Brand: Jockey India CMP: ₹46,800 PE Ratio: ~71.6x 🟥 PBV Ratio: ~37x 🟢 Record Date: 21 May 2025 Dividend Payment by: 13 June 2025
📈 Financial Highlights (₹ in million)
Particulars
Q4 FY25
Q4 FY24
YoY %
FY25
FY24
YoY %
Revenue from Operations
₹10,981
₹9,925
🟢 +10.6%
₹49,349
₹45,692
🟢 +8.0%
Other Income
₹201
₹137
🟢 +46.7%
₹616
₹324
🟢 +90.1%
Total Income
₹11,182
₹10,062
🟢 +11.1%
₹49,965
₹46,016
🟢 +8.6%
PAT
₹1,640
₹1,082
🟢 +51.5%
₹7,291
₹5,692
🟢 +28.1%
EPS (₹)
₹147.04
₹97.01
🟢 +51.5%
₹653.71
₹510.31
🟢 +28.1%
Comprehensive Income
₹1,609
₹1,083
🟢 +48.5%
₹7,249
₹5,716
🟢 +26.8%
🚛 Volume Growth & Operational Efficiency
🧵 Volume Growth (Inferred from inventory shift):
Inventories declined from ₹11,703 Mn to ₹8,589 Mn 🟢
Indicates better inventory turnover and volume offloading
📦 Trade receivables rose by 20.8% YoY 🟢 – sign of higher B2B orders
💼 Capital expenditure of ₹7,957 Mn reflects expansion momentum
💰 Dividend Update
✅ 4th Interim Dividend: ₹200/share
💸 Total FY25 Dividend: ₹900/share
📅 Record Date: 21 May 2025
💵 Dividend by: 13 June 2025
🧾 Balance Sheet Snapshot (₹ in million)
Particulars
FY25
FY24
Change %
Total Assets
₹2,64,301
₹2,68,258
🔴 -1.5%
Total Equity
₹1,40,720
₹1,59,693
🔴 -11.9%
Trade Receivables
₹1,916
₹1,586
🟢 +20.8%
Inventories
₹8,589
₹11,703
🟢 Efficient Ops
📊 Valuation Metrics (Updated)
Metric
Value
Trend
PE Ratio
~71.6x
🟥 Expensive
PBV Ratio
~3.74x
🟢 Fair for a premium brand
Debt/Equity
~0.07x
🟢 Low risk
Current Ratio
~1.72x
🔴 Lower YoY
ICR
~21.1x
🟢 Comfortable
🔁 Cash Flow Highlights (₹ in million)
Flow Type
FY25
FY24
Trend
Operating Cash Flow
₹12,036
₹10,805
🟢 +11.4%
Investing Cash Flow
₹116
🔴 -₹3,699
🟢 Turnaround
Financing Cash Flow
🔴 -₹10,101
🔴 -₹6,214
🔴 Higher payout
Net Cash Flow
₹2,051
₹891
🟢 +130.2%
🧵 Sector Outlook – Innerwear & Lifestyle Apparel
🧍♂️ Rising demand for premium & comfort wear in urban and semi-urban markets
🛍️ Shift from unorganised to organised innerwear & activewear retail
📦 Focus on multi-channel expansion: retail stores + e-commerce
📉 Watch out for raw material volatility and competitive pricing pressure
🚀 Long-Term Investor Perspective
✅ Strong brand – Jockey India ✅ Healthy cash flows + low leverage 🟢 ✅ ₹900/share dividend = 💸 consistent payout 🔴 Premium valuation could cap near-term upside 🛒 Store expansion and new category growth will drive long-term value
📌 Final Verdict
Page Industries delivers a strong set of results in FY25 driven by higher volumes, better operational efficiency, and a high dividend payout. Premium valuation reflects its brand moat, though investors must weigh growth vs price.
📌 Conclusion
Page Industries continues to be a leader in the Indian apparel market with consistent earnings growth, strong dividend payout, and brand value. However, investors should monitor valuation sustainability and competitive risks.