Page Industries Profit Rises 4%; Shares Hit 10% Lower Circuit After Results

Synopsis

The Jockey and Speedo licensee in India, Page Industries, has reported a 5.5% volume increase with revenue rising by 11.5% to ₹1,439.6 crore, resulting in a 4% PAT growth to ₹202.5 crore in Q2 FY27. PBIDT rose 4.9% to ₹313.7 crore. The board announced a second interim dividend on the share of ₹150 with a record date of November 18. In response to the results, the shares closed at a 10% drop on the circuit.

The profit after tax for Page Industries rose by 4% to ₹202.5 crore from ₹194.76 crore in the previous year's Q2. Revenue grew 11.5% to ₹1,439.6 crore from ₹1,290.86 crore. The stocks fell 10% or more on the day after the results. There was no company-specific reason for the decline, as profit growth was far less than revenue growth, reports said.

Volumes and margins

The sales volume rose by 5.5% to 59.7 million and the PBIDT was up 4.9% at ₹313.7 crore. The PAT margin was 14.1%. That suggests some revenue growth would have been price- and mix-related, since volume growth was 5.5% compared to 11.5% growth in value.

The company's Managing Director V.S. Ganesh indicated that it has been pleased with the revenue growth in double digits, due to healthy volume growth, premiumisation and consumer response to its newly launched products.

Half-year view

PAT was ₹395.4 crore in the first half, slightly down from a year ago, while revenue rose 9.7% to ₹2,860.1 crore. Profit was 4% down on a 7.9% increase in revenue in the first quarter, owing to higher raw material expenses.

Management had visualised that lost sales will be made up in Q2 and it had been confident of double-digit volume growth in FY27. Page Industries trades 10% off its circuit post Q2 show, while the company has announced a dividend of ₹150.00

Dividend

The board declared a second interim dividend of ₹150 per share for the FY27, payable on or before December 11 with a record date of November 18. The interim dividends declared earlier this year in 2026 were ₹125 in February, ₹150 in May and ₹200 in August.

What to watch

It's two numbers that will be important for the next quarter: whether volume growth gets to double digits and whether the difference between value growth and volume growth remains as price rises.