Page Industries
Page Industries
Textiles F&OKey Fundamentals
MidcapTextiles & ApparelsTextilesTapetide Score
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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 27.2 times its book value
Growth Rate
AI Analysis — Bull vs Bear
Page Industries, the exclusive licensee of Jockey in India, has a market cap of about ₹41,788 Cr and trades at a P/E of 55.2 and a P/B of 27.78. It has a strong capital efficiency record, with ROE of 54% last year and 47-48% averaged over 3, 5 and 10 years, and a dividend payout ratio of 96.8%. Growth has slowed recently: 3-year sales CAGR is 4% and TTM profit growth is 2%, against 13% and 18% over 5 years, and the stock has returned -9% over 1 year and -1% CAGR over 3 years.
- ROE was 54% last year and has held at 47-48% over 3, 5 and 10 years, which shows capital efficiency sustained across a full decade.
- The dividend payout ratio of 96.8% means nearly all profits go back to shareholders. This suggests the business generates strong cash and needs little reinvestment capital.
- Profit has compounded at 18% over 5 years and 13% over 10 years, ahead of sales growth of 13% and 11% over the same periods. This points to margin expansion and pricing power over the long run.
- 3-year profit CAGR of 11% is well above 3-year sales CAGR of 4%, so profitability improved even during a weak demand period.
- TTM sales growth of 8% is double the 3-year sales CAGR of 4%, which may be an early sign of demand recovery.
- The stock's 3-year CAGR is -1% even though profits grew 11% a year over that period. This has pulled the P/E down to 55.2, a lower valuation than its historical premium implies.
- Over 10 years the stock has compounded at 9%, backed by 11% sales and 13% profit CAGR, a long record of steady growth in branded innerwear.
- A P/B of 27.78 and a P/E of 55.2 are steep premiums that leave little room for error, especially next to 3-year sales growth of only 4%.
- 3-year sales CAGR slowed to 4% from 13% over 5 years and 11% over 10 years, a clear loss of top-line momentum.
- TTM profit growth is only 2%, far below the 5-year profit CAGR of 18%, which suggests the recent pace of earnings compounding has stalled.
- The stock has returned -9% over 1 year, -1% CAGR over 3 years and just 3% CAGR over 5 years, so shareholders have seen weak returns across multiple periods.
- Promoter holding has fallen by 3.23% over the last 3 years, which some investors may read as reduced insider commitment.
- The dividend yield is only 0.53% despite a 96.8% payout ratio, because the high valuation shrinks the yield.
- The 96.8% payout ratio leaves little retained earnings for capacity expansion or new categories. If growth capex is needed, dividends or the balance sheet could come under pressure.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Q1FY27 profit falls 4% Sep 10
Net profit fell 4.0% YoY to ₹1,928 crore in Q1FY27 from ₹2,008 crore. EBITDA dropped 1.9% to ₹2,890 crore.
- EBITDA margin down 210 bps Sep 10
EBITDA margin narrowed 210 bps YoY to 20.3% from 22.4%. Management blamed temporary cotton and synthetic input inflation plus logistics and manpower disruptions.
- Sales growth slows to 4% Sep 23
3-year compounded sales growth is barely 4%, against 13% over 5 years and 11% over 10 years. Net profit growth also slowed to an 11% 3-year CAGR from 18% over 5 years.
- D2C and global brand competition Sep 23
Heavy discounting by online D2C brands and new international entrants, such as Reliance Retail's JV with Delta Galil, are slowing growth. Competition is also intense in the newer categories like jackets, hoodies and t-shirts.
- Middle East lifts input costs Sep 23
Synthetic yarn and cotton prices are rising, partly because of the Middle East crisis. Management's margin outlook assumes the situation doesn't escalate further.
- Stock lags the Sensex Sep 23
The stock is down 12.7% over one year against an 8.9% fall in the Sensex. It hit a 52-week low of ₹29,800 on 16 March 2026 and is well below its lifetime high of ₹53,453.
- Back to double-digit growth in Q2 Sep 10
Per Moneycontrol, growth returned to double digits in Q2 FY27, driven by volume, premium products and calibrated price hikes. About three days of undelivered Q1 billing is expected to be booked in Q2.
- FY27 guidance reaffirmed Sep 10
Management kept its FY27 guidance of double-digit volume growth and 19-21% EBITDA margins. It expects input costs to stabilise and the May price hike to help.
- Revenue up 7.9%, volume up 5.7% Sep 10
Q1FY27 revenue grew 7.9% YoY to ₹14,204 crore from ₹13,166 crore. Volume rose 5.7% to 61.9 million pieces, showing steady underlying demand.
- Dubai court dismisses AED claim Sep 21
The Dubai court dismissed Yellow Flower Trading LLC's AED 113.55 crore claim, first notified on Sep 3, because the plaintiff didn't pay the expert deposit. The plaintiff must pay court fees and costs.
- RoE holds strong at 47% Sep 23
3-year RoE is still 47%, roughly in line with its 5- and 10-year levels. This rests on a strong brand and a network of 1,615+ exclusive brand stores and 893+ large-format stores.
- ₹200 interim dividend declared Sep 10
The company declared a ₹200 per share interim dividend alongside its Q1FY27 results.
- P/E falls but premium stays Sep 23
P/E has fallen to 53.3 from a peak of 81.4 on 7 October 2022. That is still far above rival Rupa & Company at 14.3x, so the valuation still depends on growth recovering.
- Q1 billing moves into Q2 Sep 10
About three days of invoiced Q1 revenue was not delivered and should be booked in Q2. This changes timing rather than demand and should lift volume growth over the remaining three quarters.
TL;DR: Page Industries still has a strong brand, a 47% RoE, a wide retail network and steady volume growth (+5.7% in Q1FY27). The Dubai litigation risk has been removed. The main risks are slower structural growth (4% 3-year sales CAGR), tougher competition from D2C and international brands, and input-cost pressure that cut Q1 EBITDA margin by 210 bps to 20.3% and profit by 4%. The near-term trend looks better, with Q2 back to double-digit growth and FY27 guidance of 19-21% margins reaffirmed. Whether the 53.3x P/E holds will depend on margins recovering and growth staying in double digits over the next few quarters. Note that the Q1 figures look about 10x too high for Page's usual quarterly scale (likely ₹ million, not ₹ crore) and should be checked against the company's filing.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 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 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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62 extracted metrics + investor summaries across FY00–FY27.
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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.
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