Earnings Review
Page Ind PAT down YoY after 7 quarters, misses view
This story was originally published at 16:31 IST on 13 November 2025
Register to read our real-time news.Informist, Thursday, Nov. 13, 2025
Please click here to read all liners published on this story
--Page Ind Jul-Sept net profit INR 1.95 bln
--Analysts saw Page Ind Jul-Sept net profit INR 2.10 bln
--Page Ind Jul-Sept revenue INR 12.91 bln
--Analysts saw Page Ind Jul-Sept revenue INR 13.22 bln
--Page Ind Jul-Sept net profit INR 1.95 bln, unch on year
--Page Ind Jul-Sept revenue INR 12.91 bln vs INR 12.46 bln year ago
--Page Ind Jul-Sept raw material cost INR 3.23 bln vs INR 2.76 bln year ago
--Page Ind to pay INR 125 per share interim dividend
--Page Ind interim dividend record date is Nov 19
--Page Ind Apr-Sept net profit INR 3.96 bln vs INR 3.60 bln year ago
--Page Ind Apr-Sept revenue INR 26.07 bln vs INR 25.24 bln year ago
--Page Ind Jul-Sept EBITDA INR 2.80 bln vs INR 2.82 bln year ago
--Page Ind Jul-Sept EBITDA margin 21.7% vs 22.6% year ago
--Page Ind Jul-Sept sales volume 56.6 mln pieces, up 2.5% on year
--Page Ind: Saw uptick in primary sales in later half of Sept
--Page Ind: Consumer response to new bonded tech products encouraging
By Shakshi Jain
MUMBAI – Page Industries Ltd. Thursday reported lower-than-expected results for the September quarter. Its bottom line declined marginally on year in Jul-Sept as total expenses of the company rose faster than the revenue during the three-month period. Page Industries' net profit declined on year after seven consecutive quarters of growth. Its year-on-year revenue growth in the reporting quarter was better than the trailing quarter.
The apparel manufacturer and distributor's net profit declined around quarter of a percent on year to INR 1.95 billion. Analysts' consensus estimate had pegged the company's bottom line for the reporting quarter at INR 2.1 billion. On a sequential basis, the company's net profit declined 3%.
Page Industries' revenue rose 3.6% on year but declined nearly 2% sequentially to INR 12.91 billion in Jul-Sept. The Street's projection for the company's September quarter top line was INR 13.22 billion.
Total expenses of the company rose 5.1% on year but declined a little over 1% sequentially to INR 10.49 billion in Jul-Sept. Cost of materials consumed, which accounts for the largest share in the company's expenditure pie, grew 17% on year in the reporting quarter to INR 3.23 billion. The company's expenses tied to purchase of traded goods jumped 67% on year in the three-month period to INR 2.90 billion. Among other big-ticket expenses of the company, employee benefit expense grew almost 21% on year to INR 2.48 billion and other expenses rose 13.5% to INR 2.47 billion in Jul-Sept.
The exclusive licensee in India of Jockey International Inc. and Speedo International Ltd. recorded a 2.5% year-on-year growth in sales volume for the September quarter at 56.6 million pieces. "Consumption remained subdued through most of the bygone quarter. However, with the start of the festive season we did see a good uptick in primary sales during later half of September," the company's management said in a presentation to investors.
The company said consumption is expected to improve in the coming months with positive factors such as lower lending rates and the new goods and services tax rate structure. Commenting on trends, Page Industries said early response to the innovative product line featuring bonded technology has been "very encouraging".
According to Managing Director V.S. Ganesh, the company was well positioned to capitalise on the improvement in demand in the coming months.
Page Industries' earnings before interest, tax, depreciation, and amortisation in the September quarter declined to INR 2.80 billion from INR 2.82 billion in the corresponding quarter last year. Its EBITDA margin contracted by 90 basis points on year in the latest September quarter to 21.7%.
In the first six months of 2025-26 (Apr-Mar), the company recorded a near 10% year-on-year growth in net profit at INR 3.96 billion. Its revenue for the same period period totalled INR 26.07 billion, up 3.3% on year.
The company declared an interim dividend of INR 125 per share with Nov. 19 as the record date. The stock fell around 2.3% on the National Stock Exchange after the company announced its September quarter results. Shares of the company ended Thursday's session down 2.8% at INR 39,585. End
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Akul Nishant Akhoury
For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.
Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd. by NSE Data & Analytics Ltd., a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt. Ltd.
Informist Media Tel +91 (22) 6985-4000
Send comments to feedback@informistmedia.com
© Informist Media Pvt. Ltd. 2025. All rights reserved.
To read more please subscribe
Share this Story:
