1. Opening Hook

India’s underwear king pulled off a quarter where profits flexed like a gym bro, but volumes sulked like kids during offline classes. Management blamed festive shifts, geopolitics, and consumer wallets on diet. Still, Page stitched together margins tighter than Virat Kohli’s cover drive. And yes, JKY Groove is their attempt to woo GenZ who think loyalty is just a mobile plan feature. Keep reading — because EBITDA strutted the ramp while volumes tripped backstage.

2. At a Glance

• Revenue ₹1,316 cr (↑3.1% YoY) – Growth so modest, even inflation yawned.
• Sales Volumes 58.6 mn pcs (↑1.9%) – Consumers clearly stretching their existing stock.
• EBITDA ₹295 cr (↑21%) – Margins at 22.4%, Page’s true stretch fabric.
• PAT ₹201 cr (↑21.5%) – Profits running faster than sales, thanks efficiency hacks.
• Inventory days 56 (vs 64) – Shelves slimming down like a fitness influencer.
• New Plants – Odisha live, Karnataka loading. Capacity build-up is their gym routine.

3. Management’s Key Commentary

Ganesh (MD):

“Consumption was subdued, but recovery seen month-on-month.”
(Translation: April was a snoozefest, May stretched, June finally got caffeine ☕.)

CFO Deepanjan:

“EBITDA grew 21% despite no price hikes.”
(Translation: Costs on keto diet, profits on protein powder.)

Ganesh:

“We target double-digit growth once retail normalizes.”
(Translation: Current 2% volume growth is… not it, boss 😬.)

Karthik (CEO):

“Competition intensity has eased; multiple brands exited GT.”
(Read: Lesser noise, but Zudio lurking like a discount assassin.)

Ganesh:

“Margins will normalize to 19–21%, current 22% is not sustainable.”
(Translation: Don’t get too comfy, even elastic has limits.)

Karthik:

“JKY Groove is fashion-led, not expecting stickiness like core Jockey.”
(Translation: This is Tinder-fashion — swipe, buy, ghost, repeat 😏.)

4. Numbers Decoded

5. Analyst Questions

• Volume growth only 2%?
  Mgmt: Double-digit possible when macro normalizes.
  (Translation: Don’t blame the brand, blame the economy 🤷.)
• Why not cut prices to push demand?
  Mgmt: Jockey stands for value, not discount wars.
  (Translation: We don’t do “Buy 1 Get 3” like local