Page Industries Ltd (PAGEIND)

Textiles · Readymade Garments/ Apparells · NSE · Updated 1 September 2026

By StockFin Research Team • AI-Assisted Analysis • Source: BSE/NSE Filings

₹35,800 ↓ 18.97% (1Y)

🎯 Key Takeaways

Page Industries Ltd is navigating a transitional phase marked by margin pressure and supply chain volatility, yet maintaining strategic momentum through volume growth, pricing initiatives, and digital transformation. Despite a 7.
Revenue grew 13.4% QoQ to ₹1,420 in Q1FY27.
⚠️ Margin pressure from sustained input cost inflation and logistics constraints remains a near-term concern, despite pricing adjustments.

Market Cap

₹39,931

P/E Ratio

52.8

P/B Ratio

26.57

ROE

50.3%

ROCE

70.2%

Debt/Equity

0.01

Div Yield

1.54%

Promoter

42.9%

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📖 The Story

Page Industries Ltd is navigating a transitional phase marked by margin pressure and supply chain volatility, yet maintaining strategic momentum through volume growth, pricing initiatives, and digital transformation. Despite a 7.9% YoY revenue increase in Q1 FY27, EBITDA margin declined to 20.3% and PAT fell 4% YoY, reflecting input cost inflation and temporary logistics disruptions. Management remains confident in double-digit volume growth for FY27, with pricing adjustments expected to flow into Q2 and operational improvements targeting margin recovery, while investing in consumer insights and capacity expansion to sustain long-term competitiveness.

📰 What's Happening

In Q1 FY27, Page Industries achieved 7.9% YoY revenue growth to INR14,204 million, driven by volume expansion and operational efficiency, though EBITDA margin declined 1.9% YoY to 20.3% due to input cost inflation and temporary logistics constraints. Management implemented pricing adjustments in May to flow into Q2 and reduced inventory days to 66 amid supply chain disruptions, while undelivered billing days rose to 7. Key strategic moves include the launch of new product lines such as JKY Groove and Disney/Marvel collaborations, alongside the rollout of a consumer data platform by end-August 2026 and a Direct-to-Market System (DMS) by end-2026 or Q1 2027 to enhance inventory turns and consumer insights. The company also declared an interim dividend of Rs 200 per share for FY27, payable by 11 September 2026, reflecting confidence in near-term cash flow generation.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue	1,317	1,291	1,387	1,253	1,420
Operating Profit	268	254	292	233	260
OPM %	20.4%	19.7%	21.0%	18.6%	18.3%
Net Profit	201	195	190	179	193
EPS	₹180.02	₹174.62	₹169.93	₹160.24	₹172.86

The financial trajectory shows revenue growth moderating to 7.9% YoY in Q1 FY27 from higher prior quarters, with EBITDA margin compressing to 20.3% from 21.0% in Dec 2025, indicating margin pressure from inflation and supply disruptions. However, PAT margin remained stable at 13.6%, supported by cost discipline and volume gains, while inventory days improved to 66 from 73, signaling better working capital management. Despite a 4% YoY decline in PAT to INR1,928 million, EPS held at ₹172.86, and the company maintained EBITDA margin guidance of 19-21% for FY27, suggesting expectations of margin recovery in Q2 through pricing and operational improvements.

🔮 Management Outlook & What's Next

Management expects double-digit volume growth for FY27, with pricing adjustments from May to contribute to margin recovery in Q2, and reaffirmed EBITDA margin guidance of 19-21%. It plans to launch a consumer data platform by end-August 2026 to improve inventory turns and consumer insights, and roll out a DMS by end-2026 or Q1 2027. The company also highlighted progress in manufacturing capacity expansion in Odisha and KR Pet to support sustainable growth, while emphasizing brand relevance and digital transformation as key drivers of long-term performance.

Extracted from official company announcements. Not StockFin.ai's opinion.

🏦 Balance Sheet (₹ Cr)

Item	Mar 2025	Mar 2025	Mar 2026	Mar 2026
Equity Capital	11	11	11	11
Reserves	1,479	1,396	1,398	1,491
Borrowings	207	262	268	12
Total Liabilities	2,710	2,643	2,766	2,856
Fixed Assets	496	753	764	871
Investments	0	0	0	0
Total Assets	2,710	2,643	2,766	2,856

The balance sheet shows a strong equity base of ₹11 crore with reserves growing to ₹1,491 crore as of March 2026, up from ₹1,398 crore in the prior period, indicating healthy retained earnings. Borrowings remain minimal at ₹12 crore (down from ₹268 crore in March 2025), reflecting a near-deleveraged capital structure and prudent financial management. Total assets increased to ₹2,856 crore, supporting growth investments, while the absence of significant debt accumulation suggests the company is funding expansion internally or through operational cash flows rather than external financing.

💰 Cash Flow Statement (₹ Cr)

Item	Mar 2026
Operating	+794
Investing	-21
Financing	-744
Net Cash Flow	+29

👥 Shareholding Pattern

Category	Q2FY26	Q3FY26	Q4FY26	Q1FY27
Promoters	42.9%	42.9%	42.9%	42.9%
FII	23.2%	20.7%	19.0%	18.9%
DII	29.2%	31.5%	33.2%	33.6%
Public	3.6%	4.0%	3.9%	3.6%
# Shareholders	47,103	54,428	57,225	52,623

Institutional confidence appears stable, with FII holdings rising to 18.91% in Q1FY27 from 19% in Q4FY26, while DII holdings increased to 33.65% from 33.21%, suggesting accumulation by domestic institutional investors. Promoter holding remains steady at 42.89%, with no signs of dilution or pledging. The growing number of shareholders — from 47,103 in Q2FY26 to 52,623 in Q1FY27 — indicates rising retail participation, supported by consistent dividend payouts and transparent governance, reinforcing broad-based investor interest.

⚖️ Peer Comparison — Readymade Garments/ Apparells

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
KPRMILL	40,286	44.2	19.8%	16.0%	0.10
PAGEIND	39,931	52.8	70.2%	50.3%	0.01
MANYAVAR	13,239	32.8	36.5%	25.1%	0.00
PGIL	11,433	36.8	21.2%	20.8%	0.47
GOKEX	5,720	55.5	10.3%	5.0%	0.31
KKCL	3,114	21.2	24.3%	19.6%	0.13
SPAL	2,649	25.2	15.6%	12.3%	0.42
KITEX	2,536	—	1.1%	-4.8%	1.05
DOLLAR	1,528	13.6	14.1%	11.8%	0.29
THOMASCOTT	399	18.7	28.3%	21.2%	0.13

🔗 Peer Stock Analyses

KPRMILL MANYAVAR PGIL GOKEX KKCL

⚠️ Risk Factors

1. Margin pressure from sustained input cost inflation and logistics constraints remains a near-term concern, despite pricing adjustments. 2. Supply chain disruptions could delay billing and revenue recognition, as evidenced by undelivered billing days rising to 7. 3. Competitive intensity in the apparel sector may limit pricing power if volume growth fails to materialize. 4. Execution risks around digital initiatives like the consumer data platform and DMS could delay anticipated efficiency gains, potentially limiting margin recovery momentum.

📋 Recent Filings

🧠 Analyst's Read

Page Industries is executing a strategic pivot toward volume-driven growth and digital transformation amid macroeconomic headwinds, with management signaling confidence in margin recovery through pricing and operational improvements. Investors should monitor Q2 margin trends, the rollout of digital initiatives, and the pace of volume growth to assess the sustainability of the recovery, while the near-deleveraged balance sheet and consistent capital returns support long-term resilience.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-01.

Editorial & Data Transparency Notice

This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.

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