Page Industries Q1 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹38,090 Cr
- P/E
- 48.73
- ROE
- 54.29%
- PEG
- 4.27
- Price to sales
- 7.12
- Debt to equity
- 0.18
- 52W high / low
- ₹43,610 / ₹30,200
- Sales growth (5Y)
- 13.12%
- EBITDA margin
- 21.44%
- Net profit margin
- 15.05%
- Promoter holding
- 42.89%
- Sales (last year)
- ₹5,351 Cr
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.
Guidance scorecard · Q1 FY27 call
What Page Industries Ltd's management guided
and where it ranks in Textiles & Apparels
Textiles & Apparels
RevenueQ1 FY27 call
10–20%- Targeting double-digit volume growth for the full financial year, with phased growth across quarters.
- Volume in Q1 was impacted by structural changes in scheme distribution and temporary logistics/manpower disruptions.
- Expectation of above-average volume growth in remaining three quarters to compensate for Q1 shortfall.
- Revenue growth moderated in Q1 due to undelivered billing but underlying demand and volume momentum remain strong.
- New product launches, including Groove 3 street fashion line and licensed merchandise (Disney and Marvel), expected to contribute to growth.
- Expansion in e-commerce and digital channels, with a shift towards outright sales model to improve consumer experience.
2 more points from Page Industries Ltd's call on revenue
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MarginsQ1 FY27 call
FlatSee what Page Industries Ltd said on margins — free account, 30 seconds.
CapexQ1 FY27 call
Planned- Page Industries is investing to augment manufacturing capacities, both in-house and outsourced, to meet growing demand.
- Scale-up of Odisha and K.R. Pet manufacturing facilities is underway to enhance production capabilities and efficiency.
- The company is progressing on digital transformation initiatives across ERP, distribution management system (DMS), and HR transformation.
- A consumer data platform (CDP) implementation is near completion, expected to go live by end of August 2026, enabling data-driven decisions.
- Continued strategic sourcing and supply chain initiatives aim to mitigate cost pressures and improve operational efficiency.
2 more points from Page Industries Ltd's call on capex
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FundraisingQ1 FY27 call
See what Page Industries Ltd said on fundraising — free account, 30 seconds.
Order bookQ1 FY27 call
Ask what Page Industries Ltd said on the order book →
Full Q1 FY27 analysisRanges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Textiles & Apparels
on management's own guidance
- Strong growth2
- Strong growth1
- Sumeet IndustrieGood growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Textiles & Apparels companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 2%+ | ₹560 Cr | 90.6 | |
| 2 | 40%+ | Flat | ₹421 Cr | 27.7 | |
| 3 | Sumeet Industrie | 20–40% | Up 2%+ | ₹751 Cr | 30.3 |
| 4 | 20–40% | Up 2%+ | ₹305 Cr | 20.4 | |
| 5 | 20–40% | Up 0–2% | ₹2,823 Cr | 17.5 | |
| 6 | 20–40% | Up 0–2% | ₹1,225 Cr | 69.7 |
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Pro shows every company guiding 40%+ revenue growth →Full Textiles & Apparels rankingFinancials of Page Industries Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of Page Industries Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 965 | 1,229 | 1,125 | 1,226 | 992 | 1,278 | 1,246 | 1,313 | 1,098 | 1,317 | 1,291 | 1,387 | 1,253 |
| Expenses + | 830 | 991 | 892 | 999 | 828 | 1,034 | 965 | 1,011 | 863 | 1,022 | 1,011 | 1,069 | 992 |
| Operating Profit | 134 | 239 | 234 | 226 | 164 | 243 | 281 | 303 | 235 | 295 | 280 | 318 | 261 |
| OPM % | 14% | 19% | 21% | 18% | 17% | 19% | 23% | 23% | 21% | 22% | 22% | 23% | 21% |
| Other Income + | 7 | 5 | 2 | 9 | 14 | 13 | 15 | 14 | 20 | 15 | 19 | -23 | 17 |
| Interest | 14 | 13 | 11 | 10 | 10 | 12 | 11 | 12 | 12 | 13 | 13 | 13 | 12 |
| Depreciation | 21 | 21 | 25 | 23 | 23 | 22 | 23 | 30 | 25 | 27 | 25 | 27 | 28 |
| Profit before tax | 107 | 210 | 199 | 202 | 145 | 222 | 262 | 275 | 219 | 270 | 261 | 256 | 238 |
| Tax % | 26% | 25% | 25% | 25% | 25% | 26% | 26% | 26% | 25% | 26% | 25% | 26% | 25% |
| Net Profit + | 78 | 158 | 150 | 152 | 108 | 165 | 195 | 205 | 164 | 201 | 195 | 190 | 179 |
| EPS in Rs | 70.24 | 141.98 | 134.73 | 136.59 | 97.01 | 148.13 | 175.06 | 183.49 | 147.04 | 180.03 | 174.61 | 169.93 | 160.24 |
Financials of Page Industries Ltd
Profit & Loss
Annual income statement trend
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 1,543 | 1,796 | 2,129 | 2,551 | 2,852 | 2,946 | 2,833 | 3,886 | 4,714 | 4,569 | 4,935 | 5,247 |
| Expenses + | 1,223 | 1,419 | 1,714 | 2,010 | 2,234 | 2,412 | 2,305 | 3,099 | 3,851 | 3,709 | 3,872 | 4,094 |
| Operating Profit | 320 | 376 | 415 | 542 | 618 | 533 | 528 | 787 | 863 | 860 | 1,063 | 1,153 |
| OPM % | 21% | 21% | 19% | 21% | 22% | 18% | 19% | 20% | 18% | 19% | 22% | 22% |
| Other Income + | 8 | 10 | 24 | 21 | 36 | 25 | 19 | 21 | 15 | 32 | 62 | 29 |
| Interest | 18 | 19 | 19 | 18 | 17 | 34 | 30 | 34 | 41 | 45 | 46 | 50 |
| Depreciation | 18 | 24 | 25 | 28 | 31 | 61 | 63 | 65 | 78 | 91 | 99 | 107 |
| Profit before tax | 293 | 343 | 395 | 518 | 606 | 462 | 453 | 709 | 758 | 756 | 979 | 1,025 |
| Tax % | 33% | 33% | 33% | 33% | 35% | 26% | 25% | 24% | 25% | 25% | 25% | 26% |
| Net Profit + | 196 | 232 | 266 | 347 | 394 | 343 | 341 | 537 | 571 | 569 | 729 | 764 |
| EPS in Rs | 175.74 | 207.57 | 238.73 | 311.08 | 353.19 | 307.71 | 305.35 | 481.02 | 512.15 | 510.31 | 653.71 | 684.80 |
| Dividend Payout % | 41% | 41% | 41% | 42% | 97% | 52% | 82% | 77% | 49% | 72% | 138% | 0% |
Financials of Page Industries Ltd
Balance Sheet
Capital structure and asset base
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 11 | 11 | 11 | 11 | 11 | 11 | 11 | 11 | 11 | 11 | 11 | 11 |
| Reserves | 376 | 519 | 655 | 836 | 764 | 809 | 874 | 1,077 | 1,360 | 1,586 | 1,396 | 1,491 |
| Borrowings + | 157 | 95 | 88 | 69 | 85 | 176 | 127 | 110 | 406 | 185 | 262 | 277 |
| Other Liabilities + | 279 | 321 | 401 | 497 | 491 | 517 | 688 | 908 | 915 | 901 | 974 | 1,077 |
| Total Liabilities | 823 | 946 | 1,154 | 1,412 | 1,351 | 1,513 | 1,700 | 2,107 | 2,693 | 2,683 | 2,643 | 2,856 |
| Fixed Assets + | 217 | 217 | 236 | 238 | 301 | 406 | 386 | 402 | 485 | 488 | 758 | 871 |
| CWIP | 0 | 0 | 24 | 59 | 7 | 29 | 28 | 65 | 150 | 239 | 72 | 1 |
| Investments | 0 | 0 | 52 | 218 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets + | 606 | 729 | 842 | 898 | 1,043 | 1,079 | 1,286 | 1,639 | 2,057 | 1,956 | 1,813 | 1,984 |
| Total Assets | 823 | 946 | 1,154 | 1,412 | 1,351 | 1,513 | 1,700 | 2,107 | 2,693 | 2,683 | 2,643 | 2,856 |
Financials of Page Industries Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 167 | 219 | 274 | 453 | 230 | 517 | 696 | 327 | -2 | 1,080 | 1,204 | 794 |
| Cash from Investing Activity + | -53 | -26 | -108 | -238 | 192 | -27 | -401 | 119 | 36 | -370 | 12 | -21 |
| Cash from Financing Activity + | -113 | -189 | -154 | -188 | -443 | -378 | -366 | -396 | -179 | -621 | -1,010 | -744 |
| Net Cash Flow | 1 | 4 | 12 | 27 | -22 | 113 | -71 | 49 | -145 | 89 | 205 | 29 |
| Free Cash Flow | 114 | 193 | 212 | 396 | 192 | 442 | 682 | 229 | -165 | 986 | 1,125 | 687 |
| CFO/OP | 82% | 86% | 100% | 114% | 70% | 121% | 156% | 64% | 22% | 147% | 136% | 92% |
Financials of Page Industries Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 21 | 21 | 19 | 21 | 16 | 9 | 18 | 16 | 11 | 13 | 14 | 14 |
| Inventory Days | 317 | 288 | 264 | 191 | 229 | 200 | 160 | 208 | 279 | 205 | 147 | 178 |
| Days Payable | 59 | 50 | 47 | 46 | 37 | 26 | 72 | 77 | 50 | 32 | 44 | 55 |
| Cash Conversion Cycle | 279 | 259 | 236 | 166 | 207 | 183 | 106 | 146 | 240 | 185 | 118 | 138 |
| Working Capital Days | 58 | 61 | 57 | 37 | 55 | 42 | 10 | 33 | 59 | 49 | 19 | 26 |
| ROCE % | 62% | 62% | 60% | 64% | 69% | 53% | 48% | 67% | 54% | 45% | 59% | 64% |
Guidance history
How Page Industries Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q1 FY27 call → | 10–20% | Flat | Planned | — | — |
| Q4 FY26 call → | 10–20% | Flat | Planned | — | — |
| Q3 FY26 call → | 10–20% | Flat | Planned | — | — |
| Q2 FY26 call → | 0–10% | Flat | Planned | — | — |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
19 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | −17.4% | 40% |
| Last 6 months | −7.2% | 42% |
| Last 3 months | −16.9% | 24% |
The price is 36.1% below its all-time high of ₹53,439.75 (7 Oct 2022). Stocks more than 20% below their peak have their score halved, so 37 became 19.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Page Industries Ltd: 0.4 × 40 + 0.4 × 42 + 0.2 × 24 = 37, halved to 19 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 29 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Page Industries Ltd's management said in earlier quarters
- Q1 FY27 earnings call analysis →
- Q3 FY26 earnings call analysis →
- Q1 FY26 earnings call analysis →
- Q2 FY26 earnings call analysis →
- Q4 FY25 earnings call →
- Q3 FY25 earnings call →
- Q2 FY25 earnings call →
- Q1 FY25 earnings call →
- Q4 FY24 earnings call →
- Q3 FY24 earnings call →
- Q2 FY24 earnings call →
- Q1 FY24 earnings call →
Others in Textiles & Apparels this season
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PAT for Q1-FY27 is INR 16 million with a PAT margin of 9.20% (Page 30). Key investor presentation takeaways from Suditi Industries Ltd's Q2 FY27 investor presen
- Ashima Ltd (Q2 FY27)
Quarter ended 30/09/2026 total segment revenue (net sales/income from operations) was ₹1,696 lakhs (Rs. Key results statement takeaways from Ashima Ltd's Q2 FY2
- Fiberweb (India) Ltd (Q2 FY27)
Q2 FY27 Revenue: ₹30.74 Cr (Sales); Total Income: ₹30.99 Cr (Page 23) . Key investor presentation takeaways from Fiberweb (India) Ltd's Q2 FY27 investor present
- K P R Mill Ltd (Q2 FY27)
Quarterly Revenue from Operations (Q2FY27): ₹1,939.74 Cr, up from ₹1,632.03 Cr in Q2FY26 (18.8% YoY increase). Key investor presentation takeaways from K P R Mi