Page Industries (PAGEIND) Q1 25/26 earnings summary

Executive summary

• Q1 FY26 saw subdued consumption, especially in offline retail, due to structural shifts and geopolitical tensions, but a steady recovery was observed from May onwards.

• Online business delivered robust growth, and product pricing remained unchanged, with a focus on maintaining operating margins.

• New product launches, such as the JKYGRU fashion range targeting younger consumers, received encouraging initial responses.

• Commercial operations commenced at the new Odisha plant, with gradual scale-up planned.

• Unaudited financial results for the quarter ended June 30, 2025, were approved by the Board on August 7, 2025.

Financial highlights

• Revenue for Q1 FY26 was INR 13,166 million (₹131,656.11 lakhs), up 3.1% year-over-year.

• EBITDA grew 21.1% year-over-year to INR 2,947 million, with a margin of 22.4%.

• Profit after tax rose 21.5% year-over-year to INR 2,008 million (₹20,079.63 lakhs).

• Basic and diluted EPS for the quarter were ₹180.02, up from ₹148.13 in the prior year period.

• Inventory days reduced from 64 to 56 during the quarter; net working capital days improved from 54 to 48.

Outlook and guidance

• Management expects double-digit growth when the retail environment normalizes, with ongoing focus on product innovation, marketing, and expansion.

• Margin guidance remains at 19%-21%, with continued investments in IT, new plants, and R&D.

• Interim dividend of ₹150 per equity share declared, with payment by September 5, 2025.

• Management remains confident in a consistent growth trajectory for upcoming quarters, supported by strong fundamentals and digital transformation.

• Month-on-month improvement in demand observed, with optimism for consistent growth in coming quarters.