PAGEIND - Page Industries
📢 Recent Corporate Announcements
Page Industries reported a modest 5.6% YoY revenue growth to ₹13,868 million for Q3 FY26, with sales volumes increasing by 1.4% to 58.6 million pieces. While EBITDA grew by 5.2% to ₹3,181 million with a stable margin of 22.9%, PAT declined by 7.4% to ₹1,895 million. This decline was primarily driven by a one-time exceptional provision of ₹350 million related to new labor code requirements for employee benefits. Management remains optimistic about returning to double-digit growth through distribution expansion and productivity gains from automation.
- Revenue grew 5.6% YoY to ₹13,868 million, while 9M FY26 revenue rose 4.1% to ₹39,942 million.
- EBITDA margin remained resilient at 22.9% for the quarter, supported by stable input costs and lean initiatives.
- Exceptional provision of ₹350 million made for gratuity and earned leave following new labor code notifications.
- Headcount reduced by approximately 2,500-3,000 employees due to automation and productivity improvements.
- Distribution network expanded to 1,13,600 MBOs and 1,556 EBOs, with strong performance in e-commerce channels.
Page Industries has officially released the audio recording of its investor conference call for the quarter and nine months ended December 31, 2025. The recording is made available via a public YouTube link to ensure transparency and equal access to information for all shareholders. This follows the company's recent financial results announcement for the same period. Investors can listen to the call to understand management's detailed commentary on operational performance and future outlook.
- Audio recording for the Q3 FY2025-26 investor call is now publicly available.
- The recording covers financial performance for the quarter and nine months ending December 31, 2025.
- Access provided via a YouTube link for ease of investor review.
- Compliance filing submitted to both BSE and NSE on February 5, 2026.
Page Industries reported a steady 5.6% YoY revenue growth for Q3 FY26, reaching ₹13,868 million, supported by a 1.4% increase in sales volume. While EBITDA grew by 5.2% to ₹3,181 million with healthy margins of 22.9%, the Profit After Tax (PAT) declined by 7.4% YoY to ₹1,895 million. This decline was primarily due to a one-time exceptional provision of ₹350 million related to the notification of new Labour Codes. Excluding this exceptional item, PBT grew by 5.9% YoY, indicating stable underlying operational performance.
- Revenue grew 5.6% YoY to ₹13,868 million with sales volume reaching 58.6 million pieces
- EBITDA stood at ₹3,181 million with a strong operating margin of 22.9%
- Reported PAT fell 7.4% YoY to ₹1,895 million due to a ₹350 million one-time provision for new Labour Codes
- 9M FY26 Revenue and PAT grew by 4.1% and 3.5% respectively compared to the previous year
- Distribution network remains robust with 1,13,600 retail outlets and 1,556 Exclusive Brand Stores
Page Industries has declared its third interim dividend of ₹125 per share for FY 2025-26, with the record date set for February 11, 2026. The company reported a 5.6% YoY increase in Q3 revenue to ₹1,386.76 crore, indicating steady demand. However, net profit declined by 7.4% YoY to ₹189.54 crore, primarily due to a one-time exceptional charge of ₹35 crore related to the implementation of New Labour Codes. Excluding this non-recurring item, the underlying operational performance remains stable.
- Declared 3rd interim dividend of ₹125 per share, totaling ₹400 per share for FY26 so far.
- Q3 FY26 revenue from operations grew 5.6% YoY to ₹1,386.76 crore.
- Net profit (PAT) for the quarter stood at ₹189.54 crore, down from ₹204.66 crore in the previous year.
- Recognized a one-time exceptional expense of ₹35 crore for compliance with New Labour Codes.
- Earnings Per Share (EPS) for the quarter decreased to ₹169.93 from ₹183.48 YoY.
Page Industries reported a steady 5.6% YoY growth in revenue to ₹1,386.76 crore for the quarter ended December 2025. Net profit for the period stood at ₹189.54 crore, a 7.4% decline YoY, primarily due to a one-time exceptional charge of ₹35 crore related to the implementation of New Labour Codes. Excluding this non-recurring item, the underlying operational performance remained stable. The company continues its strong payout policy by declaring a third interim dividend of ₹125 per share for FY26.
- Revenue from operations grew 5.6% YoY to ₹1,386.76 crore compared to ₹1,313.05 crore in the previous year.
- Net Profit declined 7.4% YoY to ₹189.54 crore due to a ₹35 crore exceptional item for labor code compliance.
- Declared a 3rd interim dividend of ₹125 per equity share with a record date of February 11, 2026.
- Profit before exceptional items and tax rose 5.9% YoY to ₹291.26 crore, showing resilient core margins.
- Total expenses rose to ₹1,107.93 crore, driven by higher raw material consumption and employee benefits.
Page Industries Limited has announced the re-constitution of its Audit Committee effective February 1, 2026. The Board of Directors approved the induction of Mr. Dinesh Malkani as a new member through a circular resolution. The committee now comprises four members, including Chairman Mr. Jignesh Bhate. This update is a routine regulatory filing under SEBI Listing Obligations and Disclosure Requirements.
- Mr. Dinesh Malkani inducted as a member of the Audit Committee effective February 1, 2026.
- The Audit Committee now consists of 4 members: Jignesh Bhate (Chairman), Arif Vazirally, Dr. Shravan Subramanyam, and Dinesh Malkani.
- The re-constitution was approved by the Board of Directors via a circular resolution.
- The filing is in compliance with Regulation 30 of SEBI (LODR) Regulations, 2015.
Page Industries Limited has scheduled its Q3 and 9M FY26 earnings conference call for February 5, 2026, at 4:00 PM IST. The call will follow the official announcement of financial results for the quarter and nine-month period ending December 31, 2025. Senior management, including the Managing Director, CFO, and CEO, will lead the discussion on earnings performance. This is a standard procedure for the company to engage with analysts and institutional investors following quarterly results.
- Earnings conference call set for February 5, 2026, at 4:00 PM IST.
- Management representation includes MD V.S. Ganesh, CFO Deepanjan B, and CEO Karthik Yathindra.
- The call will cover financial performance for the quarter and nine months ended December 31, 2025.
- Interactive Q&A session for analysts and investors will follow the management's opening remarks.
Page Industries has scheduled a board meeting on February 5, 2026, to approve its unaudited financial results for the quarter ended December 31, 2025. The board will also consider declaring a third interim dividend for the financial year 2025-26. If the dividend is approved, the company has fixed February 11, 2026, as the record date for payment. An investor and analyst call is also scheduled for February 5 at 4:00 PM IST to discuss the quarterly performance.
- Board meeting scheduled for February 5, 2026, to review Q3 FY26 results.
- Consideration of a 3rd interim dividend for the financial year 2025-26.
- Record date for the proposed interim dividend fixed as February 11, 2026.
- Investor call to be held on February 5, 2026, at 4:00 PM IST following the results.
Page Industries Limited has announced the closure of its trading window for all designated persons and their immediate relatives starting January 1, 2026. This closure is in compliance with SEBI Prohibition of Insider Trading Regulations for the quarter ending December 31, 2025. The window will remain closed until 48 hours after the public declaration of the company's unaudited financial results. This is a standard regulatory procedure followed by listed companies ahead of earnings announcements.
- Trading window closure begins on January 1, 2026
- Closure pertains to the financial results for the quarter ended December 31, 2025
- Window to reopen 48 hours after the official Q3 results declaration
- Compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015
Financial Performance
Revenue Growth by Segment
Overall revenue for H1 FY26 reached INR 26,704 million, a 3.3% YoY growth. Q2 FY26 revenue was INR 12,909 million, up 3.6% YoY. While specific segment-wise revenue splits were not provided, sales volume grew by 2.2% in H1 FY26 (115.2 million pieces) and 2.5% in Q2 FY26 (56.6 million pieces), indicating that growth is driven by volume increases in the core innerwear and leisurewear categories.
Geographic Revenue Split
Not disclosed in available documents, though the company operates a pan-India multi-channel distribution network across MBO, EBO, LFS, and E-Commerce channels.
Profitability Margins
Gross margins have remained robust due to stable raw material costs. PAT for H1 FY26 was INR 3,956 million (15.2% margin), representing a 9.7% YoY growth. However, Q2 FY26 PAT was INR 1,948 million (15.1% margin), a marginal decline of 0.3% YoY due to higher employee and marketing expenses.
EBITDA Margin
EBITDA margin for H1 FY26 was 22.0% (INR 5,742 million), up from 20.8% in H1 FY25, a 9.4% YoY increase. Q2 FY26 EBITDA margin was 21.7% (INR 2,795 million), a slight decline from 22.4% in Q2 FY25. The company targets a sustainable EBITDA range of 19% to 21% through cost optimization and operational efficiencies.
Capital Expenditure
Planned capital expenditure is approximately INR 180-230 crore as of recent fiscal cycles to support manufacturing expansion and distribution network strengthening.
Credit Rating & Borrowing
ICRA reaffirmed [ICRA]AA+ (Stable) for long-term fund-based facilities and [ICRA]A1+ for short-term non-fund based facilities as of October 2025. Total rated bank lines amount to INR 350 crore. The company maintains a strong balance sheet with no term debt obligations and access to significant unutilized working capital limits.
Operational Drivers
Raw Materials
The primary raw materials include cotton yarn and elastic (implied by innerwear manufacturing). Raw material costs are currently stable, which has allowed the company to maintain gross margins without taking price hikes.
Import Sources
The company sources materials from world-class suppliers, including imports for specific high-quality requirements to maintain consistent product standards.
Capacity Expansion
The company operates multiple manufacturing units (Units 1 through 28 mentioned in safety certifications). It recently achieved a 16% increase in output through productivity improvements despite a 10% reduction in headcount.
Raw Material Costs
Raw material costs have remained stable, aiding gross margin expansion. The company strategically built inventory to mitigate potential price fluctuations, contributing to a robust gross margin even as product prices remained unchanged in Q2 FY26.
Manufacturing Efficiency
Significant efficiency gains reported: 16% increase in output with 10% fewer people. The company is focusing on 'doing more with less' to manage overheads effectively.
Logistics & Distribution
The company utilizes a pan-India multi-channel network including E-commerce and Quick Commerce, which is seeing robust growth in metros.
Strategic Growth
Expected Growth Rate
10%+
Growth Strategy
Growth will be achieved through a 'double-digit' target driven by market dominance in the premium innerwear segment, expansion of the distribution network, and product innovation. The company is focusing on 'Quick Commerce' for metro growth and expanding its EBO (Exclusive Brand Store) footprint with a new identity.
Products & Services
Men's innerwear, women's innerwear (bras), leisurewear, and socks.
Brand Portfolio
Jockey (exclusive license in India, Sri Lanka, Bangladesh, Nepal, and UAE until 2040) and Speedo.
New Products/Services
Launched an innovative product range featuring 'bonded technology' in men's innerwear and bras in September 2025, which received encouraging initial consumer response.
Market Expansion
Expansion is focused on increasing penetration in existing cities and scaling up in new geographies through a multi-channel approach (MBO, EBO, LFS).
Market Share & Ranking
The company holds a leading position in the domestic premium innerwear market, though management noted a slight penetration shift from 19-20% down to 17.5-18% in specific portfolio areas.
Strategic Alliances
Long-term licensing agreement with Jockey International through 2040.
External Factors
Industry Trends
The innerwear industry is evolving with a shift toward premiumization and digital/quick commerce. While the overall retail demand for branded apparel has seen a slowdown, the company is positioning itself to capture the recovery through product innovation and distribution reach.
Competitive Landscape
Faces competition from other branded innerwear players and premium international brands. Market share has seen slight pressure, moving from 19-20% to approximately 17.5-18%.
Competitive Moat
The primary moat is the 'Jockey' brand equity and a massive distribution network. This is supported by industry-leading ROCE (50-70% range) and a license valid until 2040, providing long-term stability and competitive advantage over newer entrants.
Macro Economic Sensitivity
Highly sensitive to consumer discretionary spending. Subdued consumption trends impacted Q2 FY26 revenue growth. Management expects GST 2.0 and reduced lending rates to provide a positive impetus for future demand.
Consumer Behavior
Increasing preference for online shopping and quick commerce in metros is a key trend. Consumers are also responding well to 'bonded technology' and innovative fabrications.
Regulatory & Governance
Industry Regulations
Complies with manufacturing standards and safety health environment (SHE) initiatives. The company is working toward various levels of '5S' certification across its units (Basic to Model Level).
Environmental Compliance
The company follows an Integrated Management System (IMS) for environmental responsibility and has received safety awards from the Karnataka Safety Institute.
Taxation Policy Impact
Effective tax rate is approximately 25% (implied by PBT of INR 5,313 Mn and PAT of INR 3,956 Mn for H1 FY26).
Risk Analysis
Key Uncertainties
Volatility in raw material prices and minimum wage increases could impact the target EBITDA margin of 19-21%. Subdued demand in the innerwear segment remains a primary risk to achieving double-digit growth.
Geographic Concentration Risk
Not disclosed in available documents, but the company has a pan-India presence.
Third Party Dependencies
High dependency on the Jockey International license, which is secured until 2040.
Technology Obsolescence Risk
The company is mitigating technology risks by investing in new manufacturing technologies like 'bonded technology' to stay ahead of market trends.
Credit & Counterparty Risk
Receivables management is efficient, with receivables days historically low (around 11-19 days), indicating high quality of receivables and low credit risk.