Page Industries Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Page Industries Ltd trades at ₹39,900, in a confirmed uptrend and 4 weeks into that stage. That is +4.2% against its own 200-day average. It sits at 63% of a 52-week range of ₹30,285 to ₹45,655. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (1 week and counting).

Today the stock is in a confirmed uptrend — week 4 of stage 2, confirmed. At ₹39,900 it trades +4.2% versus its 200-day average and sits at 63% of its 52-week range (₹30,285–₹45,655).

Against the market, two honest reads. Cumulative: over the last 10.3 years the stock moved +251% while the NIFTY 500 moved +274% — behind the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (1 week and counting; last ahead the week of 2026-07-10) — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 11th percentile of its own range.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Page Industries Ltd trades at 56.9× P/E, near the bottom of its own range — cheaper only 11% of the time. Its long-run median P/E is 71.8×, measured across 10.4 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 56.9× is near the bottom of its own range — cheaper only 11% of the time, against a long-run median of 71.8× measured over 10.4 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

One caveat before moving on: margins are the best this company has ever printed — cheap against its own history on record margins is not the same thing as cheap. If profitability mean-reverts, today's multiple is higher than it looks.

Why the multiple sits where it does: over the past year annual EPS moved +4.8% against a −14.6% price move — earnings outran the price, pushing the multiple DOWN its own range.

The price move, decomposed: over 5y, of the +3.8%/yr price move, ~+18.3%/yr came from earnings growth and ~−14.5 pp from the multiple (compressing); over 10y, of the +11.5%/yr price move, ~+12.8%/yr came from earnings growth and ~−1.3 pp from the multiple (compressing). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is low against its own past, so the story rests on the earnings line underneath it, not the multiple.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

Stage: Topping out Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Page Industries Ltd reads as topping out on its fundamental arc. Topping out — profit and EPS growth have decelerated hard (profit growth +28.3% at its peak → +4.9% latest) while ROCE still reads 63.6%. The read is built from 12 quarters across 4 curves, on full evidence.

Why it matters: decelerating from a peak is where good stories quietly end — the multiple usually notices late.

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

4-Factor Sector Score

60.8/100 — rank 1 of 4 in Textiles - Hosiery/Knitwear · 91% evidence confidence

Page Industries Ltd scores 60.8 out of 100 against the 4 companies it is compared with in Textiles - Hosiery/Knitwear, ranking 1. Price leads the evidence: RS versus the benchmark is 2.6%, but earnings trajectory is weak. Wait for revenue and profit confirmation.

The four contributions add to the total exactly: 14.8 + 23.6 + 7.4 + 15 = 60.8. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Page Industries Ltd reported ₹1,253 Cr of revenue in the Mar 26 quarter, +14.1% year on year. That is the 10th straight quarter of year-on-year growth. Over 10 years it has compounded at 11.3% a year. The last full year, FY26, came in at ₹5,247 Cr. The last four reported quarters add to ₹5,248 Cr.

Page Industries Ltd reported ₹1,253 Cr of revenue in the Mar 26 quarter, +14.1% year on year. That is the 10th straight quarter of year-on-year growth. Over 10 years it has compounded at 11.3% a year. The last full year, FY26, came in at ₹5,247 Cr. The last four reported quarters add to ₹5,248 Cr.

FY26 revenue came in at ₹5,247 Cr (+6.3% on the year), capping 10 years at 11.3% compound. The latest quarter (Mar 26) printed ₹1,253 Cr, +14.1% year on year — the 10th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +6.6% growth against the decade's 11.3% — the current year is running slower than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +6.3% over the last 4 quarters against +7.1%/yr over the last 8 — stabilising; TTM profit +4.9% vs +16.1%/yr — rolling over.

→ Revenue grew — did margins hold as it scaled? Next: 21.0% this quarter (+0.0 pp YoY).

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Page Industries Ltd's operating margin is 21.0% in the Mar 26 quarter, +0.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 13 fiscal years the operating margin has ranged 18.0% to 22.0%. The current quarter sits inside that band.

Page Industries Ltd's operating margin is 21.0% in the Mar 26 quarter, +0.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 13 fiscal years the operating margin has ranged 18.0% to 22.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 21.0%, +0.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 18.0%–22.0%, and FY26's 22.0% is the top of that band — a record year.

🚨 Why the margin moved: operating margin went −0.6 pp year on year while gross margin went −2.5 pp — the loss came mostly from the gross line: input costs and pricing.

Worth repeating from the valuation section: cheap against its own history on record margins is not the same thing as cheap — a record margin flatters every ratio built on top of it.

→ Margins held — did that reach the bottom line? Next: profit +9.1% in the latest quarter.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Page Industries Ltd earned ₹179 Cr of net profit in the Mar 26 quarter, +9.1% year on year. Full-year FY26 profit was ₹764 Cr. The 10-year compound rate is 12.7%. That is 14.3% of the quarter's revenue. The same quarter a year earlier earned ₹164 Cr.

Page Industries Ltd earned ₹179 Cr of net profit in the Mar 26 quarter, +9.1% year on year. Full-year FY26 profit was ₹764 Cr. The 10-year compound rate is 12.7%. That is 14.3% of the quarter's revenue. The same quarter a year earlier earned ₹164 Cr.

Mar 26 profit was ₹179 Cr, +9.1% year on year. On the full year, FY26 printed ₹764 Cr (+4.8%), and the 10-year compound rate is 12.7%.

Why profit moved: revenue contributed +14.1% and the margin +0.0 pp — the quarter was revenue-led, with the margin roughly flat.

Pace comparison, last four quarters: profit +5.9% vs revenue +6.6%. Profit and revenue are moving roughly in step.

→ Profit rose — but did the cash follow? Next: 149% of the last 3 years' profit arrived as cash.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 149% of Page Industries Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹794 Cr of operating cash against ₹764 Cr of profit. After ₹149 Cr of capital spending, ₹645 Cr was left as free cash.

FY26: operating cash of ₹794 Cr against reported profit of ₹764 Cr, leaving free cash of ₹645 Cr after ₹149 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 149% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Why conversion sits at 149%: the cash cycle stretched 32 days between FY21 and FY26 — more of each rupee of profit waits inside the cycle before arriving.

Router verdict: the bigger cash user is investment — capital spending ran 1.8× depreciation over three years, so the next section's job is to check what that build-out is buying.

→ So follow the cash to where it goes. Next: ₹534 Cr of building over 3 years.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Page Industries Ltd's cash conversion cycle runs 138 days in FY26, up from 106 days in FY21. Capital spending ran ₹534 Cr over the last 3 years. At FY26 sales of ₹5,247 Cr each day of that cycle holds about ₹14.4 Cr, so roughly ₹1,984 Cr sits inside the business at any moment.

FY26: debtors at 14 days, inventory at 178 days — roughly 5.9 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 138 days, looser than FY21's 106.

The full loop: cash goes out to suppliers and production on day 0; stock waits 178 days to sell; customers pay about 14 days after that; and suppliers themselves are paid at 55 days — netting out to the 138-day cycle.

In money terms: at FY26 sales of ₹5,247 Cr, each day of the cycle holds about ₹14.4 Cr — so the 138-day loop keeps roughly ₹1,984 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹534 Cr over the last 3 fiscal years against ₹297 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹1.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

→ Does all this activity actually earn its cost of capital? Next: ROCE is 64% and the ROIC − WACC spread is +50.0 pp.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Page Industries Ltd earns a ROCE of 64% in FY26. That is up from a trough of 45% in FY24. Return on invested capital clears the cost of that capital by +50.0 percentage points, so growth here adds value rather than only size. The wiring behind it is 14.6% net margin on 1.84× asset turns.

FY26 ROCE is 64%, recovered from a FY24 trough of 45% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 14.6% net margin × 1.84× asset turns × 1.90× balance-sheet leverage ≈ 51.0% on equity. Margin does its share; leverage is a meaningful part of the equation.

The capstone test — ROIC − WACC: 62.0% − 12.0% = a +50.0 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. A spread this wide means every rupee reinvested creates more than a rupee of value — the engine compounds.

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.18.

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.

Page Industries Ltd carries total debt of ₹277 Cr against shareholder equity of ₹1,503 Cr as of Mar 26, a debt-to-equity of 0.18 — effectively unlevered. On the annual view that ratio went from 0.10 in FY22 to 0.18 in FY26. The returns elsewhere on this page are therefore earned rather than borrowed.

Mar 26: total debt of ₹277 Cr against shareholder equity of ₹1,503 Cr — a debt-to-equity of 0.18. On the annual view, debt-to-equity went from 0.10 (FY22) to 0.18 (FY26). The returns on this page are earned, not borrowed.

→ Who owns this, and are they adding or leaving? Next: Domestic institutions added 5.6 points over 8 quarters.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Domestic institutions added 5.6 points of Page Industries Ltd over 8 quarters, the biggest move on the register. That takes domestic institutions to 32.9% of the company. Promoters moved −2.1 points over the same window, to 42.9%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Domestic institutions: +5.6 points over 8 quarters to 32.9%; Promoters: −2.1 points over 8 quarters to 42.9%; Foreign institutions: −1.6 points over 8 quarters to 18.9%.

Why the register moved: rotation — foreign institutions −1.6 points against domestic institutions +5.6 points over 8 quarters, with promoters −2.1 points — one class of institutions handing the register to the other, not a verdict change by the people closest to the numbers.

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Page Industries Ltd: the Z-score reads 24.36. A Z-score above roughly 3 reads as safe and below roughly 1.8 as the distress zone, so this sits well clear of distress. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure.

Why it matters: a Z-score of 24.36 sits well clear of the distress zone — the balance sheet is not the risk here.

The safety line in one sentence: the Z-score reads 24.36.

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