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Page Industries (PageInd) – Long-Term Investor Analysis

Lesson 102/225 | Study Time: 5 Min

Course: Top Quality Companies

📊 Page Industries (PageInd) – Long-Term Investor Analysis

🏢 Company Overview

Page Industries Limited is the exclusive licensee of Jockey International Inc. (USA) and Speedo International Ltd. (UK) for manufacturing, distribution, and marketing in India and select international markets.

Brands: Jockey (flagship), Speedo
Reach: 1.1 lakh+ multi-brand outlets, ~1,500 exclusive stores, and strong online presence.
Core focus: Premium innerwear, leisurewear, and swimwear categories.

🌍 Industry Overview & Growth Prospects

Indian innerwear market size: ~$6.5 billion, expected CAGR of 10–12% till FY2030.
Premiumization trend: Shift from unorganized to branded players.
E-commerce growth: Aiding expansion into Tier-2 & Tier-3 cities.
Peers: Rupa, Lux, Dollar, and new entries in premium categories. Page enjoys clear brand leadership in premium and lifestyle wear.

📈 Historical Performance (Sales & Profits)

Year	Sales (₹ Cr)	Profit (₹ Cr)	Margin %
FY2007 (IPO)	138	17	12.3%
FY2012	684	89	13.0%
FY2017	2,156	266	12.3%
FY2022	3,887	537	13.8%
FY2025	4,935	729	14.8%
Tr. FY2026	4,974	765	15.4%

Growth rates:

15Y CAGR: Sales +19%, Profits +22%
5Y CAGR: Sales +11%, Profits +16%

Page has consistently delivered margin stability ~12–15%, a rare trait in Indian textiles.

🆕 Q1 FY26 Results Highlights

Revenue: ₹1,317 Cr (+3% YoY)
EBITDA: ₹296 Cr (+21% YoY)
PAT: ₹201 Cr (+22% YoY)
EPS: ₹180 (vs ₹148 last year)
EBITDA Margin: 22.5% (vs 19.1%)
PAT Margin: 15.3% (vs 12.9%)

💡 Cost efficiency & improved product mix have boosted margins despite only moderate revenue growth.

📊 Valuation History

PE Bands (last 10 years): 52–117x
PBV Bands: 20–47x

Current trailing PE is ~49–73x, and PBV at 26–39x, both slightly below long-term averages.

📌 Peer Comparison (FY25)

Company	Revenue (₹ Cr)	PAT Margin	PE (x)	PBV (x)
Page Industries	4,935	14.8%	52–76	22–30
Rupa	1,400	7%	18	3
Lux	2,400	8%	20	4
Dollar	1,600	6%	22	3

👉 Page commands a strong valuation premium due to brand dominance & higher margins.

🔮 Long-Term Growth Outlook

Expansion in youth fashion via JKY Groove & athleisure wear.
Strong cash flows → consistent dividend payouts (historical payout ratio > 50%).
Global market potential in Asia & Middle East.
FY26–35 Estimates:

Sales CAGR: 11–12%
Profits CAGR: 12–15%
Margins: Stable ~13–15%

⚖️ Risks & Challenges

High valuations: Premium always a risk in corrections.
Competition: Rupa, Lux, Van Heusen entering premium categories.
Consumer slowdown: Any discretionary spend weakness can affect sales.

📌 Investor Takeaway

Strengths: Market leader, brand moat, stable margins, consistent dividends.
Weakness: High valuation multiples, limited product diversification.
Portfolio Weightage: 1.5% (Strategic Allocation)
Fair Value Estimate (FY26): ₹53,384 (blended).

✅ Conclusion

Page Industries continues to be a high-quality compounder, rewarding long-term investors with both EPS growth & dividends. While valuations remain elevated, investors with a long horizon can view Page as a steady compounding story, especially for exposure to India’s premium consumption trend.

📢 Disclosure: This analysis is for educational purposes only.

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Piyush Patel

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