Page Industries (PAGEIND) Q3 25/26 earnings summary

Executive summary

• Revenue grew 5.6% year-over-year in Q3 FY26, with operating profit before tax up 5.9% and profit after tax down 7.4% due to a one-time labor code provision.

• Nine-month revenue increased 4.1% and PAT rose 3.5% year-over-year, reflecting steady business momentum despite selective consumer demand.

• Enhanced and diversified product range with successful launches, including the second wave of JKY Groove and bonded technology products.

• Distribution network expanded to 113,600 multi-brand outlets, 1,556 exclusive brand stores, and 1,778 large format stores, with strong e-commerce growth.

• Unaudited financial results for the quarter and nine months ended December 31, 2025, were approved and released, with a limited review by statutory auditors confirming no material misstatements.

Financial highlights

• Q3 FY26 revenue: INR 13,868 million (+5.6% YoY); sales volume: 58.6 million pieces (+1.4% YoY).

• Q3 EBITDA: INR 3,181 million (+5.2% YoY), EBITDA margin: 22.9%; PAT declined 7.4% YoY to INR 1,895 million due to a one-time exceptional provision.

• Profit before tax (before exceptionals): INR 2,913 million (+5.9% YoY); after exceptionals: INR 2,562.5 million.

• Nine-month revenue: INR 39,942 million (+4.1% YoY); sales volume: 173.8 million pieces (+1.9% YoY); EBITDA: INR 8,923 million (+7.9% YoY); PAT: INR 5,851 million (+3.5% YoY).

• Basic and diluted EPS for the quarter were Rs. 169.93; for nine months, Rs. 524.57.

Outlook and guidance

• Management expects Q3’s improved performance to continue into Q4, with ongoing investments in product innovation, marketing, and retail expansion.

• Double-digit growth remains a target, driven by both market recovery and internal expansion initiatives, though timing is uncertain.

• EBITDA margin guidance maintained at 19%-21% for FY26 and FY27, despite current quarter’s higher margin.

• Targeting sustainable revenue growth with a goal of INR 8,000 crore by FY28-29.

• The company continues to monitor the impact of the new labour codes and will account for further changes as required.