🧵 At a Glance
Page Industries, the exclusive licensee of Jockey and Speedo in India and neighboring countries, has been the boss of briefs and lord of loungewear for over two decades. But while its ROCE screams luxury, growth has…well, gotten comfy. Has Page gone from hot stock to value trap in a vest? Or is the elastic about to snap back?
👕 What Exactly Does Page Do?
- Jockey Innerwear – Men, women, kids — India’s best-known premium innerwear brand
- Athleisure & Leisurewear – Boxers, t-shirts, loungewear, trackpants (the pandemic hero)
- Speedo Swimwear – Exclusive license for India
- Distribution – 1,000+ exclusive brand outlets (EBOs), 60,000+ MBOs, strong online D2C
💡 Page doesn’t just sell underwear. It sells brand trust, comfort premium, and customer loyalty.
📊 5-Year Financials
| Year | Revenue (₹ Cr) | EBITDA (₹ Cr) | OPM % | PAT (₹ Cr) | EPS (₹) | ROCE | ROE |
|---|---|---|---|---|---|---|---|
| FY21 | 2,833 | 528 | 19% | 341 | 305.35 | 48% | 39% |
| FY22 | 3,886 | 787 | 20% | 537 | 481.02 | 67% | 50% |
| FY23 | 4,714 | 863 | 18% | 571 | 512.15 | 54% | 41% |
| FY24 | 4,582 | 872 | 19% | 569 | 510.31 | 45% | 36% |
| FY25 | 4,935 | 1,063 | 22% | 729 | 653.71 | 59% | 49% |
📈 Revenue CAGR (5Y): 12%
📈 PAT CAGR (5Y): 17%
📈 EPS CAGR (5Y): 17%
🔥 Steady, profitable, boring — in the best way possible.
📉 What Slowed Page Down?
😓 Pandemic Panic (FY21)
- Athleisure surge, but sales channels collapsed
- Retail footfall dropped, inventories rose
🐌 FY23-FY24 Soft Patch
- Flat revenue growth: From ₹4,714 Cr to ₹4,582 Cr
- Cost pressures from cotton and supply chains
- Intense discounting in lower-end competition (Lux, Dollar, Rupa)
🔁 FY25 Rebound
- Revenue up 7.7% YoY
- PAT up 28% YoY
- Margin jumped to 22% – highest in a decade!
🧼 Quarterly Highlights
| Quarter | Revenue (₹ Cr) | Net Profit (₹ Cr) | OPM % | EPS (₹) |
|---|---|---|---|---|
| Q1 FY25 | 1,278 | 165 | 19% | 148.13 |
| Q2 FY25 | 1,246 | 195 | 23% | 175.06 |
| Q3 FY25 | 1,313 | 205 | 23% | 183.49 |
| Q4 FY25 | 1,098 | 164 | 21% | 147.04 |
🧠 Stable, consistent, and profitable.
No fireworks — just clean earnings and clean undies.
🧾 Cash Flow & Balance Sheet
| Metric | FY25 |
|---|---|
| Cash from Ops | ₹1,204 Cr ✅ |
| Free Cash Flow | ₹980 Cr ✅ |
| Net Cash | ~₹1,000 Cr ✅ |
| Reserves | ₹1,396 Cr |
| Debt | ₹262 Cr |
| ROCE | 59% 🔥 |
| Working Capital Days | 22 🤯 |
💸 Cash machine + working capital king = rare combo in textiles.
🏦 Shareholding Pattern
| Category | Mar 2022 | Mar 2025 |
|---|---|---|
| Promoter | 46.12% | 42.89% 🔻 |
| FIIs | 25.18% | 23.58% 🔻 |
| DIIs | 18.21% | 27.87% 🔼 |
| Public | 9.87% | 4.92% 🔻 |
🚨 Promoter + FII selling → DII loading up
🤔 Mutual funds love this stock — even at nosebleed P/Es
💹 Valuation Snapshot
| Metric | Value |
|---|---|
| CMP | ₹45,830 |
| EPS (TTM) | ₹653.71 |
| P/E | 70x 😬 |
| P/BV | 36x 🚨 |
| EV/EBITDA | ~45x |
| Dividend Yield | 1.96% |
✅ ROCE = 59%, FCF = strong
❌ Valuation = absurd (even for a compounding champ)
📐 Fair Value Calculation (EduInvesting Style)
📘 Method 1: P/E Normalization
- EPS = ₹653
- Sustainable P/E = 40x (industry leaders trade at 30–35x; premium due to moat)
🧮 Fair Value = ₹653 × 40 = ₹26,120
📊 Method 2: EV/EBITDA
- FY25 EBITDA = ₹1,063 Cr
- Assume 25x EV/EBITDA = ₹26,575 Cr
- Add cash (~₹1,000 Cr) → Equity value = ₹27,575 Cr
- Shares = 1.11 Cr
🧮 FV = ₹27,575 Cr ÷ 1.11 Cr = ₹24,836
🎯 EduInvesting Fair Value Range = ₹24,800 – ₹26,100
Current Price = ₹45,830 ❌
Upside = None unless earnings double again
🚀 Stock Returns Recap
| Period | CAGR |
|---|---|
| 10Y | 12% |
| 5Y | 20% |
| 3Y | 5% |
| 1Y | 19% |
📉 Post-COVID, the compounding slowed
But FY25 is hinting at reacceleration
🧾 Dividend Story
- Payout Ratio FY25: 138% (includes one-offs)
- Yield = 1.96% (rare for growth stocks)
- Total Dividends: ₹900+ Cr in FY25
🧷 TL;DR – Is Page Still Worth Wearing?
✅ Market leader in premium innerwear
✅ Zero inventory pain, amazing cash flow
✅ ROCE 50%+ = pricing power + moat
❌ 70x P/E = absolute luxury pricing
❌ Growth has slowed to 8–10%
📦 Buy the comfort, but not the hype.
🧵 EduInvesting Verdict
Page Industries is a compounding machine — just not at ₹45,000+.
You don’t buy a ₹5,000 vest — so don’t buy a stock at 70x earnings unless you’re getting a global M&A deal with it.
Wait for valuations to cool off like a fresh pair of Jockeys in monsoon.
✍️ Written by Prashant | 📅 18 June 2025
Tags: Page Industries, Jockey India, Page FY25, Underwear Stocks, Page Fair Value, EduInvesting
