For decades, Page Industries barely needed to sprint. As the exclusive licensee of Jockey and Speedo in India, it built a comfort-first empire in innerwear, loungewear, and activewear without breaking a sweat. Its formula was simple: a trusted brand, sprawling distribution, and few credible challengers in the premium underwear space.
But now, the company is running harder. A new phase of expansion is unfolding; one that’s defined not just by brand equity, but by tighter execution, sharper inventory control, and more targeted growth in Tier II and III markets. After a sluggish FY24, Page’s Q4 FY25 results signal more than a recovery; they mark a reset in the way the company scales.
By the numbers:
- Market cap: 51,419 Cr. (as of 13 June, 2025)
- FY25 revenue: ₹4,934.9 crore (up 8.0% YoY)
- FY25 net profit: ₹729.1 crore (up 28.1% YoY)
- Q4 FY25 sales volume: 49.2 million units (up 8.5% YoY)
What’s working?
The March quarter wasn’t just good; it was the best the company has posted in recent memory. Revenue rose 10.6% YoY, but the kicker was profit. Net profit jumped 51.6% in Q4, driven by margin expansion on nearly every front. EBITDA margin touched 21.4%—a 475 basis point leap over last year—thanks to stable raw material prices, strong cost controls, and operating leverage.
More importantly, this wasn’t a metro-led story. Tier II and III cities led the demand surge, with general trade performing better than large-format retail. Ecommerce and exclusive branded outlets also grew, aided by inventory availability and a better product mix. The company’s Jockey app and enhanced digital engagement played their part too, as consumers shifted from legacy trade to brand-owned platforms.
New bets
Behind the numbers is a quiet repositioning. Page is now going beyond innerwear. Over the past year, it has launched new styles in juniors, women’s activewear, and the Jockey Life collection. These categories help lift average selling price and shift perception from commodity essentials to fashion-forward basics.
Speedo, the company’s other licensee brand, is also showing momentum. The onset of summer helped boost swimwear sales across 1,096 multi-brand stores and 36 Speedo EBOs. While still a small contributor, Speedo offers diversification without straying too far from Page’s core competence: premium, performance-led apparel.
Execution is the edge
Page is modernising its backend. The Auto Replenishment System (ARS) now enables leaner inventory at retail counters, while its digitised Distributor Management System is nearing full rollout. The result: working capital days dropped significantly, with inventory days shrinking from 124 to 93 year over year.
Behind this is a manufacturing backbone that’s 70% in-house, with 16 facilities across Karnataka, Tamil Nadu, and Odisha employing nearly 19,900 people; nearly 80% of whom are women. With such control over quality, cost, and lead times, Page isn’t just operating; it's compounding.
What’s not working…
The only catch? Expectations. With ROCE at 73% and EPS touching ₹700, the stock is already pricing in a lot of future optimism. Page is guiding for high single-digit volume growth in FY26 and aiming to hold margins in the 19–21% band.
But that looks conservative in light of the recent 21.4% margin, and some of the topline targets could face pressure from rising tech investments and cost inflation. Large-format retail, meanwhile, continues to see muted footfalls prompting the company to rethink its presence in that format.
Strategic takeaway
Page Industries is no longer just milking brand loyalty but building operational muscle. This is a company that’s actively reworking its supply chain, digitising distribution, and expanding into adjacent categories while keeping margins intact. It’s not flashy, but it’s deliberate and in the world of consumer brands, deliberate often outperforms.
Final pour
If Page gets execution and expansion right, it won’t just be India’s go-to name in innerwear. It’ll be the benchmark for how legacy apparel brands scale in a digitally driven Bharat.
