Page Industries Ltd, India’s leading innerwear and athleisure brand, has reported its financial results for the first quarter of FY26, showcasing a mixed performance. While the company’s consolidated revenue from operations came in at Rs 13.17 billion—slightly below the IBES estimate of Rs 14 billion—it delivered a net profit of Rs 2.01 billion, surpassing expectations. In a move that signals confidence in its financial health, the board has also declared an interim dividend of Rs 150 per share.
The results reflect Page Industries’ continued resilience in a competitive retail environment, supported by strong brand equity and operational efficiency.
Key Financial Highlights
- Revenue from operations for Q1 FY26 stood at Rs 13.17 billion, missing the IBES forecast of Rs 14 billion
- Net profit reached Rs 2.01 billion, exceeding the IBES estimate of Rs 1.97 billion
- The company declared an interim dividend of Rs 150 per share, reinforcing its commitment to shareholder returns
Revenue Performance and Market Dynamics
Despite a slight miss on revenue expectations, Page Industries maintained steady sales momentum across its core product categories:
1. Domestic Retail Trends
- Sales in urban markets remained robust, driven by demand for premium innerwear and athleisure products
- Tier 2 and Tier 3 cities showed moderate growth, with increased traction in exclusive brand outlets
2. Distribution Network
- The company continues to operate through over 50,000 retail outlets and 1,289 exclusive brand stores across India
- Expansion of Jockey Woman and Jockey Juniors formats contributed to brand visibility and category growth
3. International Operations
- Page Industries holds exclusive licenses for Jockey and Speedo brands across South Asia and select Middle Eastern markets
- Export volumes remained stable, with growth in Sri Lanka and UAE offsetting softness in Bangladesh
Profitability and Operational Efficiency
The company’s ability to exceed profit expectations is attributed to disciplined cost management and improved product mix:
- Gross margins remained healthy due to optimized sourcing and inventory control
- Manufacturing efficiencies across its 15 complexes in Karnataka and Tamil Nadu helped contain overheads
- Digital initiatives in supply chain and retail analytics supported better demand forecasting and reduced markdowns
Dividend Declaration and Shareholder Value
The interim dividend of Rs 150 per share reflects Page Industries’ strong cash position and commitment to rewarding investors:
- The payout aligns with the company’s historical dividend policy and consistent profitability
- It signals management’s confidence in sustaining growth despite macroeconomic headwinds
- The dividend will be disbursed to shareholders whose names appear in the register as of the record date to be announced shortly
Management Commentary and Strategic Outlook
Leadership remains focused on long-term brand building and capacity expansion:
- Managing Director VS Ganesh emphasized the importance of retail innovation and customer-centric product design
- The company is investing in automation and digital transformation across manufacturing and retail operations
- New product launches in kidswear and performance wear are expected to drive incremental growth in the coming quarters
Conclusion
Page Industries’ Q1 FY26 results reflect a solid start to the fiscal year, with profitability exceeding expectations and a generous interim dividend reinforcing investor confidence. While revenue fell slightly short of forecasts, the company’s operational strength and brand leadership continue to position it favorably in India’s evolving apparel market. With strategic investments in retail expansion and product innovation, Page Industries is poised to sustain its growth trajectory in the quarters ahead.
Sources: Financial Times Markets, Indian Retailer, Page Industries Ltd official disclosures
