Future growth expectations in sales/revenue/volumes?

The company recorded a Q2 sales volume growth of 6.7% YoY and revenue growth of 11% YoY. E-commerce continues to show strong growth, with a 41% increase in H1, providing new retail opportunities. The management is optimistic but cautious; while Q2 showed good growth and the festive period gave positive signs, they await further months of data before confirming sustained double-digit growth momentum. Expansion of Exclusive Brand Outlets (EBOs) by 150-160 stores is planned, supporting growth. The Odisha facility expected online in Q4, which can ramp up quickly due to its composite nature, helpin

Future growth expectations in earnings/operating earnings/profits/EPS?

The company expects stable gross and operating margins within the 19%-21% range, despite upcoming IT and transformation costs starting in Q3 and Q4. EBITDA margins for FY '25 are expected to remain strong, in the 19%-21% range, aided by stable cotton prices and controlled labor costs. Interest income may dip in future quarters as more funds are deployed towards capex expansion, but if cash balances remain steady, similar interest income levels can be expected. Revenue growth in Q2 was 11% year-on-year, with PAT growth of 29.9%; the management aims to sustain growth momentum. The $1 billion rev

Current/ Expected Orderbook/ Pending Orders?

The transcript provided does not explicitly mention the current or expected order book or pending orders for Page Industries Limited. The discussion mostly revolves around inventory levels, sales growth (primary vs secondary), channel expansion, and operational efficiencies. It was mentioned that the inventory levels at the distributor are being optimized and are currently at stable levels (~40 days). Secondary sales are slightly better than primary sales, indicating healthy movement of goods. No direct commentary or quantification on pending orders or order backlog is available in the transcr

Page IndustriesQ2 FY25Textiles & Apparels

Page Industries Q2 FY25 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹36,660P/E: 53.8Market Cap: ₹42.0K CrSector: Textiles & Apparels

Management growth scorecard

Revenue

Category 4

Margin

Category 3

Fundraise

N/A

Order

N/A

Capex

Yes

1 of 3 growth signals are positive — mixed outlook.

Full analysis

Revenue guidance

Category 4

The company recorded a Q2 sales volume growth of 6.7% YoY and revenue growth of 11% YoY.
E-commerce continues to show strong growth, with a 41% increase in H1, providing new retail opportunities.
The management is optimistic but cautious; while Q2 showed good growth and the festive period gave positive signs, they await further months of data before confirming sustained double-digit growth momentum.
Expansion of Exclusive Brand Outlets (EBOs) by 150-160 stores is planned, supporting growth.
The Odisha facility expected online in Q4, which can ramp up quickly due to its composite nature, helping to absorb costs and support margins.
The $1 billion revenue target has been delayed by 2 years due to pandemic-related disruptions; management aims to accelerate growth but will provide updates in future calls.
Overall, growth is anticipated to continue but at a measured pace to confirm renewed momentum.

Margin guidance

Category 3

The company expects stable gross and operating margins within the 19%-21% range, despite upcoming IT and transformation costs starting in Q3 and Q4.
EBITDA margins for FY '25 are expected to remain strong, in the 19%-21% range, aided by stable cotton prices and controlled labor costs.
Interest income may dip in future quarters as more funds are deployed towards capex expansion, but if cash balances remain steady, similar interest income levels can be expected.
Revenue growth in Q2 was 11% year-on-year, with PAT growth of 29.9%; the management aims to sustain growth momentum.
The $1 billion revenue target has been delayed by a couple of years due to pandemic disruptions; management is working on strategies to accelerate growth.
E-commerce is growing faster than the company average, providing additional growth avenues.
Dividend payouts depend on PAT and cash reserves, with current higher dividends possible if results remain healthy.

See what Page Industries management said on margin guidance — free account, 30 seconds.

Fundraise plans

- Currently, Page Industries Limited is completely debt-free, having cleared borrowings from last year. - The company is earning healthier interest income this year due to no debt and higher bank balances. - Going forward, as the company deploys more funds for capex and expansion, there may be a dip in interest income. - There is no explicit mention of any planned new fundraising through debt or equity during the call. - Management indicates they are focusing on internal cash reserves and operational efficiencies. - Dividend payouts depend on cash reserves and PAT performance, with no indication of requiring external funding at present. In summary, there is no stated plan for new debt or equity raising currently or in the near future.

Order book

The transcript provided does not explicitly mention the current or expected order book or pending orders for Page Industries Limited.
The discussion mostly revolves around inventory levels, sales growth (primary vs secondary), channel expansion, and operational efficiencies.
It was mentioned that the inventory levels at the distributor are being optimized and are currently at stable levels (~40 days).
Secondary sales are slightly better than primary sales, indicating healthy movement of goods.
No direct commentary or quantification on pending orders or order backlog is available in the transcript.
The company closely monitors secondary order fulfillment digitally, maintaining early ‘90s percentage order fulfillment.
Overall, the company focuses on fine-tuning inventory and distribution rather than indicating a buildup or backlog of orders.

See what Page Industries management said on order book — free account, 30 seconds.

Capex plans

Yes

- Page Industries is deploying more funds for capex and expansion as mentioned by Deepanjan on Page 20. - The new manufacturing facility in Odisha is expected to start operations in Q4 FY25 (Page 14). - Odisha facility benefits from subsidies ranging from 5 to 7 years once production starts, contributing positively to EBITDA (Page 19). - Capex and expansion-related funds deployment may impact other income (interest income) going forward (Page 20). - Inventory levels are planned to remain optimal despite opening the Odisha facility, indicating careful capex and working capital management (Page 14). - Management is working on initiatives and investments in IT transformation, which will start impacting margins in Q3 and Q4 FY25 (Page 19-20). Overall, Page Industries is focusing on expanding manufacturing capacity (Odisha facility), IT transformation, and other strategic capex to support future growth.

Track Page Industries — get its next earnings analysis in your feed

How does Page Industries rank vs peers in Textiles & Apparels?

Pro feature

ThisPage Industries

Rev 4Mar 3

See where Page Industries sits in Textiles & ApparelsSee which companies these are, and every other name in the sector.Open rankings

How does Page Industries rank in Textiles & Apparels?

Compare Page Industries against every Textiles & Apparels company (Q2 FY25) on revenue, margins and earnings-call signals.

View Textiles & Apparels leaderboard →

What Page Industries's management said in earlier quarters

Others in Textiles & Apparels this season

Purple United Sales Ltd (Q1 FY27)
Reported revenue from operations for FY 2025-26: ₹17,063 lakh, a 65% increase from ₹10,313 lakh in FY 2024-25. Key investor presentation takeaways from Purple U
Ambika Cotton Mills Ltd (Q1 FY27)
FY 2025–26 showed renewed growth with revenue increasing by ~11% to ₹780.95 crore. Key concall takeaways from Ambika Cotton Mills Ltd's Q1 FY27 earnings call…
Orbit Exports Ltd (Q1 FY27)
Revenue from Operations for Q1 FY 2026-27: ₹75.15 Crores, up 19.3% YoY (from ₹63.00 Crores in Q1 FY25-26). Key concall takeaways from Orbit Exports Ltd's Q1…
Lux Industries Ltd (Q1 FY27)
290.9 crores, +8.43% YoY . Key concall takeaways from Lux Industries Ltd's Q1 FY27 earnings call — and how it ranks against sector peers.

Compare:vs K P R Mill Ltd vs Welspun Living vs Vardhman Textile

🔎 Who's planning the most growth?

Companies ranked by management's own guidance — revenue, margins, capex and order book, from every earnings call in India.

See rankings →