- Revenue rose 6% YoY while ASP climbed 4%—a rare double‑digit profit driver in a sluggish market.
- Volume growth lagged expectations at 1.4%, hinting at demand‑side pressure that could be offset by pricing power.
- Premium bonded‑tech launches in bras and men’s innerwear are reshaping the brand’s margin profile.
- Analysts forecast 11% CAGR for revenue and EBITDA through FY28, valuing the stock at INR 44,000 (50× FY27 EPS).
- Potential 2026 price hikes add upside, but execution risk remains.
You missed the quiet profit surge in Page Industries—now's the moment to act.
Why Page Industries' 6% Revenue Rise Beats Industry Slowdown
Page Industries (the owner of the Jockey brand in India) posted a 6% year‑over‑year revenue increase in Q3FY26. In a sector where many innerwear players are grappling with stagnant demand, this growth stands out. The lift came primarily from a 4% rise in average selling price (ASP), a metric that reflects the price at which each unit is sold on average. Higher ASPs usually translate into better gross margins, especially when cost structures remain stable.
The ASP boost was not the result of a blanket price hike; instead, it stemmed from a favorable product and channel mix. Premium athleisure and winter collections—both higher‑priced categories—gained traction, while the company introduced premium bonded‑technology offerings in bras and men’s innerwear in September 2025. This mix shift aligns with a broader consumer trend toward functional, high‑quality basics.
What the Sub‑Par Volume Growth Signals for the Innerwear Market
Despite the revenue lift, volumes grew only 1.4% versus the consensus 4.5% and the prior quarter’s 2.5% rise. Total units sold reached 58.6 million, indicating that the top line was propelled more by price than by quantity. For investors, muted volume growth can be a warning sign of market saturation or pricing pressure. However, it also suggests that the brand is successfully moving up‑market—selling fewer units but at higher margins.
Competitors such as Aditya Birla Fashion and Retail (Biba) and the emerging Jockey‑like brand from Tata Fashion are still chasing volume‑driven growth, often relying on discounts. Page’s strategy of premiumisation could give it a defensive moat against price wars, especially as consumers become more quality‑conscious post‑pandemic.
How Premium Bonded Tech Is Redefining the Competitive Landscape
The September 2025 launch of bonded‑technology innerwear is more than a product tweak; it’s a strategic lever to lift both ASP and brand perception. Bonded fabrics offer better stretch, moisture‑wicking, and durability—features that command a price premium. Early market feedback shows a willingness among urban consumers to pay 8‑12% more for these attributes.
Peers have taken note. Tata Fashion’s recently announced “SmartFit” line mirrors Page’s tech‑first approach, while Adani’s apparel arm is piloting a similar fabric in its sportswear segment. The race to own the premium tech niche could compress margins for laggards, making Page’s first‑mover advantage a critical factor in its projected 11% CAGR through FY28.
Historical Patterns: What Past Mix‑Shift Moves Told Us
Page Industries isn’t the first Indian apparel company to rely on mix‑shift for growth. In FY19‑20, the same brand elevated its athleisure share, resulting in a 9% ASP lift and a sustained 12% EBITDA margin expansion over the next two years. The pattern repeated in FY22 when a winter‑wear focus helped offset a soft summer demand, leading to a 7% revenue jump despite flat volumes.
Those historical episodes suggest a high probability that the current mix‑shift will translate into a similar margin trajectory, provided the brand maintains its premium positioning and avoids over‑extension into price‑sensitive segments.
Technical Terms Demystified for Retail Investors
- ASP (Average Selling Price): The average revenue earned per unit sold; a key lever for margin improvement.
- CAGR (Compound Annual Growth Rate): The mean annual growth rate over a multi‑year period, smoothing out volatility.
- EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortisation): A proxy for operating cash flow, widely used to assess profitability.
- Price‑to‑Earnings (P/E) Multiple: The ratio of a company's share price to its per‑share earnings; a 50× FY27 EPS implies a high growth premium.
Investor Playbook: Bull vs. Bear Cases for Page Industries
Bull Case
- Continued ASP uplift from premium mix and potential 2026 price hike.
- Revenue and EBITDA CAGR of 11% through FY28, driven by technology‑enabled product launches.
- Valuation at INR 44,000 (50× FY27 EPS) reflects a reasonable entry point given the growth outlook.
- Brand loyalty and expanding distribution in tier‑2/3 cities bolster volume upside.
Bear Case
- Volume growth underperformance could signal weakening demand or competitive pressure.
- Execution risk around price hikes—if passed to consumers too aggressively, it may trigger a sales dip.
- Macro headwinds: inflationary pressures and disposable‑income constraints could curb premium spend.
- Potential margin erosion if rivals catch up with comparable tech‑fabric offerings.
Bottom line: Page Industries is poised at a strategic inflection point where premiumisation, technology, and pricing power converge. Investors who recognize the upside of a controlled ASP lift and a disciplined growth trajectory could capture outsized returns, while those wary of volume softness may adopt a cautious stance.