Page Industries Ltd(PAGEIND)

NSE: PAGEINDBSE: 532827

₹ 33,661.1-0.34%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 37,545 crWebsite: www.jockeyindia.comUpdated: 24 Oct 2026

About

Page Industries is the exclusive licensee of Jockey International (India, Sri Lanka, Bangladesh, Nepal, and the GCC) and Speedo (India), manufacturing and distributing innerwear, athleisure, and swimwear. Jockey holds the number-one rank on major e-commerce platforms in men's and women's innerwear categories in India.^[1][2]

Products and brands

Jockey brand spans men's innerwear, women's innerwear, and athleisure/outerwear; Speedo covers swimwear. Women's innerwear growth has consistently outpaced men's for several years.^[3]
Bonded Collection - premium men's innerwear and bras using bonded technology - launched September 2025 and described as the company's highest-priced products yet; strong sell-through prompted full-network rollout.^[3][4]
JKY Groove is a street-fashion athleisure line iterated seasonally: summer pilot at ~50 EBOs (Q1 FY26), winter at 150 EBOs (Q3 FY26), Groove 3 expanded to ~500 EBOs in June 2026.^[3][4][5]
Disney/Marvel character merchandise collaboration was planned for end of June 2026; a large portion of revenues will be realised in Q2 FY27.^[5]

Distribution and channel reach

As of Q1 FY27: 115,871 multi-brand outlets, 1,640 exclusive brand stores, and 930 large format stores across 2,732 cities and towns.^[5]
E-commerce contributed 15% of top line in FY26, gaining ~2 percentage points year-on-year; Jockey ranked number one in men's and women's innerwear on major platforms including quick commerce.^[1]
Speedo's offline network consolidated to ~700 stores as the swim business migrates online; 35%+ of Speedo revenues are now generated online as of Q1 FY27.^[5]
Men's innerwear brand penetration estimated at 17.5 - 18% as of Q2 FY26, down from a previously cited ~19 - 20%, with premium ranges growing faster than entry-level.^[3]
Quick commerce players operate exclusively on an outright (non-marketplace) model with Jockey; traditional marketplaces are also being migrated to outright, shifting channel economics.^[5]

Key operating numbers

FY26 full-year sales volume: 228.4 million pieces, +3.9% YoY. Q4 FY26 alone: 54.5 million pieces, +10.8% YoY, with Q4 share of annual revenue rising to ~24% from ~20% historically.^[1]
Q1 FY27 sales volume: 61.9 million pieces, +5.7% YoY; reported revenue growth of 7.9% was suppressed by ~3 extra days of billed-but-undelivered inventory vs a normal 3 - 4 day quarter-end.^[5]
Inventory days: 73 days at end of Q4 FY26, improved to 66 days by end of Q1 FY27. Net working capital days: 56 days at Q4 FY26, reduced to 54 days at Q1 FY27.^[1][5]
Average selling price rose ~4% YoY in Q3 FY26, driven by Bonded Collection mix and higher online MRP realisation; company took a 2.5% product-enhancement hike in January 2026 and a 2.2% weighted-average RM-driven hike in May 2026.^[4][5]
In-house manufacturing share: 64% in Q3 FY26; outsourcing share at 36%, up from ~30% prior, as a cost and flexibility lever.^[4]

Manufacturing operations

Two new manufacturing facilities - Odisha and KR Pet - are scaling up as of Q1 FY27, progressing to plan and expected to progressively enhance capacity and operating efficiency as they reach full utilisation.^[5]
Factory modernisation delivered a structural efficiency gain of 16% higher output with 10% fewer workers across sewing, cutting, packing, and finishing operations, as reported in Q2 FY26.^[3]
Odisha state subsidies (wage, power, and capital incentives) of INR 40 - 50 crore are expected to be realised in FY27.^[1]

Customers and geography

Page holds Jockey licenses covering India, Sri Lanka, Bangladesh, Nepal, UAE, Oman, Qatar, Saudi Arabia, Kuwait, and Bahrain - the full GCC - with Saudi Arabia, Kuwait, and Bahrain added in Q3 FY26.^[4]
GCC expansion: one year of market groundwork completed for Saudi Arabia, Kuwait, and Bahrain; launches described as imminent as of Q3 FY26, with management calling the enlarged territory a materially larger opportunity.^[4]

Expansion and capex

Revenue target of Rs. 8,000 crore by FY28 - 29, to be achieved through organic and inorganic avenues including international expansion, new channels, and new product spaces.^[4][1]
FY26 capex revised to INR 140 crore (down from an earlier INR 180 crore guide), with INR 57 crore spent in H1 FY26; remainder allocated to completing Odisha and KR Pet Unit 2.^[3]
Above-plan investment in both in-house and outsourced manufacturing capacity is being made in FY27 to service demand signals.^[5]

Digital and distribution infrastructure

Consumer data platform (CDP) largely built and going live by end of August 2026, pending DPDP Act compliance; to enable cross-sell, up-sell, and data-driven category management.^[5]
Distribution management system (DMS) live for a small portion of distributors as of Q1 FY27; full rollout targeted by end of FY27 or latest Q1 FY28, with one stabilisation quarter thereafter.^[5]
The shift from a push to a pull/auto-replenishment model (now ~2.5 - 3 years in) has normalised the historically Q1-heavy revenue curve; Q4's annual revenue share rose from ~20% historically to ~24% in FY26.^[1]

Recent developments

JKY Groove 3, the third iteration of the street-fashion line, launched June 2026 across ~500 EBOs with sell-through described as very good; both prior seasons sold out ahead of plan.^[5][1]
Disney and Marvel character merchandise collaboration go-to-market planned for end of June 2026; a large portion of revenues to be realised in Q2 FY27.^[5]
A 2.2% weighted-average price increase was taken in May 2026 in response to cotton, nylon, synthetic packaging, and fabric inflation; full benefit to flow through gross margins in Q2 FY27 via FIFO inventory accounting.^[5]
New Labour Codes notified in November 2025 triggered a one-time Rs. 350 million provision for gratuity and earned leave in Q3 FY26, causing PAT to fall 7.4% YoY that quarter despite 5.9% pre-exceptional PBT growth.^[4]
Two-year distributor inventory de-stocking in athleisure/outerwear effectively completed by Q4 FY26, restoring alignment between primary billing and secondary sell-through.^[1]
Multiple D2C and offline-hybrid competitors in both men's and women's innerwear exited general trade or reduced marketing and discounting intensity over the 12 - 18 months to Q4 FY26.^[1]

Market Cap

₹37,545 Cr

High / Low

₹43,824 / 29,800

Stock P/E

49.8

Price / Book

25.1

Book Value

₹1,347

EPS

₹684.8

No. of Shares

1.12 Cr

ROCE

65.9%

ROE

52.5%

OPM

20.9%

Debt / Equity

0.01

Sales

₹5,247 Cr

Net Profit

₹764 Cr

Promoter holding

42.9%

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