Page Industries Ltd logo

Page Industries Ltd

PAGEIND NSE

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.

AI Verdict: HOLD Confidence: 5%

Page Industries delivers exceptional ROE of 47-54% and dominates Indian innerwear via its Jockey license, but at 58.7x PE and 29.85x P/B, the stock prices in perfection. With TTM sales growth slowing to 6% and stock CAGR of just 2% over 3 years, risk-reward is unfavorable for fresh entry.

Key Fundamentals

MidcapTextiles & ApparelsTextiles
Market Cap
₹46,344 Cr
Volatility
Moderate
P/E Ratio
59.8
EBITDA
₹1,118 Cr
Return on Equity
35.64%
Debt to Equity
0.15
Book Value
₹1,347.15
EPS
₹516.64
52W High
₹50,590
52W Low
₹29,805

Technical Indicators

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 30.4 times its book value
  • Promoter holding has decreased over last 3 years: -3.23%

Growth Rate

Revenue Growth
5.01% ↗
Net Income Growth
4.62% ↗
Cash Flow Change
11.40% ↗
ROE
45.40% ↗
ROCE
36.66% ↗
EBITDA Margin (Avg.)
-6.44% ↘

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 3d ago
HOLD
Risk high

Page Industries delivers exceptional ROE of 47-54% and dominates Indian innerwear via its Jockey license, but at 58.7x PE and 29.85x P/B, the stock prices in perfection. With TTM sales growth slowing to 6% and stock CAGR of just 2% over 3 years, risk-reward is unfavorable for fresh entry.

Bull Case 7
  • Exceptional ROE consistency — 47% over 3 years, 48% over 5 years, and 54% last year — indicating a capital-efficient franchise with durable competitive advantages
  • Compounded profit growth of 18% over 5 years outpaces sales growth of 13%, demonstrating improving margin profile and operating leverage
  • Healthy dividend payout ratio of 96.8% with current yield of 1.37%, rewarding shareholders while still generating high returns on retained capital
  • Long-term sales CAGR of 11% over 10 years in a large underpenetrated branded innerwear market with structural tailwinds from premiumization
  • Analyst consensus skews bullish with 47.83% recommending Buy (11 out of 23 analysts), suggesting institutional confidence in the business model
  • 10-year compounded profit growth of 13% with 10-year stock CAGR of 11% demonstrates consistent long-term wealth creation track record
  • Market cap of Rs 44,827 Cr with asset-light model and exclusive Jockey license for India, Sri Lanka, Bangladesh, Nepal and UAE provides a wide distribution moat
Bear Case 8
  • Valuation is extreme at 58.7x PE and 29.85x price-to-book — stock trades at nearly 30x book value leaving zero margin of safety
  • TTM sales growth has decelerated sharply to just 6%, down from 13% five-year CAGR, signaling potential demand saturation or competitive pressures
  • Stock has delivered negative 1-year return of -11% and paltry 3-year CAGR of just 2%, indicating the market is already repricing growth expectations lower
  • Promoter holding has declined by 3.23% over the last 3 years, which may signal reduced insider confidence at current valuations
  • 26.09% of analysts (6 out of 23) recommend Sell, an unusually high proportion for a quality compounder, reflecting valuation discomfort
  • 3-year compounded sales growth of only 4% suggests the high-growth phase may be behind, making the 58.7x PE multiple hard to justify
  • License-dependent business model — Jockey brand is not owned by Page Industries, creating long-term renewal risk and limited pricing power on royalties
  • 5-year stock CAGR of just 6% versus Nifty 50 returns of ~12-14% over the same period indicates significant underperformance relative to the broader market

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

AI News Digest

Anthropic anthropic claude-opus-4.6 14h ago
Positives 1
  • Q4FY26 revenue up 14.1% May 29

    Page Industries reported Q4FY26 revenue of ₹12,526 million, up 14.1% YoY driven by volume growth and premiumization. PAT rose 9% to ₹1,787 million.

Neutral 4
  • ₹42.89 Cr block trade on NSE Jun 22

    Institutional block trade of ~10,821 shares at ₹39,640 per share totalling ₹42.89 crores executed outside the regular order book, indicating notable institutional activity.

  • 31st AGM scheduled Aug 13 Jun 22

    Page Industries will hold its 31st AGM on August 13, 2026 via video conference. FY26 annual report to be sent via email.

  • NIL promoter share encumbrance Jun 15

    Promoters and PACs reported zero encumbrance on shares for FY 2025-26, disclosed to BSE and NSE.

  • HSBC Singapore investor meet Jun 10

    Management to attend HSBC's Singapore investor conference on June 18-19, 2026. No UPSI to be shared.

TL;DR: Page Industries is executing well with solid double-digit revenue growth of 14.1% in Q4FY26 supported by volume expansion and premiumization, while PAT growth of 9% suggests some margin compression. No material headwinds are visible in recent news flow, and promoter holding remains unencumbered. The institutional block trade and investor outreach signal sustained market interest. Trend remains constructive if volume-led growth continues into FY27.

Quarterly Results

  Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales
965
1,229
1,125
1,226
992
1,278
1,246
1,313
1,098
1,317
1,291
1,387
1,253
Expenses
830
991
892
999
828
1,034
965
1,011
863
1,022
1,011
1,069
992
Operating Profit
134
239
234
226
164
243
281
303
235
295
280
318
261
OPM %
14%
19%
21%
18%
17%
19%
23%
23%
21%
22%
22%
23%
21%
Other Income
7
5
2
9
14
13
15
14
20
15
19
-23
17
Interest
14
13
11
10
10
12
11
12
12
13
13
13
12
Depreciation
21
21
25
23
23
22
23
30
25
27
25
27
28
PBT
107
210
199
202
145
222
262
275
219
270
261
256
238
Tax %
26%
25%
25%
25%
25%
26%
26%
26%
25%
26%
25%
26%
25%
Net Profit
78
158
150
152
108
165
195
205
164
201
195
190
179
EPS in Rs
70.24
142
135
137
97.01
148
175
183
147
180
175
170
160
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
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
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
Operating Profit
320
376
415
542
618
533
528
787
863
860
1,063
1,153
OPM %
21%
21%
19%
21%
22%
18%
19%
20%
18%
19%
22%
22%
Other Income
8
10
24
21
36
25
19
21
15
32
62
29
Interest
18
19
19
18
17
34
30
34
41
45
46
50
Depreciation
18
24
25
28
31
61
63
65
78
91
99
107
PBT
293
343
395
518
606
462
453
709
758
756
979
1,025
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
EPS in Rs
176
208
239
311
353
308
305
481
512
510
654
685
Div. Payout %
41%
41%
41%
42%
97%
52%
82%
77%
49%
72%
138%
80%
Figures in ₹ Crores

Balance Sheet

  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

  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

  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%

Shareholding Pattern

As of Mar 2026
Promoters 42.89%
DIIs 33.21%
FIIs 19.00%
Public 3.87%
Others 1.03%
Total 100.00%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters
48.32%
47.91%
47.91%
47.19%
47.19%
46.12%
46.12%
46.12%
46.12%
45.11%
45.11%
45.11%
45.04%
44.29%
42.89%
42.89%
42.89%
42.89%
42.89%
42.89%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
20.86%
20.54%
20.84%
22.66%
23.58%
24.03%
23.21%
20.72%
19.00%
DIIs
14.95%
17.55%
17.70%
16.70%
16.42%
17.60%
17.96%
19.62%
21.88%
21.04%
22.12%
26.60%
28.10%
29.51%
29.43%
28.61%
28.49%
29.24%
31.49%
33.21%
Government
0.74%
0.62%
0.62%
0.62%
0.62%
0.62%
0.00%
0.00%
0.00%
0.00%
0.01%
0.01%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
7.39%
7.75%
7.47%
7.52%
7.66%
7.58%
7.29%
7.60%
7.72%
7.49%
6.95%
6.15%
4.97%
4.22%
4.00%
3.88%
3.70%
3.61%
3.95%
3.87%
Others
28.60%
26.17%
26.30%
27.98%
28.12%
28.09%
28.64%
26.66%
24.29%
26.36%
25.81%
1.28%
1.34%
1.13%
1.02%
1.03%
0.89%
1.06%
0.95%
1.03%
No. of Shareholders
66,805
73,018
70,876
72,430
75,727
80,259
80,716
86,416
90,855
98,082
92,192
84,513
69,796
57,515
52,181
50,905
48,076
47,103
54,428
57,225

Documents

Frequently Asked Questions about Page Industries Ltd

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 is listed on the Indian stock exchanges. It is listed on NSE: PAGEIND and BSE: 532827. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Page Industries Ltd belong to?
Page Industries Ltd operates in the Consumer Discretionary sector within the Textiles & Apparels industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Page Industries Ltd?
Page Industries Ltd has a market capitalisation of approximately ₹46344.35 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of Page Industries Ltd?
The Price-to-Earnings (PE) ratio of Page Industries Ltd is 59.80. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Page Industries Ltd?
Over the past 52 weeks, Page Industries Ltd has traded between a low of ₹29,805 and a high of ₹50,590. This range helps investors understand the stock's price volatility and recent trading levels.
Does Page Industries Ltd pay dividends?
Yes, Page Industries Ltd has a dividend yield of 1.35%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Page Industries Ltd?
Page Industries Ltd has a Return on Equity (ROE) of 35.64%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Page Industries Ltd on Tapetide?
On Tapetide, you can view Page Industries Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

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

Explore More

More in Consumer Discretionary → FII DII Data Stock Screener Nifty 50 Heatmap F&O Ban List