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Page Industries , the maker of Jockey and Speedo in India, announced its Q4 FY25 results today, reporting a sharp 51.6 per cent yearly jump in net profit. Margins rebounded smartly, and volume growth picked up. But not everything is stitched up perfectly—the near-term retail environment remains fragile and growth from metros has lagged.
So, what's behind the profit jump? And should investors take note?
About the company
Page Industries is the exclusive licensee of Jockey International and Speedo International in India and select overseas markets. It dominates the premium innerwear and athleisure segment and distributes through a wide network of exclusive brand outlets, large-format stores and e-commerce.
Below are the company's fundamental metrics:
| Metric | Value |
|---|---|
| Market cap | Rs 51,949 crore |
| Revenue (TTM) | Rs 4,832 crore |
| Net profit (TTM) | Rs 673 crore |
| ROE | 38.4 per cent |
| ROCE | 49.8 per cent |
| P/E ratio | 77.2 |
| P/B ratio | 30.7 |
| Industry P/E | 31.02 |
| EV/EBITDA | 48.9 |
| Dividend yield | 0.8 per cent |
| Debt to equity | 0 |
| Book value | Rs 1,519.4 |
| EPS | Rs 603.7 |
| Face value | Rs 10 |
| Shares outstanding | 11153874 |
Page Industries' Q4 FY25 results snapshot
Despite inflationary pressures through the year, Q4 marked a turnaround for Page. Sales volumes rose 8.5 per cent yearly, driven by stronger traction in Tier 2 and Tier 3 cities. Digital channels and exclusive brand stores also performed well.
However, growth in metro areas was tepid and large-format retail stores continued to struggle due to low footfalls.
The key numbers
| Rs in million | Q4 FY25 | Q3 FY25 | Q4 FY24 | YoY growth |
|---|---|---|---|---|
| Revenue | 10981 | 13131 | 9925 | 10.6 per cent |
| EBITDA | 2352 | 3025 | 1643 | 43.2 per cent |
| EBITDA margin ( per cent) | 21.4 per cent | 23.0 per cent | 16.6 per cent | +480 bps |
| PAT | 1640 | 2047 | 1082 | 51.6 per cent |
| PAT margin ( per cent) | 14.9 per cent | 15.6 per cent | 10.9 per cent | +400 bps |
| Sales Volume (mn pcs) | 49 | -- | -- | 8.5 per cent |
Annual performance (FY25):
-
Revenue: Rs 49,349 million (+8.0 per cent)
-
EBITDA: Rs 10,626 million (+23.6 per cent)
- PAT: Rs 7,291 million (+28.1 per cent)
Margins expanded thanks to stable raw material costs and continued supply chain efficiencies.
Why it matters
Page Industries has shown it can protect margins even in a lukewarm demand environment—a key positive. Its push into Tier 2 and 3 towns is paying off, and product innovation remains strong (six new styles launched in Q4 alone).
However, rising competitive intensity in the innerwear and athleisure space, plus geopolitical uncertainty cited by the management, clouds the near-term outlook. Moreover, footfalls in large format stores remain sluggish—a trend to watch.
Value Research Stock Rating
Page Industries scores a full 5/5 stars on Value Research's stock ratings. Here's how it stacks up:
| Parameter | Score | What it means |
|---|---|---|
| Quality | 10 Oct | A rock-solid business with a trusted brand |
| Growth | 7-Oct | Growing steadily, though not at breakneck pace |
| Valuation | 3-Oct | Expensive--investors are paying a steep premium |
| Momentum | 9-Oct | Riding strong on recent performance |
Bottom line: Great company, strong fundamentals and momentum on its side—but the high price tag could limit near-term upside.
Final word for investors
Page Industries delivered an impressive Q4, with profit and margin expansion outpacing revenue growth. Its moat remains wide, but high valuations and uneven urban recovery could make investors cautious.
That said, investors do have something to pocket—Page declared a fourth interim dividend of Rs 200 per share, bringing the total dividend payout for FY25 to a generous Rs 900 per share. That's not insignificant for long-term shareholders banking on consistent payouts.
For detailed financial information, visit Page Industries' stock page .
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Disclaimer: This is not a stock recommendation. This story was created with the assistance of artificial intelligence and is intended for informational purposes only. Please take it with a pinch of salt and do your own research or consult a financial advisor before making investment decisions.
Disclaimer: This content is for information only and should not be considered investment advice or a recommendation.
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