Welcome to Page Industries (a.k.a. the Jockey factory), where innerwear is serious outer-market business. Market cap: ₹46,000 Cr. Stock price: ₹41,240 (down 16% in 3 months, because even fancy undies can’t save from correction). P/E? A nosebleed-inducing 60.2, which screams “investors paying Gucci prices for baniyan margins.” ROE? A royal 48.5%. OPM? A comfortable 22.4%, enough cushion for boxer briefs. Sales? ₹4,974 Cr, PAT ₹765 Cr. Dividend yield? 2.18% (basically free chaddis as bonus). One brand – Jockey – contributes 99% of revenue, proving Indians are loyal to their underwear even if they cheat on shampoos.
2. Introduction
Page Industries is that rare FMCG-fashion hybrid where product visibility is literally inside your pants. Since 1995, they’ve been the exclusive licensee of Jockey International (till 2040) and Speedo (India only). While Jockey is the king of underwear drawers from Delhi to Dubai, Speedo remains the underdog (pun intended)—with <2% sales share, it’s like that cousin who comes to weddings but nobody remembers.
The company is basically a distribution and brand execution machine—19,896 employees (79% women), 1.4 lakh retail points, 1,436 exclusive stores, and a manufacturing base big enough to clothe an entire IPL stadium daily. In FY25, they threw in a curveball—new Odisha factory (650,000 sq. ft.) went live in May 2025.
Yet, markets are skeptical. Why? Because revenue growth is crawling at 8% CAGR (5 years), while the stock still demands a P/E higher than most SaaS companies. Investors are asking: “Are we paying Armani price for Jockey vest?”
3. Business Model – WTF Do They Even Do?
a) Jockey (99% revenue):
Innerwear (briefs, trunks, bras, vests) – the cash cows.
Athleisure – joggers and T-shirts, because millennials hate jeans.
Thermals, socks, towels, masks – basically everything you wear at home during lockdown.
b) Speedo (<2% revenue):
Swimwear, goggles, caps. Still waiting for Indians to discover pools beyond Instagram reels.
Distribution Muscle:
3,986 distributors, covering 2,710 towns.
1,10,176 retail outlets selling Jockey.
1,436 exclusive brand stores, with quirky sub-brands: Women (37 stores), Juniors (51 stores), plus 16 factory outlets for bargain hunters.
E-commerce: jockey.in, speedo.in + Flipkart, Amazon, Myntra, Nykaa. Basically, “from malls to your mobile screen.”
Manufacturing: 16 units across Karnataka & Tamil Nadu, now Odisha. Capacity = 250 Cr pieces annually, with 70% made in-house. Translation: enough briefs to clothe half of Asia if China stops.
So in short: They don’t just sell underwear; they’ve industrialized modesty.
4. Financials Overview
Source table
Metric
Latest Qtr (Jun 25)
YoY Qtr (Jun 24)
Prev Qtr (Mar 25)
YoY %
QoQ %
Revenue
1,317
1,278
1,098
3.1%
19.9%
EBITDA
295
243
235
21.4%
25.5%
PAT
201
165
164
21.8%
22.6%
EPS (₹)
180.0
148.1
147.0
21.5%
22.4%
Annualised EPS ≈ 720 → P/E ≈ 57.3
Commentary: Revenue barely moved, but margins expanded like elastic waistbands—thanks to price hikes, premiumization, and maybe fewer discounts.
5. Valuation Discussion – Fair Value Range
P/E method: EPS ₹686, industry PE ~29. Page trades at 60×.
