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Page Industries Ltd

PAGEIND NSE

Key Fundamentals

MidcapTextiles & ApparelsTextiles
Market Cap
₹41,398 Cr
Volatility
Moderate
P/E Ratio
53.75
EBITDA
₹1,217 Cr
Return on Equity
50.83%
Debt to Equity
0.18
Book Value
₹1,347.15
EPS
₹516.64
52W High
₹47,310
52W Low
₹29,805

Insights

Beta

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

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50 extracted metrics + investor summaries across FY13–FY26.

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Tapetide Score

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

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

Growth Rate

Revenue Growth
6.29% ↘
Net Income Growth
4.76% ↘
Cash Flow Change
-34.00% ↘
ROE
-1.91% ↘
ROCE
-2.05% ↘
EBITDA Margin (Avg.)
1.82% ↘

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 5d ago
AI opinion · based on fundamentals
Risk medium

Page Industries Ltd, the exclusive licensee for Jockey and Speedo in India, commands a market cap of ₹41,782 Cr at a PE of 55.6x and PB of 28.3x. The company delivers an exceptional 3-year average ROE of 47% with a 96.8% dividend payout, but recent top-line growth has decelerated to 6% TTM while the stock has delivered -12% returns over the past year.

Bull Case 7
  • Exceptional return on equity consistently above 47% over 3, 5, and 10-year periods, with last year's ROE at 54% — indicating superior capital efficiency
  • Compounded profit growth of 18% over 5 years outpaces sales growth of 13%, demonstrating improving margins and operating leverage
  • Dividend payout ratio of 96.8% with a current yield of 1.44%, reflecting strong free cash flow generation and shareholder-friendly capital allocation
  • 10-year compounded sales CAGR of 11% and profit CAGR of 13% show a long runway of consistent double-digit growth
  • Asset-light franchise model with exclusive licensing rights for Jockey (since 1995) and Speedo brands across India, Sri Lanka, Bangladesh, Nepal, and UAE
  • TTM profit growth of 8% continues to outpace TTM sales growth of 6%, suggesting continued margin expansion even in a slower growth environment
  • Market cap of ₹41,782 Cr reflects dominant positioning in the branded innerwear segment with limited listed peers of comparable scale
Bear Case 8
  • Stock trades at 28.3x book value — significantly elevated relative to manufacturing peers, leaving little margin of safety
  • PE ratio of 55.6x is demanding given that TTM sales growth has decelerated to just 6%, implying the stock prices in far higher growth than currently delivered
  • Stock price CAGR of -12% over 1 year and -2% over 3 years indicates sustained underperformance and potential de-rating
  • Promoter holding has declined by 3.23% over the last 3 years, which may signal reduced insider confidence at current valuations
  • 3-year compounded sales CAGR of only 4% represents a sharp slowdown from the 10-year average of 11%, raising questions about growth saturation
  • 5-year stock CAGR of just 4% versus 5-year profit CAGR of 18% suggests the market has significantly de-rated the business over this period
  • Dependence on exclusive license agreements creates concentration risk — any change in licensing terms could materially impact the business model
  • At 55.6x PE and 6% TTM revenue growth, the earnings yield of ~1.8% barely exceeds risk-free rates, offering limited valuation support

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

AI News Digest

Anthropic anthropic claude-opus-4.6 18h ago
Headwinds 2
  • Q1 profit falls 4% on margins Aug 14

    Q1FY27 net profit fell 4% to ₹1,928 crore despite 7.9% revenue growth, with margin compression from input costs and logistics issues.

  • Volume growth below target Aug 14

    Q1FY27 volume grew only 5.7%, well below the company's double-digit annual growth target.

Positives 4
  • ₹8,000 crore revenue target by FY29 Aug 13

    Management set a revenue target of ₹8,000 crore by FY28-29, up from ₹5,246.8 crore in FY25-26, backed by new production facilities and strong demand outlook.

  • ₹200 dividend declared Aug 13

    Board approved ₹200 per share dividend, signaling confidence in cash flow generation.

  • Price hike and Q2 recovery expected Aug 14

    Management expects Q2 to benefit from carried-over billing and a 2.2% price hike, with full-year EBITDA margin guidance maintained at 19-21%.

  • Sustainability and efficiency gains Jul 19

    FY26 BRSR report shows significant reductions in energy and water intensity, with plans to raise renewable energy from 33% to 50% by FY27-28 and 100% WRAP certification maintained.

Neutral 1
  • ₹34.40 crore block trade on BSE Jul 24

    Approximately 8,516 shares traded in a block deal at ₹40,400 per share, totaling ₹34.40 crore, likely involving institutional participants.

TL;DR: Page Industries is navigating near-term margin pressure from input costs and below-target volume growth in Q1FY27, but management remains confident with maintained full-year guidance and a 2.2% price hike effective Q2. The ambitious ₹8,000 crore revenue target by FY29 and capacity expansion plans signal a growth-oriented outlook. Key risk is whether volume growth can accelerate to double digits in coming quarters to meet annual targets.

Quarterly Results

  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

  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

  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 Jun 2026
Promoters 42.89%
DIIs 33.64%
FIIs 18.91%
Public 3.65%
Others 0.91%
Total 100.00%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 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%
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%
18.91%
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%
33.64%
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%
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%
3.65%
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%
0.91%
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
52,623

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 Textiles 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 ₹41397.60 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 53.75. 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 ₹47,310. 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 0.54%. 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 50.83%. 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

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