Page Industries growth slips back to single digit but margin is stellar

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Subscribe to enjoy similar stories. Page Industries Ltd’s shares have declined 6% since it announced its December quarter (Q3FY25) results, reflecting that investors are not focused on the solid operating margin, but on sluggish revenue growth. Despite the festive tailwind in October, Page’s Q3 revenue increased only 7% year-on-year to ₹1,313 crore, marking a reversal from the double-digit 11% growth seen in Q2 after clocking single-digit growth or decline since Q3FY23.

This year, demand in November and December failed to sustain October’s strong sales momentum, leading to a volume growth of just 4.7%, lagging expectations. Better product mix aided realizations. Page’s Q3FY25 performance indicates a return to familiar headwinds, raising questions about the strength of the demand recovery and whether Q2 was an exception.

While secondary sales are gradually picking up, consumer sentiment remains muted. The premium innerwear category continued to perform well, accompanied by a drop in trade inventory at the distributor level. E-commerce is a bright spot, but it is still a relatively small part of the business.

Page has kept prices steady for three years, suggesting limited room for price-led growth ahead. Page holds the exclusive license for the manufacture, marketing and distribution of the Jockey brand in some countries, including India. Also Read: Page Industries sees uptick, but growth hurdles persist Nonetheless, better cost discipline helped Page deliver on profitability in Q3.