Page Industries

** Shares of Page Industries PAGE.NS up 4.7% at 40,150 rupees, highest since November 17, 2025

** Jockey India licensee posts 9% rise in Q4 profit to 1.79 billion rupees ($18.6 million); rev from ops up 14.1% to 12.53 billion rupees

** Systematix ("Hold"; PT: 39,882 rupees) says performance was driven by a series of strategic initiatives, including strengthening distributor inventory health, intensifying brand-building efforts, accelerating product innovation, and expanding retail and manufacturing capacities

** Expects PAT to grow at a CAGR of 5.5% for FY26-FY28E

** Dolat Capital ("Buy"; PT: 46,000 rupees) says demand for premium products remained strong during the quarter, driven by premium innerwear and outerwear

** Stock rated "Hold" on average; median PT at 40,000 rupees - LSEG-compiled data

** YTD, stock up 11.4%

($1 = 96.2625 Indian rupees)

(Reporting by Mridula Kumar in Bengaluru)

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BENGALURU, May 21 (Reuters) - Page Industries PAGE.NS, the Indian licensee of Jockey International, reported a 9% rise in fourth-quarter profit on Thursday, as steady demand for innerwear helped offset cost pressures.

Here are the details:

• The company posted a net profit of 1.79 billion Indian rupees ($18.58 million) for the three months ended March 31, compared with 1.64 billion rupees a year earlier.

• Revenue from operations rose to 12.53 billion rupees, up from 10.98 billion rupees a year earlier.

• Growth was supported by higher demand for value-added and premium products, as well as expansion in outerwear, which helped lift average selling prices, the company added.

• However, margins came under some pressure from higher input costs, particularly for cotton.

• Total expenses were driven up by higher employee costs and increased spending on raw materials.

• Page Industries declared a fourth interim dividend of 150 rupees.

• The company flagged persistent inflationary pressures on key raw materials, particularly cotton, though it remains optimistic about growth, citing improving consumer sentiment and continued retail modernisation.

($1 = 96.3500 Indian rupees)

(Reporting by Pranav Kashyap in Bengaluru; Editing by Ronojoy Mazumdar)

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Feb 5 (Reuters) - Page Industries Ltd PAGE.NS:

• PAGE INDUSTRIES Q3 PROFIT 1.9 BILLION RUPEES

• PAGE INDUSTRIES Q3 REVENUE FROM OPERATIONS 13.87 BILLION RUPEES

• PAGE INDUSTRIES LTD - BOARD DECLARES INTERIM DIVIDEND OF 125 RUPEES PER SHARE

• PAGE INDUSTRIES LTD - ONE-TIME CHARGE OF 350 MILLION RUPEES IN Q3 ON NEW LABOUR CODES

Source text: ID:nBSE5zyNzF

Further company coverage: PAGE.NS

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** HSBC cuts target price on India's Page Industries PAGE.NS to 41,040 rupees from 41,070 rupees; re-iterates "reduce" rating

** PAGE falls 2.2%

** New TP implies a 9.5% downside on last close

** Brokerage says PAGE's launch of JKY Groove, which targets younger consumers through athleisure wear, is not expected to turn around co's structural growth concerns

** Expects co's margins to moderate as employee costs, IT investment, ad spends and production are set to rise

** Says PAGE will see only 0.5% positive impact of GST cut in 1,000-2,500 rupees apparel bracket, as it only accounts for 10% of its sales

** Cuts FY26 revenue/PAT growth estimates by 1% and 3%, respectively

** PAGE is rated "hold" on avg, median PT at 45,000 rupees - data compiled by LSEG

** Stock down ~7% YTD

(Reporting by Manvi Pant in Bengaluru)

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** Page Industries PAGE.NS falls 3.7% to 44,060 rupees, lowest since April 25

** Jockey India licensee beats Q1 profit estimates

** Multiple brokerages flag muted demand trends, citing weak volume growth, festive timing shift, low offline footfall

** Macquarie warns of continued demand weakness, potential downside to margin estimates from co's 19%–21% EBITDA margin guidance as risks to EPS estimates

** Goldman Sachs believes co will disproportionately benefit as demand trends pick up, citing easing competition

** Stock rated "hold" on avg; median PT is 46,385 rupees, per data compiled by LSEG

** YTD, PAGE falls 7.2%

(Reporting by Rudra Pratap Singh in Bengaluru)

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Aug 7 (Reuters) - Page Industries PAGE.NS, which licenses Jockey and Speedo products in India, beat first quarter profit estimates on Thursday on lower costs and a steady demand for innerwear.

The company's consolidated net profit after tax rose 21.5% to 2.01 billion Indian rupees ($22.92 million), coming in above analysts' average estimate of 1.97 billion rupees, according to data compiled by LSEG.

Page flagged a "steady recovery month on month" in demand, in an environment where urban consumption still remains muted, impacted by the high cost of living in big cities.

"With our product pricing remaining unchanged, our focus and efforts have been to maintain operating margins," Page said, attributing lower costs to better raw material sourcing, sharp digital marketing and other cost optimization strategies.

While Page Industries' revenue rose 3.1%, driven by a nearly 2% volume growth, its expenses declined almost 1%.

The decline was led by a 78% drop in inventory costs, yielding an EBITDA growth of 21.1%.

Page Industries has also been offering premium varieties in innerwear for both men and women as well as expanding its footprint in tier 2 and tier 3 cities in India, which has aided sales growth.

The company's revenue from operations rose to 13.17 billion rupees in the first quarter.

($1 = 87.7000 Indian rupees)

(Reporting by Ananta Agarwal in Bengaluru; Editing by Sherry Jacob-Phillips)

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** Shares of Page Industries PAGE.NS rise 2% to 48,450 rupees

** Stock is among top three gainers in Nifty Midcap 50 index .NIMDCP50, which is up 0.2%

** Morgan Stanley expects co to outperform Nifty 50 index .NSEI over the next 30 days

** Brokerage expects 9% Q/Q volume growth and 11% rise in revenue in Q1

** Morgan Stanley highlights that Page is likely to remain a strong beneficiary of macro tailwinds, and internal company efforts are expected to support this growth

** Adds probability of this scenario is estimated at over 80%, labeling it as "highly likely"

** Stock up ~2% YTD, including session's gains

(Reporting by Rudra Pratap Singh in Bengaluru)

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May 15 (Reuters) - Page Industries PAGE.NS, which licenses Jockey and Speedo products in India, reported a bigger than expected rise in fourth-quarter profit on Thursday, helped by higher demand for its athleisure products.

The company's profit increased 51.6% to 1.64 billion rupees ($19.2 million) in the quarter.

Analysts, on average, expected a profit of 1.38 billion rupees, according to data compiled by LSEG.

Increasing preference for casual wear, fitness awareness and shifting lifestyle trends have boosted demand for athleisure wear.

The company said in early February that a rise in the number of its retail chain stores and e-commerce platforms also helped drive demand.

The company's revenue from operations rose 10.6% year-on-year to 10.98 billion rupees, edging past analysts' estimate of 10.81 billion rupees.

The retailer said its earnings before interest, tax, depreciation and amortization (EBITDA) margin expanded to 21.4% from 16.6% an year ago, aided by stable raw material prices, smooth supply operations.

"There are significant uncertainties in the near term accentuated by escalated geo‐political conflict in western India," company said in a statement.

Total expenses grew 4.5% to about 9 billion rupees in the quarter.

Last month, rival Shoppers Stop SHOP.NS posted decline in fourth-quarter profit in late April, while Trent's TREN.NS adjusted Q4 profit doubled on firm sales.

Page Industries' shares rose 2% after results were reported and fell 10.2% in the quarter ended March 31.

($1 = 85.5590 Indian rupees)

(Reporting by Meenakshi Maidas in Bengaluru)

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** Shares of India's Page Industries PAGE.NS fall 5% to three-month low of 43,511.85 rupees, worst percent loser among Nifty 200 .NIFTY200 stocks

** Stock falls on company's subdued outlook for demand recovery, analysts say

** The apparel maker, which makes, distributes and markets Jockey and Speedo products in India, missed Q3 revenue estimate; profit topped view

** "It appears medium-term revenue growth expectations (are) getting reset lower unless there is material acceleration in consumption demand," says ICICI Securities

** Stock fell 2.4% on Wednesday after earnings, down 8.4% so far in 2025

** Analysts average rating on PAGE is "hold"; median PT 45,000 rupees - data compiled by LSEG

(Reporting by Vivek Kumar M)

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Feb 5 (Reuters) - Page Industries PAGE.NS, which licenses Jockey and Speedo products in India, reported a bigger-than-expected rise in its third-quarter profit on Wednesday, driven by strong athleisure demand.

The apparel maker reported a profit of 2.05 billion rupees ($23.4 million) for the quarter ended Dec. 31, 2024, compared with 1.52 billion rupees a year ago.

Analysts' on average had expected a profit of 1.92 billion rupees.

Rising fitness awareness, gym culture and athleisure trends are driving demand for performance wear in India, analysts said.

Alongside this, the availability of Jockey products on quick commerce and e-commerce platforms also drove revenue higher.

The company's revenue from operations rose 7% on-year to 13.13 billion rupees, but fell short of analysts' estimate of 13.75 billion rupees.

According to Maximize Market Research, India's athleisure market, valued at $673 million in 2022, is projected to approach $2 billion by 2029.

The Indian apparel sector confronts short-term headwinds due to dampened consumer sentiment, the company said, adding that in the long-term, it expects growth prospects to remain robust.

The retailer said its earnings before interest, tax, depreciation and amortization (EBITDA) margin expanded to 23% from 18.5% an year ago, aided by a tight lid on operating expenses, while revenue growth remained consistent.

($1 = 87.4425 Indian rupees)

(Reporting by Ashna Teresa Britto; Editing by Sumana Nandy)

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Jan 9 (Reuters) - Page Industries Ltd PAGE.NS:

• SUPREME COURT DISMISSED APPEAL FILED BY COMMISSIONER OF CUSTOMS

Source text: ID:nNSE4b5B7l

Further company coverage: PAGE.NS

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Jan 6 (Reuters) - Page Industries Ltd PAGE.NS:

• PAGE INDUSTRIES - APPOINTS KARTHIK YATHINDRA AS CEO

Source text: ID:nBSEbsWWrf

Further company coverage: PAGE.NS

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Nov 7 (Reuters) - Page Industries Ltd PAGE.NS:

• PAGE INDUSTRIES Q2 PROFIT 1.95 BILLION RUPEES

• PAGE INDUSTRIES Q2 REVENUE FROM OPERATIONS 12.46 BILLION RUPEES

• PAGE INDUSTRIES LTD - DIVIDEND 250 RUPEES PER SHARE

Source text: [ID:]

Further company coverage: PAGE.NS

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Aug 8 (Reuters) - Page Industries Ltd PAGE.NS:

• Q1 PROFIT 1.65 BILLION RUPEES

• Q1 REVENUE FROM OPERATIONS 12.78 BILLION RUPEES

Further company coverage: PAGE.NS

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Adds analyst estimates on likely inflows into Adani Ports in paragraph 5

By Bharath Rajeswaran

BENGALURU, May 24 (Reuters) - India's Adani Ports and Special Economic Zone APSE.NS will replace Wipro WIPR.NS in the 30-stock blue-chip S&P BSE Sensex .BSESN, the operator of the index said on Friday.

The BSE, in its semi-annual rebalancing exercise, included the country's largest private port operator, making it the first Adani Group company to join the Sensex, effective June 24.

The Sensex ended the session muted ahead of the announcement. .BO

Two Adani Group companies - Adani Enterprises ADEL.NS and Adani Ports are already part of the other benchmark index NSE Nifty 50 .NSEI.

Adani Ports could see inflows of $252 million after inclusion into the Sensex, while Wipro will likely witness outflows worth $161 million, said Abhilash Pagaria, head of Nuvama Alternative and Quantitative Research.

Adani Ports' inclusion into the Sensex came on the same day when shares of Adani Enterprises recovered in intraday trade to levels last seen in January 2023, before a report by Hindenburg Research triggered a sell-off in Gautam Adani's ports-to-power conglomerate.

Since that report, Adani Ports and Adani Power ADAN.NS have been the best-performing group stocks, rising 86.04% and 157.4%, respectively. They were also the first two Adani companies to bounce back from the drop.

Earlier in May, Adani Ports posted a 76% rise in its fourth-quarter profit, helped by record cargo volumes.

Its stock has jumped 6% this week, its best weekly performance since early February.

Besides the Sensex rejig, REC RECM.NS, HDFC Asset Management HDFA.NS, Canara Bank CNBK.NS, Cummins India CUMM.NS and Punjab National Bank PNBK.NS have been included in the BSE 100 index .BSE100.

The stocks replaced in that index are Page Industries PAGE.NS, SBI Cards and Payment Services SBIC.NS, ICICI Prudential Life Insurance ICIR.NS, Jubilant FoodWorks JUBI.NS and Zee Entertainment Enterprises ZEE.NS.

(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Sohini Goswami and Varun H K)

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May 23 (Reuters) - Page Industries Ltd PAGE.NS:

• PAGE INDUSTRIES LTD - DIVIDEND 120 RUPEES PER SHARE

Source text for Eikon: ID:nNSE2Z89yf

Further company coverage: PAGE.NS

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April 3 (Reuters) - Page Industries Ltd PAGE.NS:

• RECEIVED A DEMAND ORDER AMOUNTING TO 862 MILLION RUPEES

• CESTAT HAS ISSUED FINAL ORDER IN FAVOUR OF CO ON APPEAL AGAINST TAX DEMAND ORDER

Source text for Eikon: ID:nBSE4xLX8r

Further company coverage: PAGE.NS

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** Shares of apparel maker Page Industries PAGE.NS fall 2%, set to snap three sessions of gains

** Citi Research flags subdued demand environment, especially due to weakness in the athleisure segment, after speaking with co's management

** Co's revenue target of 80 bln rupees ($964 million) likely to get pushed to FY28 from FY27, Citi says

** New customer acquisition in men's innerwear subdued currently as customers likely perceive Jockey's products do not offer value for money anymore - brokerage

** Citi maintains "sell" rating, compared to avg recommendation of "hold" - LSEG

** It has a TP of 33,800 rupees, below TP of 39,400 rupees - LSEG data

** Stock is down ~11.7% YTD vs ~30% rise in rival Trent TREN.NS

($1 = 82.9836 Indian rupees)

(Reporitng by Nishit Navin)

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March 15 (Reuters) - Elpro International Ltd ELPR.BO:

• ACQUIRED EQUITY SHARES OF PAGE INDUSTRIES

• COST OF ACQUISITION 72.8 MILLION RUPEES

Source text for Eikon: ID:nBSE1Vyybb

Further company coverage: ELPR.BO

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BENGALURU, Feb 8 (Reuters) - Page Industries PAGE.NS, which licenses products of innerwear and loungewear brand Jockey in India, posted its first increase in profit in five quarters on Thursday, helped by higher margins.

The company, which manufactures and distributes sports and athleisure wear, said its profit rose 23% year-over-year to 1.52 billion rupees ($18.3 million) in the third quarter.

The Bengaluru-based company's revenue increased 2.4% to 12.29 billion rupees.

Its margins on earnings before interest, tax, depreciation and amortization (EBITDA) expanded to 18.7% from 16.1% a year ago.

Page Industries's total expenses dropped 0.5%, mainly helped by lower cost of raw materials, especially cotton.

Earlier this week, rival Tata-owned Trent TREN.NS reported a more-than-two-fold jump in third-quarter profit, driven by robust demand during the festive period.

Shares of Page Industries closed up 1.3% after the results.

($1 = 82.9725 Indian rupees)

(Reporting by Navamya Ganesh Acharya in Bengaluru; Editing by Sonia Cheema and Savio D'Souza)

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** Shares of Page Industries PAGE.NS fall as much as 2.71% to one-month low of 36,671.05 rupees apiece

** Citi reiterates "sell" on the apparel company's shares; target price maintained at 35,400 rupees apiece, an implied downside of 6.1%

** Sees risk to December quarter earnings growth due to demand headwinds in athleisure, active wear segments and muted network expansion

** Adds, higher channel inventory and increasing competitive intensity to also weigh on PAGE's earnings

** Trading volume is 67,696 shares as of 2:57 p.m. IST, 2.5 times the 30-day avg - LSEG data

** The mean rating of 20 analysts tracking PAGE is 2.9, equivalent to "hold", median PT is 38,850 rupees - LSEG data

(Reporting by Bharath Rajeswaran in Bengaluru)

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BENGALURU, Nov 9 (Reuters) - Page Industries PAGE.NS, which licenses products of innerwear and loungewear brand Jockey International in India, reported a 7.3% fall in second-quarter profit on Thursday as inflation-hit consumers continued to cut back on spending.

The Bengaluru-based company, which also operates in countries such as Sri Lanka and the United Arab Emirates, said its profit fell to 1.5 billion rupees ($18.02 million) for the quarter ended Sept. 30, from 1.62 billion rupees a year earlier.

India's malls and high streets saw lower footfall during the quarter as rising inflation forced people to tighten their belts. Foreign brands offering steep discounts to encourage consumer spending also ate into Page's earnings.

As a result, the company, which also licenses the Speedo swimwear brand in India, posted an 8.4% fall in its revenue from operations to 11.25 billion rupees.

The apparel company, however, said it expects the ongoing festive season to bring a turnaround in sales.

Its EBITDA (earnings before interest, tax, depreciation and amortization) margin contracted to 20.8%, falling 1.8% from a year earlier.

In contrast, rival Tata-owned Trent TREN.NS reported a three-fold surge in quarterly profit earlier this week.

Shares of Page Industries fell 1% after the results, driving its year-to-date losses to 12.6%.

($1 = 83.2500 Indian rupees)

(Reporting by Ashna Teresa Britto in Bengaluru; Editing by Sonia Cheema)

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BENGALURU, Sept 11 (Reuters) - Kotak Institutional Equities, on Monday, stopped recommending Indian mid-cap companies since it could find no stocks, other than a few in the financial space, with room to rise following the index's record-breaking rally this year.

The more domestically focused mid-cap index .NIFMDCP100 has hit multiple record highs in its 31% surge so far this year, which easily outpaced the 10% rise in the benchmark Nifty 50 .NSEI index and has prompted warnings of a market correction.

"The primary driver of the rally appears to be irrational exuberance among investors, with high-return expectations being driven by the high returns of the past few months," Kotak analysts Sanjeev Prasad, Anindya Bhowmik and Sunita Baldawa said in a note.

"We see limited point in trying to find fundamental reasons behind the steep increase in stock prices ..."

That rally has left most of the 15 stocks in Kotak's model mid-cap portfolio trading near their 12-month fair values, and the brokerage said it could not find too many outside the banking, financial services and insurance (BFSI) space with decent potential upside. The portfolio has five BFSI stocks.

"It would be incorrect to recommend stocks with low conviction and potential downside to our fair values," Kotak analysts said, arguing that company fundamentals have worsened in many cases.

The brokerage said institutional investors' favourites -- like Aditya Birla Fashion ADIA.NS, Crompton Greaves CROP.NS, Jubilant FoodWorks JUBI.NS, Voltas VOLT.NS, TCNS Clothing TCNS.NS, Page Industries PAGE.NS and Vedant Fashions VEDN.NS -- have been laggards, given the weak consumption demand.

It noted that the favourites are in the broader "investment" sector, like capital goods, defence, railways, real estate, renewables.

However, the brokerage cautioned it was not sure about the quality of these stocks given their historically weak execution and governance track records.

(Reporting by Sethuraman NR in Bengaluru; Editing by Savio D'Souza)

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Aug 10 (Reuters) - Page Industries Ltd PAGE.NS:

• INDIA'S PAGE INDUSTRIES JUNE-QUARTER PROFIT 1.58 BILLION RUPEES VERSUS 2.07 BILLION RUPEES

• PAGE INDUSTRIES JUNE-QUARTER REVENUE FROM OPERATIONS 12.40 BILLION RUPEES VERSUS 13.41 BILLION RUPEES

Source text for Eikon: [ID:]

Further company coverage: PAGE.NS

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Aug 3 (Reuters) - Page Industries Ltd PAGE.NS:

• PAGE INDUSTRIES LTD - DIRECTORATE OF REVENUE INTELLIGENCE HAD INITIATED INQUIRY IN 2020 ON IMPORT TRANSACTIONS UNDERTAKEN BY CO

• PAGE INDUSTRIES LTD - INQUIRY FOR IMPORT TRANSACTIONS FROM FINANCIAL YEAR 15-16 TO FY 20-21

• PAGE INDUSTRIES LTD - CO HAD DEPOSITED ADDITIONAL DUTY OF 30 MILLION RUPEES

• PAGE INDUSTRIES LTD - QUESTIONED VALUATION OF IMPORTS ON WHICH CUSTOMS DUTY HAD BEEN DISCHARGED

• PAGE INDUSTRIES LTD - CUSTOMS DEPARTMENT HAD ISSUED SHOW CAUSE NOTICE TO CO PROPOSING TO DEMAND CUSTOMS DUTY ON HIGHER TRANSACTION VALUE

• PAGE INDUSTRIES LTD - HAD FILED APPEAL AGAINST DEMAND ORDER BEFORE CUSTOMS, EXCISE AND SERVICE TAX APPELLATE TRIBUNAL

• PAGE INDUSTRIES LTD - APPEAL IS CURRENTLY PENDING FOR HEARING

• PAGE INDUSTRIES LTD - HAD RECEIVED A DEMAND ORDER FROM CUSTOMS AUTHORITIES IN JAN 2023 AMOUNTING TO 862 MILLION RUPEES

Source text for Eikon: ID:nBSEbKGR5B

Further company coverage: PAGE.NS

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May 30 (Reuters) - Page Industries Ltd PAGE.NS:

• APPROVED VENTURING INTO NEW LINE OF BUSINESS BY SETTING UP EXCLUSIVE BRAND OUTLETS FOR PAGE INDUSTRIES

Source text for Eikon: ID:nNSE5X70yw

Further company coverage: PAGE.NS

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** Shares of Page Industries Lts PAGE.NS down as much as 15% to 34,952.65 rupees - biggest intraday pct day loss since July 13, 2009

** On track for third consecutive session of losses, if trends hold

** Sports and athleisure wear manufacturer and distributor posted near 60% slump in Q4 profit to 783.5 mln rupees ($9.5 mln), rev from ops fell 12.8%

** "This was mainly due to weaker top-line growth, leading to under-absorption of overhead costs and continued marketing investment," - Morgan Stanley analysts

** Revenue growth will likely be weak for next two quarters, with recovery in 2H FY24, margin recovery should lead to revenue growth: MS

** "Even though retail expansion rate has been healthy since past several quarters, substantial continuous decline in volume is concerning" - ICICI Securities

** Trading volume of 256,579 shares as of 11:41 a.m. IST, 12.6x 30-day avg - Refinitiv data

** Of 22 analysts tracking PAGE, seven maintain "buy" or higher, eight "sell" and "strong sell" while seven suggest "hold"; median TP is 38,743.50 rupees

(Reporting by Navamya Ganesh Acharya in Bengaluru)

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May 25 (Reuters) - Page Industries Ltd PAGE.NS:

• MARCH-QUARTER PROFIT 783.5 MILLION RUPEES VERSUS 1.91 BILLION RUPEES

• MARCH-QUARTER REVENUE FROM OPERATIONS 9.69 BILLION RUPEES VERSUS 11.11 BILLION RUPEES YEAR AGO

• DIVIDEND 60 RUPEES PER SHARE

Source text for Eikon: [ID:]

Further company coverage: PAGE.NS

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