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Swing Capital

Page Industries Ltd

NSE: PAGEIND BSE: 532827

Incorporated in 1995, Page Industries Limited is 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. Page Industries is also the exclusive licensee of Speedo International Ltd. for the manufacturing, marketing, and distribution of the Speedo brand in India.

₹37,560
52W: ₹29800 — ₹50590
PE 54 · Book ₹1263 · +2874% vs book
Market Cap₹41,894 Cr
Stock P/E54Price to Earnings
ROCE59.4%Return on Capital
ROE48.5%Return on Equity
Div. Yield2.36%Face Value ₹10

Strengths

  • +Company has a good return on equity (ROE) track record: 3 Years ROE 44.3%
  • +Company has been maintaining a healthy dividend payout of 86.3%
  • +Company's working capital requirements have reduced from 42.4 days to 19.3 days

Weaknesses

  • −Stock is trading at 28.9 times its book value
  • −The company has delivered a poor sales growth of 10.9% over past five years.
  • −Promoter holding has decreased over last 3 years: -3.23%

Shareholding Pattern

Promoters42.89%
FIIs19%
DIIs32.5%
Public4.9%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters45.04%44.29%▼0.842.89%▼1.442.89%42.89%42.89%42.89%42.89%
FIIs20.55%20.84%▲0.322.67%▲1.823.58%▲0.924.03%▲0.523.2%▼0.820.71%▼2.519%▼1.7
DIIs27.35%28.76%▲1.428.69%▼0.127.87%▼0.827.75%▼0.128.52%▲0.830.78%▲2.332.5%▲1.7
Public6.3%5.35%▼1.05.02%▼0.34.92%▼0.14.59%▼0.34.67%▲0.14.9%▲0.24.9%

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales1,1251,2269921,2781,2461,3131,0981,3171,2911,387
Expenses8929998281,0349651,0118631,0221,0111,069
Operating Profit234226164243281303235295280318
OPM %21%18%17%19%23%23%21%22%22%23%
Net Profit150152108165195205164201195190
EPS ₹134.73136.5997.01148.13175.06183.49147.04180.03174.61169.93

AI Insights

Revenue Trend

TTM revenue at ₹5,092Cr, up 3.2% YoY. OPM at 22%.

Debt Position

Borrowings at ₹268Cr. Debt-to-equity ratio: 0.19x. Healthy balance sheet.

Capex Cycle

CWIP at ₹92Cr (12% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 32.5% (+11.09pp change). FIIs: 19% (-2.99pp change). Promoters hold 42.89%.

Margin & Efficiency

ROCE declining from 64% (Mar 2014) to 59% (Mar 2025). Working capital days: 19.

Valuation

PE 54x with 59.4% ROCE. Price is 2874% above book value of ₹1,263. Dividend yield: 2.36%.

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