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Informist, Tuesday, Oct. 28, 2025

By Shakshi Jain

NEW DELHI – Apparel manufacturer and distributor Page Industries Ltd. is expected to report steady year-on-year growth in its top line and bottom line for the September quarter owing to higher volumes and a slight improvement in realisations. The operating margin of the company is expected to improve marginally for the reporting quarter, helped by increased flow through from the gross margin, favourable raw material prices, and better cost control, according to analysts.

The company's net profit for the September quarter is likely to rise 7% on year to INR 2.1 billion, according to the average of estimates from six brokerages. Sequentially, the profit after tax is expected to rise 4%. The highest estimate for the September quarter net profit is INR 2.3 billion by Emkay Global Financial Services Ltd. and the lowest is INR 1.98 billion from Nuvama Wealth Management Ltd.

The company's revenue for the reporting quarter is expected to rise 6% on year and less than a percent sequentially to INR 13.22 billion. The highest estimate for revenue is INR 13.48 billion by Emkay Global and the lowest is INR 12.96 billion by Nuvama. Page Industries will announce its September quarter results on Nov. 13.

Brokerages expect a mid-to-high single-digit year-on-year rise in volumes of the company for the September quarter, while realisations are expected to improve by low single digit. Emkay Global said the online channel continues to see robust growth, followed by exclusive brand outlets, while the general trade channel is seeing subdued demand.

Page Industries is expected to report earnings before interest, tax, depreciation, and amortisation of INR 3.07 billion for the reporting quarter, according to the average of estimates from five brokerages. The EBITDA estimates range from a low of INR 2.91 billion by Nuvama to a high of INR 3.33 billion by Emkay Global.

In the year-ago quarter, the company had reported EBITDA of INR 2.82 billion and an EBITDA margin of 22.6%.

Brokerages expect the company's EBITDA margin to improve 90-150 basis points in the September quarter due to a better product mix, favourable raw material prices, and higher cost efficiencies.

For the year-ago quarter, Page Industries had reported a net profit of INR 1.95 billion on revenue of INR 12.46 billion.

On Monday, shares of Page Industries ended marginally lower on the National Stock Exchange at INR 40,985. The stock is down over 10% since the company reported its results for the June quarter on Aug. 7. 

Among the 11 research recommendations on the stock available with Informist, five have a "buy" rating on Page Industries, while two have a "hold" rating and four have a "sell" recommendation. The average target price of the "buy" recommendations is INR 48,748 and that of the "sell" calls is INR 42,162.

Following are the Jul-Sept earnings estimates for Page Industries from six brokerages in descending order of the estimate of net profit in INR million:

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Edited by Avishek Dutta

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