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Exclusive Jockey innerwear/loungewear licensee for India and neighboring countries, and India's Speedo swimwear licensee.
Exclusive Jockey innerwear/loungewear licensee for India and neighboring countries, and India's Speedo swimwear licensee.
Pays a royalty to the brand owner for the exclusive right to make and sell Jockey in India, so its job is manufacturing and distribution, not brand building. Sales go through distributors to multi-brand shops, its own exclusive stores and online. The Genomal family, which brought Jockey to India, controls the company.
Moat: wide (brand, distribution, regulatory licence). Exclusive, long-term Jockey brand licence plus deep multi-channel distribution give durable pricing power in premium innerwear.
Headquarters: Bengaluru, India · Founded: 1994 · Employees: 23,932
Size Page Industries (PAGEIND.NS) is an India Consumer Discretionary company (Apparel/Footwear) with a market value of $4.22B, the 233rd largest of 1,058 India companies the cockpit tracks. Shares closed at ₹35,930 on 6 Nov 2026.
Performance Over six months the shares fell 3.8%, against +5.8% for the median peer and 0.0% for the India market (cap-weighted) — 6th lowest of 21 in its peer set.
Growth Revenue grew 7.6% over the last twelve months (peer median +2.9%); the operating margin is 19.4% (peer median 8.8%).
Valuation It trades at 46.8× forward earnings against a peer median of 14.3× (2nd most expensive of 19).
Price implies For today's price to make sense, revenue must grow about 28% a year for seven years (Req g). Recent delivered growth is +13%, so the hurdle is +15 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 39.2 points above its cost of capital (12.5% WACC).
Next results Next results expected around 12 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹53.5B | ₹52.5B | ₹49.3B | ₹45.7B | ₹47.1B |
| Revenue growth | — | +6% | +8% | -3% | — |
| Gross profit | ₹20.5B | ₹18.8B | ₹17.5B | ₹14.7B | ₹14.6B |
| EBITDA | ₹11.5B | ₹11.7B | ₹10.8B | ₹8.79B | ₹8.76B |
| Net income | ₹7.56B | ₹7.64B | ₹7.29B | ₹5.69B | ₹5.71B |
| Free cash flow | n/a | ₹6.81B | ₹11.3B | ₹9.62B | -₹1.90B |
| Capital expenditure | n/a | ₹1.08B | ₹796M | ₹961M | ₹1.66B |
| Total debt | n/a | ₹2.77B | ₹2.62B | ₹1.85B | ₹4.06B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Page Industries PAGEIND.NS | $4.22B | -4% | +8% | 19% | 46.8× | 27.7% |
| Lux Industries LUXIND.NS | $370M | -23% | +4% | 5% | 23.5× | n/a |
| Aditya Birla Fashion and Retail ABFRL.NS | $503M | -42% | -27% | -8% | n/a | n/a |
| Arvind Fashions ARVINDFASN.NS | $486M | -25% | +13% | 8% | 26.8× | 16.6% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | PAGEIND.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -4.4% | +10.8% | 4th lowest of 21 |
| 6-month return | -3.8% | +5.8% | 6th lowest of 21 |
| Distance from 52-week high | -18.1% | -12.2% | 8th lowest of 21 |
| Revenue growth (TTM) | +7.6% | +2.9% | 6th highest of 21 |
| Operating margin | 19.4% | 8.8% | 2nd highest of 21 |
| Forward P/E | 46.8× | 14.3× | 2nd most expensive of 19 |
| Growth the price implies (Req g, 7 yrs) | 27.7% | 3.6% | 2nd most demanding of 19 |
| Growth delivered (Del g) | +13.1% | +7.4% | 7th highest of 19 |
| Hurdle (Req g minus delivered) | +14.6 pp | -4.7 pp | 4th most demanding of 19 |
| ROIC minus cost of capital | +39.2 pp | +3.3 pp | highest of 21 |
| EV / EBITDA | 34.8× | 10.4× | 2nd most expensive of 17 |
| Net debt / EBITDA | -0.1× | 0.8× | 8th least indebted of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Page Industries PAGEIND.NS | India | $4.22B | -4% | +8% | 19% | 46.8× | 27.7% | +13.1% |
| Kontoor Brands KTB | United States | $4.21B | +5% | +16% | 13% | 13.2× | 1.1% | +8.5% |
| K.P.R. Mill KPRMILL.NS | India | $4.21B | +19% | +6% | 18% | 34.8× | 29.9% | +13.3% |
| PVH PVH | United States | $4.15B | +1% | +2% | 8% | 8.1× | 2.5% | +4.6% |
| Puma PUM.DE | Germany | $4.42B | +4% | -19% | -6% | n/a | n/a | n/a |
| HLA 600398.SS | China | $4.47B | -6% | +7% | 11% | 14.3× | -13.1% | +3.8% |
| Fosun International 0656.HK | Hong Kong | $4.82B | +11% | -1% | 3% | 12.9× | 10.6% | +4.1% |
| Columbia Sportswear COLM | United States | $3.61B | +12% | 0% | 8% | 16.2× | 4.6% | +6.3% |
| Abc-mart 2670.T | Japan | $5.03B | +20% | +4% | 17% | 16.2× | -10.0% | +11.4% |
| Li Ning 2331.HK | Hong Kong | $5.10B | -21% | +7% | 13% | 14.4× | -5.4% | +14.6% |
| Burberry BRBY.L | United Kingdom | $5.38B | -4% | -2% | 7% | 28.8× | 19.1% | +0.6% |
| FIGS FIGS | United States | $3.29B | +37% | +25% | 10% | 54.0× | 25.5% | +19.1% |
| Youngor Fashion 600177.SS | China | $5.69B | +10% | -5% | -3% | 12.8× | 23.3% | +0.1% |
| Ermenegildo Zegna ZGN | United States | $5.96B | +7% | +11% | 9% | 31.1× | 20.3% | +11.3% |
| Crystal International 2232.HK | Hong Kong | $2.92B | +23% | +4% | 10% | 11.4× | -5.3% | +6.0% |
| Hugo Boss BOSS.DE | Germany | $2.90B | +8% | -5% | 8% | 15.4× | -6.6% | +17.0% |
| Steven Madden SHOO | United States | $2.89B | -3% | +18% | 9% | 17.5× | 5.9% | +16.1% |
| Eclat Textile 1476.TW | Taiwan | $2.88B | +3% | 0% | 20% | 13.7× | -8.9% | +6.2% |
| Star Shine 1440.HK | Hong Kong | $2.85B | +34% | -33% | -3% | n/a | n/a | n/a |
| Gildan Activewear GIL.TO | Canada | $6.48B | -40% | +40% | 15% | 6.8× | 6.5% | +13.7% |
| Yue Yuen Industrial (Holdings) 0551.HK | Hong Kong | $2.75B | -7% | -3% | 3% | 13.6× | 2.4% | -0.9% |