Brand: Jockey India CMP: โน46,800 PE Ratio: ~71.6x ๐ฅ PBV Ratio: ~37x ๐ข Record Date: 21 May 2025 Dividend Payment by: 13 June 2025
๐ Financial Highlights (โน in million)
Particulars
Q4 FY25
Q4 FY24
YoY %
FY25
FY24
YoY %
Revenue from Operations
โน10,981
โน9,925
๐ข +10.6%
โน49,349
โน45,692
๐ข +8.0%
Other Income
โน201
โน137
๐ข +46.7%
โน616
โน324
๐ข +90.1%
Total Income
โน11,182
โน10,062
๐ข +11.1%
โน49,965
โน46,016
๐ข +8.6%
PAT
โน1,640
โน1,082
๐ข +51.5%
โน7,291
โน5,692
๐ข +28.1%
EPS (โน)
โน147.04
โน97.01
๐ข +51.5%
โน653.71
โน510.31
๐ข +28.1%
Comprehensive Income
โน1,609
โน1,083
๐ข +48.5%
โน7,249
โน5,716
๐ข +26.8%
๐ Volume Growth & Operational Efficiency
๐งต Volume Growth (Inferred from inventory shift):
Inventories declined from โน11,703 Mn to โน8,589 Mn ๐ข
Indicates better inventory turnover and volume offloading
๐ฆ Trade receivables rose by 20.8% YoY ๐ข โ sign of higher B2B orders
๐ผ Capital expenditure of โน7,957 Mn reflects expansion momentum
๐ฐ Dividend Update
โ 4th Interim Dividend: โน200/share
๐ธ Total FY25 Dividend: โน900/share
๐ Record Date: 21 May 2025
๐ต Dividend by: 13 June 2025
๐งพ Balance Sheet Snapshot (โน in million)
Particulars
FY25
FY24
Change %
Total Assets
โน2,64,301
โน2,68,258
๐ด -1.5%
Total Equity
โน1,40,720
โน1,59,693
๐ด -11.9%
Trade Receivables
โน1,916
โน1,586
๐ข +20.8%
Inventories
โน8,589
โน11,703
๐ข Efficient Ops
๐ Valuation Metrics (Updated)
Metric
Value
Trend
PE Ratio
~71.6x
๐ฅ Expensive
PBV Ratio
~3.74x
๐ข Fair for a premium brand
Debt/Equity
~0.07x
๐ข Low risk
Current Ratio
~1.72x
๐ด Lower YoY
ICR
~21.1x
๐ข Comfortable
๐ Cash Flow Highlights (โน in million)
Flow Type
FY25
FY24
Trend
Operating Cash Flow
โน12,036
โน10,805
๐ข +11.4%
Investing Cash Flow
โน116
๐ด -โน3,699
๐ข Turnaround
Financing Cash Flow
๐ด -โน10,101
๐ด -โน6,214
๐ด Higher payout
Net Cash Flow
โน2,051
โน891
๐ข +130.2%
๐งต Sector Outlook โ Innerwear & Lifestyle Apparel
๐งโโ๏ธ Rising demand for premium & comfort wear in urban and semi-urban markets
๐๏ธ Shift from unorganised to organised innerwear & activewear retail
๐ฆ Focus on multi-channel expansion: retail stores + e-commerce
๐ Watch out for raw material volatility and competitive pricing pressure
๐ Long-Term Investor Perspective
โ Strong brand โ Jockey India โ Healthy cash flows + low leverage ๐ข โ โน900/share dividend = ๐ธ consistent payout ๐ด Premium valuation could cap near-term upside ๐ Store expansion and new category growth will drive long-term value
๐ 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.
๐ 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.