Page Industries Ltd Q2FY26 – The Great Undergarment Empire’s Flat Quarter & Fresh Odisha Fashion Factory
1. At a Glance
Page Industries Limited – the ₹43,001 crore market cap behemoth behind Jockey and Speedo in India – just pulled off another quarter where it proved that even underwear can hit a growth plateau. For Q2FY26, revenue came in at ₹12,909 million (₹1,291 crore), up a sleepy 3.6% YoY, while PAT dipped marginally by 0.3% to ₹1,948 million (₹195 crore). With an OPM steady at 22% and EPS of ₹174.61, the company is still earning enough to buy the entire hosiery section of Amazon, but not exactly sprinting in new briefs.
The stock currently lounges at ₹38,565 (down 15.5% in the past 3 months and -13.5% in a year). P/E of 56.3x and EV/EBITDA of 36.2x make it the luxury brand of valuation even in the undervalued innerwear bazaar. ROCE remains majestic at 59.4%, and dividend yield of 2.33% means it still rewards loyalty better than most fixed deposits.
2. Introduction
Let’s face it — Page Industries doesn’t sell underwear. It sells confidence. That little Jockey waistband peeking out of your jeans? That’s not elastic — that’s social mobility.
The company has become a household name not because of its innovation in textiles but because of its unmatched domination in brand psychology. Jockey is so deeply woven into Indian consciousness that people say “Jockey” instead of “innerwear” — just like “Xerox” for photocopy or “Maggi” for instant noodles.
Yet, beneath this perfect waistband, Q2FY26’s numbers reveal a small stretch mark. Revenue growth slowed to low single digits, profits stagnated, and the Odisha expansion finally got off the ground. The share price, meanwhile, is behaving like a waistband in summer — losing elasticity after years of stretch.
But to be fair, Page is still a gold-standard business in India’s apparel universe. High ROE of 48.5%, negligible debt, and a steady dividend payout north of 80% reflect management discipline. The only problem? When you’ve already cornered 99% of your market, where do you go next — Mars?
3. Business Model – WTF Do They Even Do?
Page Industries is basically the Indian face (and legs, and torso) of Jockey International Inc., with an exclusive licensing deal that runs till 2040. That’s right — 15 more years of comfortable monopolistic margins, blessed by the gods of licensing.
It manufactures, distributes, and markets the Jockey brand in India and eight neighboring countries — Sri Lanka, Bangladesh, Nepal, UAE, Oman, Qatar, Maldives, and Bhutan. The other brand it handles, Speedo, barely contributes 2% to revenue — mostly used for swimming pools of five-star hotels and for people pretending to be Michael Phelps in Goa.
Page runs a vertically integrated fashion machine:
16 manufacturing facilities across Karnataka, Tamil Nadu, and now Odisha (new 650,000 sq. ft. factory operational as of May 2025).
Production capacity: 250 million pieces per year (and counting).
Workforce: 19,896 employees, 79% of whom are women — making it not just a textile company but also one of India’s largest women employers.
Retail footprint: 1,10,176 retail outlets, 1,436 exclusive stores, and a sprawling online presence through Jockey.in, Speedo.in, Amazon, and Flipkart.
It’s basically India’s most premium textile sweatshop — except with HR policies that make the Tatas blush.
