Garments & Apparels industry
62 companies · ₹1.0 L cr · 12 with AI deep dives · Q1FY27 report
Export volumes hit multi-year highs on UK FTA and AGOA; cotton inflation and wage hikes stall the margin climb
- Revenue YoY
- +15.4%
- EBITDA margin
- 12.1%
- +10bps YoY
- Price, 1 year
- -4.0%
- 40% of names up
- P/E vs own 5y
- +25.7%
- 31.3x now
Exhibit 1The quarter in numbers
constant panel of 14 companies above ₹500 cr- Jun 26
- 9,154 cr
- Mar 26
- 9,715 cr
- QoQ
- -5.8%
- Jun 25
- 7,935 cr
- YoY
- +15.4%
- Peak
- 9,715 cr
- vs peak
- -5.8%
- Jun 26
- 12.1%
- Mar 26
- 12.6%
- QoQ
- -50bps
- Jun 25
- 12.0%
- YoY
- +10bps
- Peak
- 14.8%
- vs peak
- -270bps
Breadth: 86% of 14 companies grew revenue year on year (was 86% a quarter earlier) and 71% expanded margin (was 43%).
Exhibit 2What it costs
20.41x - 46.84x across the panel todayThe median name trades at 31.3x, +25.7% against this industry's own 5-year median of 24.9x, and -4.6% against its own peak of 32.8x.
Exhibit 3Structure
₹1.0 L crPage Industries Ltd is 38.6% of this industry by market cap. The top 5 are 72.8% and the top 10 are 86.3%.
Exhibit 4Screen
P/E below the sub-industry median of 31.29x, 5y ROCE above its median of 14.7%, and at least 2 growth triggers stated on the latest earnings call.
Which names clear this screen is premium
The screen runs on stated growth triggers from the latest earnings calls - the same guidance data the stock screener reserves for premium. Premium names every company in this industry that is cheap against its own median and has the triggers behind it.
See plans →Exhibit 5Coverage (25 of 62)
Every company here with a deep dive, topped up by market cap. The rest of the industry is in the appendix.
- Mcap
- ₹5,499 cr
- P/E
- 17.7x
- EV/EBITDA
- 12.4x
- ROCE
- 22.4%
- Margin
- 10.2%
- Rev YoY
- +24.5%
- Mcap
- ₹339 cr
- P/E
- 18.9x
- EV/EBITDA
- 10.6x
- ROCE
- 16.6%
- Margin
- 8.8%
- Rev YoY
- +33.4%
Exhibit 6What managements said
from this industry's latest earnings calls · as of 2026-06-30Across branded innerwear, garment exporters, and fashion retail, cotton and yarn price rises in April - May 2026 are the most-cited margin risk. Page Industries took a 2.2%…
- PAGEIND (Q1FY27): “the price increase that we have taken does not completely absorb the input cost. If the…”
Exhibit 7Outlook
The outlook and what resolves next quarter
Where these managements said things are heading, and the dated, checkable events that would change it. Free with an account - 3 full reports a quarter.
Create a free account →AppendixThe other 37 companies
1-30- Mcap
- ₹110 cr
- P/E
- -
- EV/EBITDA
- -68.3x
- ROCE
- -4.8%
- Margin
- -5.9%
- Rev YoY
- -49.4%
7 more companies
This industry has 37 constituents beyond the covered names. The first page is free; premium opens the rest.
See plans →