Stock overview
| Ticker | Page Industries |
| Sector | Textile |
| Market Cap | ₹ 46,400 Cr |
| CMP (Current Market Price) | ₹ 41,620 |
| 52-Week High/Low | ₹ 50,590/38,850 |
| P/E Ratio | 61x |
About Page Industries
Page Industries manufactures and markets innerwear, athleisure, loungewear and related apparel under an exclusive brand license in India and select neighboring markets. The business model combines branded products, owned manufacturing and contract manufacturing, wide retail distribution, and a growing e-commerce presence. The company operates both direct distribution to modern retail and relies on traditional retail partners, multi-brand outlets, brand outlets and online channels.
Business Segments and Revenue Streams
Core innerwear (men’s briefs, vests, trunks) which has been historically the largest revenue contributor.
Athleisure & loungewear : growing segment as lifestyle & work-from-home trends boost demand.
Women’s & kids’ lines : newer growth areas, being expanded selectively.
Seasonal and accessories : sleepwear, thermal wear, socks, underwear accessories.
Channels: brick-and-mortar retail (large share), brand stores, modern trade, distributors, and direct online sales.
Other income: occasional licensing income, interest/treasury income, and B2B/ institutional sales in some markets.
Key Strengths for Page Industries
Strong brand equity : top-of-mind recognition in innerwear, premium positioning, consumer loyalty.
High gross margins : brand pricing power and product mix allow healthy gross margins versus commodity apparel.
Control over quality & fit : tight product control (fit, finish) helps retention and repeat purchases.
Distribution muscle : deep dealer network and selective expansion of brand stores.
Operating leverage : as volumes grow, fixed costs dilute and operating margins can expand.
Better cash conversion : relatively good working-capital management historically leads to strong cash flow.
Defensive-ish demand : innerwear is a repeat, essential purchase with refill cycles (helps revenue visibility).
Future Growth Drivers
Premiumisation: Upgrading consumers from basic to premium innerwear and branded athleisure.
Lifestyle & athleisure trend: Growth in casual & fitness wear supports new categories.
Rural & tier-2/3 expansion: Lower penetration outside metros offers significant headroom.
E-commerce & omnichannel: Online growth improves reach, data-driven product launches and lower CAC for certain cohorts.
Product-line diversification: Women’s, kids’, and new textile innovations (moisture-wicking, anti-odor) can raise ASP and margins.
Detailed competition analysis for Page Industries India
| Company | Market Cap | Sales (in crs) | P/E Multiple | RoCE |
| Page Industries | ₹ 46,400 cr | 1,316 cr | 61 x | 59% |
| Arvind Ltd | ₹ 8,000 cr | 2,006 cr | 22 x | 13% |
| Pearl Global Industries | ₹ 6,000 cr | 1,227 cr | 24 x | 22% |
| Gokaldas Exports | ₹ 5,800 cr | 955 cr | 33 x | 10% |
Company valuation insights: Page Industries India
As per the Discounted Cash Flow analysis:
It estimates the intrinsic value of Page Industries shares based on expected future cash flows:
- Intrinsic Value Estimate: ₹45,700 per share
- Upside Potential: 10%
- WACC: 10.8%
- Terminal Growth Rate: 2.5%
Major risk factors affecting Page Industries India
Brand fatigue / competition: Losing brand relevance to newer, fashion-forward or cheaper brands can hurt volumes.
Raw material & input costs: Fabric, elastics, and packaging cost inflation can compress margins if pricing lag exists.
Channel concentration & inventory cycles: Over-stocking at distributors or large seasonal swings can lead to markdowns.
Execution on new categories: Failed product launches (women’s/children/athleisure) can mean sunk costs and margin dilution.
Retail & mall footfall trends: Slower retail demand or reduced discretionary spends affects mid-to-high price segments.
Investment View and Scenarios for Page Industries
Bull case: Continued premiumisation, successful expansion into women’s & athleisure, disciplined margin management and faster e-commerce growth lead to double-digit revenue growth and margin expansion — justifies premium multiples.
Base case: Moderate revenue growth (mid-single to high-single digits) with stable margins and steady cash flow — stock tracks steady compounding with limited upside unless a growth inflection occurs.
Bear case: Market share erosion in premium segment, failed new-category launches, or rising costs without pricing power — leads to margin compression and re-rating lower.
Suggested stance for investors:
Long-term investors confident in the brand and management execution may consider accumulating on meaningful corrections, while monitoring the KPIs mentioned above.
Value-sensitive investors should wait for clear evidence of sustained growth in newer categories and margin stability before adding full positions.
Page Industries stock recommendation by Ketan Mittal
Recommendation: Long-term accumulate
Target Price: ₹45,700 (12-month horizon)If you found this helpful and want regular stock trade calls, check out my StockGro profile here: https://stockgro.onelink.me/vNON/6m6ykj0dConclusion
Page Industries is a high-quality, brand-led company in a defensible niche with strong margins and good cash conversion. Its long-term upside depends on winning new categories (women’s & athleisure), scaling e-commerce profitably and maintaining pricing power amid competition. For investors, it is a quality franchise which is attractive for long-term holders who watch execution closely and manage valuation risk.
