PAGEIND
Page Industries share price & financials
- Price
- ₹39,900
- Market cap
- ₹39.2k Cr
- Sector
- Textiles
- Calls analysed
- 6
Page Industries Limited Q1 FY27
What went well
- Revenue of ₹14,204 million, up 7.9% YoY, driven by strong underlying volume performance and healthy consumer demand.
- Sales volume grew 5.7% YoY to 61.9 million pieces, with good traction across exclusive brand stores, e-commerce, and wider retail network.
- Inventory days reduced to 66 at quarter-end from 73 at the beginning of the quarter, indicating improved inventory management.
What to watch
- EBITDA declined by 1.9% YoY to ₹2,890 million, with EBITDA margin at 20.3% compared to 22.4% in Q1 FY26, reflecting input cost pressure.
- Profit after tax declined by 4% YoY to ₹1,928 million, impacted by input cost pressure and temporary operational constraints.
What Page Industries Limited does
Page Industries is the exclusive licensee of Jockey International Inc. (USA) for manufacturing, distribution and marketing of the Jockey brand across India, Sri Lanka, Bangladesh, Nepal, Kuwait, Oman, Qatar, Maldives, Bhutan, the UAE, Saudi Arabia and Bahrain, and is separately the exclusive licensee of Speedo International Ltd. for swimwear in India. It designs, manufactures (predominantly in-house) and sells innerwear, outerwear, athleisure and related apparel for men, women and kids under Jockey, and swimwear and swimming accessories under Speedo, earning through a multi-channel distribution network of multi-brand outlets, exclusive brand stores, large-format stores and e-commerce. Its license with Jockey International runs until 2040.
Segments
- Jockey (innerwear, athleisure & outerwear)
- Speedo (swimwear)
- Installed production capacity
- 280 million pieces per annum
- Manufacturing units
- 16, spread over 2.9 million sq ft (14 in Karnataka, 1 in Tamil Nadu, 1 in Odisha)
- Retail network (points of sale)
- 1,16,606
- Exclusive Brand Stores (Jockey)
- 1,615
- Large Format Stores presence
- 893
- Cities & towns covered (Jockey distribution)
- 2,731
Guidance record · Q1 FY27
what the last two calls moved 12 tracked 3 delivered 3 missed 6 open- EBITDA Margin delivered said Q4 FY25 Promised: Maintain EBITDA margin in the range of 19% to 21% Q1 FY27: Reported 20.3% margin, which is within the guided 19-21% range for FY27.
- Volume Growth missed said Q4 FY25 Promised: Targeting a volume growth towards higher single-digit kind of a number for the coming year Q1 FY27: Promise related to FY26, which was missed. Superseded by new FY27 guidance.
- Revenue Growth at risk said Q1 FY26 Promised: Aiming for a double digit growth when things normalize Q1 FY27: Revenue growth was 7.9% YoY, below the double-digit target, attributed to temporary logistics issues.
All 12 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 7.8%, net profit down 4.0% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,246 | 1,313 | 1,098 | 1,317 | 1,291 +4% | 1,387 +6% | 1,253 +14% | 1,420 +8% |
| EBITDA | 281 | 303 | 235 | 295 | 280 −0% | 318 +5% | 261 +11% | 289 −2% |
| Net profit | 195 | 205 | 164 | 201 | 195 +0% | 190 −7% | 179 +9% | 193 −4% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −20.4% 1Y
1Y: ₹44,425 on 10 Sept 2025 → ₹35,365. High ₹45,355 (17 Sept 2025), low ₹30,200 (16 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- −4.6%
- 13 Aug
- Q4 FY26
- +0.2%
- 21 May
- Q3 FY26
- +3.5%
- 5 Feb
- Q2 FY26
- −2.8%
- 13 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 3.5% a year over 3 years, FY23 to FY26. Operating margin widened to 22.0%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹4.7k Cr | ₹4.6k Cr | ₹4.9k Cr | ₹5.2k Cr |
| Operating profit | ₹863 Cr | ₹863 Cr | ₹1.1k Cr | ₹1.2k Cr |
| Operating margin | 18.2% | 18.9% | 21.5% | 22.0% |
| Interest | ₹42 Cr | ₹44 Cr | ₹47 Cr | ₹51 Cr |
| Depreciation | ₹78 Cr | ₹92 Cr | ₹100 Cr | ₹107 Cr |
| Net profit | ₹571 Cr | ₹568 Cr | ₹729 Cr | ₹765 Cr |
| Net margin | 12.1% | 12.4% | 14.8% | 14.6% |
| Cash from operations | ₹-2 Cr | ₹1.1k Cr | ₹1.2k Cr | ₹794 Cr |
| Free cash flow | ₹-165 Cr | ₹986 Cr | ₹1.1k Cr | ₹687 Cr |
| ROCE | 54.0% | 45.0% | 59.0% | 64.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹11 Cr | ₹11 Cr | ₹11 Cr | ₹11 Cr | ₹11 Cr | ₹11 Cr |
| Reserves | ₹874 Cr | ₹1.1k Cr | ₹1.4k Cr | ₹1.6k Cr | ₹1.4k Cr | ₹1.5k Cr |
| Borrowings | ₹127 Cr | ₹110 Cr | ₹406 Cr | ₹185 Cr | ₹268 Cr | ₹277 Cr |
| Other liabilities | ₹688 Cr | ₹908 Cr | ₹915 Cr | ₹901 Cr | ₹1.1k Cr | ₹1.1k Cr |
| Total liabilities | ₹1.7k Cr | ₹2.1k Cr | ₹2.7k Cr | ₹2.7k Cr | ₹2.8k Cr | ₹2.9k Cr |
| Fixed assets | ₹386 Cr | ₹402 Cr | ₹485 Cr | ₹488 Cr | ₹768 Cr | ₹871 Cr |
| Capital work in progress | ₹28 Cr | ₹65 Cr | ₹150 Cr | ₹239 Cr | ₹92 Cr | ₹1 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Other assets | ₹1.3k Cr | ₹1.6k Cr | ₹2.1k Cr | ₹2.0k Cr | ₹1.9k Cr | ₹2.0k Cr |
| Total assets | ₹1.7k Cr | ₹2.1k Cr | ₹2.7k Cr | ₹2.7k Cr | ₹2.8k Cr | ₹2.9k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, DIIs added +5.18 pp while FIIs trimmed −5.12 pp. The shareholder count grew 9% to 52,623.
- Promoters
- 42.9%
- FIIs
- 18.9%
- DIIs
- 32.9%
- Government
- 0.7%
- Public
- 4.6%
Since Jun 2025
- DIIs +5.18 pp
- FIIs −5.12 pp
- Government −0.04 pp
How it drifted, 12 quarters
Over this window DIIs went from 22.9% to 32.9% — +10.0 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 45.1%, FIIs 22.0%, DIIs 22.9%, Government 0.6%, Public 9.3%.Dec '23: Promoters 45.1%, FIIs 21.8%, DIIs 23.9%, Government 0.7%, Public 8.5%.Mar '24: Promoters 45.1%, FIIs 20.9%, DIIs 25.9%, Government 0.8%, Public 7.4%.Jun '24: Promoters 45.0%, FIIs 20.6%, DIIs 27.4%, Government 0.8%, Public 6.3%.Sep '24: Promoters 44.3%, FIIs 20.8%, DIIs 28.8%, Government 0.8%, Public 5.3%.Dec '24: Promoters 42.9%, FIIs 22.7%, DIIs 28.7%, Government 0.8%, Public 5.0%.Mar '25: Promoters 42.9%, FIIs 23.6%, DIIs 27.9%, Government 0.8%, Public 4.9%.Jun '25: Promoters 42.9%, FIIs 24.0%, DIIs 27.8%, Government 0.8%, Public 4.6%.Sep '25: Promoters 42.9%, FIIs 23.2%, DIIs 28.5%, Government 0.7%, Public 4.7%.Dec '25: Promoters 42.9%, FIIs 20.7%, DIIs 30.8%, Government 0.7%, Public 4.9%.Mar '26: Promoters 42.9%, FIIs 19.0%, DIIs 32.5%, Government 0.7%, Public 4.9%.Jun '26: Promoters 42.9%, FIIs 18.9%, DIIs 32.9%, Government 0.7%, Public 4.6%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- ICICI Prudential Multi-Asset Fund Mutual fund newly disclosed 5.76% held
- Axis Mutual Fund Trustee Limited A/C Axis Mutual Fund A/C Axis Midcap Fund Mutual fund newly disclosed 1.49% held
- DSP Midcap Fund Mutual fund newly disclosed 1.04% held
- SBI Life Insurance Co. Ltd Insurer newly disclosed 1.03% held
- ICICI Prudential Life Insurance Company Limited Insurer +0.08 pp 1.45% held
- Nippon Life India Trustee Ltd-A/C Nippon India Multi Cap Fund Mutual fund +0.07 pp 2.28% held
The same filing shows 2 holders trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Page Industries Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Ramesh Genomal | 14.29% | unchanged |
| Sunder Genomal | 11.23% | unchanged |
| SBI Equity Hybrid Fund Mutual fund | 9.00% | unchanged |
| ICICI Prudential Multi-Asset Fund Mutual fund | 5.76% | newly disclosed |
| Sanjeev Naraindas Genomal | 4.86% | unchanged |
| Nalanda India Fund Limited FPI fund | 4.81% | unchanged |
| NPS Trust- A/C SBI Pension Fund Scheme - State Govt Pension / PF | 3.54% | −0.25 pp |
| Sadhna Vijay Hirdaramani | 3.43% | unchanged |
| Simran Keshav Mahtani | 3.43% | unchanged |
| Dharmesh Naraindas Genomal | 2.57% | unchanged |
| Nippon Life India Trustee Ltd-A/C Nippon India Multi Cap Fund Mutual fund | 2.28% | +0.07 pp |
| Axis Mutual Fund Trustee Limited A/C Axis Mutual Fund A/C Axis Midcap Fund Mutual fund | 1.49% | newly disclosed |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in PAGEIND
Filings to Aug 2026
2 new, 7 added, 4 trimmed, 1 sold out — net −0.04 L shares (−0.3%).
- Held by funds
- ₹4.7k Cr
- 32 schemes
- Biggest holder
- SBI Aggressive Hybrid Fund
- ₹1.1k Cr · 1.3% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| SBI Aggressive Hybrid Fund SBI Mutual Fund | ₹1.1k Cr | held | Aug '21 |
| SBI Large Cap Fund SBI Mutual Fund | ₹1.1k Cr | held | Aug '21 |
| Nippon India Multi Cap Fund Nippon India Mutual Fund | ₹458 Cr | held | Apr '24 |
| SBI Large and Midcap Fund SBI Mutual Fund | ₹435 Cr | held | Aug '21 |
| SBI Midcap Fund SBI Mutual Fund | ₹378 Cr | held | Aug '21 |
| Nippon India Growth Mid Cap Fund Nippon India Mutual Fund | ₹344 Cr | held | Feb '19 |
| SBI MultiCap Fund SBI Mutual Fund | ₹276 Cr | held | Apr '22 |
| HDFC Multi Cap Fund HDFC Mutual Fund | ₹131 Cr | held | Jan '24 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
7 added, 4 trimmed — net −4,346 shares (−0.3%)
- Funds are sitting on
- +8%
- vs est. average cost
- Held by funds
- ₹4.7k Cr
- 32 schemes · ≈ 13% of the company
- Biggest holder
- SBI Aggressive Hybrid Fund
- ₹1.1k Cr · 1.3% of that fund
- Longest holder
- Nippon India Growth Mid Cap Fund
- 7y 7m · since Feb '19
Shares held by these funds +10%
Aug '23 13.05 L shares Jul '26
All earnings calls (6)
Read the Q1 FY27 call →Learn to analyse Page Industries Limited
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