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Informist, Monday, Feb. 2, 2026

 

By Shakshi Jain

 

NEW DELHI – Apparel manufacturer and distributor Page Industries Ltd. is expected to post a moderate year-on-year increase in its top line and bottom line for the December quarter, driven by higher volume and better blended realisations. The company's net profit growth is expected to be slightly higher than its revenue growth for the reporting quarter due to lower raw material costs and higher operational efficiencies, brokerages said. 

 

If Page Industries' December-quarter results meet the consensus estimates, it would be the company's fastest on-year top line growth in three quarters and for the bottom line, it would mean a return to growth territory after a mild decline in the September quarter.

 

The company's standalone top line is expected to grow 5.5% on year and 7.4% on a sequential basis to INR 13.86 billion for the December quarter, according to the average of estimates from seven brokerages. This rise will be driven by a 4.3-5% on-year increase in its overall sales volume for the quarter alongside a 2.5% increase in its blended realisations, brokerages said. The highest revenue estimate is INR 14.05 billion by Elara Securities (India) Pvt. Ltd. and the lowest is INR 13.66 billion by Nuvama Wealth Management Ltd. and SMIFS Wealth Management Ltd.

 

The company's bottom line for the reporting quarter is expected to grow 6.7% on year and just over 12% sequentially to INR 2.18 billion, as per the average of estimates. The bottom line growth of the company is likely to outpace the rise in its top line due to a higher operating margin for the quarter, according to analysts. The highest net profit estimate is INR 2.33 billion by JM Financial Institutional Securities Pvt. Ltd. and the lowest is INR 2.05 billion by Nuvama.

 

Page Industries had reported a net profit of INR 2.05 billion for the year-ago quarter on revenues of INR 13.13 billion. In the September quarter, the company had registered a net profit of INR 1.95 billion on revenues of INR 12.91 billion. 

 

Page Industries is the exclusive licensee for manufacturing, distribution, and marketing of Jockey products in India and eight other countries. It also holds the exclusive licence for making and selling products of swim-wear brand Speedo in India.

 

OPERATIONAL OPTICS

 

Page Industries' earnings before interest, tax, depreciation, and amortisation for the December quarter are expected to grow 3.7% on year and over 12% sequentially to INR 3.14 billion, according to the average of estimates. The highest EBITDA estimate is INR 3.36 billion from JM Financial and the lowest is INR 2.96 billion from Nuvama.

 

"We expect EBITDA margin to expand ~100 bps (basis points) YoY (year-on-year) to 24% led by ~300 bps YoY expansion in GM (gross margin), primarily offset by a 200 bps YoY increase in employee costs," JM Financial said. SMIFS Wealth Management and Motilal Oswal Financial Services Ltd. expect higher year-on-year advertising spends to also weigh on the company's operating margin for the quarter under review.

 

Nuvama expects a 280 bps year-on-year improvement in the company's gross margin for the December quarter, while Kotak anticipates a 370 bps expansion of the margin due to benign raw material prices. Page Industries will announce its December quarter earnings Thursday.

 

On Monday, shares of Page Industries ended flat on the National Stock Exchange at INR 32,765. The stock is down over 17% since the company reported its results for the September quarter. It is down over 35% from its 52-week high of INR 50,590, recorded on Jun. 27.

 

Of the eight research recommendations on Page Industries available with Informist, six have a 'buy' recommendation on the stock and two have a 'sell' recommendation. The average target price of the 'buy' recommendations is INR 45,823. This is nearly 40% higher than the current market price.

 

Following are the Oct-Dec earnings estimates for Page Industries from seven brokerages in descending order of the estimate of net profit in INR billion:

 

Brokerage	Net Sales	Net Profit	EBITDA
JM Financial Institutional Securities Pvt Ltd	14.01	2.33	3.36
Kotak Securities Ltd	13.92	2.27	3.21
Elara Securities (India) Pvt Ltd	14.05	2.22	3.20
Emkay Global Financial Services Ltd	13.78	2.17	3.10
Motilal Oswal Financial Services Ltd	13.93	2.15	3.09
SMIFS Ltd	13.66	2.09	3.03
Nuvama Wealth Management Ltd	13.66	2.05	2.96
Average	13.86	2.18	3.14

 

End

 

Edited by Deepshikha Bhardwaj

 

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