Titan Company Limited
NSE: TITAN
Consumer Cyclical · Luxury Goods
₹4,299.70 last close on 23 Oct 2026 −1.16%
Research updated
Page Industries Ltd.
NSE: PAGEINDConsumer CyclicalApparel Manufacturing
- Last close
- ₹33,830.00
- Day change
- −₹595.00 (−1.73%)vs
- Market cap
- ₹40,857 crIndian rupees
- Research updated
- 1 report
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About Page Industries
Page Industries Ltd. is engaged in the production and retail of innerwear, leisurewear, and socks in India. It is the exclusive licensee of Jockey International Inc. for manufacturing, distribution, and marketing in India, Sri Lanka, Bangladesh, Nepal, and the UAE. Known for its comfortable and quality apparel, Page Industries has established a strong presence within the textile and clothing sector, significantly impacting the intimate wear market in these regions. Additionally, it holds the license for manufacturing and sales of Speedo International Ltd.'s products, pioneering in swimwear and swimming equipment across the Indian subcontinent. The company operates an extensive distribution network, providing products through both direct-to-consumer outlets and third-party retailers. Over the years, Page Industries has become a significant player in the consumer goods segment, recognized for its focus on quality and innovation in product lines, thereby shaping consumer preferences and standards in the innerwear and leisurewear markets.
- Sector
- Consumer Cyclical
- Industry
- Apparel Manufacturing
- Listing
- NSE: PAGEIND
- Chief executive
- Mr. V. S. Ganesh Sr.
- Employees
- 21,244
- Headquarters
- Bengaluru, India
- ISIN
- INE761H01022
- Website
- pageind.com
Public research · Report of
Business model & financial foundation
Page Industries (NSE: PAGEIND), Apparel - innerwear and athleisure (Jockey and Speedo licensee): revenue of ₹5,247 crore in FY26 (+6.3% on FY25), an EBITDA margin of 22.0%, net profit of ₹763.8 crore and net cash of ₹149.4 crore.
- Revenue, FY26 (₹ crore)
- 5,247
- standalone
- Revenue growth, FY26
- +6.3%
- on FY25
- EBITDA margin, FY26
- 22.0%
- EBITDA (Operating EBITDA excluding other income) / revenue
- Net profit, FY26 (₹ crore)
- 763.8
- to owners
- Return on equity, FY26
- 52.5%
- on average equity
- Net debt, FY26 (₹ crore)
- -149.4
- Net debt including leases, negative for net cash
- Market capitalisation (₹ crore)
- 38,230
- at the close of 14 Oct 2026
Company profile
Page Industries is the exclusive licensee of Jockey International in India and 11 nearby markets (licence to 2040) and of Speedo in India. It designs, manufactures (about two-thirds in-house across Karnataka and Odisha plants) and sells men's and women's innerwear, athleisure and swimwear through over 1.1 lakh multi-brand outlets, about 1,600 exclusive brand outlets, large-format stores and e-commerce. FY26 revenue was INR 5,247 crore on 228.4 million pieces.
| Item | Value |
|---|---|
| Legal name | Page Industries Limited |
| Exchange and ticker | NSE: PAGEIND; BSE: 532827 |
| ISIN | INE761H01022 |
| CIN | L18101KA1994PLC016554 |
| Sector | Consumer |
| Industry | Apparel - innerwear and athleisure (Jockey and Speedo licensee) |
| Headquarters | Bengaluru, India |
| Fiscal year end | March |
| Reporting basis and unit | standalone, in ₹ crore |
| Auditor | S.R. Batliboi & Associates LLP (FY26); Walker Chandiok & Co LLP appointed at 13 Aug 2026 AGM on mandatory rotation |
| Market capitalisation | ₹38,230 crore (14 Oct 2026) |
| Shares outstanding | 1.12 crore shares (FY26) |
| Price | ₹37,100 (close, 14 Oct 2026) |
| 52-week range | ₹29,805 - ₹43,855 (to 14 Oct 2026) |
| Website | https://pageind.com |
Corporate structure and shareholding
No subsidiary is recorded.
Single standalone entity, single reportable segment (garments). Promoter Genomal family holds 42.89% (Jun 2026). Jockey licence for India and 11 other markets runs to 2040; Speedo exclusive India licence.
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 42.89% | 42.89% | 42.89% | 42.89% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 23.21% | 20.72% | 19.00% | 18.91% |
| Domestic institutions | 29.24% | 31.49% | 33.21% | 33.64% |
| of which mutual funds | 19.64% | 21.59% | 23.27% | 23.70% |
| Retail | 3.61% | 3.95% | 3.87% | 3.65% |
| Other | 1.06% | 0.95% | 1.03% | 0.91% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Page Industries is the exclusive Jockey licensee for India and eleven other markets (licence2040), and Speedo India licensee. Manufacturing and sale of garments is the only reportable segment; no subsidiaries, associates or JVs. Standalone IndAS is the whole listed business. Sales to distributors/EBOs, e-commerce and large-format outlets; most plants Karnataka, Odisha diversifies production. Jockey ~99% revenue per ICRA. Royalty FY26 Rs254.1cr,4.84% revenue.
| Peer | Why the dossier compares them |
|---|---|
| Dollar Industries (DOLLAR) | Listed Indian innerwear brand, mass-to-mid segment; nearest product overlap. |
| Lux Industries (LUXIND) | Listed Indian innerwear brand selling through distributor/MBO channel like Page. |
| Rupa & Company (RUPA) | Listed Indian innerwear and thermals brand, distributor-led. |
| Lovable Lingerie (LOVABLE) | Listed Indian women's innerwear brand; small comparator. |
| Go Fashion (India) (GOCOLORS) | |
| Vedant Fashions (MANYAVAR) | |
| Trent (TRENT) |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 3,725 | 4,678 | 4,569 | 4,935 | 5,247 |
| Cost of revenue (vendor classification) * | 1,907 | 2,330 | 2,322 | 2,384 | 2,431 |
| Other operating costs (vendor classification) * | 470.7 | 631.7 | 578.0 | 655.7 | 698.0 |
| EBITDA (vendor classification) * | 804.7 | 877.2 | 891.3 | 1,124 | 1,217 |
| Operating EBIT excluding other income | 741.0 | 799.4 | 769.0 | 963.3 | 1,046 |
| Finance cost | 32.2 | 41.3 | 44.9 | 46.4 | 49.8 |
| Profit before tax | 708.8 | 758.1 | 756.5 | 978.6 | 1,025 |
| Total tax expense | 172.2 | 186.9 | 187.3 | 249.4 | 261.5 |
| Profit after tax | 536.5 | 571.3 | 569.2 | 729.1 | 763.8 |
| Diluted EPS (₹) | 481.0 | 512.2 | 510.3 | 653.7 | 684.8 |
| Materials, traded goods and inventory change | 2,085 | 2,130 | 2,159 | ||
| Employee benefits expense | 803.6 | 821.5 | 942.9 | ||
| Other expenses | 821.2 | 920.4 | 991.6 | ||
| Operating EBITDA excluding other income | 859.8 | 1,063 | 1,153 | ||
| Other income including finance income | 32.4 | 61.6 | 63.9 | ||
| Other income as labelled in statement | 23.5 | 29.4 | 42.6 | ||
| Separately reported finance income | 8.90 | 32.2 | 21.3 | ||
| Depreciation and amortisation | 90.8 | 99.2 | 106.6 | ||
| Exceptional gain/(loss) | 0.00 | 0.00 | -35.0 | ||
| Profit attributable to equity owners | 569.2 | 729.1 | 763.8 | ||
| Noncontrolling share of profit | 0.00 | 0.00 | 0.00 | ||
| Share of associate/JV profit | 0.00 | 0.00 | 0.00 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity | 1,089 | 1,371 | 1,597 | 1,407 | 1,503 |
| Total borrowings including lease debt | 109.9 | 406.4 | 184.9 | 261.8 | 276.8 |
| Cash and cash equivalents | 89.0 | 0.66 | 33.2 | 238.3 | 267.3 |
| Trade receivables | 165.1 | 146.1 | 158.6 | 191.6 | 201.1 |
| Inventories | 974.9 | 1,595 | 1,170 | 858.9 | 1,056 |
| Trade payables excluding supplier-finance liabilities | 362.8 | 287.6 | 184.0 | 254.9 | 322.7 |
| Net PPE, intangibles and right-of-use assets | 400.4 | 482.6 | 487.8 | 757.6 | 871.3 |
| Capital work in progress excluding capital advances | 79.9 | 183.1 | 238.7 | 72.2 | 1.45 |
| Total assets | 2,107 | 2,693 | 2,683 | 2,643 | 2,856 |
| Liquidity bank fixed deposits outside cash equivalents | 282.5 | 223.3 | 159.0 | ||
| Financial borrowings excluding leases | 0.00 | 0.00 | 11.9 | ||
| Current and noncurrent lease debt | 184.9 | 261.8 | 264.9 | ||
| Net debt including leases, negative for net cash | -130.9 | -199.8 | -149.4 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities after taxes | 311.8 | 190.9 | 1,080 | 1,204 | 794.4 |
| Free cash flow (vendor definition) * | 229.0 | -167.3 | 984.4 | 1,124 | 686.5 |
| Dividends paid including IEPF, outflow negative | -334.7 | -290.0 | -345.8 | -914.6 | -669.3 |
| Cash capital expenditure, outflow negative | -97.9 | -163.8 | -96.1 | -79.6 | -107.9 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Year-end fully paid equity shares | 1.12 | 1.12 | 1.12 | 1.12 | 1.12 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 1,246 | 1,313 | 1,098 | 1,317 | 1,291 | 1,387 | 1,253 | 1,420 |
| Finance costs | 10.9 | 11.9 | 11.8 | 12.7 | 12.5 | 12.7 | 11.9 | 12.4 |
| Profit before tax after exceptional items | 262.5 | 275.0 | 218.7 | 270.2 | 261.1 | 256.3 | 237.8 | 258.6 |
| Total tax including current deferred prior-period adjustments | 67.2 | 70.3 | 54.7 | 69.4 | 66.3 | 66.7 | 59.1 | 65.8 |
| Standalone profit after tax | 195.3 | 204.7 | 164.0 | 200.8 | 194.8 | 189.5 | 178.7 | 192.8 |
| Diluted EPS not annualised (₹) | 175.1 | 183.5 | 147.0 | 180.0 | 174.6 | 169.9 | 160.2 | 172.9 |
| Materials plus traded goods plus inventory changes | 542.3 | 573.2 | 429.2 | 538.1 | 517.2 | 583.3 | 520.7 | 607.3 |
| Employee benefits expense | 205.3 | 206.2 | 208.7 | 233.8 | 247.6 | 233.1 | 228.5 | 249.6 |
| Other operating expenses | 217.3 | 231.1 | 224.9 | 250.0 | 246.6 | 252.2 | 242.9 | 274.6 |
| Operating EBITDA excluding other income | 281.5 | 302.5 | 235.2 | 294.7 | 279.5 | 318.1 | 260.6 | 289.0 |
| Other income and finance income | 14.6 | 14.0 | 20.1 | 14.8 | 19.5 | 12.4 | 17.2 | 10.6 |
| Depreciation and amortisation | 22.6 | 29.7 | 24.9 | 26.6 | 25.4 | 26.5 | 28.0 | 28.6 |
| Exceptional items signed gains positive | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -35.0 | 0.00 | 0.00 |
| Profit attributable to owners equals standalone PAT | 195.3 | 204.7 | 164.0 | 200.8 | 194.8 | 189.5 | 178.7 | 192.8 |
| Minority interest structurally nil standalone | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Share of associates structurally nil standalone | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Standalone, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 34.5% | 25.6% | -2.3% | 8.0% | 6.3% |
| EBITDA margin | 18.8% | 21.5% | 22.0% | ||
| Net margin | 12.5% | 14.8% | 14.6% | ||
| Return on equity | 38.4% | 48.5% | 52.5% | ||
| Return on capital employed | 67.0% | 53.7% | 43.2% | 55.8% | 60.7% |
| Return on assets | 21.2% | 27.4% | 27.8% | ||
| Net debt (₹ crore) | -130.9 | -199.8 | -149.4 | ||
| Net debt / EBITDA | -0.15x | -0.19x | -0.13x | ||
| Interest cover | 23.0x | 19.4x | 17.1x | 20.8x | 21.0x |
| Asset turnover | 1.96x | 1.95x | 1.70x | 1.85x | 1.91x |
| Receivable days | 16 | 11 | 13 | 14 | 14 |
| Inventory days (on revenue) | 96 | 124 | 93 | 64 | 73 |
| Payable days (on revenue) | 36 | 22 | 15 | 19 | 22 |
| Cash conversion | 1.90x | 1.65x | 1.04x | ||
| Capex intensity | 2.6% | 3.5% | 2.1% | 1.6% | 2.1% |
| Free cash flow (₹ crore) | 213.9 | 27.1 | 984.4 | 1,124 | 686.5 |
| Dividend payout | 60.7% | 125.4% | 87.6% | ||
| EPS, diluted (₹) | 481.0 | 512.2 | 510.3 | 653.7 | 684.8 |
| Book value per share (₹) | 976.0 | 1,229 | 1,432 | 1,262 | 1,347 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Operating EBITDA excluding other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt including leases, negative for net cash.
- Net debt / EBITDA: net debt / EBITDA (Operating EBITDA excluding other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 14 Oct 2026); market data at the close of 14 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Page Industries includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Page Industries
- Research reportLatest
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