Page Industries Q2: Revenue Up 11.5%, Profit Lags

Page Industries Limited (NSE: PAGEIND), the company behind Jockey and Speedo in India, reported moderate growth in Q2 FY27. Revenue increased 11.5% YoY to ₹1,439.6 crore, while profit after tax rose just 4% to ₹202.5 crore. Key Highlights Sales volume grew 5.5% to 59.7 million pieces. EBITDA increased 7.4% to ₹300.1 crore. EBITDA margin declined to 20.8% from 21.7%. PAT margin fell to 14.1% from 15.1%. H1 FY27 revenue grew 9.7% to ₹2,860.1 crore. H1 PAT remained almost flat at ₹395.4 crore. Management highlighted elevated cotton and crude-linked raw material costs. My View The key takeaway is that revenue growth is running ahead of volume growth, indicating the contribution of pricing and premiumisation. However, profitability is not keeping pace. EBITDA grew slower than revenue, while PAT increased only 4%. This suggests that higher input costs are still putting pressure on margins. Page Industries continues to benefit from strong brands, a wide distribution network and growing online sales. Its Jockey and Speedo portfolios provide a strong market position, but the challenge is converting this brand strength into better earnings growth. What I'm Watching Next The festive-season demand outlook, raw material prices and the company's ability to recover margins will be important. I will also track whether volume growth improves beyond the current 5.5%. The key question: Can Page Industries return to double-digit profit growth without relying heavily on price increases? Stance: Cautious – Revenue growth is healthy, but margin pressure and nearly flat H1 profits need attention. Disclosure: I do not have any holding or position in the stock mentioned above. PAGEIND