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Page Industries

PAGEIND NSE
₹35,750.00 No trade today
P/E
52.76
View as Markdown
MCP
Close 4 Nov 2026 ₹35,750.00 −4,010.00 −10.1% 1Y
Start ₹39,760.00

Key Fundamentals

MidcapTextilesConsumer Discretionary

Price-based figures as of · EPS basis: Standalone · TTM

ROCE
64.40%
Debt to Equity
0.18
EPS (TTM)
₹677.64
Book Value
₹1,347.15
Market Cap
—
P/E (TTM)
52.76
P/B
26.54
ROE
54.30%
Dividend Yield
0.57%
EBITDA
₹1,217 Cr
52W High
₹43,855.00
52W Low
₹29,805.00
Volume
0

Peer Comparison

Consumer Discretionary › Textiles › Textiles & Apparels › Garments & Apparels

Page Industries peer comparison
Page Industries (this company)
₹35,750.0052.76₹39,613 Cr26.540.57%54.30%64.40%₹5,351 Cr₹757 Cr
Arvind
₹499.4531.63₹13,742 Cr3.200.90%10.80%14.70%₹9,798 Cr₹431 Cr
Pearl Global Industries
₹1,319.9039.22₹11,797 Cr8.361.14%21.00%19.90%₹5,325 Cr₹304 Cr
Gokaldas Exports
₹731.8552.09₹5,236 Cr2.480.14%3.09%7.65%₹4,185 Cr₹103 Cr
Lux Industries
₹1,173.5035.46₹3,448 Cr1.920.17%5.76%7.68%₹2,948 Cr₹99 Cr
SBC Exports
₹67.1682.91₹3,202 Cr31.830.07%37.20%18.40%₹452 Cr₹38 Cr
Kewal Kiran Clothing
₹434.0518.07₹2,655 Cr2.640.46%14.70%17.20%₹1,258 Cr₹161 Cr
Median 7 companies₹731.8539.22₹5,236 Cr3.200.46%14.70%17.20%₹4,185 Cr₹161 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

48 Average

Data confidence 100/100

Category scores

Quality
71
Strong
Returns, margins, earnings quality 22% weight
Valuation
40
Weak
Cheap vs sector & own history 24% weight
Growth
27
Poor
Sales & profit trajectory 9% weight
Financial Health
70
Strong
Solvency, leverage, coverage 9% weight
Momentum
31
Poor
Trend strength, vol-adjusted 12% weight
Ownership
41
Weak
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

2
  • Company has a good return on equity (ROE) track record: 3 Years ROE 47.0%
  • Company has been maintaining a healthy dividend payout of 96.8%

Weaknesses

1
  • Stock is trading at 26.1 times its book value

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallBearish865
OscillatorsBearish261
Moving AveragesStrong Bearish604

Key readings

RSI (14)
51.43
Neutral
MACD (12,26,9)
−420.83
Bullish
SMA (50)
35,903.50
Bearish
SMA (200)
36,341.68
Bearish

As of

Analyst Rating

Based on 23 analysts
BUY65%

15 of 23 analysts rate Buy, 3 Hold, 5 Sell.

As of

BUY
15
65%
HOLD
3
13%
SELL
5
22%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+11.32%
5Y+13.12%
3Y+3.64%
1Y+6.32%
TTM+7.58%

Net profit

Net profit growth by window
10Y+12.66%
5Y+17.51%
3Y+10.19%
1Y+4.80%
TTM−1.05%

Operating cash flow

Operating cash flow growth by window
10Y+13.75%
5Y+2.67%
3YTurned positive
1Y−34.05%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y+1.03 pp
5Y+3.33 pp
3Y+3.66 pp
1Y+0.43 pp
TTM−0.95 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹2,129 Cr
Mar 2018₹2,551 Cr
Mar 2019₹2,852 Cr
Mar 2020₹2,946 Cr
Mar 2021₹2,833 Cr
Mar 2022₹3,886 Cr
Mar 2023₹4,714 Cr
Mar 2024₹4,569 Cr
Mar 2025₹4,935 Cr
Mar 2026₹5,247 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹266 Cr
Mar 2018₹347 Cr
Mar 2019₹394 Cr
Mar 2020₹343 Cr
Mar 2021₹341 Cr
Mar 2022₹537 Cr
Mar 2023₹571 Cr
Mar 2024₹569 Cr
Mar 2025₹729 Cr
Mar 2026₹764 Cr

Analyst Forecasts

Forecast For
Sep 26 consensus · EBITDA
₹306 Cr +2.1% vs Jun 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 30 Oct 2026
AI opinion · based on fundamentals
Risk medium

Page Industries Ltd, the exclusive licensee of Jockey and Speedo in India, trades at ₹34,500 as of 2026-10-30 with a market cap of ₹38,481 Cr. The company commands an exceptional ROE of 50.83% and ROCE of 61.49% with minimal debt (D/E of 0.18), but the stock trades at a steep 50.91x trailing PE and 25.61x book value, while recent profit growth has decelerated to 2% TTM against a 10-year CAGR of 13%.

Bull Case 8
  • Exceptional return on equity of 50.83% as of 2026-10-30, with a consistent 3-year average ROE of 47% and 5-year average of 48%, indicating a highly capital-efficient business model
  • ROCE of 61.49% reflects outstanding operating profitability and efficient deployment of total capital employed in the business
  • Near debt-free balance sheet with a debt-to-equity ratio of just 0.18, providing financial flexibility and resilience during downturns
  • Healthy dividend payout ratio of 96.8% demonstrates shareholder-friendly capital allocation and management confidence in cash generation
  • Compounded profit growth of 18% over 5 years and 13% over 10 years shows a sustained long-term earnings expansion track record
  • Compounded sales growth of 13% over 5 years and 11% over 10 years indicates durable demand for the company's branded innerwear and athleisure portfolio
  • Stock is trading 21.3% below its 52-week high of ₹43,855, which may present a more favourable entry valuation compared to recent peaks
  • TTM sales growth of 8% shows continued topline momentum even as profit growth has moderated, suggesting the revenue engine remains intact
Bear Case 6
  • TTM profit growth has sharply decelerated to just 2%, a significant slowdown from the 5-year compounded profit growth of 18% and 10-year CAGR of 13%
  • Price-to-book ratio of 25.61x is extremely elevated, meaning the stock is priced at a steep premium to its net asset base
  • Stock price CAGR has been negative across multiple horizons — minus 14% over 1 year, minus 2% over 3 years, and minus 1% over 5 years — indicating sustained underperformance
  • Compounded sales growth has decelerated from 11% over 10 years to just 4% over the most recent 3 years, pointing to a maturing topline trajectory
  • Dividend yield of only 0.59% despite a 96.8% payout ratio implies that absolute earnings per share (₹677.64 TTM) are small relative to the stock price of ₹34,500
  • The gap between the 3-year profit CAGR of 11% and the 3-year sales CAGR of 4% suggests margin expansion may be reaching its limits as operating leverage narrows

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

12d ago

TL;DR: Page Industries retains exceptional capital efficiency with a 47% RoE and a strong distribution network of 2,500+ stores, but top-line growth has stalled at just 4% CAGR over 3 years amid intense D2C and international competition. The stock has underperformed the Sensex and its P/E has compressed from 81x to 53x, though it still commands a steep premium over peers. The expanded product portfolio could reignite growth, but until sales acceleration is visible in coming quarters, the trend remains one of deterioration from historical standards.

Headwinds 6
  • Sales growth slumps to 4% Sep 23

    Compounded sales growth over the past 3 years has been barely 4%, a sharp decline from 13% over 5 years and 11% over 10 years historically.

  • D2C and international competition Sep 23

    Aggressive discounting by online D2C brands and entry of international players like Reliance Retail's JV with Delta Galil have significantly impacted Page Industries' growth trajectory.

  • Stock underperforms Sensex significantly Sep 23

    Stock has fallen 12.7% over the past year versus an 8.9% decline in the broader Sensex, hitting a 52-week low of ₹29,800 on 16 March 2026.

Positives 3
  • RoE remains strong at 47% Sep 23

    Return on Equity has held steady at 47% over the past 3 years, broadly consistent with 5- and 10-year performance, reflecting strong capital efficiency.

  • Expansive retail distribution network Sep 23

    Page Industries operates more than 1,615 exclusive brand stores and over 893 large format stores, providing robust pan-India retail infrastructure.

  • Expanded product range opportunity Sep 23

    The company has diversified beyond innerwear into jackets, hoodies, sweatshirts, t-shirts, pants and shorts, with benefits expected to become visible over the next few quarters.

Neutral 1
  • Post-WFH demand normalization Sep 23

    The Jockey innerwear range benefited strongly from work-from-home trends, but the operating environment has changed substantially since then as offices reopened.

Quarterly Results

₹ Cr
PAGEIND quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
1,229
1,125
1,226
992
1,278
1,246
1,313
1,098
1,317
1,291
1,387
1,253
1,420
Expenses
991
892
999
828
1,034
965
1,011
863
1,022
1,011
1,069
992
1,131
Operating Profit
239
234
226
164
243
281
303
235
295
280
318
261
289
OPM %
19%
21%
18%
17%
19%
23%
23%
21%
22%
22%
23%
21%
20%
Other Income
5
2
9
14
13
15
14
20
15
19
−23
17
11
Interest
13
11
10
10
12
11
12
12
13
13
13
12
12
Depreciation
21
25
23
23
22
23
30
25
27
25
27
28
29
PBT
210
199
202
145
222
262
275
219
270
261
256
238
259
Tax %
25%
25%
25%
25%
26%
26%
26%
25%
26%
25%
26%
25%
25%
Net Profit
158
150
152
108
165
195
205
164
201
195
190
179
193
EPS (₹)
142
135
137
97.01
148
175
183
147
180
175
170
160
173

Profit & Loss

₹ Cr
PAGEIND profit and loss, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
1,543
1,796
2,129
2,551
2,852
2,946
2,833
3,886
4,714
4,569
4,935
5,247
5,351
Expenses
1,223
1,419
1,714
2,010
2,234
2,412
2,305
3,099
3,851
3,709
3,872
4,094
4,204
Operating Profit
320
376
415
542
618
533
528
787
863
860
1,063
1,153
1,147
OPM %
21%
21%
19%
21%
22%
18%
19%
20%
18%
19%
22%
22%
21%
Other Income
8
10
24
21
36
25
19
21
15
32
62
29
25
Interest
18
19
19
18
17
34
30
34
41
45
46
50
50
Depreciation
18
24
25
28
31
61
63
65
78
91
99
107
109
PBT
293
343
395
518
606
462
453
709
758
756
979
1,025
1,014
Tax %
33%
33%
33%
33%
35%
26%
25%
24%
25%
25%
25%
26%
—
Net Profit
196
232
266
347
394
343
341
537
571
569
729
764
756
EPS (₹)
176
208
239
311
353
308
305
481
512
510
654
685
678
Div. Payout %
41%
41%
41%
42%
97%
52%
82%
77%
49%
72%
138%
80%
—

Balance Sheet

₹ Cr
PAGEIND balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
11
11
11
11
11
11
11
11
11
11
11
11
Reserves
376
519
655
836
764
809
874
1,077
1,360
1,586
1,396
1,491
Borrowings
157
95
88
69
85
176
127
110
406
185
262
277
Other Liabilities
279
321
401
497
491
517
688
908
915
901
974
1,077
Total Liabilities
823
946
1,154
1,412
1,351
1,513
1,700
2,107
2,693
2,683
2,643
2,856
Fixed Assets
217
217
236
238
301
406
386
402
485
488
758
871
CWIP
0
0
24
59
7
29
28
65
150
239
72
1
Investments
0
0
52
218
0
0
0
0
0
0
0
0
Other Assets
606
729
842
898
1,043
1,079
1,286
1,639
2,057
1,956
1,813
1,984
Total Assets
823
946
1,154
1,412
1,351
1,513
1,700
2,107
2,693
2,683
2,643
2,856

Cash Flow

₹ Cr
PAGEIND cash flow, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
167
219
274
453
230
517
696
327
−2
1,080
1,204
794
Investing
−53
−26
−108
−238
192
−27
−401
119
36
−370
12
−21
Financing
−113
−189
−154
−188
−443
−378
−366
−396
−179
−621
−1,010
−744
Net Cash Flow
1
4
12
27
−22
113
−71
49
−145
89
205
29
Free Cash Flow
114
193
212
396
192
442
682
229
−165
986
1,125
687
CFO/EBITDA
82
86
100
114
70
121
156
64
22
147
136
92

Ratios

PAGEIND financial ratios, annual
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
21
21
19
21
16
9
18
16
11
13
14
14
Inventory Days
317
288
264
191
229
200
160
208
279
205
147
178
Days Payable
59
50
47
46
37
26
72
77
50
32
44
55
Cash Conversion Cycle
279
259
236
166
207
183
106
146
240
185
118
138
Working Capital Days
58
61
57
37
55
42
10
33
59
49
19
26
ROCE %
62%
62%
60%
64%
69%
53%
48%
67%
54%
45%
59%
64%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Page Industries insights

62 extracted metrics across FY00–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 42.89%
  • DIIs 32.92%
  • FIIs 18.79%
  • Public 3.70%
  • Others 1.70%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about Page Industries

What does Page Industries Ltd do?
Incorporated in 1995, Page Industries Limited is the exclusive licensee of JOCKEY International Inc. for manufacturing, distribution, and marketing of the JOCKEY® brand in India, Sri Lanka, Bangladesh, Nepal, and the UAE.
Where is Page Industries Ltd (PAGEIND) listed?
Page Industries Ltd trades as PAGEIND on the NSE and under code 532827 on the BSE.
Which sector does Page Industries Ltd belong to?
Page Industries Ltd is classified under the Textiles sector, in the Textiles & Apparels industry.
What is the PE ratio of Page Industries Ltd?
Page Industries Ltd trades at a PE ratio of 52.76 as of 4 Nov 2026, on earnings per share of ₹677.64, against a book value of ₹1,347.15 per share.
What is the 52-week high and low of Page Industries Ltd?
Over the last 52 weeks Page Industries Ltd has traded between ₹29,805 and ₹43,855 as of 4 Nov 2026.
Does Page Industries Ltd pay dividends?
Page Industries Ltd has a dividend yield of 0.57%.
What is the Return on Equity (ROE) of Page Industries Ltd?
Page Industries Ltd reported a return on equity of 54.30%. Its debt-to-equity ratio is 0.18.

Company Information

Incorporated in 1995, Page Industries Limited is the exclusive licensee of JOCKEY International Inc. for manufacturing, distribution, and marketing of the JOCKEY® brand in India, Sri Lanka, Bangladesh, Nepal, and the UAE. Page Industries is also the exclusive licensee of Speedo International Ltd. for the manufacturing, marketing, and distribution of the Speedo brand in India.

Website pageind.com
CEO Mr. Deepanjan Bandyopadhyay
Employees 20,658
Listed 16 Mar 2007
Face Value ₹10

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