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Subscribe to Campus Activewear (India): ICICI Direct

ICICI Direct has come out with its report on Campus Activewear (India). The research firm has recommended to ''Subscribe'' the ipo in its research report as on April 25, 2022.

April 25, 2022 / 06:52 PM IST
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ICICI Direct IPO report on Campus Activewear (India)

Campus Activewear (Campus) is one of the fastest growing sports and athleisure footwear brands in India, which covers ~85% of its total addressable market. Campus has ~17% market share in branded sports and athleisure footwear in India and is the largest player in terms of volume (13.6 million pairs) • The company registered a healthy revenue CAGR of ~20% in FY18-20 with average EBITDA margins of ~18%. Capital efficient business model translates into average RoCE of ~21%.


Valuation and Outlook

We assign Subscribe rating given its niche positioning in a fast growing segment, which would enable it to deliver sustainable profitable growth.

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