Page Industries Limited (PAGEIND)
₹36,145.00 -0.97% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Page Industries' revenue was ₹1,420 Cr (+7.8% year on year, +13.3% on the previous quarter), and net profit ₹193 Cr (-4.0% year on year); the operating margin was 20.4%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹1,420 | +7.8% | +13.3% |
| Operating profit | ₹289 | -2.0% | +10.7% |
| Net profit | ₹193 | -4.0% | +7.8% |
| EPS (₹) | 172.86 | -4.0% | +7.9% |
| Operating margin | 20.4% | — | — |
PAGEIND delivery percentage and open interest
NSE end-of-day data for
On Fri, 16 Oct 2026, 82.49% of the PAGEIND shares traded on NSE were taken to delivery, against the stock's own 20-session average of 42.17%. Delivery was unusually high while the price barely moved (-0.97%). In PAGEIND futures, open interest fell 0.05% while the futures price fell 0.63%: long unwinding (longs closing out).
Delivery in the last 5 sessions: 32.3% · 46.8% · 36.5% · 48.8% · 82.5%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Page Industries Limited has appointed Mr. Arjun Sunil Makhecha as Company Secretary, Compliance Officer, and Nodal Officer effective October 14, 2026. Makhecha brings over 16 years of experience across corporate secretarial, governance, and compliance roles, having previously served at Bluspring Enterprises, Biocon group, and Subex Limited. Additionally, the company updated its list of Key Managerial Personnel authorized to determine materiality under Regulation 30(5). This is an administrative leadership appointment with no direct financial impact on the company's balance sheet or operations.
- Appointment of Arjun Sunil Makhecha effective October 14, 2026
- Appointee brings over 16 years of secretarial and compliance experience
- Updated list of 5 Key Managerial Personnel authorized for materiality disclosures
Page Industries has announced that the Dubai Court dismissed a claim filed against the company by Yellow Flower Trading LLC (YFT) in its current state. The dismissal was prompted by YFT's failure to deposit the court-ordered expert fees. Additionally, the court directed YFT to bear the court fees, expenses, and pay AED 1,000 towards Page Industries' advocate fees.
- Dubai Court dismissed the claim filed by Yellow Flower Trading LLC against Page Industries in its current state
- Dismissal occurred due to YFT's failure to pay the required court-ordered expert deposit
- YFT ordered to pay Page Industries AED 1,000 towards advocates' fees along with court fees and costs
- Follows earlier corporate disclosure made by the company on 2 September 2026
Page Industries Limited has received a notice from the Dubai Court regarding a legal claim filed by Yellow Flower Trading LLC (YFT) over disputes regarding their distribution arrangement in the UAE. The claim amount is AED 113,548,160.81 (approx. ₹250-260 crore) plus interest at 9% per annum from October 10, 2025. The company stated the claim pertains to an alleged unlawful termination and is without merit, intending to contest the claims vigorously. The litigation is currently at a preliminary stage.
- Served legal notice from Dubai Court initiated by distributor Yellow Flower Trading LLC (YFT)
- Claim amount stands at AED 113,548,160.81
- Interest claimed at 9% per annum from 10 October 2025 until full payment
- Dispute arises out of distribution arrangements in the UAE and alleged unlawful termination
Page Industries Limited has announced the resignation of Mr. Murugesh C from the role of Company Secretary & Compliance Officer (Senior Management Personnel). His resignation took effect from the close of business hours on August 26, 2026. The departure is attributed to his decision to pursue external career opportunities. The company will need to appoint a successor to oversee statutory compliance and secretarial functions.
- Resignation of Murugesh C from the post of Company Secretary & Compliance Officer
- Effective date of cessation is the close of business hours on August 26, 2026
- Stated reason is to pursue another opportunity outside the organization
- Filing submitted under Regulation 30 of SEBI (LODR) Regulations, 2015 on August 27, 2026
Page Industries released the earnings call transcript for Q1 FY27, reporting a 7.9% YoY revenue increase to ₹1,420.4 Cr, supported by a 5.7% volume growth to 61.9 million pieces. EBITDA fell 1.9% YoY to ₹289.0 Cr, with EBITDA margins moderating to 20.3% (down from 22.4% in Q1 FY26) due to elevated cotton and synthetic input costs. Net profit stood at ₹192.8 Cr, declining 4% YoY. Management reiterated its full-year double-digit volume growth target while scaling up capacity at its Odisha and K.R. Pet facilities.
- Q1 FY27 revenue grew 7.9% YoY to INR 14,204 million (₹1,420.4 Cr).
- Sales volume reached 61.9 million pieces, up 5.7% YoY.
- EBITDA margin stood at 20.3% vs 22.4% in Q1 FY26, leading to a 1.9% YoY drop in EBITDA to INR 2,890 million.
- Net profit after tax declined 4% YoY to INR 1,928 million.
- Retail network reached 115,871 multi-brand outlets, 1,640 exclusive brand stores, and 930 large format stores.
Page Industries Limited has informed the exchanges that its management team will attend the J.P. Morgan India Conference on September 21, 2026, in Mumbai. The management will engage with institutional investors and analysts in group meeting formats. The company stated that no unpublished price sensitive information (UPSI) will be shared during the interactions.
- Management participating in the J.P. Morgan India Conference on 21 September 2026
- Venue scheduled at The St. Regis Mumbai, Lower Parel, Mumbai
- Interaction planned as group meetings with analysts and institutional investors
- Filing submitted pursuant to Regulation 30 of SEBI LODR on 14 August 2026
Page Industries has published the video recording of its 31st Annual General Meeting (AGM) held on August 13, 2026. This is a standard regulatory disclosure providing transparency for shareholders who were unable to attend the live session. While the filing itself contains no new financial figures, the AGM typically involves management discussions on the company's 64% ROCE and its strategy to maintain market dominance in the premium innerwear segment. Investors can access the recording via the provided YouTube link for qualitative insights into future growth plans.
- 31st Annual General Meeting successfully concluded on August 13, 2026
- Video recording of the entire proceedings made available via public YouTube link
- Company operates with a high ROCE of 64.0% as per latest financial context
- Management continues to leverage the Jockey brand license which is valid until 2040
Page Industries has provided the public link to the audio recording of its investor conference call for the quarter ending June 30, 2026. This is a standard procedural disclosure following the announcement of quarterly financial results. The recording allows investors to hear management's detailed commentary on the 16% productivity improvement and the performance of new product launches like 'bonded technology' innerwear. Given the company's high ROCE of 64.0%, these calls are critical for tracking the sustainability of its premium market dominance.
- Audio recording link provided for the quarter ending June 30, 2026
- Filing submitted on August 13, 2026, following the earnings release
- Company maintains a high ROCE of 64.0% and a low D/E ratio of 0.18
- Management previously reported a 16% increase in output despite a 10% reduction in headcount
Page Industries has issued a formal declaration under Regulation 34(1)(b) of SEBI (LODR) Regulations. The company confirmed that the Annual Report for the financial year 2025-26, which was already submitted to the stock exchanges, remains unchanged. This is a standard procedural filing to verify the finality of the document for shareholders and regulators. No new financial figures or operational updates were disclosed in this specific announcement.
- Confirmation of no changes to the Annual Report for the financial year 2025-26
- Filing submitted under Regulation 34(1)(b) of SEBI (LODR) Regulations
- The announcement was officially recorded on August 13, 2026
- Maintains the status quo of the previously disclosed financial and operational data
Page Industries concluded its 31st Annual General Meeting on August 13, 2026, with shareholders approving all five proposed resolutions. The adoption of FY26 financial statements received 99.72% support, while the reappointment of directors Mr. V S Ganesh and Mr. Sanjeev Genomal saw 98.29% and 98.52% approval respectively. A total of 1,00,76,500 votes were polled on key resolutions, representing approximately 90.3% of the total shares held by the voting categories. The appointment of Walker Chandiok & Co LLP as statutory auditors for a five-year term was also ratified with near-unanimous support.
- 99.72% of valid votes cast in favor of adopting the audited financial statements for the year ended March 31, 2026
- Reappointment of Mr. V S Ganesh as Director approved with 98.29% votes in favor (9,903,934 shares)
- Reappointment of Mr. Sanjeev Genomal as Director approved with 98.52% votes in favor (9,895,971 shares)
- Appointment of Walker Chandiok & Co LLP as Statutory Auditors for a 5-year term approved with 99.99% support
- Remuneration to Directors under Section 197(1) approved with 99.99% of votes in favor
Shareholders of Page Industries approved all five resolutions at the 31st Annual General Meeting held on August 13, 2026. Key approvals included the adoption of FY26 financial statements and the reappointment of directors V S Ganesh and Sanjeev Genomal. The appointment of Walker Chandiok & Co LLP as statutory auditors for a five-year term was cleared with near-unanimous support (99.99%). Overall voting turnout was high at 90.34%, reflecting strong institutional and promoter participation.
- Total of 51,916 shareholders were on record as of the August 6, 2026 cut-off date
- Overall voting turnout reached 90.34% of the 1,11,53,874 total shares
- Resolution for adoption of financial statements passed with 99.72% votes in favor
- Reappointment of Mr. V S Ganesh as Director received 98.29% approval despite 1.71% institutional dissent
- Appointment of Walker Chandiok & Co LLP as auditors passed with 99.99% support
Page Industries has declared its first interim dividend of ₹200 per share for FY27, with a record date of August 19, 2026. Q1 FY27 revenue grew 7.9% YoY to ₹1,420.45 cr, showing resilient demand despite a slight 4% dip in net profit to ₹192.81 cr. The company maintains a strong financial profile with a low debt-to-equity ratio of 0.18 and a high ROCE of 64%. The dividend payout represents approximately 115% of the quarterly EPS of ₹172.86.
- First interim dividend of ₹200 per equity share declared for FY27
- Revenue from operations increased 7.9% YoY to ₹1,420.45 cr
- Net profit for Q1 FY27 stood at ₹192.81 cr, down 4% from ₹200.80 cr YoY
- Record date for dividend payment is fixed as August 19, 2026
- Employee benefit expenses rose 6.7% YoY to ₹249.57 cr
Page Industries reported a 7.9% YoY revenue growth to ₹1,420.4 Cr for Q1 FY27, supported by a 5.7% increase in sales volume reaching 61.2 million pieces. However, Profit After Tax (PAT) declined by 4.0% YoY to ₹192.8 Cr as EBITDA margins contracted from 22.4% to 20.3% due to input cost inflation in cotton and synthetics. The company maintained its long-term target of reaching ₹8,000 Cr in revenue by FY28-29, supported by the scale-up of new facilities in Orissa and KR Pet. Management highlighted that logistics disruptions temporarily hindered full demand servicing during the quarter.
- Revenue increased 7.9% YoY to ₹1,420.4 Cr, driven by broad-based demand across channels.
- Sales volume grew 5.7% YoY to 61.2 million pieces, though logistics issues limited full realization.
- EBITDA margin contracted to 20.3% from 22.4% in the previous year's quarter due to higher input costs.
- Distribution network reached 1,15,208 retail outlets and 1,604 Exclusive Brand Stores (EBS).
- Company set an aspirational revenue target of ₹8,000 Cr by FY 2028-29.
Page Industries reported a 7.9% YoY revenue growth to ₹1,420.45 Cr for Q1 FY27, showing steady top-line momentum. However, Net Profit declined by 4% YoY to ₹192.81 Cr, impacted by a 6.8% rise in employee costs and a 9.8% increase in other expenses. The Board has declared a significant first interim dividend of ₹200 per share, maintaining its trend of high payouts. While revenue is growing, the faster growth in operating expenses suggests margin pressure in the premium innerwear segment.
- Revenue from operations increased 7.9% YoY to ₹1,420.45 Cr from ₹1,316.56 Cr.
- Net Profit for the quarter fell 4% YoY to ₹192.81 Cr compared to ₹200.80 Cr in Q1 FY26.
- Declared 1st Interim Dividend of ₹200 per equity share for FY 2026-27.
- Employee benefit expenses rose to ₹249.57 Cr, up from ₹233.77 Cr in the corresponding previous quarter.
- Other expenses increased to ₹274.58 Cr from ₹249.99 Cr YoY, reflecting higher operational costs.
Page Industries has scheduled its 31st Annual General Meeting (AGM) for August 13, 2026, to be conducted via video conferencing. A key agenda item is the mandatory rotation of statutory auditors, with Walker Chandiok & Co LLP proposed to replace S.R. Batliboi & Associates LLP for a five-year term. The company has proposed a statutory audit fee of ₹0.9 cr for FY27 and a remuneration cap of ₹2 cr for non-executive directors. The register of members will remain closed on August 6, 2026, for AGM purposes.
- 31st Annual General Meeting scheduled for August 13, 2026, at 11:30 AM IST
- Mandatory rotation of statutory auditors after 10 years, proposing Walker Chandiok & Co LLP for a 5-year tenure
- Proposed statutory audit remuneration of ₹9.00 million (₹0.9 cr) for the financial year 2026-27
- Proposed remuneration for non-executive directors capped at ₹20 million (₹2 cr) for FY27
- Book closure date set for August 6, 2026, to determine eligibility for the AGM
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.
