Overview

Detailed Summary

Page Industries is the exclusive licensee for JOCKEY and Speedo in India and several neighbouring and GCC markets, designing, manufacturing and distributing innerwear, athleisure and swimwear while operating a large multi-channel retail network and owned manufacturing footprint across multiple Indian states.
Q3 FY'26 performance showed resilience: revenue grew 5.6% to Rs. 1,386.8 crore and EBITDA reached Rs. 318.1 crore (22.9% margin), while PAT declined 7.4% due to a one-time Rs. 35 crore provision for enhanced gratuity and earned leave under new labour code rules.
Page Industries is materially expanding capacity and capabilities: a new Odisha manufacturing unit commenced test operations, a tape-dyeing expansion and sock-capacity build-out completed in 2024, and a new Delhi e-commerce warehouse went live—these moves materially strengthen vertical integration and omnichannel fulfilment for the company.
Management is pursuing premiumisation and new product cohorts—JKY Groove and bonded collections have driven higher ASPs and traction in EBOs and online; the company also reiterated an EBITDA envelope of 19–21% while targeting long-term revenue ambition of ~Rs. 8,000 crore by FY'29.
Channel dynamics show a shift: general trade/MBO throughput softened while EBOs, LFS and e-commerce exhibited better performance; Page Industries is focused on deeper per-store penetration, aggressive rollout of premium collections and measured marketing to regain double-digit volume growth when macro demand normalises.

Sector: Readymade Garments/ Apparells
Industry: Textiles - Readymade Apparel
Market Cap: 37,246 Cr
Volatility: Moderate Risk
P/E Ratio: 48.2
Industry P/E: 37.1
PEG Ratio: 4.8
P/B Ratio: 26.4
52W High: 50,470.60
52W Low: 32,132.95

Sales CAGR

1Y: 7.89%
3Y: 8.29%
5Y: 10.87%
10Y: 11.88%

Profit CAGR

1Y: 28.10%
3Y: 10.77%
5Y: 16.26%
10Y: 13.59%

ROE

TTM: 54.24%
3Y: 42.73%
5Y: 43.26%
10Y: 43.34%

ROCE

TTM: 63.88%
3Y: 53.85%
5Y: 54.73%
10Y: 57.00%

Technicals

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Forecasts

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Analyst Target, Price, EPS and Revenue Projections

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
PAGEIND	33465.50	37,246 Cr	48.17	26.43	2.69	54.24	63.88	27.08
KPRMILL	909.05	31,073 Cr	36.82	5.81	0.55	15.66	19.91	13.88
MANYAVAR	437.60	10,615 Cr	26.39	6.95	1.83	26.38	26.96	16.36
PGIL	1585.00	7,299 Cr	28.06	5.67	0.72	20.63	19.34	9.13
GOKEX	828.65	6,069 Cr	51.86	2.82	0.12	7.09	9.76	3.00
KITEX	196.60	3,922 Cr	133.74	3.76	0.25	7.65	5.47	1.02
KKCL	530.15	3,253 Cr	23.43	3.54	0.38	15.19	19.37	9.53

Financial Statements

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Standalone Quarterly Results (in ₹ Crores)

Total Figures

QoQ Changes

Total Figures

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	1,125	1,229	992	1,278	1,246	1,313	1,098	1,317	1,291	1,387
Expenses	892	999	828	1,034	965	1,011	863	1,022	1,011	1,069
Operating Profit	234	230	164	243	281	303	235	295	280	318
OPM %	20.76	18.69	16.56	19.05	22.58	23.04	21.42	22.38	21.65	22.94
Other Income	1.67	5.54	14	13	15	14	20	15	19	-23
Interest	11	11	10	12	11	12	12	13	13	13
Depreciation	25	23	23	22	23	30	25	27	25	27
Profit Before Tax	199	202	145	222	262	275	219	270	261	256
Tax %	24.63	24.61	25.39	25.73	25.61	25.57	25.00	25.69	25.40	26.04
Net Profit	150	152	108	165	195	205	164	201	195	190
EPS in Rs	134.73	136.59	97.01	148.13	175.06	183.48	147.04	180.02	174.62	169.93

Standalone Profit Loss (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	2,130	2,552	2,852	2,946	2,833	3,886	4,714	4,582	4,935	4,974
Expenses	1,715	2,011	2,235	2,413	2,306	3,101	3,851	3,709	3,872	3,860
Operating Profit	415	541	617	533	527	785	863	872	1,063	1,114
OPM %	19.49	21.21	21.63	18.08	18.59	20.21	18.30	19.04	21.53	22.39
Other Income	24	22	36	25	19	21	15	20	62	64
Interest	18	17	16	34	30	32	41	45	46	47
Depreciation	25	28	31	61	63	65	78	91	99	104
Profit Before Tax	395	518	606	462	453	709	758	757	979	1,026
Tax %	32.56	32.95	35.00	25.71	24.89	24.30	24.65	24.76	25.49	25.49
Net Profit	266	347	394	343	341	537	571	569	729	765
EPS in Rs	238.75	311.08	353.19	307.72	305.35	481.02	512.15	510.31	653.71	671.61
Dividend Payout %	40.63	42.11	97.40	52.32	81.87	76.92	48.81	72.50	137.68	—

Standalone Balance Sheet (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	11	11	11	11	11	11	11	11	11	11
Reserves	519	655	836	764	809	874	1,077	1,360	1,586	1,396
Borrowings	73	67	50	73	165	127	110	406	185	262
Other Liabilities	343	421	516	503	528	688	908	915	901	974
Total Liabilities	946	1,154	1,412	1,351	1,513	1,700	2,107	2,693	2,683	2,643
Fixed Assets	217	236	238	301	406	386	402	485	488	758
CWIP	0.36	24	59	7.23	29	28	65	150	239	72
Investments	0.00	52	218	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Other Assets	729	842	898	1,043	1,079	1,286	1,639	2,057	1,956	1,813
Total Assets	946	1,154	1,412	1,351	1,513	1,700	2,107	2,693	2,683	2,643

Standalone Cash Flows (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	219	274	453	230	517	696	327	-1.61	1,080	1,204
Cash from Investing Activity	-26	-108	-238	192	-27	-401	119	36	-370	12
Cash from Financing Activity	-189	-154	-188	-443	-378	-366	-396	-179	-621	-1,010
Net Cash Flow	4.23	12	27	-22	113	-71	49	-145	89	205

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Promoters	46.12%	46.12%	45.11%	45.11%	45.11%	45.04%	44.29%	42.89%	42.89%	42.89%	42.89%	42.89%
FIIs	22.39%	21.99%	21.97%	21.77%	20.86%	20.54%	20.84%	22.66%	23.58%	24.03%	23.21%	20.72%
DIIs	21.88%	22.02%	23.57%	24.63%	26.60%	28.11%	29.52%	29.43%	28.61%	28.49%	29.24%	31.49%
Public	9.62%	9.87%	9.35%	8.49%	7.43%	6.31%	5.35%	5.02%	4.92%	4.59%	4.67%	4.91%
Total Shareholders	90,855	1,02,337	98,082	92,192	84,513	69,796	57,515	52,181	50,905	48,076	47,103	54,428

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Investor Call Transcript

6 days ago

Page Industries Q3 FY'26 Investor Call Outcome

Transcript of the investor call discussing Q3 financial results, highlighting revenue growth despite challenges and provision adjustments related to employee benefits.

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Frequently Asked Questions about Page Industries Ltd

Page Industries Ltd (PAGEIND) is currently trading at 33,399.90 per share. Stock prices fluctuate during market hours on NSE and BSE based on demand, company updates, and overall market conditions. Refer to the live price chart above for the most recent price movement.

Page Industries is the exclusive licensee for JOCKEY and Speedo in India and several neighbouring and GCC markets, designing, manufacturing and distributing innerwear, athleisure and swimwear while operating a large multi-channel retail network and owned manufacturing footprint across multiple Indian states. Q3 FY'26 performance showed resilience: revenue grew 5.6% to Rs. 1,386.8 crore and EBITDA reached Rs. 318.1 crore (22.9% margin), while PAT declined 7.4% due to a one-time Rs. 35 crore provision for enhanced gratuity and earned leave under new labour code rules. Page Industries is materially expanding capacity and capabilities: a new Odisha manufacturing unit commenced test operations, a tape-dyeing expansion and sock-capacity build-out completed in 2024, and a new Delhi e-commerce warehouse went live—these moves materially strengthen vertical integration and omnichannel fulfilment for the company. Management is pursuing premiumisation and new product cohorts—JKY Groove and bonded collections have driven higher ASPs and traction in EBOs and online; the company also reiterated an EBITDA envelope of 19–21% while targeting long-term revenue ambition of ~Rs. 8,000 crore by FY'29. Channel dynamics show a shift: general trade/MBO throughput softened while EBOs, LFS and e-commerce exhibited better performance; Page Industries is focused on deeper per-store penetration, aggressive rollout of premium collections and measured marketing to regain double-digit volume growth when macro demand normalises.

Over the past 52 weeks, Page Industries Ltd has traded between a low of ₹32,132.95 and a high of ₹50,470.60. The 52-week high and low indicate the stock’s price range over the last year and help investors understand its volatility and recent trading levels.

Page Industries Ltd has a market capitalization of approximately 37,245.63. Market capitalization represents the total value of a company’s outstanding shares and helps investors understand its size, stability, and relative risk compared to other listed companies.

Page Industries Ltd’s investment profile depends on its business fundamentals, valuation, and long-term outlook. The stock currently trades at a PE ratio of 48.17 and operates in the Readymade Garments/ Apparells sector. Investors typically assess financial performance, growth prospects, and individual risk tolerance before making investment decisions.

Based on its market capitalization of 37,245.63 Cr, Page Industries Ltd is classified as a Mid Cap stock. Large-cap stocks are generally more stable, while mid-cap and small-cap stocks tend to offer higher growth potential along with higher price volatility.

Page Industries Ltd operates in the Readymade Garments/ Apparells sector. Sector classification matters because companies in the same sector are often affected by similar economic conditions, regulatory changes, and competitive dynamics, which can influence overall stock performance.

The Price-to-Earnings (PE) ratio of Page Industries Ltd is 48.17. The PE ratio compares a company’s share price to its earnings and is commonly used to assess valuation. Comparing the PE ratio with sector peers and historical levels provides better context.

The most significant announcement is the comprehensive five-part integrated program for the textile sector, which aims to boost everything from fibre self-reliance to manufacturing modernization and skilling.

Page Industries Ltd

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