PAGEIND
Mid CapPage Industries Limited
Consumer
Page Industries is the exclusive licensee for JOCKEY brand in India, Sri Lanka, Bangladesh, Nepal, Oman, Qatar, Maldives, Bhutan, UAE, and Saudi Arabia. It is also the exclusive licensee for Speedo brand in India. The company manufactures, distributes, and markets premium innerwear, leisurewear, and swimwear, operating 16 manufacturing units.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Investable fundamentals, management trust is supportive, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Bad · 22/100margin compression · Rev +14% YoY · PAT +9% YoY
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,253 Cr | +14.1% | -9.7% |
| EBITDA | ₹261 Cr | +11.1% | -17.9% |
| Operating margin | 21.0% | +0 bps | -200 bps |
| PAT | ₹179 Cr | +9.2% | -5.8% |
| PAT margin | 14.3% | -65 bps | +59 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Page Industries reported strong Q4 FY26 results with 14.1% YoY revenue growth to Rs. 12,526 million, driven by 10.8% volume growth. PAT increased 9% YoY to Rs. 1,787 million, supported by operational efficiencies despite persistent input cost inflation.
The company delivered robust Q4 performance with strong volume and revenue growth, maintaining profitability despite input cost pressures. Strategic initiatives in product, distribution, and digital transformation are cited as drivers. Management expresses confidence in sustaining momentum, but managing cotton inflation remains key.
Product Innovation
Focus to continuously enrich product features and portfolio, accelerating product innovation.
Branding and Marketing
Intensifying brand-building campaigns and increasing brand awareness among newer, younger audiences.
Distribution Expansion
Expanding retail and manufacturing footprints, physical access, and new channels.
Digital Transformation
Steady progress marks our digital transformation journey, with purposeful investments in technology, analytics, and process integration.
Positive Consumer Sentiments
Management notes positive consumer sentiments, sustained modernisation of retail, and a resilient economy.
Uplift in Demand
A notable uplift in consumer confidence and retail demand characterised the quarter, evident across categories and channels.
Premiumization Trend
Premiumisation gained further traction as consumers increasingly embraced value-added premium offerings and outerwear.
Input Cost Inflation
Inflationary pressures on key input costs, particularly cotton, continue to persist.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Q4 FY26 results are compared to Q4 FY25 (YoY) and Q3 FY26 (QoQ) in the financial highlights, indicating both comparisons are relevant for assessing performance and sequential momentum in the apparel sector.
Sales Volume Growth
Sales volume grew 10.8% YoY, amounting to 54.5 million pieces in Q4 FY26.
Revenue Growth
Revenue at Rs. 12,526 million, a 14.1% increase YoY in Q4 FY26. Full year FY26 revenue grew 6.3% YoY to Rs. 52,468 million.
EBITDA Margin
EBITDA was Rs. 2,605 million (20.8% margin) in Q4 FY26, compared to 21.4% in Q4 FY25. Full year FY26 EBITDA margin was 22.0% vs 21.5% in FY25.
PAT Margin
PAT at Rs. 1,787 million (14.3% margin) in Q4 FY26, compared to 14.9% in Q4 FY25. Full year FY26 PAT margin was 14.6% vs 14.8% in FY25.
Sustaining Growth Momentum
Management is confident of sustaining the growth momentum with positive consumer sentiments and a resilient economy.
Cost Management Strategies
Well-positioned to manage input cost challenges through strategic sourcing, supply chain optimisation, operational efficiencies, and calibrated pricing actions.
Digital Transformation Benefits
Digital transformation efforts are strengthening organisational agility, sharpening decision-making, and laying the groundwork for scalable future growth.
Portfolio Alignment
Targeted price adjustments in select styles ensured portfolio alignment and lifted average selling prices.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Sales Volume Growth | 10.8% YoY in Q4 FY26 | Sustained double-digit volume growth in subsequent quarters. |
| EBITDA Margin | 20.8% in Q4 FY26 | Stability or improvement in EBITDA margin, indicating effective cost management. |
| Cotton Price Trends | Persistent inflationary pressures | Trends in cotton prices and the effectiveness of the company's mitigation strategies. |
| Distribution Expansion | 1,579 EBS, 1,15,644 MBOs for Jockey | Continued expansion of the retail network and penetration into new cities/towns. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
53NeutralSMA20 +10.3% / mo
Technical chart
PAGEINDweekly · 1Y-15.7%Technical trend read
Bullish setupTrend is constructive — long-term trend unclear. RSI 57.
- SMA20 rising (~9.3% over last month) — short-term momentum positive.
- RSI(14) at 57 — rising, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 23% off 52W high · 31% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
UNDERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 27.1%.
- Quality contributes 20/20 to the score.
Main drags
- Valuation is weaker at 7/30; verify the latest quarterly trend.
- Cash flow is weaker at 5/10; verify the latest quarterly trend.
- Growth is weaker at 14/25; verify the latest quarterly trend.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 95th percentile of the scored universe and 96th percentile within Consumer. No major sub-score weakness stands out.
High Trust Lite: Promoter pledge is zero.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Consumer: 96th pctile, median 67 · Mid: 81st pctile, median 76
107 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1.8%.
- ▸12 years of positive FCF.
- ▸ROCE is 64.4%.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 54.40
- P/B
- 28.62
- EV/EBITDA
- 34.34
- Market Cap
- 42986.00Cr
Profitability
- ROE
- 54.30%
- ROCE
- 64.40%
- ROA
- 26.75%
- Dividend Y
- 2.33%
Growth (CAGR)
- Revenue 5Y
- 13.00%
- EPS 5Y
- 18.00%
- Revenue 3Y
- 4.00%
- EPS 3Y
- 11.00%
Balance Sheet
- Debt/Equity
- 0.18
- Interest Coverage
- 23.06×
- Altman Z
- 10.09
- Book Value
- 1347.00
Cash Flow
- FCF Yield
- 1.80%
- FCF Positive Y
- 12/5
- OCF
- 794.00 Cr
- EPS TTM
- 684.80
Shareholding
- Promoter Hold
- 42.89%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 42%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Consumer — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.