Page Industries Limited (PAGEIND) AI Stock Analysis

• Market Cap: ₹429.74B
• Dividend Yield: 1.61%
• Average Volume (3M): 704.00
• Price to Earnings (P/E): 56.2
• Beta (1Y): 0.70
• Revenue Growth: 7.50%
• EPS Growth: 32.75%
• Country: IN
• Employees: 19,461
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Apparel - Manufacturers
• EPS (TTM): 174.60
• 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: ₹41,040.00
• Price Target Upside: 5.66% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 60 Neutral
• Price Target: ₹40,764.00 ▲(4.95% Upside)

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.

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 Limited primarily generates revenue through the manufacturing and sale of branded innerwear, leisurewear, and sportswear under the Jockey and Speedo brands. The company operates a robust distribution network that includes multi-brand outlets, exclusive brand outlets, and e-commerce platforms, enabling wide market reach. A significant portion of its revenue comes from the Jockey brand, which is well-established and widely recognized in India and neighboring markets. The company's revenue model is further supported by its partnerships with Jockey International and Speedo International, which allow it to leverage these globally renowned brands to capture significant market share in the apparel industry. Additionally, Page Industries benefits from its strategic focus on product quality, innovation, and marketing initiatives that enhance brand visibility and consumer loyalty.

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	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 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: 38841.05
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

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 38841.05 is below the 20-day moving average (MA) of 39889.91, below the 50-day MA of 41267.77, and below the 200-day MA of 43775.70, indicating a bearish trend. The MACD of -724.21 indicates Positive momentum. The RSI at 35.88 is Neutral, neither overbought nor oversold. The STOCH value of 15.09 is Positive, 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	₹435.79B	37.65	―	1.07%	-2.47%	11.59%
MANYAVAR	62 Neutral	₹156.60B	40.63	―	1.30%	5.77%	-4.37%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
PAGEIND	60 Neutral	₹429.74B	56.23	―	1.61%	7.50%	32.75%
BATAINDIA	57 Neutral	₹137.17B	80.45	―	0.89%	-0.95%	-50.96%
RELAXO	56 Neutral	₹107.77B	61.63	―	0.74%	-8.39%	-3.74%
OLAELEC	41 Neutral	₹220.81B	-8.93	―	―	―	―