Page Industries Limited
Page Industries Limited is a leading Indian manufacturer and marketer of innerwear, leisurewear, and swimwear, primarily under the Jockey and Speedo brands. Headquartered in Bangalore, the company operates 14 manufacturing units across India. It has a broad distribution network spanning exclusive brand outlets, multi-brand stores, and e-commerce platforms. Established in 1994, Page Industries is known for quality products, innovation, and strong market presence in India and neighboring countries.
Business Segments
Specific percentage revenue breakup of Page Industries Limited by sectoral types is not publicly detailed, but an approximate distribution based on their business focus can be inferred.
Revenue Breakup – FY25
- Consumer Goods: 90-95%
- Retail (EBOs, LFS, MBOs, E-commerce): 4-7%
- Manufacturing (Own plants and production): 1-3%
- Apparel and Textile: 1-2%
Shareholding Pattern (March in 2025)
Financial Summary
| Particulars | Mar-21 | Mar-22 | Mar-23 | Mar-24 | Mar-25 |
| Sales – | 2,833 | 3,886 | 4,714 | 4,569 | 4,935 |
| Sales Growth % | -3.82% | 37.19% | 21.30% | -3.07% | 8.00% |
| Expenses + | 2,305 | 3,099 | 3,851 | 3,709 | 3,872 |
| Operating Profit | 528 | 787 | 863 | 860 | 1,063 |
| OPM % | 19% | 20% | 18% | 19% | 22% |
| Interest | 30 | 34 | 41 | 45 | 46 |
| Net Profit + | 341 | 537 | 571 | 569 | 729 |
| EPS in Rs | 305.35 | 481.02 | 512.15 | 510.31 | 653.71 |
| Dividend Payout % | 82% | 77% | 49% | 72% | 138% |
Final Outlook
Page Industries Limited maintains a strong position in the Indian branded innerwear and leisurewear market driven by its exclusive licensing of the Jockey and Speedo brands. The company benefits from robust demand for premium quality, fashion-forward intimate apparel and athleisure, with deep penetration across retail channels including exclusive outlets, multi-brand stores, and e-commerce.
Key outlook factors:
- Continued expansion of manufacturing capacity, including the new Odisha plant, supports scaling and cost efficiencies.
- Growing consumer preference for branded innerwear and rising discretionary income in India signal sustainable revenue growth.
- Innovation in product lines, fabric technology, and brand promotions will help maintain premium positioning.
- Competitive pressures from domestic and international players require ongoing marketing and distribution excellence.
- Digital and omnichannel retail growth offers fresh avenues for market expansion.
Overall, Page Industries is positioned for steady revenue and profit growth supported by strong brand equity, manufacturing capabilities, and evolving consumer trends in India and neighboring countries. Continued investments in innovation, quality, and distribution are expected to sustain its leadership in the sector.
