NSE: PAGEIND · BSE: 532827
PAGE INDUSTRIES LTD
Manufactures and sells innerwear, athleisure and apparel in India as the exclusive licensee of Jockey International and Speedo. Operates 16 manufacturing plants with combined annual capacity of 280 million pieces, having opened two new plants in FY26; combined production of Jockey and Speedo crossed 229 million units. Distribution runs through 1,615 exclusive brand outlets and 893 large format stores, with e-commerce at 15% of revenue and #1 rankings on major platforms in men's and women's innerwear. FY26 revenue was ₹5,246.78 crore at an EBITDA margin of 22.5%, with Q4 volume of 54.5 million pieces growing 10.8% YoY after a two-year athleisure inventory correction. The two largest cost lines are raw materials at 22.6% of revenue (cotton flagged as the principal inflationary input) and employee cost at 18% of revenue, with a planned Q1 FY27 price hike to offset cotton inflation. Workforce is around 23,932 employees and workers, with 90% women among factory associates; 29% of energy is renewable. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Jockey innerwear and athleisure, Speedo brand, E-commerce channel (15%), Exclusive brand outlets, Large format and multi-brand retail. Brand-licensed garment manufacturing and retail; consumer-discretionary and working-capital-intensive.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 3,886 | 4,789 | 4,582 | 4,935 | 5,247 |
| EBITDA (ex other income) | 785 | 863 | 872 | 1,063 | 1,118 |
| margin % | 20.2 | 18.0 | 19.0 | 21.5 | 21.3 |
| Owners' profit | 537 | 571 | 569 | 729 | 764 |
| EPS, as reported (₹) | 481.03 | 512.15 | 510.31 | 653.71 | 684.81 |
| ROE % · ROCE % | 49.3 · 63.3 | 41.7 · 53.3 | 35.6 · 45.9 | 51.8 · 62.8 | 50.8 · 61.5 |
| Debt / equity (x) | 0.00 | 0.18 | 0.00 | 0.00 | 0.01 |
| Cash from operations | 327 | (2) | 1,080 | 1,204 | 794 |
| Capex | (98) | (166) | (96) | (80) | (108) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,246 | 1,313 | 1,098 | 1,317 | 1,291 | 1,387 | 1,253 | 1,420 |
| Profit before tax | 262 | 275 | 219 | 270 | 261 | 256 | 238 | 259 |
| Net profit | 195 | 205 | 164 | 201 | 195 | 190 | 179 | 193 |
| EPS (₹) | 175.06 | 183.48 | 147.04 | 180.02 | 174.62 | 169.93 | 160.24 | 172.86 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| PAGE INDUSTRIES LTD ◆ | 37,812 | 50.0 | 25.16 | — | 50.8 | 58.6 | — | 21.1 |
| ARVIND LIMITED | 13,369 | 32.3 | 3.23 | 14.1 | 10.3 | 11.9 | 12.9 | 9.4 |
| PEARL GLOBAL IND LIMITED | 5,588 | 18.0 | 3.89 | 11.2 | 18.8 | 16.8 | 27.5 | 11.2 |
| GOKALDAS EXPORTS LTD. | 4,744 | 46.0 | 2.20 | 12.9 | 4.6 | 6.0 | 26.9 | 12.1 |
| LUX INDUSTRIES LIMITED | 3,496 | 32.8 | 1.92 | 19.4 | 5.8 | 7.3 | 8.4 | 8.2 |
| SBC EXPORTS LIMITED | 3,114 | 76.9 | 38.83 | 70.5 | 31.5 | 28.3 | — | 13.9 |
| KEWAL KIRAN CLOTHING LTD | 2,631 | 17.8 | 2.35 | 9.6 | 13.6 | 16.6 | 32.0 | 24.0 |
| KITEX GARMENTS LTD | 2,250 | — | 1.82 | 34.0 | (1.1) | 0.3 | 7.9 | 11.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 50.0 | 16.2 | 33 of 37 | 11% |
| P/B | 25.2 | 1.5 | 34 of 35 | 3% |
| ROCE | 58.6 | 8.4 | 1 of 44 | 100% |
| ROE | 50.8 | 5.8 | 1 of 35 | 100% |
| Debt / Equity | 0.0 | 0.3 | 6 of 35 | 85% |
| EBITDA margin | 21.1 | 10.4 | 6 of 35 | 85% |
| Revenue growth | 7.9 | 7.9 | 19 of 37 | 50% |
| Profit growth | (4.0) | 6.8 | 26 of 37 | 31% |
| Market cap | 37812 | 146 | 1 of 44 | 100% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Company and YFT file separate appeals after Dubai Court dismissal | regulatory legal | medium | — | — |
| 14 Oct 2026 · Page Industries appoints Arjun Makhecha as Company Secretary | management changes | medium | — | — |
| 28 Sept 2026 · Trading window closure from October 1, 2026 | compliance | minimal | — | — |
| 21 Sept 2026 · Dubai Court dismisses claim filed against Page Industries | regulatory legal | high | — | — |
| 2 Sept 2026 · Page Industries served Dubai Court notice over AED 113.5 mn distribution dispute | regulatory legal | high | — | — |
| 27 Aug 2026 · Resignation of Mr. Murugesh C as Company Secretary & Compliance Officer | management changes | high | — | — |
| 19 Aug 2026 · Page Industries Q1 FY27 call: revenue up 7.9%, PAT down 4%, margins to recover in Q2 | investor communications | medium | — | — |
| 19 Aug 2026 · Page Industries Q1 FY27 transcript; revenue up 7.9%, PAT down 4% | investor communications | medium | — | — |
| 13 Aug 2026 · Video recording of 31st AGM shared | investor communications | low | — | — |
| 13 Aug 2026 · Link of audio recording of Q1 FY27 investor call shared | investor communications | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.