Page Industries Shares Slide 13% After Q2 FY27 Margins Dip 80 bps; ₹150 Dividend
Page Industries posted Q2 FY27 revenue of ₹1,439.6 crore (+11.5% YoY) and PAT of ₹202.5 crore (+4% YoY), while EBITDA margin fell 80 bps.
Key Takeaways
- Revenue from operations rose 11.5% YoY (+1.4% QoQ) to ₹1,439.6 crore on 59.7 million pieces sold, while PAT grew 4% YoY to ₹202.5 crore.
- EBITDA rose 7.4% YoY to ₹300.1 crore, but EBITDA margin contracted 80 bps YoY to 20.8% due to higher raw material costs, though up 50 bps QoQ.
- Shares tumbled nearly 13% post-results amid margin concerns and a returned FEMA application disclosure, even as the board declared a ₹150/share interim dividend.
Page Industries, the exclusive licensee for Jockey and Speedo in India, saw its shares tumble nearly 13% on November 12, 2026 after Q2 FY27 profitability trailed investor expectations despite double-digit revenue growth.
What Happened
In its Q2 FY27 exchange filing, Page Industries reported revenue from operations of ₹1,439.6 crore, up 11.5% YoY from ₹1,290.9 crore in Q2 FY26 and 1.4% QoQ from ₹1,420.4 crore in Q1 FY27. Quarterly sales volume reached 59.7 million pieces, rising 5.5% YoY but declining 3.7% sequentially from 62 million pieces in the first quarter.
Net profit (PAT) grew 4.0% YoY (and ~5.0% QoQ) to ₹202.5 crore, lagging top-line expansion. Separately, the board declared a second interim dividend of ₹150 per equity share for FY27, fixing November 18, 2026 as the record date.
Q2 FY27 Financial Snapshot
| Metric | Q2 FY27 | Q2 FY26 (YoY) | Q1 FY27 (QoQ) |
|---|---|---|---|
| Revenue from Operations | ₹1,439.6 cr | ₹1,290.9 cr (+11.5%) | ₹1,420.4 cr (+1.4%) |
| EBITDA | ₹300.1 cr | ₹279.5 cr (+7.4%) | — |
| EBITDA Margin | 20.8% | 21.6% (-80 bps) | 20.3% (+50 bps) |
| Net Profit (PAT) | ₹202.5 cr | ₹194.8 cr (+4.0%) | ₹192.8 cr (+5.0%) |
| PAT Margin | 14.1% | 15.1% (-100 bps) | — |
EBITDA margin contracted 80 basis points YoY to 20.8% amid elevated raw material and cotton input costs, though it improved 50 bps sequentially from 20.3% in Q1 FY27. Investor sentiment was further weighed down by a regulatory disclosure regarding a returned FEMA application tied to prior retail operations.
Page Industries operates in a structurally attractive segment: branded innerwear and athleisure in India, which is underpenetrated relative to global markets. The company's exclusive licensee relationship with Jockey International for India, Sri Lanka, Bangladesh, Nepal, and the UAE provides durable competitive protection. While near-term margin pressures from input costs and demand moderation are concerns, Page's distribution network of over 100,000 retail touch points and its digital-first push through its own e-commerce channel and quick commerce platforms position it well for a recovery once discretionary consumption normalises in FY28.
Independent TradeKaizen Analysis & Key Risks
TradeKaizen Analysis: For a premium-valued consumer discretionary name, 11.5% revenue growth translating into only 4.0% PAT growth highlights negative operating leverage from raw material inflation and channel investments. While the 50 bps sequential recovery in EBITDA margin and the ₹150/share interim dividend underscore cash-generation resilience, the 3.7% QoQ dip in piece volumes suggests near-term consumer demand elasticity remains sensitive to price increases.
Key risks to monitor include sustained cotton and yarn price volatility, heightened promotional intensity across mass and premium innerwear rivals, and any regulatory follow-ups around the returned FEMA filing.
Disclaimer: This report is for informational purposes only and does not constitute investment advice.
Sources & References
- View sourceBSE IndiaExchange / Regulatory Filing
Page Industries Q2 FY27 BSE Filing & Financial Results
- View sourceBusiness StandardNews Report
Page Industries Q2 FY27 Results: PAT Up 4% YoY, Second Interim Dividend ₹150
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