Page Industries Limited

Consumer Cyclical — Apparel Manufacturing · NSE

₹36,145.00−₹355.00 (−0.97%)

DalalBaazaar Score

73 / 100

🟢 Good

Verdict

NEUTRAL

Risk

Low

Driven by a very high earnings multiple, which leaves little margin for disappointment, falling profits.

In simple words: Strong business and financial position, though profits are falling even as sales grow. Valuation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:46 pm

Understanding the Business

Company site ↗

The 60-second version of Page Industries Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Page Industries Limited manufactures, markets, and distributes textile garments and clothing accessories for men, women, and kids in India and internationally.

IndustryApparel Manufacturing

SectorConsumer Cyclical

Employees21,244

Annual revenue₹5,227 Cr

How does it make money?

Turns over ₹5,227 Cr a year. Of every ₹100 of sales, about ₹15 reaches shareholders as profit, with ₹23 left at the operating level before interest, tax and depreciation. Each of its 21,244 employees supports ₹24.6 lakh of revenue a year, the signature of a people-led business.

Revenue / employee₹24.6 lakh

Who are its competitors?

The closest listed comparisons in its industry are MARUTI SUZUKI INDIA LTD., TITAN COMPANY LIMITED, TRENT LTD, AVENUE SUPERMARTS LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?The numbers suggest a real one

ROCE has stayed above 15% in every year available and stands at 61.5%. Returns that high normally get competed away; when they persist, something is protecting them, and its ROE of 50.8% against a peer median of 25.9% is consistent with that. What that something is — brand, scale, switching costs, regulation — the accounts cannot tell you.

Peer median ROE25.9%

What is the outlook?

21 analysts covering the stock expect revenue to grow about 11.6% and earnings to grow about 13.8% in the year to 2028. These are estimates by people who follow the company, not a forecast for the wider industry.

Est. revenue growth+11.6%

Est. earnings growth+13.8%

Analysts21

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved +12% while net margin moved +20% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+12%

Margin effect+20%

DalalBaazaar Score

73/ 100

Good

Weighted across six categories. Every point is explained below.

✗ Revenue CAGR of only 3.8% — barely ahead of inflation
• Profit CAGR of 10.2%
✗ Profit fell 4.0% in the latest year

Quality vs. Valuation

Company Quality

77/ 100

Good

How good the business is, ignoring the share price entirely.

Valuation

55/ 100

Fair

What you are being asked to pay, ignoring how good the business is.

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

Historical Valuation

Current P/E

53.3x

3Y Median

72.8x

40 monthly readings · mean 71.1x · range 48.6x–96.8x

Sector Median

69.2x

median of 4 sector peers

🟢Current valuation is approximately 27% below its 3y median of 72.8x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

🟢Against its sector it trades 23% below the peer median of 69.2x.

vs. its own history

Cheap

72.8x median over 40 months · -27%

vs. sector peers

Cheap

69.2x median of 4 peers · -23%

vs. generic bands

Expensive

Above 35x

EV/EBITDA

33.1x

PEG

5.25

What's Good / What's Bad

🟢 What's Going Well8

Margins are improving
EBITDA margin is up from 18.8% to 23.3% over 3 years.
Debt is being paid down
Total debt is down 32% over 3 years.
Cash flow has turned positive
Free cash flow moved from negative to positive over 3 years.
Return on equity is rising
ROE has improved from 41.7% to 50.8%.
Return on capital is rising
ROCE has improved from 53.3% to 61.5%.
High return on capital employed
ROCE of 61.5% is the mark of a business that converts capital into profit efficiently.
Very low debt
Debt/Equity of 0.18x leaves the balance sheet with plenty of headroom.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

2 items require attention · 1 high · 1 watch

🔴Profit up while operating cash flow fallsFinancial
Reported profit rose but cash generated by operations declined — worth checking whether earnings are being supported by non-cash items or working capital.
🟡Receivables growing faster than salesFinancial
Receivables up 38% against revenue up 12% — sales are being booked faster than they are collected.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Capital compounds at a high rate
ROCE of 61.5% means each rupee reinvested earns well above what capital costs. If the company can keep deploying at this rate, growth creates value rather than just consuming cash.
Margin expansion has further to run
EBITDA margin has risen from 18.8% to 23.3%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Deleveraging frees up earnings
Debt is down 32% over 3 years. Every rupee of interest not paid drops to the bottom line, so profit can grow even if revenue does not.
Priced below its own history
The stock trades 27% below its own median multiple. If the business performs as it has and simply re-rates back to normal, that gap is return on its own.
Cheaper than its peers
It trades 23% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.

🔴 Bear CaseWhat could go wrong?

Sales are being booked faster than collected
Receivables are up 38% against revenue up 12%. If customers keep taking longer to pay, reported profit will not turn into cash — and write-offs follow if some never do.
Growth barely outpaces inflation
Revenue compounding at 3.8% a year is close to the rate prices rise, so the business is gaining little ground in real terms. That leaves the share price dependent on a re-rating rather than on earnings growth.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1EBITDA margin holds above 21%✓ 23.3%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Revenue growth stays above 4% a year✗ 3.8% CAGR
Latest reported year was 7.9%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
3Free cash flow remains positive✓ ₹687 Cr
Profit that never becomes cash eventually stops being profit.
4Debt / EBITDA stays below 2x✓ 0.2x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 58%✓ 61.5%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

10 / 12 checks passed

✓ Strong return on equity (ROE ≥ 15%)
✓ Strong return on capital employed (ROCE ≥ 15%)
✓ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✗ Profit growing year-over-year
✗ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✓ Analyst consensus isn't majority-sell
✓ Short-term technical trend isn't bearish

Price history

Quick Metrics

6 good · 2 neutral · 3 weak

Market Cap

₹40,316 Cr

Mid Cap

Mid-sized — more growth headroom, but sharper swings than large caps

P/E (Trailing)

53.3x

Expensive

Expensive — verify against sector peers

P/B Ratio

26.83x

Rich

Steep premium to book — needs high, durable returns to justify

EPS (TTM)

₹677.65

Profitable

Profitable on a per-share basis

ROE

50.8%

Strong

Strong capital efficiency

ROCE

61.5%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

0.18x

Low

Conservative leverage

Revenue Growth (YoY)

7.9%

Modest

Modest growth

Profit Growth (YoY)

-4.0%

Falling

Profits are shrinking

Dividend Yield

2.21%

Healthy

Meaningful cash return while you hold the stock

Free Cash Flow

₹687 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

P/E (Forward)

41.5x

Improving

Below the trailing multiple — the street expects earnings to grow into the price

Operating Margin

18.3%

Good

Healthy core-business profitability

Net Margin

14.1%

Good

Strong bottom-line conversion

Current Ratio

1.72

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.03

Defensive

Steadier than the market

52W Range Position

45%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

36938.5 / 36547.2

Bullish alignment (short > long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

37.1

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹4,678 Cr	₹4,547 Cr	₹4,913 Cr	₹5,227 Cr	+3.8%
EBITDA	₹877 Cr	₹891 Cr	₹1,124 Cr	₹1,217 Cr	+11.5%
EBITDA Margin	18.8%	19.6%	22.9%	23.3%	—
PAT (Net Profit)	₹571 Cr	₹569 Cr	₹729 Cr	₹764 Cr	+10.2%
EPS	₹512.15	₹510.31	₹653.71	₹684.81	+10.2%
ROE	41.7%	35.6%	51.8%	50.8%	—
ROCE	53.3%	45.9%	62.8%	61.5%	—
Total Debt	₹406 Cr	₹185 Cr	₹262 Cr	₹277 Cr	-12.0%
Free Cash Flow	-₹167 Cr	₹984 Cr	₹1,124 Cr	₹687 Cr	—

🟢 Revenue has grown at 3.8% a year over 3 years.

🟢 EBITDA has grown at 11.5% a year over 3 years.

🟢 EBITDA Margin has risen from 18.8% to 23.3% over 3 years (+4.5 pts).

🟢 PAT (Net Profit) has grown at 10.2% a year over 3 years.

🟢 EPS has grown at 10.2% a year over 3 years.

🟢 ROE has risen from 41.7% to 50.8% over 3 years (+9.2 pts).

🟢 ROCE has risen from 53.3% to 61.5% over 3 years (+8.2 pts).

🟢 Total Debt has shrunk at 12.0% a year over 3 years.

🟢 Free Cash Flow has turned positive, from -₹167 Cr to ₹687 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹2,856 Cr

Total Liabilities

₹1,354 Cr

Cash & Equivalents

₹267 Cr

Operating Cash Flow

₹794 Cr

Capex

-₹108 Cr

Shareholding (proxy)

Institutional Holding

44.6%

Insider Holding

46.4%

Corporate Actions

Next Earnings

12 Nov 2026

Dividend Rate

₹800

Ex-Dividend Date

19 Aug 2026

Analyst Consensus

Recommendations

16 Buy · 4 Hold · 5 Sell

Target Price (Mean)

₹41,936.8

+16.0% vs CMP

Target Range

₹31,500 – ₹47,700

Peer Comparison

Company	P/E	ROE
MARUTI SUZUKI INDIA LTD.	25.2x	13.4%
TITAN COMPANY LIMITED	68.5x	36.7%
TRENT LTD	87.2x	25.9%
AVENUE SUPERMARTS LIMITED	69.9x	12.7%

Recent News

1 positive1 mixed4 general

PAGEIND Outlook for the Week

Equitypandit, 09 Oct

Top 29 High-Priced Stocks To Invest In India In October 2026

Samco, 18 Oct

Page Industries (NSEI:PAGEIND) Stock Price

Simply Wall Street, 12 Oct

Page Industries Share Price Falls 2.45% on Valuation View

Univest, 08 OctPrice move

🟡Mixed / dependsA price move rather than a change in the business. If the figures on this page have not moved, the fall is either an opportunity or news they have yet to catch up with.

Page Industries Ltd is Rated Hold

MarketsMojo, 17 Oct

Page Industries FY26 Net Profit Rises 4.8% to ₹7,638 Million

scanx.trade, 04 OctResults

🟢Potentially positiveReported improvement. Check whether it came from volume, price or a one-off item before treating it as a trend.

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

StrongBusiness Quality · Financial Health · Profitability · Risk

MiddlingGrowth · Valuation

Points for each in the Score ↑

Good business at a fair price

A sound business at a reasonable valuation. Suitable for a long-term holding, with the valuation and the direction of margins worth watching rather than the business itself. 1 high-severity red flag sits above this conclusion and should be read first.

1 of 5 tripwires tripped — Revenue growth stays above 4% a year · see Key things to watch ↑