Page Industries logo

Page Industries

PAGEIND NSE

Key Fundamentals

MidcapTextiles & ApparelsTextiles
Market Cap
₹39,329 Cr
Volatility
Moderate
P/E Ratio
52.19
EBITDA
₹1,217 Cr
Return on Equity
50.83%
Debt to Equity
0.18
Book Value
₹1,347.15
EPS
₹516.64
52W High
₹45,890
52W Low
₹29,805

Tapetide Score

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

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

2
  • Stock is trading at 26.2 times its book value
  • Promoter holding has decreased over last 3 years: -3.23%

Growth Rate

Revenue Growth
6.29% higher than 3Y
Net Income Growth
4.76% lower than 3Y
Cash Flow Change
-34% lower than 3Y
ROE
-1.91% lower than 3Y
ROCE
-2.05% lower than 3Y
EBITDA Margin (Avg.)
1.82% lower than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk high

Page Industries Ltd, the exclusive licensee for Jockey and Speedo in India, commands a market cap of ₹39,329 Cr at a PE of 52.7x and PB of 26.5x. The company delivers an exceptional ROE of 54% (last year) with a 96.8% dividend payout, but revenue growth has decelerated to 8% TTM and profit growth to just 2% TTM, while the stock has declined 19% over the past year.

Bull Case 7
  • Exceptional return on equity consistency — ROE has averaged 47-48% over 3, 5, and 10-year periods and rose to 54% in the last year, reflecting a capital-efficient business model
  • Compounded profit growth of 18% over 5 years and 13% over 10 years demonstrates durable long-term earnings power
  • Dividend payout ratio of 96.8% signals strong free cash flow generation and shareholder-friendly capital allocation
  • Compounded sales growth of 13% over 5 years and 11% over 10 years shows a consistent demand trajectory for the Jockey brand in India
  • Exclusive and long-standing licensee relationship with Jockey International provides a deep competitive moat and brand recall advantage in the Indian innerwear market
  • Despite TTM sales growth moderating to 8%, the company still grew profits by 11% CAGR over 3 years, indicating operating leverage and margin resilience
  • Dividend yield of 0.56% is modest in absolute terms but is backed by near-total profit distribution, leaving little retained earnings idle
Bear Case 8
  • PE ratio of 52.7x is significantly elevated relative to the broader textiles sector, leaving limited margin of safety if growth disappoints
  • Price-to-book of 26.5x is extremely high, implying the market has priced in years of future supernormal returns
  • TTM revenue growth has decelerated sharply to 8% and profit growth to just 2%, a notable slowdown from the 5-year CAGR of 13% (sales) and 18% (profit)
  • Stock price has declined 19% over the past 1 year and delivered a negative 4% CAGR over 3 years, underperforming broader market indices
  • Promoter holding has decreased by 3.23% over the last 3 years, which may signal reduced insider confidence or diversification by promoters
  • The 5-year stock CAGR of just 2% suggests the market has already re-rated the stock downward from peak valuations, compressing returns despite profit growth
  • 3-year compounded sales growth of only 4% indicates a prolonged demand softness phase, raising questions about near-term volume recovery
  • High valuation multiples combined with slowing growth create an unfavourable PEG dynamic — a PE of 52.7x against TTM profit growth of 2% implies a PEG well above 20x

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

AI News Digest

Anthropic anthropic claude-opus-4.6 2h ago
Headwinds 4
  • Q1 profit falls 4% YoY Sep 10

    Net profit declined 4% to ₹1,928 crore in Q1FY27 vs ₹2,008 crore last year. EBITDA margin contracted 210 bps to 20.3% from 22.4% due to cotton and synthetic input inflation.

  • Gross margin slips on input costs Aug 24

    Gross margins fell 189 bps YoY to 57.2% due to higher cotton and petroleum-based synthetic costs. The 2% May price hike was insufficient to fully offset rising raw material costs.

  • Stock down 19% from July highs Aug 24

    Shares slipped over 19% to ₹35,475 from recent highs, reflecting investor concerns over margin compression. At 40-45x FY28E EPS, premium valuation remains vulnerable to commodity pressures.

  • Logistics and manpower disruptions Sep 10

    Temporary logistics and manpower disruptions in Q1 deferred about three days of invoiced revenue into Q2. Volume growth of 5.7% came in below the company's sub-6% guidance.

Positives 5
  • Double-digit growth guidance maintained Sep 10

    Management reaffirmed FY27 guidance for double-digit volume growth and 19-21% EBITDA margins. Q2 already showing double-digit growth recovery per Moneycontrol reports.

  • Revenue grew 7.9% in Q1 Sep 10

    Revenue rose 7.9% to ₹14,204 crore with volumes expanding 5.7% to 61.9 million pieces, indicating resilient underlying demand.

  • Premiumisation and athleisure push Aug 24

    Athleisure segment receiving highest marketing investment across the portfolio with new launches like JKY Groove and Studio. Premiumisation and product upgrades remain key growth levers.

  • Motilal Oswal Buy at ₹43,000 Aug 24

    Motilal Oswal reiterated Buy with ₹43,000 target, modeling 12% revenue CAGR and 11% EBITDA CAGR over FY26-29E. Emkay maintains Add with ₹46,800 target.

  • ₹200 interim dividend declared Sep 10

    Page Industries declared a ₹200 interim dividend and expects Q2 benefits from the May price hike to help offset margin pressures.

Neutral 2
  • Dubai court claim AED 113.55 crore Sep 3

    Page Industries received a court notice from Yellow Flower Trading in Dubai for AED 113.55 crore. No details on the basis of the claim are available yet.

  • Company Secretary resigns Aug 27

    Company Secretary Murugesh C resigned effective August 26, 2026, citing professional reasons to pursue another opportunity.

TL;DR: Page Industries delivered resilient revenue growth of 7.9% in Q1FY27 but faced meaningful margin compression with EBITDA margins contracting 210 bps to 20.3% due to cotton and synthetic input cost inflation. The key risk is sustained raw material pressure eroding margins at a premium valuation of 40-45x forward earnings, compounded by an unexplained AED 113.55 crore Dubai court claim. On the positive side, management has reaffirmed double-digit volume growth guidance for FY27 with Q2 already recovering, supported by premiumisation, athleisure expansion, and the full benefit of the May price hike flowing through. The trend appears to be stabilising as Q1 disruptions were largely temporary, but margin recovery in the next two quarters will be critical to sustaining the stock's premium multiple.

Quarterly Results

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 in Rs
142
135
137
97.01
148
175
183
147
180
175
170
160
173
Figures in ₹ Crores

Profit & Loss

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 in Rs
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%
—
Figures in ₹ Crores

Balance Sheet

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
Figures in ₹ Crores

Cash Flow

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/OP
82
86
100
114
70
121
156
64
22
147
136
92
Figures in ₹ Crores

Ratios

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

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Shareholding Pattern

Others0.91%Govt.0.71%Promot.42.89%Public3.65%FIIs18.91%DIIs32.93%As ofJun 2026

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. Page Industries is also the exclusive licensee of Speedo International Ltd....
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 market capitalisation of Page Industries Ltd?
Page Industries Ltd has a market capitalisation of ₹39,329 Cr, which places it in the Large Cap band.
What is the PE ratio of Page Industries Ltd?
Page Industries Ltd trades at a PE ratio of 52.19, on earnings per share of ₹516.64, 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 ₹45,890.
Does Page Industries Ltd pay dividends?
Page Industries Ltd has a dividend yield of 0.56%.
What is the Return on Equity (ROE) of Page Industries Ltd?
Page Industries Ltd reported a return on equity of 50.83%. 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 2007-03-16
Face Value ₹ 10
Issued Size 1,11,53,874

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