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Page Industries Ltd

₹ 35,3800.06%
07 Jan – close price
🔗pageind.com•BSE: 532827•NSE: PAGEIND
Market Cap₹ 39,486 Cr.
Current Price₹ 35,380
High / Low₹ 50,590
Stock P/E51.7
Book Value₹ 1,263
Dividend Yield2.54 %
ROCE59.4 %
ROE48.5 %
Face Value₹ 10.0
Sales₹ 5,019 Cr.
OPM22.2 %
Mar Cap₹ 39,486 Cr.

ABOUT

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.

KEY POINTS

Brand & Product Portfolioa)Jockey[1]Jockey, a globally recognized brand present in over 147 countries, operates in India and select neighboring markets through an exclusive licensing agreement. Page Industries has rights to manufacture, distribute, and market Jockey products in India, Sri Lanka, Bangladesh, Nepal, Oman, Qatar, Maldives, Bhutan, and the UAE.

Also present in buckets:
Aggressive Growth TriggersExcellent ResultsRevenue GuidanceCapacity Expansion And ProductsCredit Rating UpdatesRed Flags And Poor Performance

Peer Comparision

S.No.NameCurrent Price (Rs.)Price to EarningMarket Capitalization (Rs.Cr.)Dividend yield (%)Net Profit latest quarter (Rs.Cr.)YOY Quarterly profit growth (%)Sales latest quarter (Rs.Cr.)YOY Quarterly sales growth (%)Return on capital employed (%)Sales (Rs.Cr.)OPM (%)Profit after tax (Rs.Cr.)Profit after tax latest quarter (Rs.Cr.)Price to book valueReturn on assets (%)Debt to equity
1.Page Industries35380.0051.6739486.142.54194.76-0.261290.863.5859.405018.5422.16764.23194.7628.0127.380.19
2.Arvind Ltd309.8019.748116.401.21106.7473.142371.148.3513.048687.3610.42411.10103.402.124.650.40
3.Pearl Global Ind1621.0028.427484.760.7171.9817.961312.939.2422.114792.429.22263.3673.305.799.630.58
4.Gokaldas Exports684.7032.885021.830.008.08-71.31984.355.9610.623943.259.85152.758.082.334.380.46
5.Kitex Garments172.0438.113426.580.29-6.22-113.21122.10-43.4410.16895.2813.8289.91-4.933.296.011.14
6.Lux Industries1059.2024.753182.020.1923.84-53.00778.8416.0812.542755.577.48128.5723.841.786.920.29
7.Kewal Kir.Cloth.468.2523.242885.600.4342.55-34.00287.8413.6918.79905.0518.70124.1642.553.2910.930.18
–Median: 36 Co.143.0927.94563.970.06.1119.1892.839.2112.77294.949.4616.66.112.255.760.41

Quarterly Results

Standalone figures in ₹ crores

Dec 2022Dec 2023Dec 2024Jun 2023Jun 2024Jun 2025Mar 2023Mar 2024Mar 2025Sep 2022Sep 2023Sep 2024Sep 2025
Sales
1,2001,2261,3131,2291,2781,3179659921,0981,2281,1251,2461,291
Expenses
1,0079991,0119911,0341,0228308288639908929651,011
Operating Profit
193226303239243295134164235238234281280
Other Income
29145131571420321519
Profit before tax
164202275210222270107145219213199262261
Tax %
25%25%26%25%26%26%26%25%25%24%25%26%25%
Net Profit
12415220515816520178108164162150195195
EPS in Rs
110.93136.59183.49141.98148.13180.0370.2497.01147.04145.36134.73175.06174.61

Profit & Loss

Standalone Figures in ₹ Crores / Yearly

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales
1,1881,5431,7962,1292,5512,8522,9462,8333,8864,7144,5694,9355,019
Expenses
9311,2231,4191,7142,0102,2342,4122,3053,0993,8513,7093,8723,907
Operating Profit
2563203764155426185335287878638601,0631,112
Other Income
681024213625192115326268
Interest
15181919181734303441454649
Depreciation
141824252831616365789199107
Profit before tax
2332933433955186064624537097587569791,025
Net Profit
154196232266347394343341537571569729764
EPS in Rs
137.87175.74207.57238.73311.08353.19307.71305.35481.02512.15510.31653.71685.17
Dividend Payout %
44%41%41%41%42%97%52%82%77%49%72%138%–

Compounded Profit Growth

10 Years:14%
5 Years:16%
3 Years:11%
TTM:23%

Compounded Sales Growth

10 Years:12%
5 Years:11%
3 Years:8%
TTM:6%

Return on Equity

10 Years:46%
5 Years:45%
3 Years:44%
Last Year:49%

Stock Price CAGR

10 Years:10%
5 Years:3%
3 Years:-5%
1 Year:-28%

Balance Sheet

Standalone figures in ₹ crores

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital
11111111111111111111111111
Reserves
2783765196558367648098741,0771,3601,5861,3961,398
Borrowings
16315795886985176127110406185262268
Other Liabilities
2332793214014974915176889089159019741,089
Total Liabilities
6868239461,1541,4121,3511,5131,7002,1072,6932,6832,6432,766
Fixed Assets
173217217236238301406386402485488758768
Gross Block
240.41305.85240.80276.43304.85398.24536.43576.67597.75713.66753.601,064.94–
Accumulated Depreciation
67.5888.5924.1240.3466.9197.61130.90190.38195.33228.49265.81307.38–
CWIP
400245972928651502397292
Investments
0005221800000000
Other Assets
5096067298428981,0431,0791,2861,6392,0571,9561,8131,906
Total Assets
6868239461,1541,4121,3511,5131,7002,1072,6932,6832,6432,766

Cash Flows

Standalone Figures in ₹ Crores / Yearly

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity
75167219274453230517696327-21,0801,204
Cash from Investing Activity
-49-53-26-108-238192-27-40111936-37012
Cash from Financing Activity
-27-113-189-154-188-443-378-366-396-179-621-1,010
Net Cash Flow
-1141227-22113-7149-14589205

Ratios

Standalone Figures in ₹ Crores / Yearly

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days
22212119211691816111314
Inventory Days
337317288264191229200160208279205147
Days Payable
545950474637267277503244
Cash Conversion Cycle
305279259236166207183106146240185118
Working Capital Days
525861573755421033594919
ROCE %
64%62%62%60%64%69%53%48%67%54%45%59%

Shareholding Pattern

Numbers in percentages

Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025
Promoters
46.12%46.12%46.12%45.11%45.11%45.11%45.04%44.29%42.89%42.89%42.89%42.89%
FIIs
24.66%22.38%21.99%21.98%21.78%20.86%20.55%20.84%22.67%23.58%24.03%23.20%
DIIs
19.00%21.26%21.41%22.92%23.92%25.85%27.35%28.76%28.69%27.87%27.75%28.52%
Public
9.60%9.61%9.88%9.35%8.49%7.43%6.30%5.35%5.02%4.92%4.59%4.67%

* The classifications might have changed from Sep'2022 onwards.ℹ️

BSE Announcements AI Summary

Direct from BSE filings, auto-summarised

Page Industries to Close Trading Window from April 1, 2026

25th March 2026, 4:53 pm

ICICI Pru Mutual Fund Increases Stake in Page Industries by Over 2%

5th March 2026, 3:27 pm

Page Industries Advertises Financial Results; LIC Posts 17% Q3 Profit Surge; Budget 2026-27 Analysis Event Announced

6th February 2026, 6:28 pm

Page Industries Limited: Link Provided for Investor Call Recording on Q3 FY26 Financial Results

6th February 2026, 1:13 am

Page Industries Declares ₹125 Interim Dividend, Reports Q3 FY26 Results with ₹35 Cr Exceptional Item

5th February 2026, 8:21 pm

Published by Other Websites

External media mentions & references

Page Industries: Analysts Skeptical Despite Demand Hopes

27th March 2026, 1:21 pm

Indian Stocks Up, Rupee Hits Record Low Amid Geopolitical Fears

20th March 2026, 4:03 pm

BSE 500 Plunges: 127 Stocks Hit 52-Week Lows Amid Geopolitical Fears

16th March 2026, 3:00 pm

Nifty 50 Crumbles Below 23,000; 700 Stocks Plunge to 52-Week Lows

16th March 2026, 1:02 pm

Innerwear Brands Squeezed: Goat Labs Eyes Pepe Sale Amid Sector Woes

5th March 2026, 9:42 am

News Articles

Editorial & research coverage

Page Industries Climbs on Revenue Boost, But Margin Squeeze Looms
Page Industries Climbs on Revenue Boost, But Margin Squeeze Looms

5th February 2026, 3:16 pm

Indian Earnings Mixed Amid Global Tech Jitters; NSDL Lock-in Expiry Looms
Indian Earnings Mixed Amid Global Tech Jitters; NSDL Lock-in Expiry Looms

5th February 2026, 7:44 am

Budget 2026 Boosts Fisheries, Textiles; Stocks Rise
Budget 2026 Boosts Fisheries, Textiles; Stocks Rise

1st February 2026, 2:08 pm

Mid-Caps Navigate Volatility Amidst Macro Headwinds
Mid-Caps Navigate Volatility Amidst Macro Headwinds

29th January 2026, 6:18 am

Sector Heat Fuels Pre-Market Stock Rally
Sector Heat Fuels Pre-Market Stock Rally

28th January 2026, 9:47 am

Documents

Announcements

Closure of Trading Window
Disclosures under Reg. 29(1) of SEBI (SAST) Regulations, 2011
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation

24 Nov 2025 - Management meeting with investors/analysts on 8 Dec 2025 in Bangalore; no UPSI to be shared.

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome

20 Nov 2025 - Q2 FY'26 earnings call transcript: Q2 revenue INR12,909m (+3.6%), PAT INR1,948m (-0.3%); H1 revenue INR26,704m.

Annual Reports

Financial Year 2025

(from bse)

Financial Year 2024

(from bse)

Financial Year 2023

(from bse)

Financial Year 2022

(from bse)

Financial Year 2021

(from bse)

Financial Year 2020

(from bse)

Financial Year 2019

(from bse)

Financial Year 2018

(from bse)

Financial Year 2017

(from bse)

Financial Year 2016

(from bse)

Financial Year 2015

(from bse)

Financial Year 2014

(from bse)

Financial Year 2013

(from nse)

Financial Year 2013

(from bse)

Financial Year 2012

(from bse)

Credit Ratings

Rating update

13 Oct 2025 from icra

Rating update

7 Oct 2024 from icra

Rating update

10 Aug 2023 from icra

Rating update

30 Jun 2022 from icra

Rating update

30 Mar 2021 from icra

Rating update

23 Oct 2020 from icra

Concalls

Nov 2025

TranscriptPPTRecording

Aug 2025

TranscriptPPTRecording

May 2025

TranscriptPPTRecording

Feb 2025

TranscriptPPTRecording

Nov 2024

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Aug 2024

TranscriptPPTRecording

May 2024

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Feb 2024

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Nov 2023

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Aug 2023

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May 2023

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Feb 2023

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Nov 2022

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Aug 2022

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May 2022

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Feb 2022

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Nov 2021

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Aug 2021

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Jun 2021

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Feb 2021

Transcript

Nov 2020

Transcript

Sep 2020

Transcript

Mar 2020

TranscriptPPT

Dec 2018

PPT

Stock Analysis

Description

  1. 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. It also holds the license for the Speedo brand in India.

Key Growth Triggers

  1. Management cited cost efficiencies, product innovation, recovery in consumption, robust online sales, and optimism for future demand supported by economic factors as drivers. Previous updates also mentioned strategic digital initiatives, enhanced Distribution Management System, SAP core transformation, and a new manufacturing facility in Odisha.

Order Book

  1. Currently no data available for Order Book.

Key Red Flags

  1. The stock is trading at a high valuation (28.0 times book value).
  2. The company has delivered a poor sales growth of 10.9% over past five years.
  3. Promoter holding has decreased over the last 3 years.

Key Dates To Watch

  1. February 5, 2026: Board Meeting to consider Q3 FY26 results and 3rd interim dividend.
  2. February 5, 2026: Investor/Analyst call to discuss Q3 FY26 results.
  3. February 11, 2026: Proposed record date for 3rd interim dividend.

Corporate Announcements

25th Mar 26
Impact Rating: 6
In compliance with SEBI regulations, Page Industries Limited has intimated the closure of its trading window. This will be effective from April 1, 2026, and will remain shut for 48 hours post the announcement of audited financial results for the fiscal year ending March 31, 2026.
5th Mar 26
Impact Rating: 8
ICICI Prudential Mutual Fund's stake in Page Industries increased by over 2% due to a net acquisition of 2,24,878 shares, raising its total holding to 7.09%.
6th Feb 26
Impact Rating: -
No description available.
5th Feb 26
Impact Rating: 2
Page Industries Limited has furnished a link to the investor call recording for its Q3 FY26 results, offering a platform for detailed discussion.
5th Feb 26
Impact Rating: 8
Page Industries declared its third interim dividend of ₹125 per share for FY26. The company reported Q3 FY26 results, with revenue up 5.6% YoY but profit down due to an exceptional charge.