Whalesbook
Page Industries ne apne Q4 FY26 mein kamaal dikhaya hai, profit badhaya hai despite rising costs. Strategic sourcing aur operational efficiency ne growth mein help kiya.
Profit Growth Amid Inflationary Headwinds
Company ne March quarter mein 9% zyada net profit report kiya, jo ki ₹178.73 crore hai, pichle saal ₹164 crore tha. Revenue 14% badh kar ₹1,252.6 crore ho gaya, kyunki sales volume 10.8% badh kar 54.5 million pieces ho gaya. Total expenses 14.72% badh kar ₹1,031.96 crore ho gaye, jisse lagta hai ki company kuch costs absorb kar rahi hai. Stock mein 1.13% ka chhota sa gain dekha gaya tha 22 May, 2026 ko. MD ne future growth ko lekar confidence dikhaya hai, par cotton ke badhte prices ka zikr kiya.
Margin Analysis and Valuation
Strong revenue aur profit ke bawajood, cost pressure ki wajah se EBITDA margin thoda 20.8% ho gaya. Historical data dekhein toh FY21-FY25 mein company ka P/E ratio average 88.1x tha. Iske muqable mein ITC Ltd. aur Dabur India Ltd. jaise competitors ka P/E ratio kaafi kam hai, 16.6x aur 18.4x respectively. Isse lagta hai Page Industries premium valuation par trade kar raha hai. Analysts ke views mix hain; kuch 'Buy' rating aur ₹50,000-₹52,000 target de rahe hain, toh kuch ne target kam kar diye hain. Poore FY25-26 ke liye, net profit 4.75% badh kar ₹763.82 crore hua, aur total income 6.28% badh kar ₹5,310.67 crore ho gayi. Company inflation ko counter karne ke liye better sourcing, supply chain optimization, aur efficiency drives par kaam kar rahi hai.
Potential Concerns: Inventory and Working Capital
Results acche hone ke baad bhi, inventory days Q4 FY26 ke end mein 73 ho gaye, jo saal ki shuruaat mein 64 the. Ho sakta hai ki inventory manage karne mein dikkat ho ya future sales ko lekar cautious ho company. Net working capital days bhi 66 ho gaye 54 se, matlab operations mein zyada paisa laga hua hai. Jockey brand ka exclusive license stable hai, par agar inflation aur badha ya consumer spending kam hui toh margins par pressure aa sakta hai. Kuch analysts ne 'Sell' rating di hai jinka price target ₹36,000 tak hai. Pichhle ek saal mein company ke returns -19.09% rahe hain, jo sector aur market indices se piche hain.
Future Outlook
Page Industries ko lagta hai ki inflation aage bhi pressure bana sakta hai, jisse price hike ho sakta hai aur demand affect ho sakti hai. Analysts ko Q4 FY26 revenue ₹1,360-₹1,480 crore ke beech aur PAT ₹172-₹195 crore ke beech expected tha, EBITDA margins 18.5-20% range mein. Premium brand image maintain karna, costs manage karna aur inventory control future growth ke liye crucial hoga. Analysts FY27 guidance ka wait kar rahe hain. 26 analysts ke average 12-month price target ₹37,936 hai.