is well placed to sustain double‑digit revenue growth, driven by sneaker‑focused capacity expansion and the company's recent entry into apparel, which expands its addressable market and strengthens brand recall.
However, the brokerage has trimmed its FY25–28E Ebitda estimates by 1–2%, primarily factoring in higher advertising and promotion (A&P) spends linked to the rollout of a new brand identity and investments behind the apparel foray.
For the forecast period FY25–28E, Motilal Oswal models a 12% revenue CAGR, 18% Ebitda CAGR, and 20% PAT CAGR. Ebitda margins are expected to improve to ~18% by FY28, compared with 15.3% in FY25 and 15.9% in 9MFY26, led by operating leverage and scale benefits.
The brokerage has revised its target price to Rs 305 (from Rs 320), valuing the stock at 45x FY28E EPS, while maintaining its positive long‑term outlook on the company.
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