More Stories

Informist, Tuesday, May 19, 2026

By Shakshi Jain

NEW DELHI – Page Industries Ltd. is expected to post a moderate year-on-year increase in its revenue for the March quarter, largely driven by a higher volume. Its year-on-year net profit growth for the reporting quarter would likely lag the top-line growth due to higher expenses, according to analysts.

If the consensus estimates hold, the company's bottom line will revert to year-on-year growth after two quarters of decline while the revenue growth would be the fastest in four quarters.

The apparel manufacturer and distributor's standalone top line for the March quarter is expected to grow 8.5% on year but decline over 14% on a sequential basis to INR 11.91 billion, according to the average of estimates from seven brokerages. The highest revenue estimate is INR 12.63 billion by Nuvama Wealth Management Ltd. and the lowest is INR 11.53 billion by SMIFS Wealth Management Ltd.

The company's bottom line for the quarter is expected to rise by a paltry 2.6% on year to INR 1.68 billion, as per the average of estimates. On a sequential basis, the net profit for the quarter is likely to decline 25% after excluding the one-time cost reported for the December quarter on account of the implementation of the new labour codes. The highest net profit estimate for the reporting quarter is INR 1.93 billion by Nuvama and the lowest is INR 1.57 billion by Anand Rathi Shares and Stock Brokers Ltd.

Page Industries had reported a net profit of INR 1.64 billion for the year-ago quarter on revenue of INR 10.98 billion. In the December quarter, the company had registered a net profit of INR 1.90 billion on revenue of INR 13.87 billion. In the absence of the exceptional item reported for the quarter, the company's net profit would have been roughly INR 2.25 billion, the change in tax notwithstanding.

Emkay Global Financial Services Ltd. said volume growth in Jan-Mar was likely driven by easing competitive intensity in the men's and women's innerwear category. Kotak Securities Ltd. said the expected volume growth during the reporting quarter was led by exclusive brand outlets.

SMIFS Wealth Management said no price hike was taken in Jan-Mar but Kotak Securities expects a slight improvement in blended realisations of the company for the quarter. Motilal Oswal said the ongoing geopolitical tensions did not impact the company's financials in the March quarter.

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.

MARGIN MOVEMENT

Page Industries' earnings before interest, tax, depreciation, and amortisation for Jan-Mar are expected to grow 6.3% on year but decline over 21% sequentially to INR 2.5 billion, according to the average of estimates from six brokerages. The highest EBITDA estimate is INR 2.78 billion from Nuvama and the lowest is INR 2.32 billion from JM Financial Services Ltd.

Brokerages are divided on the company's EBITDA margin for the quarter under review. Kotak Securities estimates a 10 basis point expansion in gross margin of the company for the quarter, driven by benign raw material costs and production efficiencies. The brokerage, however, sees a "higher increase in other costs" driving a 116 bps year-on-year contraction in the company's EBITDA margin to 20.3%.

Nuvama expects a 60-bps expansion in Page Industries' EBITDA margin for the reporting quarter, driven by "improving system level efficiencies."

The company had reported an operating margin of 21.4% in the year-ago quarter and 22.9% in the December quarter.

For the full year 2025-26 (Apr-Mar), brokerage Motilal Oswal expects the company to report a net profit of INR 7.86 billion, marking a near 8% year-on-year increase. It expects the company's revenue for the 12 months to rise over 5% on year to INR 51.88 billion.

Page Industries will announce its March quarter earnings on Thursday. On Tuesday, shares of Page Industries ended over 3% higher on the National Stock Exchange at INR 38,700. The stock has risen nearly 9% since the company reported its results for the December quarter. It is down almost 24% from its 52-week high of INR 50,590, recorded on Jun. 27 last year.

Of the eight research report on Page Industries available with Informist, six have a 'buy' recommendation on the stock and two have a 'sell' call. The average target price of the 'buy' recommendations is INR 42,423. This is nearly 10% higher than Tuesday's closing price.

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

End

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 (11) 4220-1000

Send comments to feedback@informistmedia.com

© Informist Media Pvt. Ltd. 2026. All rights reserved.