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.

• Innovation continued with the launch of Bonded Tech innerwear and bras in September, receiving strong initial consumer response and plans for expanded distribution.

• Modern retail, e-commerce, and exclusive brand stores outpaced general trade, supporting steady profitability and strong operating margins.

• Unaudited financial results for Q2 FY26 were approved on 13 November 2025, with a limited review by statutory auditors confirming compliance and no material misstatements.

• The company maintained a wide retail network: over 110,000 multi-brand outlets and more than 1,500 exclusive brand stores.

Financial highlights

• Q2 FY26 revenue was INR 12,909 million, up 3.6% year-on-year; sales volume grew 2.5% to 56.6 million pieces.

• Q2 EBITDA was INR 2,795 million, down 0.7% year-on-year, with a margin of 21.7%; profit after tax was INR 1,948 million, marginally down 0.3%.

• H1 FY26 revenue was INR 26,704 million, up 3.3% year-on-year; sales volume grew 2.2% to 115.2 million pieces.

• H1 EBITDA was INR 5,742 million, up 9.4% year-on-year, with a margin of 22%; PAT was INR 3,956 million, up 9.7%.

• Q2 FY26 earnings per share were ₹174.62, and two interim dividends totaling ₹275 per share were declared for FY26.

Outlook and guidance

• Management targets near double-digit growth, acknowledging H1 performance was below internal expectations.

• H2 is expected to be considerably better than H1, with consistent demand post-festive season and efforts focused on achieving double-digit growth.

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

• CapEx for FY26 is planned at INR 140 crore, mainly for Odisha and KRPED projects, with INR 57 crore spent in H1.

• CapEx incentives of around INR 50 crore are expected to be realized next year.