Page Industries Limited (PAGEIND) AI Stock Analysis

• Market Cap: ₹347.10B
• Dividend Yield: 1.71%
• Average Volume (3M): 704.00
• Price to Earnings (P/E): 53.0
• Beta (1Y): 0.86
• Revenue Growth: 7.50%
• EPS Growth: 32.75%
• Country: IN
• Employees: 19,461
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Apparel - Manufacturers
• EPS (TTM): 193.00
• Shares Outstanding: 11,153,874
• 10 Day Avg. Volume: 1,360
• 30 Day Avg. Volume: 704
• PEG Ratio: 2.29
• Price to Book (P/B): 33.30
• Price to Sales (P/S): 9.49
• P/FCF Ratio: 41.68
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 702.05
• Revenue Forecast (FY): ₹51.61B

• Rating: 60 Neutral
• Price Target: ₹33,205.00 ▼(-7.16% Downside)
• Action: Reiterated Date: 11/21/25
• Date: Action: Reiterated 11/21/25

Page Industries demonstrates strong financial performance with robust revenue and profit growth, which is the most significant factor contributing to its score. However, technical indicators suggest bearish momentum, and the high P/E ratio indicates potential overvaluation, which weigh down the overall score.

Positive Factors

Strong free cash flow generation

Sustained free cash flow growth and an FCF-to-net-income ratio above 1 indicate durable internal funding. This enhances the company’s ability to fund capex, expand retail/distribution, pay dividends or reduce leverage without relying on external financing, improving long-term resilience.

Low leverage and solid balance sheet

Very low debt levels and a strong equity base give financial flexibility to invest in growth and weather demand shocks. High ROE shows efficient capital use, enabling sustained reinvestment and strategic programs with limited refinancing risk over the medium term.

High margins and profitability

Elevated gross and operating margins reflect pricing power, brand strength and manufacturing efficiency. Margin durability supports reinvestment in brand, retail expansion and product development, helping sustain competitive advantage and profit generation over multiple cycles.

Negative Factors

Dependence on Jockey licensing

The business model relies on licensed rights to JOCKEY, exposing the company to renewal, royalty and contractual constraints. License dependence limits strategic control and creates counterparty risk that could materially affect revenue or margins if terms change at renewal.

High concentration in domestic innerwear market

Heavy revenue concentration in India and in innerwear/athleisure narrows exposure to a single market and category. Domestic consumer weakness, intensified local competition, or channel shifts could disproportionately impact growth and make top-line swings more likely.

Decline in stockholders' equity noted

A falling equity base reduces capital cushions and can artificially lift ROE, limiting room for large organic or inorganic investments. If the trend continues, it may constrain funding flexibility and raise questions about capital allocation priorities.

Page Industries Limited Business Overview & Revenue Model

Company Description

Page Industries Limited manufactures, markets, and distributes textile garments and clothing accessories for men, women, and junior girls and boys in India and internationally. The company offers vests, briefs, boxer briefs, trunks, inner boxers, tank tops, t-shirts, polo t-shirts, henleys, sweatshirts, jackets, hoodies, boxer shorts, shorts, bermudas, joggers, track pants, pyjamas, bras, panties, crop tops, camisoles, kurta and kurti slips, sleep dresses, capris, leggings, hipsters, mid-waists, boy legs, bloomers, shorties, caps, handkerchief, and masks; face, hand, and bath towels; calf, ankle, knee, low show, and no-show socks; and thermal wear under Jockey brand. It also provides swimwear, water shorts, apparel, and swim equipment and footwear under the Speedo brand. As of March 31, 2022, the company operated approximately 1,131 Jockey exclusive brand outlets (EBOs), including 48 Jockey woman EBOs and 71 Jockey junior EBOs; and approximately 1,340 stores, 26 Speedo EBOs, and 12 large format stores under the Speedo brand. Page Industries Limited was incorporated in 1994 and is headquartered in Bengaluru, India.

How the Company Makes Money

Page Industries makes money primarily by selling branded apparel (mainly innerwear and athleisure/leisurewear) under licensed brands, with revenue recognized from the sale of finished goods across wholesale and retail channels. The key revenue stream is the JOCKEY portfolio: Page designs (within brand guidelines), sources raw materials, manufactures/outsources manufacturing of garments, and sells finished products to a nationwide distribution network, exclusive brand outlets, large-format and multi-brand retailers, and online platforms; earnings are driven by unit volumes, product mix (e.g., premium innerwear/athleisure vs. value items), pricing, and the breadth of distribution/retail reach. A secondary revenue stream comes from Speedo-branded products marketed in India under a separate arrangement. Significant factors affecting and supporting earnings include the strength and consumer recognition of the JOCKEY brand, the company’s licensed-rights framework (which typically involves paying royalties/fees to brand owners), its scale in manufacturing and supply chain, and continued expansion of product categories and retail presence.

Page Industries Limited Financial Statement Overview

Summary

Page Industries exhibits strong financial health with impressive revenue and profit growth, operational efficiency, and robust cash generation. The company maintains a low leverage position, enhancing financial stability. The slight drop in equity is a minor concern, but overall, the financial outlook remains positive and promising for continued success.

Income Statement

Page Industries demonstrated strong revenue growth, with an approximate increase of 8.53% from 2024 to 2025, maintaining a robust gross profit margin of 56.82% in 2025. The net profit margin improved to 14.77% in 2025, showcasing efficient cost management. The EBIT and EBITDA margins also showed healthy performance, indicating operational efficiency.

Balance Sheet

The balance sheet is solid, with a debt-to-equity ratio of 0.19 in 2025, indicating low leverage. The equity ratio stands at 53.23%, reflecting a substantial equity base. ROE improved to 51.81%, highlighting efficient use of equity to generate profits. However, a decline in stockholders' equity from the previous year is a point of concern.

Cash Flow

The cash flow statement reveals strong free cash flow growth of 14.16% from 2024 to 2025. The operating cash flow to net income ratio is 1.65, demonstrating robust cash generation relative to net income. The free cash flow to net income ratio is 1.54, indicating sustained liquidity and financial flexibility.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	49.74B	49.35B	45.47B	47.14B	37.25B	28.33B
Gross Profit	28.91B	28.04B	14.51B	25.79B	18.18B	13.63B
EBITDA	11.77B	11.24B	8.92B	8.77B	8.06B	5.46B
Net Income	7.65B	7.29B	5.69B	5.71B	5.37B	3.41B
Balance Sheet
Total Assets	0.00	26.43B	26.83B	26.93B	21.07B	17.00B
Cash, Cash Equivalents and Short-Term Investments	4.62B	4.62B	3.14B	6.66M	2.79B	4.35B
Total Debt	0.00	2.62B	1.85B	4.06B	1.76B	1.27B
Total Liabilities	-14.07B	12.36B	10.86B	13.22B	10.18B	8.15B
Stockholders Equity	14.07B	14.07B	15.97B	13.71B	10.89B	8.85B
Cash Flow
Free Cash Flow	0.00	11.24B	9.84B	-1.67B	2.29B	6.81B
Operating Cash Flow	0.00	12.04B	10.80B	-16.08M	3.27B	6.96B
Investing Cash Flow	0.00	116.55M	-3.70B	307.75M	1.19B	-4.01B
Financing Cash Flow	0.00	-10.10B	-6.21B	-1.74B	-3.96B	-3.66B

Page Industries Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 35766.75
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:PAGEIND, the sentiment is Negative. The current price of 35766.75 is above the 20-day moving average (MA) of 32833.69, above the 50-day MA of 33756.03, and below the 200-day MA of 40779.40, indicating a bearish trend. The MACD of -762.01 indicates Positive momentum. The RSI at 32.71 is Neutral, neither overbought nor oversold. The STOCH value of 29.64 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:PAGEIND.

Page Industries Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
360ONE	65 Neutral	₹419.43B	36.82	―	1.02%	-2.47%	11.59%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
MANYAVAR	61 Neutral	₹87.11B	26.22	―	1.37%	5.77%	-4.37%
PAGEIND	60 Neutral	₹347.10B	53.03	―	1.71%	7.50%	32.75%
BATAINDIA	56 Neutral	₹92.13B	45.84	―	0.95%	-0.95%	-50.96%
RELAXO	56 Neutral	₹77.32B	94.83	―	0.75%	-8.39%	-3.74%
OLAELEC	43 Neutral	₹102.60B	-7.78	―	―	―	―