Page Industries has posted a mixed set of June-quarter results, declared a hefty interim dividend of Rs 200 per share, and faced varied brokerage outlooks amid concerns over volume momentum and logistics challenges, keeping investor sentiment cautious despite positive demand signals.
Page Industries has reported a mixed set of June-quarter results and declared a hefty interim dividend for FY27, even as several brokerages trimmed their earnings assumptions and price targets for the innerwear and apparel maker.
The company, which holds the exclusive Jockey International licence across India and several neighbouring and Gulf markets, said revenue from operations rose 7.9% to Rs 1,420.44 crore in the quarter, while total income increased to Rs 1,431.05 crore. Net profit slipped 4% to Rs 192.80 crore from Rs 200.80 crore a year earlier, as expenses climbed 10.5% to Rs 1,172.48 crore. Sales volume grew 5.7% year on year to 61.2 million pieces, suggesting demand remained firm even as costs weighed on margins.
Page Industries also announced a first interim dividend of Rs 200 a share, equal to 2,000% on the face value of Rs 10. The record date is August 19, 2026, and the payout will be made on or before September 11, 2026. The company has long used dividends as a key part of shareholder returns, with payouts rising steadily over the past decade and stepping up sharply in recent years.
Brokerages were split on the stock’s near-term prospects. Macquarie kept its Underperform view and set a target of Rs 32,500, implying downside from the current share price, which it said reflected weaker volume momentum and logistics constraints. HSBC held on to a Buy rating but lowered its target to Rs 47,560 from Rs 48,810, while Citi cut its target to Rs 46,500 from Rs 47,700 and said temporary logistics and manpower issues had dragged on revenue. Motilal Oswal also retained a Buy call, setting a Rs 45,000 target after trimming its earnings estimates.
The market has been watching whether Page Industries can sustain the double-digit growth trajectory that analysts have modelled for FY27. According to Arthneeti’s analysis, the company is targeting sustained double-digit volume growth of about 11%, supported by consumer demand and premiumisation, while maintaining EBITDA margin guidance of 19% to 21% for the year. Business Standard has also reported that brokerages remain broadly constructive on the company’s volume and earnings outlook, though valuations remain elevated. The stock was trading at Rs 37,425 on August 14, 2026, after rising 2.48% that day, but it remained lower over the past month despite a modest year-to-date gain.
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