Page Industries (PAGEIND) Q1 26/27 earnings summary

Executive summary

• Healthy consumer demand and volume momentum across channels; quarter-end logistics and manpower constraints delayed billings and tempered revenue conversion.

• FY27 double-digit volume growth remains the target, with above-average growth expected in the remaining quarters to recover Q1 shortfalls.

• Manufacturing capacity expansion at Odisha and K.R. Pet is progressing; ERP, HRMS and consumer data initiatives are underway.

Financial highlights

• Q1 FY27 revenue from operations was Rs. 142,044.53 lakhs, up 7.9% YoY; sales volume was 61.9 million pieces, up 5.7% YoY.

• EBITDA was INR 2,890 million, down 1.9% YoY; EBITDA margin was 20.3%.

• Net profit was Rs. 19,280.62 lakhs, down 4.0% YoY, versus Rs. 20,079.62 lakhs in Q1 FY26; Q1 FY27 net profit increased sequentially from Rs. 17,873.04 lakhs in Q4 FY26.

• Basic and diluted EPS were Rs. 172.86, versus Rs. 180.02 in Q1 FY26 and Rs. 160.24 in Q4 FY26.

Outlook and guidance

• FY27 volume growth target remains double digit, with recovery and above-average growth expected over the next three quarters.

• FY27 EBITDA margin guidance remains 19%-21%; May pricing is expected to flow through in Q2 and support gross-margin stabilization if input costs remain stable.

• A larger value-versus-volume growth gap is expected from Q2 as May price increases take effect and product mix normalizes.

• Revenue target of INR 8,000 crore by FY28-29, with focus on sustainable and profitable growth.