Page Industries Limited stands as India's premier innerwear and apparel manufacturer, holding the distinction of being the exclusive licensee of JOCKEY International Inc. for manufacturing, distribution, and marketing of the JOCKEY® brand in India, Sri Lanka, Bangladesh, Nepal, and the UAE. The company has carved a dominant position in the Indian apparel market since its incorporation in 1994, establishing itself as a trusted household name through its strategic brand partnerships and robust distribution network.
The company operates as a fully integrated entity encompassing product design and development, manufacturing, sales and marketing, distribution, retail, and e-commerce. Beyond its flagship Jockey brand, Page Industries also serves as the exclusive licensee of Speedo International Ltd. for the manufacturing, marketing, and distribution of the Speedo brand in India. This dual-brand strategy allows the company to cater to diverse consumer segments, from everyday innerwear to premium swimwear and activewear.
The Jockey brand, which Page Industries manages across multiple markets, is a globally recognized brand present in over 147 countries. The company's licensing rights extend beyond India to include Sri Lanka, Bangladesh, Nepal, Oman, Qatar, Maldives, Bhutan, and the UAE, providing significant geographic diversification and growth opportunities in emerging markets.
Page Industries offers an extensive product portfolio under the Jockey brand, encompassing:
* Innerwear: Vests, briefs, boxer briefs, trunks, inner boxers, tank tops, t-shirts, polos, henleys, sweatshirts, jackets, hoodies.
* Bottomwear: Boxer shorts, shorts, bermudas, joggers, track pants, pyjamas, pants, capris, leggings.
* Women's & Others: Bras, panties, crop tops, camisoles, kurta and kurti slips, shrugs, sleep dresses, shapewear, caps, handkerchief, and masks.
* Accessories: Face, hand, bath, and gym towels; calf, ankle, knee, low show, and no show socks; and thermals.
Additionally, the company provides swimwear, swimactive, equipment, and footwear under the Speedo brand. The company's distribution strategy combines traditional retail with modern e-commerce, ensuring wide market reach and accessibility for consumers across different purchasing preferences.
Page Industries operates an extensive manufacturing network with 15 manufacturing complexes located in Bangalore, Hassan, Mysore, Gowribidanur, Tiptur, and Tirupur. The company continues to expand its manufacturing capabilities, recently adding new facilities to meet growing demand. The company has also commenced commercial operations at its new facility located in Ramdaspur Village, Cuttack District, Odisha. This new manufacturing facility spans a built-up area of 650,000 sq. ft. and includes a raw material warehouse, a men's innerwear manufacturing unit, and dedicated facilities for socks and elastics.
As of recent data, Page Industries commands a significant market presence with a market capitalization of ₹54,436 Crore, representing a 23.6% increase over the past year. The company's financial metrics reflect its strong market position, though it faces certain challenges. The company has delivered a sales growth of 10.9% over the past five years, while promoter holding stands at 42.9%.
For the fiscal year 2025, Page Industries reported robust financial performance with a revenue of ₹4,935 Crore and a profit of ₹729 Crore. The company's profitability showed significant improvement, with net profit rising 28.10% to ₹729.14 Crore in the year ended March 2025 compared to ₹569.19 Crore in the previous year.
In Q4 FY25, Page Industries demonstrated strong operational performance:
* Revenue jumped 11.13% to ₹1,118.20 Crore compared to the same period last year.
* Net profit jumped 51.58% to ₹164.01 Crore compared to the same period in the previous year.
* The net profit margin improved significantly by 36.4% to 14.67%.
Volume growth remained healthy, with sales volume growing 6.7% year-on-year to 55.2 million pieces in Q2 FY25, demonstrating the company's ability to expand its market reach and consumer base.
Page Industries maintains a substantial workforce with 19,461 employees, reflecting its significant scale of operations across manufacturing, distribution, and retail functions. The company's employment base supports its extensive manufacturing operations and nationwide distribution network.
The company maintains an attractive dividend policy for shareholders, with a dividend yield of 1.98%. Page Industries has demonstrated commitment to returning value to shareholders through regular dividend payments. The Board of Directors recommended a Third Interim dividend of ₹150 per equity share (1500%) subject to shareholder approval in February 2025, and later recommended a Fourth Interim dividend of ₹200 per equity share (2000%) in May 2025.
Page Industries trades at premium valuations, reflecting its market leadership position, with the stock trading at 38.7 times its book value. The company's strong brand equity and market position in the innerwear segment support these premium valuations, though investors should consider the cyclical nature of the apparel industry and competitive pressures.
Looking ahead, Page Industries appears well-positioned to capitalize on India's growing apparel market and increasing consumer preference for branded innerwear. The company's exclusive licensing arrangements provide competitive advantages and barriers to entry, while its expanding manufacturing footprint and distribution network support future growth initiatives. The addition of new manufacturing facilities and continued investment in product innovation position the company favorably for sustained growth in the evolving Indian consumer market.
