Textiles 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.
SMA20 +3.7% / mo · MACD −
FPI equity flow was positive in both fortnights, but exact sector-index confirmation is unavailable. View sector evidence
Adjusted completed-session prices, rebased to 100
No exact NSE sector index is mapped for this company. Nifty 500 remains the broad-market comparison.
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Revenue +7.8% · PAT -4.0% YoY
Price trend and sector-relative-strength timing.
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Financial-only signal; management claim evidence is not sufficient yet.
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
PAT -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.
Updated 20/10/2026
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Trend is weak — long-term trend down. RSI 42.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
U-Score 53 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Top U-Score contributors and drags from the latest stored fundamentals.
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
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.
12 stored score snapshots. Latest stored move: +0 points.
Business-comparable peers in Textiles — 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.
Growth engines, risks, management commitments and evidence-backed delivery
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.
Focus to continuously enrich product features and portfolio, together with high standards of consumer experience.
Accelerating product innovation and expanding retail and manufacturing footprints.
Premiumisation gained further traction as consumers increasingly embraced value-added premium offerings and outerwear.
Intensifying brand-building campaigns to strengthen market position.
A notable uplift in consumer confidence and retail demand characterised the quarter, evident across categories and channels.
Sustained modernisation of retail is expected to support growth momentum.
A resilient economy contributes to the confidence in sustaining growth momentum.
Encouraging demand trends across all distribution channels during the quarter supported robust volume-led revenue growth.
Inflationary pressures on key input costs, particularly cotton, continue to persist.
Key input costs, led by cotton alongside other raw materials, continued to exert inflationary pressure throughout the quarter.
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 grew 10.8% YoY in Q4 FY26, amounting to 54.5 million pieces.
Premiumisation gained further traction as consumers increasingly embraced value-added premium offerings and outerwear, lifting average selling prices.
Q4 FY26 COGS as % of revenue was 41.6%, compared to 39.1% in Q4 FY25, indicating a decline in gross margin.
Jockey brand is distributed in 2,731 cities & towns, available in 1,15,644 Multi Brand Outlets and 1,579 Exclusive Brand Stores.
With positive consumer sentiments, sustained modernisation of retail and a resilient economy, we are confident of sustaining the growth momentum.
Well-positioned to manage challenges through strategic sourcing initiatives, supply chain optimisation, operational efficiencies, and calibrated pricing actions.
Steady progress marks our digital transformation journey, with purposeful investments in technology, analytics, and process integration.
| 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.
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: 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.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
overall median 67 · Textiles: 83rd pctile, median 70 · Mid: 70th pctile, median 76
101 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
Read 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.
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Latest exchange and company disclosures found within the past two years.
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