Page Industries Limited (PAGEIND)
Mid CapTextiles stocks · Mid cap · NSE
Page Industries Limited is the exclusive licensee for JOCKEY brand in India, Sri Lanka, Bangladesh, Nepal, Oman, Qatar, Maldives, Bhutan, UAE, Saudi Arabia, and for Speedo brand in India. It manufactures, distributes, and markets premium innerwear, athleisure, and swimwear, operating 16 manufacturing units and a vast distribution network across 2,731 cities.
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.
Mixed fundamentals, management trust is supportive, price trend argues for patience, and recent execution is mixed.
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 30 Jun 2026
Bad · 0/100PAT -4% YoY · margin compression · Rev +8% YoY · +13% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,420 Cr | +7.8% | +13.3% |
| EBITDA | ₹289 Cr | -2.0% | +10.7% |
| Operating margin | 20.0% | -200 bps | -100 bps |
| PAT | ₹193 Cr | -4.0% | +7.8% |
| PAT margin | 13.6% | -167 bps | -70 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
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 INR 12,526 million, driven by 10.8% YoY sales volume growth. PAT increased 9% YoY to INR 1,787 million, while full-year FY26 revenue grew 6.3% and PAT grew 4.8%.
The company delivered robust Q4 performance with volume-led revenue growth and sustained profitability. Management's focus on product enrichment, consumer experience, and distribution expansion appears effective. Persistent input cost inflation remains a challenge, but the company claims to manage it through strategic actions.
Product Innovation
Focus to continuously enrich product features and portfolio, together with high standards of consumer experience.
Distribution Expansion
Accelerating product innovation and expanding retail and manufacturing footprints.
Premiumization Strategy
Premiumisation gained further traction as consumers increasingly embraced value-added premium offerings and outerwear.
Brand Building
Intensifying brand-building campaigns to strengthen market position.
Positive Consumer Sentiments
A notable uplift in consumer confidence and retail demand characterised the quarter, evident across categories and channels.
Retail Modernization
Sustained modernisation of retail is expected to support growth momentum.
Resilient Economy
A resilient economy contributes to the confidence in sustaining growth momentum.
Encouraging Demand Trends
Encouraging demand trends across all distribution channels during the quarter supported robust volume-led revenue growth.
Input Cost Inflation
Inflationary pressures on key input costs, particularly cotton, continue to persist.
Input Cost Volatility
Key input costs, led by cotton alongside other raw materials, continued to exert inflationary pressure throughout the quarter.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
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.
The company reports both quarterly (Q4 FY26 vs Q4 FY25 and Q3 FY26) and annual (FY26 vs FY25) results. Q4 YoY highlights strong sequential momentum and annual growth reflects overall business trajectory.
Sales Volume Growth
Sales volume grew 10.8% YoY in Q4 FY26, amounting to 54.5 million pieces.
Pricing & Premiumization
Premiumisation gained further traction as consumers increasingly embraced value-added premium offerings and outerwear, lifting average selling prices.
Gross Margin Trend
Q4 FY26 COGS as % of revenue was 41.6%, compared to 39.1% in Q4 FY25, indicating a decline in gross margin.
Distribution Network (Jockey)
Jockey brand is distributed in 2,731 cities & towns, available in 1,15,644 Multi Brand Outlets and 1,579 Exclusive Brand Stores.
Sustaining Growth Momentum
With positive consumer sentiments, sustained modernisation of retail and a resilient economy, we are confident of sustaining the growth momentum.
Strategic Cost Management
Well-positioned to manage challenges through strategic sourcing initiatives, supply chain optimisation, operational efficiencies, and calibrated pricing actions.
Digital Transformation
Steady progress marks our digital transformation journey, with purposeful investments in technology, analytics, and process integration.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Sales Volume Growth | Q4 FY26: 10.8% YoY growth. | Sustained double-digit volume growth across categories and channels. |
| EBITDA Margin | Q4 FY26: 20.8%. | Stability or improvement in EBITDA margins amidst ongoing input cost pressures. |
| Distribution Expansion | Jockey: 1,15,644 MBOs, 1,579 EBS. | Continued expansion of multi-brand outlets and exclusive brand stores, and reach in new cities/towns. |
| Input Cost Management | Management states strategic sourcing and pricing actions. | Effectiveness of cost management strategies against cotton price volatility and other raw material inflation. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
44NeutralSMA20 -9.7% / mo · MACD +
Technical chart
PAGEINDdaily · 1Y · AUTO+15.1%Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 43. Wait for confirmation.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~10.7% over last month) — short-term momentum negative.
- RSI(14) at 43 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 21% off 52W high · 22% 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.
Relative Strength & Trend Stage
- Price is within 1.1% of the 30-week proxy.
- The 30-week proxy changed +1.0% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
Valuation & score drivers
U-Score 53 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 53 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Quality contributes 20/20 to the score.
- Balance sheet contributes 9/15 to the score.
Main drags
- Fair-value margin of safety is negative at -19.0%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Cash flow is weaker at 5/10; verify the latest quarterly trend.
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
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
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
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 90th percentile of the scored universe and 83rd percentile within Textiles. No major sub-score weakness stands out.
High Trust Lite: Promoter pledge is zero. Key concern: 1/4 latest quarters had positive YoY PAT growth.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Textiles: 83rd pctile, median 70 · Mid: 72nd pctile, median 76
100 documents have extracted text, 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 1.9%.
- ▸12 years of positive FCF.
- ▸ROCE is 64.4%.
Trust risks
- ▸1/4 latest quarters had positive YoY PAT growth.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 51.80
- P/B
- 26.95
- EV/EBITDA
- 32.46
- Market Cap
- 40489.00Cr
Profitability
- ROE
- 54.30%
- ROCE
- 64.40%
- ROA
- 26.47%
- Dividend Y
- 1.52%
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
- 22.94×
- Altman Z
- 10.12
- Book Value
- 1347.00
Cash Flow
- FCF Yield
- 1.91%
- FCF Positive Y
- 12/5
- OCF
- 794.00 Cr
- EPS TTM
- 677.64
Shareholding
- Promoter Hold
- 42.89%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 40%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
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Peers
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