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Page Industries (PAGEIND)₹36,380+1.73%Garments & Apparels
In the Mar 2026 quarter (standalone), Page Industries reported sales of ₹1,250 Cr, up 14.2% from Mar 2025, and net profit of ₹179 Cr, up 9.3% year on year. For the year to Mar 2026, sales were ₹5,234 Cr and net profit ₹766 Cr.
Company filings, standalone accounts; latest reported quarter Mar 2026
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,225 | 1,122 | 1,223 | 989 | 1,275 | 1,241 | 1,309 | 1,095 | 1,314 | 1,288 | 1,383 | 1,250 |
| Expenses | 988 | 889 | 996 | 825 | 1,032 | 962 | 1,008 | 860 | 1,019 | 1,008 | 1,067 | 989 |
| Operating Profit | 240 | 235 | 227 | 165 | 244 | 282 | 304 | 236 | 296 | 281 | 319 | 262 |
| OPM % | 19.0% | 21.0% | 18.0% | 16.9% | 18.9% | 22.9% | 22.9% | 20.9% | 21.9% | 22.0% | 23.0% | 21.0% |
| Other Income | 4.98 | 1.99 | 8.97 | 13.96 | 12.94 | 14.94 | 13.94 | 19.92 | 14.95 | 18.94 | −22.90 | 16.94 |
| Interest | 12.99 | 10.99 | 9.99 | 9.99 | 11.99 | 10.98 | 11.99 | 11.99 | 12.98 | 12.99 | 12.98 | 11.98 |
| Depreciation | 20.97 | 24.98 | 22.97 | 22.97 | 21.99 | 22.97 | 29.94 | 24.96 | 26.97 | 24.98 | 26.95 | 27.97 |
| Profit before tax | 210 | 200 | 203 | 145 | 222 | 263 | 276 | 220 | 271 | 262 | 257 | 238 |
| Tax % | 25.1% | 25.1% | 25.0% | 25.0% | 26.0% | 26.0% | 26.0% | 25.0% | 26.1% | 25.0% | 26.1% | 25.0% |
| Exceptional items | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | −25.95 | 0.00 |
| Net Profit | 158 | 150 | 152 | 108 | 165 | 195 | 205 | 164 | 202 | 195 | 190 | 179 |
| EPS (Rs) | 141.56 | 134.40 | 136.28 | 96.71 | 147.67 | 174.48 | 182.97 | 146.55 | 179.47 | 174.08 | 169.57 | 159.71 |
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,790 | 2,123 | 2,543 | 2,843 | 2,938 | 2,826 | 3,871 | 4,699 | 4,557 | 4,921 | 5,234 | 5,235 |
| Expenses | 1,414 | 1,709 | 2,003 | 2,229 | 2,405 | 2,298 | 3,089 | 3,840 | 3,696 | 3,860 | 4,082 | 4,083 |
| Operating Profit | 377 | 416 | 544 | 620 | 534 | 530 | 789 | 866 | 863 | 1,066 | 1,156 | 1,157 |
| OPM % | 20.9% | 18.9% | 20.9% | 21.9% | 18.0% | 18.9% | 19.9% | 17.9% | 18.9% | 21.9% | 22.0% | 22.1% |
| Other Income | 9.96 | 23.90 | 20.93 | 35.88 | 24.92 | 18.95 | 20.93 | 14.95 | 31.90 | 61.75 | 28.90 | 27.93 |
| Interest | 18.98 | 18.98 | 17.99 | 16.98 | 33.95 | 29.98 | 33.93 | 40.95 | 44.96 | 45.96 | 49.93 | 50.93 |
| Depreciation | 23.96 | 24.95 | 27.98 | 30.94 | 60.93 | 62.94 | 64.92 | 77.86 | 90.88 | 98.83 | 107 | 107 |
| Profit before tax | 344 | 396 | 520 | 608 | 463 | 454 | 710 | 760 | 758 | 982 | 1,027 | 1,027 |
| Tax % | 33.1% | 33.0% | 33.0% | 35.1% | 26.0% | 25.0% | 24.0% | 25.1% | 25.0% | 25.0% | 26.0% | — |
| Exceptional items | 0.00 | 0.00 | 0.99 | 7.99 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | −25.95 | −25.95 |
| Net Profit | 232 | 266 | 348 | 395 | 343 | 342 | 538 | 572 | 570 | 730 | 766 | 767 |
| EPS (Rs) | 206.81 | 237.99 | 310.21 | 352.04 | 307.01 | 304.32 | 479.55 | 510.97 | 508.73 | 651.52 | 682.53 | 682.83 |
| Dividend payout % | 41.0% | 40.9% | 42.0% | 97.0% | 51.9% | 81.9% | 77.0% | 49.0% | 71.9% | 137.9% | 80.0% | — |
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 10.98 | 10.99 | 10.99 | 10.99 | 10.98 | 10.98 | 10.97 | 10.98 | 10.98 | 10.98 | 10.97 | 10.99 |
| Reserves | 377 | 521 | 657 | 838 | 767 | 812 | 877 | 1,081 | 1,364 | 1,589 | 1,400 | 1,495 |
| Borrowings | 157 | 95.39 | 88.35 | 69.19 | 85.26 | 177 | 127 | 110 | 407 | 186 | 263 | 278 |
| Other Liabilities | 279 | 321 | 401 | 498 | 489 | 516 | 687 | 906 | 916 | 901 | 974 | 1,075 |
| Total Liabilities | 824 | 948 | 1,156 | 1,415 | 1,352 | 1,515 | 1,703 | 2,109 | 2,699 | 2,686 | 2,648 | 2,859 |
| Fixed Assets | 217 | 217 | 236 | 238 | 301 | 406 | 386 | 402 | 485 | 488 | 759 | 872 |
| CWIP | 0.00 | 0.00 | 24.09 | 59.24 | 7.03 | 29.11 | 28.12 | 65.22 | 151 | 240 | 72.33 | 1.01 |
| Investments | 0.00 | 0.00 | 52.14 | 219 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Other Assets | 607 | 731 | 844 | 900 | 1,044 | 1,081 | 1,288 | 1,641 | 2,062 | 1,958 | 1,817 | 1,986 |
| Inventories | 442 | 539 | 621 | 566 | 748 | 717 | 554 | 973 | 1,590 | 1,166 | 857 | 1,052 |
| Trade receivables | 87.90 | 102 | 113 | 148 | 124 | 73.92 | 137 | 165 | 146 | 159 | 192 | 201 |
| Cash & equivalents | 3.99 | 8.98 | 20.95 | 66.87 | 43.90 | 117 | 434 | 282 | 7.98 | 322 | 470 | 431 |
| Total Assets | 824 | 948 | 1,156 | 1,415 | 1,352 | 1,515 | 1,703 | 2,109 | 2,699 | 2,686 | 2,648 | 2,859 |
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operating activity | 167 | 219 | 274 | 454 | 230 | 517 | 697 | 328 | −2.01 | 1,082 | 1,205 | 795 |
| Cash from investing activity | −53.11 | −26.07 | −108 | −239 | 193 | −27.08 | −402 | 119 | 36.11 | −371 | 12.04 | −21.05 |
| Cash from financing activity | −113 | −189 | −154 | −187 | −442 | −377 | −365 | −395 | −179 | −619 | −1,007 | −741 |
| Net cash flow | 1.01 | 4.01 | 12.02 | 27.05 | −22.05 | 113 | −71.15 | 49.06 | −145 | 89.09 | 205 | 29.05 |
| Capex | 54.84 | 25.93 | 61.83 | 56.79 | 37.85 | 74.79 | 14.96 | 97.69 | 165 | 95.71 | 79.69 | 108 |
| Free cash flow | 114 | 192 | 211 | 395 | 191 | 441 | 680 | 228 | −165 | 984 | 1,122 | 685 |
| CFO / OP % | 82.1% | 86.0% | 100.1% | 114.1% | 70.0% | 121.0% | 156.0% | 64.1% | 22.1% | 147.1% | 136.1% | 92.1% |
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor days | 20 | 20 | 18 | 20 | 15 | 8 | 17 | 15 | 10 | 12 | 13 | 13 |
| Inventory days | 317 | 288 | 264 | 191 | 229 | 200 | 160 | 208 | 279 | 205 | 147 | 178 |
| Days payable | 58 | 49 | 46 | 45 | 36 | 25 | 71 | 76 | 49 | 31 | 43 | 54 |
| Cash conversion cycle | 279 | 259 | 236 | 166 | 207 | 183 | 106 | 146 | 240 | 185 | 118 | 138 |
| Working capital days | 58 | 61 | 57 | 37 | 55 | 42 | 10 | 33 | 59 | 49 | 19 | 26 |
| ROCE % | 61.9% | 62.0% | 60.0% | 64.0% | 68.9% | 52.9% | 47.9% | 67.0% | 54.0% | 45.0% | 59.0% | 63.9% |
For the Mar 2026 quarter, Page Industries reported sales of ₹1,250 Cr, up 14.2% year on year and net profit of ₹179 Cr, up 9.3% year on year. The operating margin was 21.0%.
Page Industries' sales for the year to Mar 2026 were ₹5,234 Cr; over the last twelve months they were ₹5,235 Cr.
Net profit for the year to Mar 2026 was ₹766 Cr, and ₹767 Cr over the last twelve months. Earnings per share over the same trailing period were ₹682.83.
Page Industries reported borrowings of ₹278 Cr at Mar 2026, against cash and equivalents of ₹431 Cr.
Cash from operations was ₹795 Cr in the year to Mar 2026; after capital spending, free cash flow was ₹685 Cr.