Page Industries Limited Earnings Summary — Q1 FY2027
Page Industries Declares ₹200 Interim Dividend Despite Soft Year-on-Year Earnings
Quarterly Business Intelligence
AI Quarterly Scorecard™
Computed deterministically from the last 10 reported quarters.
Quarterly Business Momentum
- Revenue grew 13.4% sequentially in Q1 FY2027.
- Revenue of ₹1,420 Cr is 7.9% higher year-on-year.
- Revenue has compounded at 17.3% annualised over the last 10 quarters.
- Revenue is at its highest level in 10 quarters.
- Net profit of ₹193 Cr is 4.0% below the same quarter last year.
- Profit growth is trailing revenue growth this quarter.
- Net profit has compounded at 29.3% annualised across the period.
- Operating margin stands at 20.4% in Q1 FY2027.
- Operating margin compressed by 203 bps year-on-year.
- Over the last two years operating margin has expanded by 130 bps.
- PBT margin is 18.2%.
- Expenses grew 10.7% against revenue growth of 7.9%.
- Operating profit of ₹289 Cr is 1.9% lower year-on-year.
- Operating leverage has been under pressure recently.
- 6 of the last 6 measured quarters delivered year-on-year revenue growth.
- Overall quarterly business momentum scores 67/100 (Healthy) on the latest 10 quarters.
- Business momentum has softened and warrants monitoring.
Quarterly Financials
Last 10 Reported Quarters • All figures in ₹ Crore • Margins in %
| Metric | Trend | Latest Q1 FY2027 | Q4 FY2026 | Q3 FY2026 | Q2 FY2026 | Q1 FY2026 | Q4 FY2025 | Q3 FY2025 | Q2 FY2025 | Q1 FY2025 | Q4 FY2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | Improving | 1,420 | 1,253 | 1,387 | 1,291 | 1,317 | 1,098 | 1,313 | 1,246 | 1,278 | 992 |
| Expenses | Improving | 1,131 | 992 | 1,069 | 1,011 | 1,022 | 863 | 1,011 | 965 | 1,034 | 828 |
| Operating Profit | Improving | 289 | 261 | 318 | 280 | 295 | 235 | 303 | 281 | 243 | 164 |
| Operating Margin | Stable | 20.4% | 20.8% | 22.9% | 21.6% | 22.4% | 21.4% | 23.0% | 22.6% | 19.1% | 16.6% |
| Other Income | Volatile | 11 | 17 | -23 | 19 | 15 | 20 | 14 | 15 | 13 | 14 |
| Interest | Stable | 12 | 12 | 13 | 13 | 13 | 12 | 12 | 11 | 12 | 10 |
| Depreciation | Improving | 29 | 28 | 27 | 25 | 27 | 25 | 30 | 23 | 22 | 23 |
| Profit Before Tax | Improving | 259 | 238 | 256 | 261 | 270 | 219 | 275 | 262 | 222 | 145 |
| Tax | Improving | 66 | 59 | 67 | 66 | 69 | 55 | 70 | 67 | 57 | 37 |
| Net Profit | Improving | 193 | 179 | 190 | 195 | 201 | 164 | 205 | 195 | 165 | 108 |
| Net Margin | Stable | 13.6% | 14.3% | 13.7% | 15.1% | 15.3% | 14.9% | 15.6% | 15.7% | 12.9% | 10.9% |
Key Takeaways
- Revenue for the quarter grew 7.9% YoY to ₹1,42,044.53 lakhs, showing strong sequential recovery of 13.4%.
- Net profit saw a YoY decline of approximately 4%, settling at ₹19,280.62 lakhs compared to ₹20,079.62 lakhs in the prior year.
- Total expenses rose significantly by 10.5% YoY, driven primarily by higher purchases of traded goods and employee benefit costs.
- The Board declared a substantial 1st Interim Dividend of ₹200 per equity share for FY2026-27.
- Inventory levels showed a notable decrease compared to the buildup seen in the preceding quarter.
- The company continues to transition through the implementation of New Labour Codes, though no exceptional impact was recorded this quarter.
Management Guidance
Management maintains a focus on the 'Auto-Replenishment System' (ARS) and long-term brand building for Jockey and Speedo. Recent expansion into Saudi Arabia and Kuwait signals a continued geographic growth strategy to diversify beyond the Indian market.
Sentiment Shift
Stable
Revenue growth is recovering, but margin pressure remains evident as expenses outpace top-line growth compared to the same period last year.
Outlook
The company remains a dominant player in premium innerwear with a debt-free balance sheet. Future performance hinges on navigating cotton price volatility and defending market share against emerging D2C competitors.
From the Annual Report (Key Quotes)
“The Board has declared 1st Interim Dividend 2026-27 of Rs.200/- per equity share.”
“The Company is primarily engaged in the business of manufacturing, distribution and marketing of garments... considered to constitute one segment.”
“The Company continues to monitor the developments pertaining to the New Labour Codes and the impact will be accounted in accordance with applicable accounting standards.”
Official Quarterly Documents
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This summary is AI-generated from Page Industries Limited's latest quarterly filing and earnings call. For informational purposes only — not investment advice.