Transcript of Investor Call

Page Industries reported Q4 FY26 revenue of INR 12,526 million (up 14.1% YoY) with sales volume of 54.5 million pieces (up 10.8%). EBITDA was INR 2,605 million (margin 20.8%) and PAT was INR 1,787 million (up 9%). For FY26, revenue grew 6.3% to INR 52,468 million with PAT of INR 7,638 million (up 4.8%). Management attributed the volume acceleration to improved consumer sentiment, reduced distributor inventory pressure after ~2 years of correction, and strong product upgrades in January. A 2% weighted average price increase was taken for product enhancements (effective mid-March via FIFO), with another price hike planned in Q1 FY27 to offset input cost inflation (primarily cotton). Management guided for EBITDA margin of 19-21% going forward (vs. 22% in FY26) due to higher planned marketing spend (~5% of revenue vs. lower this year) and raw material cost pressure. Distribution network stood at 116,600+ multi-brand outlets, 1,615 exclusive brand stores, and 893 large-format stores (slightly down due to channel harmony exit). Auto-replenishment system is fully stabilised and a new distribution management system upgrade is underway. New products (JKY Groove, Bonded collection) are performing well, supporting premiumisation. FY27 subsidy from Odisha expected at INR 40-50 crore.