PAGEIND

Page Industries Limited

India's exclusive licensee for Jockey innerwear and Speedo swimwear

Consumer Discretionary›Textiles›Textiles & Apparels›Garments & Apparels

jockey.in(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹36145.00
Market cap
40,316 Cr
Stock P/E
53.3
P/B
26.83
Dividend yield
1.7%
ROE (FY26)
50.8%
ROCE (FY26)
71.0%
Operating margin (FY26)
19.9%
Debt / equity (FY26)
0.0079
OCF / EBITDA (FY26)
68.9%
OCF / EBITDA (3Y)
99.7%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

Page Industries makes and sells innerwear and other garments in India, reaching consumers through multi-brand outlets, its own exclusive brand stores, large-format stores and e-commerce platforms.

Company snapshot

1stBy market cap

Ranked among 31 companies in Garments & Apparels.

What we see

Positives
  • ✓100% of operating profit came in as cash over the last three years — profits are backed by real cash.
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Statement tables · Standalone

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Standalone only

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales1,125 Cr1,229 Cr995 Cr1,278 Cr1,246 Cr1,313 Cr1,098 Cr1,317 Cr1,291 Cr1,387 Cr1,253 Cr1,420 Cr
Operating expenses (approx.)892 Cr999 Cr828 Cr1,034 Cr965 Cr1,011 Cr863 Cr1,022 Cr1,011 Cr1,069 Cr992 Cr1,131 Cr
EBITDA234 Cr230 Cr167 Cr243 Cr281 Cr303 Cr235 Cr295 Cr280 Cr318 Cr261 Cr289 Cr
OPM %20.8%18.7%16.8%19.0%22.6%23.0%21.4%22.4%21.7%22.9%20.8%20.3%
Other income2 Cr6 Cr11 Cr13 Cr15 Cr14 Cr20 Cr15 Cr19 Cr12 Cr17 Cr11 Cr
Interest11 Cr11 Cr10 Cr12 Cr11 Cr12 Cr12 Cr13 Cr13 Cr13 Cr12 Cr12 Cr
Depreciation25 Cr23 Cr23 Cr22 Cr23 Cr30 Cr25 Cr27 Cr25 Cr27 Cr28 Cr29 Cr
Profit before tax199 Cr202 Cr145 Cr222 Cr262 Cr275 Cr219 Cr270 Cr261 Cr256 Cr238 Cr259 Cr
Tax %24.6%24.6%25.4%25.7%25.6%25.6%25.0%25.7%25.4%26.0%24.8%25.4%
Net profit150 Cr152 Cr108 Cr165 Cr195 Cr205 Cr164 Cr201 Cr195 Cr190 Cr179 Cr193 Cr
EPS (₹)₹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 (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales2,130 Cr2,552 Cr2,852 Cr2,945 Cr2,833 Cr3,886 Cr4,789 Cr4,582 Cr4,935 Cr5,247 CrSign in free for the trailing twelve months
Operating expenses (approx.)1,717 Cr2,011 Cr2,235 Cr2,413 Cr2,306 Cr3,101 Cr3,926 Cr3,709 Cr3,872 Cr4,094 CrSign in free for the trailing twelve months
EBITDA413 Cr541 Cr617 Cr533 Cr527 Cr785 Cr863 Cr872 Cr1,063 Cr1,153 CrSign in free for the trailing twelve months
OPM %19.4%21.2%21.6%18.1%18.6%20.2%18.0%19.0%21.5%22.0%Sign in free for the trailing twelve months
Other income24 Cr21 Cr36 Cr25 Cr19 Cr21 Cr15 Cr20 Cr62 Cr64 CrSign in free for the trailing twelve months
Interest18 Cr17 Cr16 Cr34 Cr30 Cr32 Cr41 Cr45 Cr46 Cr50 CrSign in free for the trailing twelve months
Depreciation25 Cr28 Cr31 Cr61 Cr63 Cr65 Cr78 Cr91 Cr99 Cr107 CrSign in free for the trailing twelve months
Profit before tax395 Cr518 Cr606 Cr462 Cr453 Cr709 Cr758 Cr757 Cr979 Cr1,025 CrSign in free for the trailing twelve months
Tax %32.6%33.0%35.0%25.7%24.9%24.3%24.6%24.8%25.5%25.5%Sign in free for the trailing twelve months
Net profit266 Cr347 Cr394 Cr343 Cr341 Cr537 Cr571 Cr569 Cr729 Cr764 CrSign in free for the trailing twelve months
EPS (₹)₹238.74₹311.08₹353.19₹307.72₹305.35₹481.03₹512.15₹510.31₹653.71₹684.81Sign in free for the trailing twelve months
Dividend payout %————81.8%62.4%50.8%60.7%125.4%87.6%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital11 Cr11 Cr11 Cr11 Cr11 Cr11 Cr11 Cr11 Cr11 Cr11 Cr
Reserves655 Cr836 Cr764 Cr809 Cr874 Cr1,077 Cr1,360 Cr1,586 Cr1,396 Cr1,491 Cr
Borrowings67 Cr50 Cr73 Cr27 Cr0.04 Cr—248 Cr——12 Cr
Other liabilities421 Cr516 Cr503 Cr666 Cr815 Cr1,018 Cr1,074 Cr1,086 Cr1,236 Cr1,342 Cr
Total liabilities1,154 Cr1,412 Cr1,351 Cr1,513 Cr1,700 Cr2,107 Cr2,693 Cr2,683 Cr2,643 Cr2,856 Cr
Fixed assets (net)233 Cr230 Cr295 Cr298 Cr286 Cr400 Cr483 Cr484 Cr753 Cr630 Cr
CWIP24 Cr59 Cr7 Cr29 Cr28 Cr65 Cr150 Cr239 Cr72 Cr1 Cr
Investments52 Cr218 Cr0 Cr105 Cr98 Cr0 Cr0 Cr0 Cr0 Cr0 Cr
Inventories623 Cr568 Cr750 Cr719 Cr555 Cr975 Cr1,595 Cr1,170 Cr859 Cr1,056 Cr
Trade receivables113 Cr148 Cr124 Cr74 Cr137 Cr165 Cr146 Cr159 Cr192 Cr201 Cr
Cash & bank21 Cr37 Cr4 Cr117 Cr40 Cr89 Cr0.66 Cr33 Cr238 Cr267 Cr
Other assets88 Cr153 Cr170 Cr173 Cr556 Cr412 Cr318 Cr598 Cr529 Cr701 Cr
Total assets1,154 Cr1,412 Cr1,351 Cr1,513 Cr1,700 Cr2,107 Cr2,693 Cr2,683 Cr2,643 Cr2,856 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity274 Cr455 Cr230 Cr517 Cr696 Cr327 Cr-2 Cr1,080 Cr1,204 Cr794 Cr
Cash from investing-108 Cr-240 Cr192 Cr-27 Cr-401 Cr119 Cr31 Cr-370 Cr12 Cr-21 Cr
Cash from financing-154 Cr-198 Cr-443 Cr-378 Cr-366 Cr-396 Cr-174 Cr-621 Cr-1,010 Cr-744 Cr
Net cash flow12 Cr16 Cr-22 Cr113 Cr-71 Cr49 Cr-145 Cr89 Cr205 Cr29 Cr
Free cash flow (OCF − Capex)211 Cr398 Cr192 Cr442 Cr681 Cr229 Cr-167 Cr984 Cr1,124 Cr687 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %56.3%59.6%73.4%58.6%54.6%68.1%49.4%50.2%72.8%71.0%
ROE %40.0%41.0%50.8%41.9%38.5%49.3%41.7%35.6%51.8%50.8%
Debtor days1921169181511131414
Inventory days308300354401345352390377291323
Days payable5572585213513170718699
Cash conversion cycle272249313358228236331319219238
OCF / EBITDA %66.2%84.1%37.2%97.0%132.1%41.6%-0.2%123.9%113.3%68.9%
OCF / EBITDA % (3 years)——61.0%71.1%86.1%83.5%47.0%55.8%81.6%99.7%
Debt / equity0.100.060.090.030.0000—0.18—0.000.0079
Current ratio1.962.081.881.821.721.671.652.001.721.72
Net debt / EBITDA0.11—0.11-0.17-0.08-0.110.29-0.04-0.22-0.22