Page Industries

Page Industries is a garment manufacturing group based in India. Co. is the exclusive licensee of JOCKEY International for manufacture and distribution of the JOCKEY® brand Innerwear/Leisurewear for Men and Women in India, Sri Lanka, Bangladesh, Nepal and United Arab Emirates. Co. is also the exclusive licensee of Speedo International for the manufacture, marketing and distribution of the Speedo brand in India (products include swimwear, water shorts, apparel, equipment and footwear). Co. maintains manufacturing operations spread over 9 complexes in Bangalore and Hassan in addition to 25,000 plus retail outlets in 1,200 cities and towns across India.
  • TickerPAGEIND
  • ISININE761H01022
  • ExchangeNational Stock Exchange of India
  • SectorPersonal Goods
  • CountryIndia
PAGEIND PAGE INDUSTRIES (Personal & Household Goods)

PAGE INDUSTRIES reduced its risk exposure resulting in an upgrade to S...

PAGE INDUSTRIES (IN), a company active in the Clothing & Accessories industry, reduced its market risk and raised its general evaluation. The independent financial analyst theScreener awarded an improved star rating to the company, which now shows 1 out of 4 possible stars; its market behaviour has improved and can be considered as defensive. theScreener believes that this new assessment merits an overall rating upgrade to Slightly Positive. As of the analysis date September 14, 2021, the closing price was INR 32,590.45 and its potential was estimated at INR 36,774.48.

PAGEIND PAGE INDUSTRIES (Personal & Household Goods)

Page Industries Limited: 1 director

A director at Page Industries Limited sold 3,674 shares at 29,603.434INR and the significance rating of the trade was 67/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The na...

Krishnan Sambamoorthy
  • Krishnan Sambamoorthy
PAGEIND PAGE INDUSTRIES (Personal & Household Goods)

MOSL: PAGE INDUSTRIES (Neutral)-A 30-quarter-low margin makes earnings...

PAGE INDUSTRIES: A 30-quarter-low margin makes earnings recovery unclear (PAG IN, Mkt Cap USD3.7b, CMP INR23528, TP INR22250, 5% Downside, Neutral)   PAG reported a disappointing set of numbers on both volumes and earnings, with EBITDA declining 16% YoY in 3QFY20. Reported operating margin was the lowest in 30 quarters, and adjusted for the Ind-AS 116 impact, the margin was among the lowest ever. While the long-term growth potential is high and the past track record impressive, valuations of 55.7x/47.6x FY21/22E EPS are expensive. Management commentary also did not assuage concerns abou...

Krishnan Sambamoorthy
  • Krishnan Sambamoorthy
PAGEIND PAGE INDUSTRIES (Personal & Household Goods)

MOSL: PAGE INDUSTRIES (Neutral)-Healthy volumes but margins and workin...

PAGE INDUSTRIES: Healthy volumes but margins and working capital disappoint (PAG IN, Mkt Cap USD3.7b, CMP INR23724, TP INR24765, 5% Upside, Neutral)   2QFY20 sales grew 12.3% YoY to INR7.7b (v/s est. INR7.4b). Overall volume grew 9.1% YoY (v/s est. 2%). EBITDA was up 4.4% to INR1.5b (v/s est. INR1.6b); PBT declined 7% to INR1.3b (v/s est. INR1.4b) and Adj. PAT was up 23.6% to INR1.1b (v/s est. INR941m). Gross margin was down 180bp YoY to 56%. EBITDA margin declined a sharp 150bp YoY to 19.2%; employee costs as % of sales (up 10bp YoY) was offset by other expenses as % of sales (down 50b...

Krishnan Sambamoorthy
  • Krishnan Sambamoorthy
PAGEIND PAGE INDUSTRIES (Personal & Household Goods)

MOSL: PAGE INDUSTRIES (Neutral)-Annual Report- Long-term investment ca...

PAGE INDUSTRIES (Annual Report): Long-term investment case intact; Near-term uncertainty remains high (PAG IN, Mkt Cap USD2.8b, CMP INR18256, TP INR19110, 5% Upside, Neutral)   We pored over Page Industries (PAG’s) FY19 annual report; key insights highlighted below:   In midst of a slowdown, but long-term runway still intact FY19 turned out to be a tough year for PAG; performance was dragged by lower volume growth (+5.6%) and muted growth of 3%/5.8% in its key segments of Men’s/Women’s innerwear. Sales/EBIDTA/Adj. PAT for FY19 grew 11.8%/14.1%/13.5%. We believe the year under review wa...

PAGEIND PAGE INDUSTRIES (Personal & Household Goods)

PAGE INDUSTRIES reduced its risk exposure resulting in an upgrade to S...

PAGE INDUSTRIES (IN), a company active in the Clothing & Accessories industry, reduced its market risk and raised its general evaluation. The independent financial analyst theScreener awarded an improved star rating to the company, which now shows 1 out of 4 possible stars; its market behaviour has improved and can be considered as defensive. theScreener believes that this new assessment merits an overall rating upgrade to Slightly Positive. As of the analysis date September 14, 2021, the closing price was INR 32,590.45 and its potential was estimated at INR 36,774.48.

PAGEIND PAGE INDUSTRIES (Personal & Household Goods)

Page Industries Limited: 1 director

A director at Page Industries Limited sold 3,674 shares at 29,603.434INR and the significance rating of the trade was 67/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The na...

Krishnan Sambamoorthy
  • Krishnan Sambamoorthy
PAGEIND PAGE INDUSTRIES (Personal & Household Goods)

MOSL: PAGE INDUSTRIES (Neutral)-A 30-quarter-low margin makes earnings...

PAGE INDUSTRIES: A 30-quarter-low margin makes earnings recovery unclear (PAG IN, Mkt Cap USD3.7b, CMP INR23528, TP INR22250, 5% Downside, Neutral)   PAG reported a disappointing set of numbers on both volumes and earnings, with EBITDA declining 16% YoY in 3QFY20. Reported operating margin was the lowest in 30 quarters, and adjusted for the Ind-AS 116 impact, the margin was among the lowest ever. While the long-term growth potential is high and the past track record impressive, valuations of 55.7x/47.6x FY21/22E EPS are expensive. Management commentary also did not assuage concerns abou...

Krishnan Sambamoorthy
  • Krishnan Sambamoorthy
PAGEIND PAGE INDUSTRIES (Personal & Household Goods)

MOSL: PAGE INDUSTRIES (Neutral)-Healthy volumes but margins and workin...

PAGE INDUSTRIES: Healthy volumes but margins and working capital disappoint (PAG IN, Mkt Cap USD3.7b, CMP INR23724, TP INR24765, 5% Upside, Neutral)   2QFY20 sales grew 12.3% YoY to INR7.7b (v/s est. INR7.4b). Overall volume grew 9.1% YoY (v/s est. 2%). EBITDA was up 4.4% to INR1.5b (v/s est. INR1.6b); PBT declined 7% to INR1.3b (v/s est. INR1.4b) and Adj. PAT was up 23.6% to INR1.1b (v/s est. INR941m). Gross margin was down 180bp YoY to 56%. EBITDA margin declined a sharp 150bp YoY to 19.2%; employee costs as % of sales (up 10bp YoY) was offset by other expenses as % of sales (down 50b...

Krishnan Sambamoorthy
  • Krishnan Sambamoorthy
PAGEIND PAGE INDUSTRIES (Personal & Household Goods)

MOSL: PAGE INDUSTRIES (Neutral)-Annual Report- Long-term investment ca...

PAGE INDUSTRIES (Annual Report): Long-term investment case intact; Near-term uncertainty remains high (PAG IN, Mkt Cap USD2.8b, CMP INR18256, TP INR19110, 5% Upside, Neutral)   We pored over Page Industries (PAG’s) FY19 annual report; key insights highlighted below:   In midst of a slowdown, but long-term runway still intact FY19 turned out to be a tough year for PAG; performance was dragged by lower volume growth (+5.6%) and muted growth of 3%/5.8% in its key segments of Men’s/Women’s innerwear. Sales/EBIDTA/Adj. PAT for FY19 grew 11.8%/14.1%/13.5%. We believe the year under review wa...

PAGEIND PAGE INDUSTRIES (Personal & Household Goods)

PAGE INDUSTRIES reduced its risk exposure resulting in an upgrade to S...

PAGE INDUSTRIES (IN), a company active in the Clothing & Accessories industry, reduced its market risk and raised its general evaluation. The independent financial analyst theScreener awarded an improved star rating to the company, which now shows 1 out of 4 possible stars; its market behaviour has improved and can be considered as defensive. theScreener believes that this new assessment merits an overall rating upgrade to Slightly Positive. As of the analysis date September 14, 2021, the closing price was INR 32,590.45 and its potential was estimated at INR 36,774.48.

PAGEIND PAGE INDUSTRIES (Personal & Household Goods)

Page Industries Limited: 1 director

A director at Page Industries Limited sold 3,674 shares at 29,603.434INR and the significance rating of the trade was 67/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The na...

Krishnan Sambamoorthy
  • Krishnan Sambamoorthy
PAGEIND PAGE INDUSTRIES (Personal & Household Goods)

MOSL: PAGE INDUSTRIES (Neutral)-A 30-quarter-low margin makes earnings...

PAGE INDUSTRIES: A 30-quarter-low margin makes earnings recovery unclear (PAG IN, Mkt Cap USD3.7b, CMP INR23528, TP INR22250, 5% Downside, Neutral)   PAG reported a disappointing set of numbers on both volumes and earnings, with EBITDA declining 16% YoY in 3QFY20. Reported operating margin was the lowest in 30 quarters, and adjusted for the Ind-AS 116 impact, the margin was among the lowest ever. While the long-term growth potential is high and the past track record impressive, valuations of 55.7x/47.6x FY21/22E EPS are expensive. Management commentary also did not assuage concerns abou...

Krishnan Sambamoorthy
  • Krishnan Sambamoorthy
PAGEIND PAGE INDUSTRIES (Personal & Household Goods)

MOSL: PAGE INDUSTRIES (Neutral)-Healthy volumes but margins and workin...

PAGE INDUSTRIES: Healthy volumes but margins and working capital disappoint (PAG IN, Mkt Cap USD3.7b, CMP INR23724, TP INR24765, 5% Upside, Neutral)   2QFY20 sales grew 12.3% YoY to INR7.7b (v/s est. INR7.4b). Overall volume grew 9.1% YoY (v/s est. 2%). EBITDA was up 4.4% to INR1.5b (v/s est. INR1.6b); PBT declined 7% to INR1.3b (v/s est. INR1.4b) and Adj. PAT was up 23.6% to INR1.1b (v/s est. INR941m). Gross margin was down 180bp YoY to 56%. EBITDA margin declined a sharp 150bp YoY to 19.2%; employee costs as % of sales (up 10bp YoY) was offset by other expenses as % of sales (down 50b...

Krishnan Sambamoorthy
  • Krishnan Sambamoorthy
PAGEIND PAGE INDUSTRIES (Personal & Household Goods)

MOSL: PAGE INDUSTRIES (Neutral)-Annual Report- Long-term investment ca...

PAGE INDUSTRIES (Annual Report): Long-term investment case intact; Near-term uncertainty remains high (PAG IN, Mkt Cap USD2.8b, CMP INR18256, TP INR19110, 5% Upside, Neutral)   We pored over Page Industries (PAG’s) FY19 annual report; key insights highlighted below:   In midst of a slowdown, but long-term runway still intact FY19 turned out to be a tough year for PAG; performance was dragged by lower volume growth (+5.6%) and muted growth of 3%/5.8% in its key segments of Men’s/Women’s innerwear. Sales/EBIDTA/Adj. PAT for FY19 grew 11.8%/14.1%/13.5%. We believe the year under review wa...

PAGEIND PAGE INDUSTRIES (Personal & Household Goods)

PAGE INDUSTRIES reduced its risk exposure resulting in an upgrade to S...

PAGE INDUSTRIES (IN), a company active in the Clothing & Accessories industry, reduced its market risk and raised its general evaluation. The independent financial analyst theScreener awarded an improved star rating to the company, which now shows 1 out of 4 possible stars; its market behaviour has improved and can be considered as defensive. theScreener believes that this new assessment merits an overall rating upgrade to Slightly Positive. As of the analysis date September 14, 2021, the closing price was INR 32,590.45 and its potential was estimated at INR 36,774.48.

PAGEIND PAGE INDUSTRIES (Personal & Household Goods)

Page Industries Limited: 1 director

A director at Page Industries Limited sold 3,674 shares at 29,603.434INR and the significance rating of the trade was 67/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The na...

Krishnan Sambamoorthy
  • Krishnan Sambamoorthy
PAGEIND PAGE INDUSTRIES (Personal & Household Goods)

MOSL: PAGE INDUSTRIES (Neutral)-A 30-quarter-low margin makes earnings...

PAGE INDUSTRIES: A 30-quarter-low margin makes earnings recovery unclear (PAG IN, Mkt Cap USD3.7b, CMP INR23528, TP INR22250, 5% Downside, Neutral)   PAG reported a disappointing set of numbers on both volumes and earnings, with EBITDA declining 16% YoY in 3QFY20. Reported operating margin was the lowest in 30 quarters, and adjusted for the Ind-AS 116 impact, the margin was among the lowest ever. While the long-term growth potential is high and the past track record impressive, valuations of 55.7x/47.6x FY21/22E EPS are expensive. Management commentary also did not assuage concerns abou...

Krishnan Sambamoorthy
  • Krishnan Sambamoorthy
PAGEIND PAGE INDUSTRIES (Personal & Household Goods)

MOSL: PAGE INDUSTRIES (Neutral)-Healthy volumes but margins and workin...

PAGE INDUSTRIES: Healthy volumes but margins and working capital disappoint (PAG IN, Mkt Cap USD3.7b, CMP INR23724, TP INR24765, 5% Upside, Neutral)   2QFY20 sales grew 12.3% YoY to INR7.7b (v/s est. INR7.4b). Overall volume grew 9.1% YoY (v/s est. 2%). EBITDA was up 4.4% to INR1.5b (v/s est. INR1.6b); PBT declined 7% to INR1.3b (v/s est. INR1.4b) and Adj. PAT was up 23.6% to INR1.1b (v/s est. INR941m). Gross margin was down 180bp YoY to 56%. EBITDA margin declined a sharp 150bp YoY to 19.2%; employee costs as % of sales (up 10bp YoY) was offset by other expenses as % of sales (down 50b...

Krishnan Sambamoorthy
  • Krishnan Sambamoorthy
PAGEIND PAGE INDUSTRIES (Personal & Household Goods)

MOSL: PAGE INDUSTRIES (Neutral)-Annual Report- Long-term investment ca...

PAGE INDUSTRIES (Annual Report): Long-term investment case intact; Near-term uncertainty remains high (PAG IN, Mkt Cap USD2.8b, CMP INR18256, TP INR19110, 5% Upside, Neutral)   We pored over Page Industries (PAG’s) FY19 annual report; key insights highlighted below:   In midst of a slowdown, but long-term runway still intact FY19 turned out to be a tough year for PAG; performance was dragged by lower volume growth (+5.6%) and muted growth of 3%/5.8% in its key segments of Men’s/Women’s innerwear. Sales/EBIDTA/Adj. PAT for FY19 grew 11.8%/14.1%/13.5%. We believe the year under review wa...

PAGEIND PAGE INDUSTRIES (Personal & Household Goods)

PAGE INDUSTRIES reduced its risk exposure resulting in an upgrade to S...

PAGE INDUSTRIES (IN), a company active in the Clothing & Accessories industry, reduced its market risk and raised its general evaluation. The independent financial analyst theScreener awarded an improved star rating to the company, which now shows 1 out of 4 possible stars; its market behaviour has improved and can be considered as defensive. theScreener believes that this new assessment merits an overall rating upgrade to Slightly Positive. As of the analysis date September 14, 2021, the closing price was INR 32,590.45 and its potential was estimated at INR 36,774.48.

PAGEIND PAGE INDUSTRIES (Personal & Household Goods)

Page Industries Limited: 1 director

A director at Page Industries Limited sold 3,674 shares at 29,603.434INR and the significance rating of the trade was 67/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The na...

Krishnan Sambamoorthy
  • Krishnan Sambamoorthy
PAGEIND PAGE INDUSTRIES (Personal & Household Goods)

MOSL: PAGE INDUSTRIES (Neutral)-A 30-quarter-low margin makes earnings...

PAGE INDUSTRIES: A 30-quarter-low margin makes earnings recovery unclear (PAG IN, Mkt Cap USD3.7b, CMP INR23528, TP INR22250, 5% Downside, Neutral)   PAG reported a disappointing set of numbers on both volumes and earnings, with EBITDA declining 16% YoY in 3QFY20. Reported operating margin was the lowest in 30 quarters, and adjusted for the Ind-AS 116 impact, the margin was among the lowest ever. While the long-term growth potential is high and the past track record impressive, valuations of 55.7x/47.6x FY21/22E EPS are expensive. Management commentary also did not assuage concerns abou...

Krishnan Sambamoorthy
  • Krishnan Sambamoorthy
PAGEIND PAGE INDUSTRIES (Personal & Household Goods)

MOSL: PAGE INDUSTRIES (Neutral)-Healthy volumes but margins and workin...

PAGE INDUSTRIES: Healthy volumes but margins and working capital disappoint (PAG IN, Mkt Cap USD3.7b, CMP INR23724, TP INR24765, 5% Upside, Neutral)   2QFY20 sales grew 12.3% YoY to INR7.7b (v/s est. INR7.4b). Overall volume grew 9.1% YoY (v/s est. 2%). EBITDA was up 4.4% to INR1.5b (v/s est. INR1.6b); PBT declined 7% to INR1.3b (v/s est. INR1.4b) and Adj. PAT was up 23.6% to INR1.1b (v/s est. INR941m). Gross margin was down 180bp YoY to 56%. EBITDA margin declined a sharp 150bp YoY to 19.2%; employee costs as % of sales (up 10bp YoY) was offset by other expenses as % of sales (down 50b...

Krishnan Sambamoorthy
  • Krishnan Sambamoorthy
PAGEIND PAGE INDUSTRIES (Personal & Household Goods)

MOSL: PAGE INDUSTRIES (Neutral)-Annual Report- Long-term investment ca...

PAGE INDUSTRIES (Annual Report): Long-term investment case intact; Near-term uncertainty remains high (PAG IN, Mkt Cap USD2.8b, CMP INR18256, TP INR19110, 5% Upside, Neutral)   We pored over Page Industries (PAG’s) FY19 annual report; key insights highlighted below:   In midst of a slowdown, but long-term runway still intact FY19 turned out to be a tough year for PAG; performance was dragged by lower volume growth (+5.6%) and muted growth of 3%/5.8% in its key segments of Men’s/Women’s innerwear. Sales/EBIDTA/Adj. PAT for FY19 grew 11.8%/14.1%/13.5%. We believe the year under review wa...

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