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Informist, Thursday, Feb. 5, 2026

By Shakshi Jain

NEW DELHI – Apparel manufacturer and distributor Page Industries Ltd. Thursday posted a lower-than-expected net profit for the December quarter, dragged down by a one-time cost on account of the changes arising from the new Labour Codes. As a result, the company's net profit declined year on year for a second consecutive quarter. The company's top line for the three months rose by a mid-single-digit year-on-year, marking the fastest growth in three quarters.

Page Industries' bottom line for the December quarter missed the Street's expectation, but its top line was in line with the consensus estimate.

The company's bottom line for the December quarter fell 7.4% on year and 2.7% on quarter to INR 1.90 billion. Its net profit was hit by a one-time cost of INR 350 million for employee benefits and other expenses due to changes mandated by the new Labour Codes. Excluding the exceptional item, Page Industries' net profit for Oct-Dec would have been INR 2.25 billion, above the Street's expectations. Analysts' consensus estimate had pegged the company's bottom line for the December quarter at INR 2.18 billion.

The exclusive licensee for Jockey and Speedo products in India reported a top line of INR 13.87 billion for the December quarter, up 5.6% on year and 7.4% sequentially. This is in line with analysts' consensus estimate of INR 13.86 billion for the reporting quarter. 

The company's sales volume for Oct-Dec rose 1.4% on year to 58.6 million, Page Industries said in a press release. The company's earnings before interest, tax, depreciation, and amortisation for the December quarter rose 5.2% on year to INR 3.18 billion. Its EBITDA margin for the quarter contracted by 10 basis points on year to 22.9%.

"The encouraging consumer response to our innovative product launches, combined with our sharp focus on operating efficiencies and continued investments in digital and brand-building initiatives, positions us well to accelerate growth and further strengthen our leadership position in the periods ahead," Page Industries Managing Director V.S. Ganesh said in the release.

Total expenses of the apparel manufacturer rose in line with its top-line growth for the December quarter at 5.3% on year to INR 11.08 billion. This rise in expenses was driven by an over 42% year-on-year increase in expenses tied to the purchase of traded goods to INR 3.17 billion and a more than 12% uptick in the cost of raw materials consumed to INR 3.02 billion. Page Industries' employee benefit expenses grew 13% on year to INR 2.33 billion in Oct-Dec and other expenses rose over 9% to INR 2.52 billion.

Alongside the results for the December quarter, the company declared a third interim dividend for 2025-26 (Apr-Mar), of INR 125 per share, with Feb. 11 as the record date.

In the first nine months of FY26, the company's net profit rose 3.5% on year to INR 5.85 billion, while its revenue from operations rose 4.1% on year to INR 39.94 billion. Thursday, the company's shares ended 3.5% higher at INR 35,640 on the National Stock Exchange.  End

Edited by Saji George Titus

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