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Page Industries reported a 9% year-on-year profit increase for the fourth quarter of FY26, reaching ₹178.7 crore. This growth was supported by a robust 14.1% rise in revenue, which climbed to ₹1,252.6 crore from ₹1,098 crore in the same period last year. The company also saw its EBITDA grow 10.7% to ₹260.6 crore. However, the EBITDA margin narrowed slightly to 20.8% from 21.5% year-on-year, indicating pressure from increased operating expenses or a change in product mix, despite a 10.8% increase in sales volume to 54.5 million pieces.
Operating in the competitive Indian apparel market, Page Industries leverages its brand equity as the licensee for Jockey International. It faces competition from brands like Van Heusen, Hanes, Rupa, and Lux. The company currently trades at a Price-to-Earnings (P/E) ratio of roughly 47.4x to 55.01x on a trailing twelve-month basis. Analysts generally hold a 'Neutral' consensus rating, with some recommending a buy. The average 12-month price target suggests a slight potential downside.
The Board of Directors approved a fourth interim dividend of ₹150 per equity share for FY25-26, with a record date of May 27, 2026, and payment expected by June 19, 2026. This brings the total dividend for FY26 to ₹550 per share. For the full fiscal year 2025-26, Page Industries reported revenue of ₹5,246.8 crore, a 6.3% increase, and profit after tax of ₹763.8 crore, up 4.8% year-on-year. The company's operating cash flow for the full year decreased from ₹1,204 crore to ₹794 crore, impacted by a significant increase in traded goods purchases and inventory build.
While Page Industries has a history of strong sales growth, FY26 revenue growth of 6.3% marks a slowdown. The rise in inventory and traded goods purchases, up 56%, may signal strategic shifts or inventory management changes that affected cash flow. The Q4 dip in EBITDA margins, alongside increased marketing spend by competitors, raises concerns about cost control and pricing power. Analysts have also lowered price targets due to softer growth and margin assumptions. The company's P/E ratio, though reduced from historical highs, remains elevated, making it sensitive to any growth deceleration.
Management highlighted product enrichment and consumer experience strategies for the quarter's performance but acknowledged navigating a "lower-growth phase." Analyst forecasts for the next quarter suggest revenue around ₹11.84 billion and an EPS of ₹149.98. The company's established market position and consistent dividends offer stability, but investors will watch its ability to accelerate growth and improve margins amidst industry challenges.