Page Industries Ltd.

•

jockey.inBSE: 532827NSE: PAGEIND

Market Cap₹ 39,329 Cr.

Current Price

High / Low₹ 45,890 / 29,805

Stock P/E52.0

Book Value₹ 1,520

Price to Book23.65

Dividend Yield1.56 %

ROCE73.6 %

ROE52.5 %

Face Value₹ 10

Add ratio to table

ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Innerwear & leisurewear: 98.9% • Others: 1.1%

AI Sector View

AI GENERATED

Textiles

Hold

This sector relies on indirect export proxies rather than direct textile production data. Exports of goods rose 15.0% YoY (2026-06), the currency is weak at 95.23 (Sep/26), and export prices are 163.50, all of which can help exporters, though terms of trade at 102.30 are below the prior 114 in the snapshot context. FPI flows are modestly positive at INR 256 crore over 3 months to 2026-08-31, so the stance is mildly constructive but confidence is capped due to proxy reliance.

Confidence

50%

View full sector analysis →

PROS

Company is almost debt free
Company has a healthy return on capital (ROCE) of 63.9%
Company has a good return on equity (ROE) track record: 3 Years ROE 46.5%
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.49x)
Operating margins have improved to 20.7% from 17.6%

CONS

Promoter holding has decreased over last 2 years: -2.1pp
Stock is trading at 23.7x its book value
Expensive relative to growth - PEG of 5.1
Rich enterprise valuation - EV/EBITDA of 28.9x

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

TextilesTextileTextile

Part ofNIFTY DIV OPPS 50 NIFTYLARGEMIDCAP250 NIFTYMIDCAP150 NIFTY MIDCAP 100 NIFTY MIDCAP 150

S.No.	Name
1.	PAGEIND	35260.05	52.03	39328.62	1.56	192.81	-3.98	1420.45	7.89	73.60	20.35
2.	KPRMILL	1140.10	42.71	38970.21	0.44	258.54	21.55	1935.52	14.77	20.16	19.37
3.	WELSPUNLIV	210.60	71.67	19896.49	0.05	162.61	82.09	2795.45	23.66	6.41	11.53
4.	VTL	583.00	19.91	16882.33	0.86	314.56	51.46	2703.08	13.31	8.91	18.11
5.	ARVIND	571.85	37.56	15556.64	0.79	57.77	5.61	2500.96	24.65	15.30	9.64
6.	MANYAVAR	581.80	35.09	14136.47	1.33	66.90	37.31	267.95	22.74	29.45	45.53
7.	PGIL	2279.00	33.92	10526.82	0.64	99.23	51.37	1528.26	24.46	22.42	10.72
8.	ICIL	445.05	58.42	8814.41	0.34	63.22	67.28	1206.96	25.89	8.73	11.88
9.	SWANCORP	277.65	38.93	8703.13	0.05	-35.99	-233.33	1013.75	-16.44	4.50	-0.38
10.	GARFIBRES	815.65	37.92	7964.69	1.10	64.60	21.56	482.37	31.35	20.98	18.70
11.	KUSUMGAR	564.55	60.36	5927.29	0.00	426.47	—	2472.47	—	26.15	30.50
12.	GOKEX	784.15	55.81	5746.07	0.00	44.30	6.81	1153.51	20.69	9.10	9.75

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	1,229	1,122	1,226	992	1,278	1,246	1,313	1,098	1,317	1,291	1,387	1,253	1,420
	991	892	999	828	1,034	965	1,011	863	1,022	1,011	1,069	992	1,172
Operating Profit	239	231	226	164	243	281	303	235	295	280	318	261	248
OPM %	19.41%	20.54%	18.48%	16.56%	19.05%	22.58%	23.04%	21.42%	22.38%	21.65%	22.94%	20.80%	17.46%
	5	5	9	14	13	15	14	20	15	19	-23	17	11
Interest	13	11	10	10	12	11	12	12	13	13	13	12	12
Depreciation	21	25	23	23	22	23	30	25	27	25	27	28	29
Profit before Tax	210	199	202	145	222	262	275	219	270	261	256	238	259
Tax %	24.59%	24.63%	24.61%	25.39%	25.73%	25.61%	25.57%	25.00%	25.69%	25.40%	26.04%	24.84%	25.43%
Net Profit	158	150	152	108	165	195	205	164	201	195	190	179	193
	141.98	134.73	136.59	97.01	148.13	175.06	183.48	147.04	180.02	174.62	169.93	160.24	172.86

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	2,129	2,551	2,852	2,946	2,833	3,886	4,714	4,569	4,935	5,247	5,351
	1,714	2,010	2,234	2,413	2,306	3,100	3,853	3,709	3,872	4,094	4,245
Operating Profit	415	542	618	533	527	787	861	860	1,063	1,153	1,106
OPM %	19.48%	21.23%	21.66%	18.09%	18.61%	20.25%	18.27%	18.82%	21.53%	21.97%	20.67%
	24	22	36	25	19	21	16	32	62	29	25
Interest	19	18	17	34	30	34	41	45	46	50	50
Depreciation	25	28	31	61	63	65	78	91	99	107	109
Profit before Tax	395	518	606	462	453	709	758	756	979	1,025	1,014
Tax %	32.56%	32.95%	35.00%	25.71%	24.89%	24.30%	24.65%	24.76%	25.49%	25.51%	25.44%
Net Profit	266	347	394	343	341	537	571	569	729	764	756
EPS	238.73	311.08	353.19	307.72	305.35	481.03	512.15	510.30	653.70	684.80	—
Dividend Payout %	40.63%	30.86%	97.40%	52.32%	81.87%	76.92%	48.81%	72.51%	137.68%	80.32%	—

COMPOUNDED SALES GROWTH

10 Years:: 11%
5 Years:: 13%
3 Years:: 4%

COMPOUNDED PROFIT GROWTH

10 Years:: 13%
5 Years:: 18%
3 Years:: 10%

STOCK PRICE CAGR

10 Years:: 9%
5 Years:: 2%
3 Years:: -5%
1 Year:: -20%

RETURN ON EQUITY

10 Years:: 46%
5 Years:: 48%
3 Years:: 46%
Last Year:: 53%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	11	11	11	11	11	11	11	11	11	11
	655	836	764	809	874	1,077	1,360	1,586	1,396	1,491
	79	82	94	154	103	82	376	147	225	246
Trade Payables	111	136	122	94	251	363	288	184	255	323
	298	347	359	445	459	570	653	745	747	776
Total Liabilities	1,154	1,412	1,351	1,513	1,698	2,103	2,688	2,673	2,635	2,847
	236	238	301	406	386	402	485	488	758	871
Capital Work in Progress	24	59	7	29	28	65	150	239	72	1
	52	218	0	0	0	0	0	0	0	0
	623	568	750	719	555	975	1,595	1,170	859	1,056
	113	0	0	0	0	0	0	159	192	201
Cash & Bank	21	67	44	117	435	283	8	323	471	432
	86	263	249	243	294	377	449	295	283	285
Total Assets	1,154	1,412	1,351	1,513	1,698	2,103	2,688	2,673	2,635	2,847

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	274	617	435	644	822	502	189	1,080	1,204	794
Cash from Investing	-108	-238	192	-27	-401	119	31	-370	12	-21
Cash from Financing	-154	-188	-443	-378	-366	-396	-174	-621	-1,010	-744
	12	27	-22	113	-71	49	-145	89	205	29

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	45.04	44.29	42.89	42.89	42.89	42.89	42.89	42.89	42.89
	20.55	20.84	22.67	23.58	24.03	23.21	20.71	19.00	18.91
	27.35	28.76	28.69	27.87	27.75	28.52	30.78	32.50	32.93
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	6.31	5.35	5.02	4.92	4.59	4.67	4.91	4.90	4.56

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-02

General Updates

2026-09-02 - Page Industries Limited has informed the Exchange about Disclosure under Regulation 30 of the SEBI (LODR) Regulations, 2015 Pendency of Litigation

2026-08-27

Resignation of Director/KMP/SMP

2026-08-27 - Page Industries Limited has informed the Exchange about Resignation of Director/KMP/SMP

2026-08-27

Resignation

2026-08-27 - Page Industries Limited has informed the Exchange regarding Resignation of Murugesh C as Company Secretary & Compliance Officer of the company w.e.f. August 26, 2026.

2026-08-19

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-19 - Page Industries Limited has informed the Exchange about Transcript

2026-08-14

Copy of Newspaper Publication

2026-08-14 - Page Industries Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-14

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-14 - Page Industries Limited has informed the Exchange about Schedule of meet

2026-08-13

Updates

2026-08-13 - Page Industries Limited has informed the Exchange regarding 'Video Recording of 31st AGM'.