Page Industries (PAGEIND) Q2 2026 earnings summary

Executive summary

• Q2 FY26 saw subdued consumption for most of the quarter, with a pickup in primary sales in late September due to the festive season and GST rate reduction, which improved consumer sentiment.

• Unaudited financial results for the quarter ended 30 September 2025 were approved on 13 November 2025, with a limited review by statutory auditors confirming compliance and no material misstatements.

• New bonded technology product line in men's innerwear and bras launched in September received strong initial consumer response.

• Modern retail, e-commerce, and exclusive brand stores outpaced general trade, with robust growth in online and retail channels.

• Confidence in fundamentals and expectation of steady growth in upcoming quarters.

Financial highlights

• Q2 FY26 revenue: INR 12,909 million (₹129,085.82 lakhs), up 3.6% year-on-year; sales volume: 56.6 million pieces, up 2.5%.

• Q2 EBITDA: INR 2,795 million, down 0.7% year-on-year; EBITDA margin: 21.7%.

• Q2 PAT: INR 1,948 million (₹19,476.01 lakhs), marginally down 0.3% year-on-year; H1 FY26 PAT: INR 3,956 million, up 9.7%.

• H1 FY26 revenue: INR 26,704 million, up 3.3% year-on-year; EBITDA: INR 5,742 million, up 9.4%.

• Earnings per share (basic and diluted) for Q2 FY26 were ₹174.62, compared to ₹175.06 in Q2 FY25.

Outlook and guidance

• Management expects H2 FY26 to be considerably better than H1, with confidence in achieving near double-digit growth as demand improves.

• Festive season demand has remained consistent post-festive, with no observed moderation.

• Two interim dividends totaling ₹275 per share have been declared for FY26, reflecting confidence in ongoing performance.

• Expectation of a steady growth trajectory in coming quarters, supported by strong fundamentals and positive consumer sentiment.