At a Glance
Page Industries, the proud parent of Jockey India and Speedo India, is a brand so comfortable it’s priced like a Gucci handbag. The stock trades at a P/E of 72 and costs more than a high-end iPhone per share. With a market cap of ₹52,211 Cr, Page’s underwear empire delivers ROE of 48.5% and ROCE of 59.4%—numbers sexier than their ad campaigns. But here’s the catch: sales growth over five years is only 11%, making the valuation more stretched than their spandex.
Introduction
In the world of innerwear, Page Industries isn’t just a player—it’s the referee, coach, and champion. Jockey is everywhere—from the malls to the billboards featuring models making underwear look like a luxury lifestyle. Investors have been happy to pay a premium, banking on consistent returns and fat dividends. Yet, recent years show growth slowing, promoter holdings dropping, and competitors like Lux and Arvind sniffing around. So, is Page still the king of comfort, or is this a bubble wrapped in elastic?
Business Model (WTF Do They Even Do?)
Page Industries holds exclusive licenses for:
- Jockey in India, Sri Lanka, Bangladesh, Nepal, UAE, and a few other markets.
- Speedo in India.
Their model is simple: manufacture premium innerwear, flood the market with aspirational branding, expand retail aggressively, and charge a premium. The company leverages brand strength to maintain high margins, a wide distribution network (over 1,000 exclusive stores), and diversified SKUs ranging from underwear to athleisure.
Financials Overview
FY25 Highlights:
- Revenue: ₹4,935 Cr (+8% YoY)
- PAT: ₹729 Cr (+28% YoY)
- EPS: ₹653.7
- Dividend Payout: 138% (yes, they pay out more than they earn sometimes)
