# Textiles - Hosiery/Knitwear — company-by-company sector analysis

> Textiles - Hosiery/Knitwear: Page Industries Ltd owns the largest revenue base; Dollar Industries Ltd has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-29. Not investment advice.

## Bottom line

Textiles - Hosiery/Knitwear has underperformed NIFTY 500 by 14% over 52 weeks and 0.3% over 13 weeks. 2 of 4 covered companies beat NIFTY on Mansfield relative strength, while 2 of 4 beat the sector itself. Page Industries Ltd leads with revenue of ₹5,248 crore, based on 4 of 4 comparable companies through Mar 2026.

### Is the Textiles - Hosiery/Knitwear sector outperforming NIFTY 500?

Textiles - Hosiery/Knitwear has underperformed NIFTY 500 by 14% over 52 weeks and 0.3% over 13 weeks. 2 of 4 covered companies beat NIFTY on Mansfield relative strength, while 2 of 4 beat the sector itself.

### Which Textiles - Hosiery/Knitwear company is largest by revenue?

Page Industries Ltd leads with revenue of ₹5,248 crore, based on 4 of 4 comparable companies through Mar 2026.

### Which Textiles - Hosiery/Knitwear company is growing fastest?

Dollar Industries Ltd has the fastest current revenue growth at 9.9%, across 4 of 4 comparable companies.

### Which Textiles - Hosiery/Knitwear company has the strongest 4-Factor Sector Score?

Page Industries Ltd ranks first at 62/100 with 91% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Textiles - Hosiery/Knitwear company has the least gross debt?

Rupa & Company Ltd has the lowest comparable gross debt at ₹258 crore. Nahar Spinning Mills Ltd has the highest at ₹983 crore.

### Which Textiles - Hosiery/Knitwear company has the lowest comparable PEG?

Rupa & Company Ltd has the lowest comparable Guarded PEG at 1.39, among 2 of 4 companies that pass the metric’s comparability rules.

### How much history does this Textiles - Hosiery/Knitwear comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Mar 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

Textiles - Hosiery/Knitwear has underperformed NIFTY 500 by 14% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 0.3%. 2 of 4 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Nahar Spinning Mills Ltd is the strongest against the sector itself at +20.7%.

13-week sector return versus NIFTY 500: -0.3%
52-week sector return versus NIFTY 500: -14%
Stocks leading NIFTY: 2/4
Stocks leading sector: 2/4

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 4
Combined market value: ₹48.7K Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Page Industries Ltd (PAGEIND): 62/100 — Mixed-positive evidence; evidence 91%
   - Growth & earnings 14.8/35 | Capital efficiency 23.6/25 | Valuation 7.4/20 | Relative strength 16.2/20
   - Exact sum: 14.8 + 23.6 + 7.4 + 16.2 = 62
   - Decision use: Price leads the evidence: RS versus the benchmark is 5.8%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
2. Nahar Spinning Mills Ltd (NAHARSPING): 50/100 — Mixed-positive evidence; evidence 77%
   - Growth & earnings 12.5/35 | Capital efficiency 7.7/25 | Valuation 10.0/20 | Relative strength 20.0/20
   - Exact sum: 12.5 + 7.7 + 10 + 20 = 50.2
   - Decision use: Price leads the evidence: RS versus the benchmark is 26%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
3. Dollar Industries Ltd (DOLLAR): 46/100 — Mixed-negative evidence; evidence 78%
   - Growth & earnings 16.6/35 | Capital efficiency 14.4/25 | Valuation 12.2/20 | Relative strength 3.0/20
   - Exact sum: 16.6 + 14.4 + 12.2 + 3 = 46.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. Rupa & Company Ltd (RUPA): 39/100 — Mixed-negative evidence; evidence 91%
   - Growth & earnings 9.5/35 | Capital efficiency 10.7/25 | Valuation 14.1/20 | Relative strength 4.9/20
   - Exact sum: 9.5 + 10.7 + 14.1 + 4.9 = 39.2
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.

## Revenue Scale & Growth Durability

What the numbers say: Page Industries Ltd is the scale leader at ₹5,248 crore, 63.1% ahead of Nahar Spinning Mills Ltd. Dollar Industries Ltd's growth is 9.9% from a ₹1,881 crore base, with 15 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Page Industries Ltd is the scale benchmark; Dollar Industries Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Page Industries Ltd's growth falls below Dollar Industries Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: Page Industries Ltd · ₹5,248 crore | 63.1% versus #2 · Nahar Spinning Mills Ltd | 8/8 recent comparable periods | 4/4 companies · 69 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Page Industries Ltd (PAGEIND): ₹5.2K Cr
2. Nahar Spinning Mills Ltd (NAHARSPING): ₹3.2K Cr
3. Dollar Industries Ltd (DOLLAR): ₹1.9K Cr
4. Rupa & Company Ltd (RUPA): ₹1.3K Cr

### Revenue growth — fastest growers
1. Dollar Industries Ltd (DOLLAR): 9.9%
2. Page Industries Ltd (PAGEIND): 6.3%
3. Rupa & Company Ltd (RUPA): 1.8%
4. Nahar Spinning Mills Ltd (NAHARSPING): -2.0%

### 20-quarter Revenue history
- PAGEIND: Jun 2021 ₹502 Cr | Sep 2021 ₹1.1K Cr | Dec 2021 ₹1.2K Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹1.3K Cr | Sep 2022 ₹1.3K Cr | Dec 2022 ₹1.2K Cr | Mar 2023 ₹965 Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹992 Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.4K Cr | Mar 2026 ₹1.3K Cr
- DOLLAR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹340 Cr | Dec 2022 ₹285 Cr | Mar 2023 ₹406 Cr | Jun 2023 ₹328 Cr | Sep 2023 ₹413 Cr | Dec 2023 ₹332 Cr | Mar 2024 ₹500 Cr | Jun 2024 ₹334 Cr | Sep 2024 ₹447 Cr | Dec 2024 ₹381 Cr | Mar 2025 ₹549 Cr | Jun 2025 ₹399 Cr | Sep 2025 ₹472 Cr | Dec 2025 ₹388 Cr | Mar 2026 ₹622 Cr
- RUPA: Jun 2021 ₹218 Cr | Sep 2021 ₹368 Cr | Dec 2021 ₹433 Cr | Mar 2022 ₹457 Cr | Jun 2022 ₹215 Cr | Sep 2022 ₹286 Cr | Dec 2022 ₹236 Cr | Mar 2023 ₹407 Cr | Jun 2023 ₹195 Cr | Sep 2023 ₹302 Cr | Dec 2023 ₹319 Cr | Mar 2024 ₹400 Cr | Jun 2024 ₹210 Cr | Sep 2024 ₹297 Cr | Dec 2024 ₹316 Cr | Mar 2025 ₹415 Cr | Jun 2025 ₹184 Cr | Sep 2025 ₹320 Cr | Dec 2025 ₹314 Cr | Mar 2026 ₹442 Cr
- NAHARSPING: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹554 Cr | Mar 2023 ₹724 Cr | Jun 2023 ₹749 Cr | Sep 2023 ₹728 Cr | Dec 2023 ₹758 Cr | Mar 2024 ₹815 Cr | Jun 2024 ₹821 Cr | Sep 2024 ₹776 Cr | Dec 2024 ₹812 Cr | Mar 2025 ₹876 Cr | Jun 2025 ₹819 Cr | Sep 2025 ₹779 Cr | Dec 2025 ₹703 Cr | Mar 2026 ₹917 Cr

### 20-quarter Revenue growth history
- PAGEIND: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 167% | Sep 2022 16% | Dec 2022 0.8% | Mar 2023 -13% | Jun 2023 -8.4% | Sep 2023 -10% | Dec 2023 2.2% | Mar 2024 2.8% | Jun 2024 4.0% | Sep 2024 11% | Dec 2024 7.1% | Mar 2025 11% | Jun 2025 3.1% | Sep 2025 3.6% | Dec 2025 5.6% | Mar 2026 14%
- DOLLAR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 21% | Dec 2023 16% | Mar 2024 23% | Jun 2024 1.8% | Sep 2024 8.2% | Dec 2024 15% | Mar 2025 9.8% | Jun 2025 19% | Sep 2025 5.6% | Dec 2025 1.8% | Mar 2026 13%
- RUPA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -1.4% | Sep 2022 -22% | Dec 2022 -46% | Mar 2023 -11% | Jun 2023 -9.3% | Sep 2023 5.6% | Dec 2023 35% | Mar 2024 -1.7% | Jun 2024 7.7% | Sep 2024 -1.7% | Dec 2024 -0.9% | Mar 2025 3.8% | Jun 2025 -12% | Sep 2025 7.7% | Dec 2025 -0.6% | Mar 2026 6.5%
- NAHARSPING: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 37% | Mar 2024 13% | Jun 2024 9.6% | Sep 2024 6.6% | Dec 2024 7.1% | Mar 2025 7.5% | Jun 2025 -0.2% | Sep 2025 0.4% | Dec 2025 -13% | Mar 2026 4.7%

## Operating Economics & Margin Trend

What the numbers say: Page Industries Ltd leads opm at 21%; Rupa & Company Ltd leads margin change at +1 percentage points.

Investor read: Page Industries Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: Page Industries Ltd · 21% | 75% versus #2 · Rupa & Company Ltd | 4/8 recent comparable periods | 4/4 companies · 80 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Page Industries Ltd (PAGEIND): 21%
2. Rupa & Company Ltd (RUPA): 12%
3. Dollar Industries Ltd (DOLLAR): 9.0%
4. Nahar Spinning Mills Ltd (NAHARSPING): 6.0%

### Margin change — fastest expanders
1. Rupa & Company Ltd (RUPA): +1.0 pp
2. Page Industries Ltd (PAGEIND): 0.0 pp
3. Dollar Industries Ltd (DOLLAR): −1.0 pp
4. Nahar Spinning Mills Ltd (NAHARSPING): −2.0 pp

### 20-quarter OPM history
- PAGEIND: Jun 2021 6.8% | Sep 2021 22% | Dec 2021 21% | Mar 2022 24% | Jun 2022 22% | Sep 2022 19% | Dec 2022 16% | Mar 2023 14% | Jun 2023 19% | Sep 2023 21% | Dec 2023 18% | Mar 2024 17% | Jun 2024 19% | Sep 2024 23% | Dec 2024 23% | Mar 2025 21% | Jun 2025 22% | Sep 2025 22% | Dec 2025 23% | Mar 2026 21%
- DOLLAR: Jun 2021 17% | Sep 2021 17% | Dec 2021 17% | Mar 2022 15% | Jun 2022 10% | Sep 2022 9.0% | Dec 2022 7.0% | Mar 2023 2.0% | Jun 2023 8.0% | Sep 2023 10% | Dec 2023 10% | Mar 2024 11% | Jun 2024 11% | Sep 2024 11% | Dec 2024 11% | Mar 2025 10% | Jun 2025 11% | Sep 2025 13% | Dec 2025 10% | Mar 2026 9.0%
- RUPA: Jun 2021 19% | Sep 2021 19% | Dec 2021 19% | Mar 2022 16% | Jun 2022 8.6% | Sep 2022 10% | Dec 2022 6.0% | Mar 2023 7.0% | Jun 2023 6.0% | Sep 2023 11% | Dec 2023 10% | Mar 2024 10% | Jun 2024 9.0% | Sep 2024 10% | Dec 2024 12% | Mar 2025 11% | Jun 2025 7.0% | Sep 2025 7.0% | Dec 2025 8.0% | Mar 2026 12%
- NAHARSPING: Jun 2021 23% | Sep 2021 25% | Dec 2021 24% | Mar 2022 18% | Jun 2022 13% | Sep 2022 9.4% | Dec 2022 1.0% | Mar 2023 5.0% | Jun 2023 1.0% | Sep 2023 2.0% | Dec 2023 2.0% | Mar 2024 5.0% | Jun 2024 6.0% | Sep 2024 1.0% | Dec 2024 5.0% | Mar 2025 8.0% | Jun 2025 7.0% | Sep 2025 3.0% | Dec 2025 2.0% | Mar 2026 6.0%

### 20-quarter Margin change history
- PAGEIND: Jun 2021 +19.0 pp | Sep 2021 −0.8 pp | Dec 2021 −3.3 pp | Mar 2022 +4.8 pp | Jun 2022 +15.4 pp | Sep 2022 −2.2 pp | Dec 2022 −5.1 pp | Mar 2023 −10.0 pp | Jun 2023 −3.2 pp | Sep 2023 +1.6 pp | Dec 2023 +2.0 pp | Mar 2024 +3.0 pp | Jun 2024 0.0 pp | Sep 2024 +2.0 pp | Dec 2024 +5.0 pp | Mar 2025 +4.0 pp | Jun 2025 +3.0 pp | Sep 2025 −1.0 pp | Dec 2025 0.0 pp | Mar 2026 0.0 pp
- DOLLAR: Jun 2021 −0.7 pp | Sep 2021 +2.9 pp | Dec 2021 +3.0 pp | Mar 2022 +4.8 pp | Jun 2022 −7.0 pp | Sep 2022 −7.6 pp | Dec 2022 −9.8 pp | Mar 2023 −12.9 pp | Jun 2023 −2.3 pp | Sep 2023 +1.0 pp | Dec 2023 +3.0 pp | Mar 2024 +9.0 pp | Jun 2024 +3.0 pp | Sep 2024 +1.0 pp | Dec 2024 +1.0 pp | Mar 2025 −1.0 pp | Jun 2025 0.0 pp | Sep 2025 +2.0 pp | Dec 2025 −1.0 pp | Mar 2026 −1.0 pp
- RUPA: Jun 2021 +2.0 pp | Sep 2021 −2.4 pp | Dec 2021 +0.1 pp | Mar 2022 −3.8 pp | Jun 2022 −10.7 pp | Sep 2022 −9.2 pp | Dec 2022 −12.7 pp | Mar 2023 −9.2 pp | Jun 2023 −2.6 pp | Sep 2023 +0.8 pp | Dec 2023 +4.0 pp | Mar 2024 +3.0 pp | Jun 2024 +3.0 pp | Sep 2024 −1.0 pp | Dec 2024 +2.0 pp | Mar 2025 +1.0 pp | Jun 2025 −2.0 pp | Sep 2025 −3.0 pp | Dec 2025 −4.0 pp | Mar 2026 +1.0 pp
- NAHARSPING: Jun 2021 +23.8 pp | Sep 2021 +23.8 pp | Dec 2021 +13.7 pp | Mar 2022 +1.1 pp | Jun 2022 −10.0 pp | Sep 2022 −15.9 pp | Dec 2022 −22.8 pp | Mar 2023 −13.0 pp | Jun 2023 −12.0 pp | Sep 2023 −7.4 pp | Dec 2023 +1.0 pp | Mar 2024 0.0 pp | Jun 2024 +5.0 pp | Sep 2024 −1.0 pp | Dec 2024 +3.0 pp | Mar 2025 +3.0 pp | Jun 2025 +1.0 pp | Sep 2025 +2.0 pp | Dec 2025 −3.0 pp | Mar 2026 −2.0 pp

## Profit Scale & Acceleration

What the numbers say: Page Industries Ltd leads with ₹765 crore of TTM profit, 608.3% above Dollar Industries Ltd. Nahar Spinning Mills Ltd shows 61.5% growth from a ₹21 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Page Industries Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Page Industries Ltd · ₹765 crore | 608.3% versus #2 · Dollar Industries Ltd | 6/8 recent comparable periods | 4/4 companies · 69 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. Page Industries Ltd (PAGEIND): ₹765 Cr
2. Dollar Industries Ltd (DOLLAR): ₹108 Cr
3. Rupa & Company Ltd (RUPA): ₹72 Cr
4. Nahar Spinning Mills Ltd (NAHARSPING): ₹21 Cr

### Profit growth — fastest growers
1. Nahar Spinning Mills Ltd (NAHARSPING): 62%
2. Dollar Industries Ltd (DOLLAR): 17%
3. Page Industries Ltd (PAGEIND): 4.9%
4. Rupa & Company Ltd (RUPA): -13%

### 20-quarter Net profit history
- PAGEIND: Jun 2021 ₹11 Cr | Sep 2021 ₹160 Cr | Dec 2021 ₹175 Cr | Mar 2022 ₹191 Cr | Jun 2022 ₹207 Cr | Sep 2022 ₹162 Cr | Dec 2022 ₹124 Cr | Mar 2023 ₹78 Cr | Jun 2023 ₹158 Cr | Sep 2023 ₹150 Cr | Dec 2023 ₹152 Cr | Mar 2024 ₹108 Cr | Jun 2024 ₹165 Cr | Sep 2024 ₹195 Cr | Dec 2024 ₹205 Cr | Mar 2025 ₹164 Cr | Jun 2025 ₹201 Cr | Sep 2025 ₹195 Cr | Dec 2025 ₹190 Cr | Mar 2026 ₹179 Cr
- DOLLAR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹18 Cr | Dec 2022 ₹8 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹15 Cr | Sep 2023 ₹25 Cr | Dec 2023 ₹18 Cr | Mar 2024 ₹34 Cr | Jun 2024 ₹16 Cr | Sep 2024 ₹26 Cr | Dec 2024 ₹20 Cr | Mar 2025 ₹30 Cr | Jun 2025 ₹22 Cr | Sep 2025 ₹35 Cr | Dec 2025 ₹18 Cr | Mar 2026 ₹33 Cr
- RUPA: Jun 2021 ₹27 Cr | Sep 2021 ₹53 Cr | Dec 2021 ₹58 Cr | Mar 2022 ₹49 Cr | Jun 2022 ₹12 Cr | Sep 2022 ₹17 Cr | Dec 2022 ₹6 Cr | Mar 2023 ₹19 Cr | Jun 2023 ₹4 Cr | Sep 2023 ₹21 Cr | Dec 2023 ₹21 Cr | Mar 2024 ₹24 Cr | Jun 2024 ₹10 Cr | Sep 2024 ₹18 Cr | Dec 2024 ₹24 Cr | Mar 2025 ₹31 Cr | Jun 2025 ₹6 Cr | Sep 2025 ₹14 Cr | Dec 2025 ₹16 Cr | Mar 2026 ₹36 Cr
- NAHARSPING: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹-11 Cr | Mar 2023 ₹10 Cr | Jun 2023 ₹-18 Cr | Sep 2023 ₹-18 Cr | Dec 2023 ₹-15 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹7 Cr | Sep 2024 ₹-17 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹22 Cr | Jun 2025 ₹16 Cr | Sep 2025 ₹-5 Cr | Dec 2025 ₹-13 Cr | Mar 2026 ₹23 Cr

### 20-quarter Profit growth history
- PAGEIND: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 1,782% | Sep 2022 1.3% | Dec 2022 -29% | Mar 2023 -59% | Jun 2023 -24% | Sep 2023 -7.4% | Dec 2023 23% | Mar 2024 38% | Jun 2024 4.4% | Sep 2024 30% | Dec 2024 35% | Mar 2025 52% | Jun 2025 22% | Sep 2025 0.0% | Dec 2025 -7.3% | Mar 2026 9.2%
- DOLLAR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 39% | Dec 2023 125% | Mar 2024 — | Jun 2024 6.7% | Sep 2024 4.0% | Dec 2024 11% | Mar 2025 -12% | Jun 2025 38% | Sep 2025 35% | Dec 2025 -10% | Mar 2026 10%
- RUPA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -56% | Sep 2022 -68% | Dec 2022 -90% | Mar 2023 -61% | Jun 2023 -67% | Sep 2023 24% | Dec 2023 250% | Mar 2024 26% | Jun 2024 150% | Sep 2024 -14% | Dec 2024 14% | Mar 2025 29% | Jun 2025 -40% | Sep 2025 -22% | Dec 2025 -33% | Mar 2026 16%
- NAHARSPING: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -100% | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 129% | Sep 2025 — | Dec 2025 -1,400% | Mar 2026 4.6%

## Capacity Spending & Returns On It

What the numbers say: There is not enough comparable evidence to name a reliable capex leader.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: No comparable leader | Not enough peers | Not enough history | 0/4 companies · 0 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders

### CAPEX intensity — highest reinvestment intensity

### 20-quarter CAPEX history

### 20-quarter CAPEX intensity history

## Debt Load & Balance-Sheet Headroom

What the numbers say: Page Industries Ltd has the clearest covered balance-sheet capacity with ₹149 crore net cash and gross debt of ₹277 crore. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: Rupa & Company Ltd · ₹258 crore | 6.9% versus #2 · Page Industries Ltd | 0/8 recent comparable periods | 4/4 companies · 80 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. Rupa & Company Ltd (RUPA): ₹258 Cr
2. Page Industries Ltd (PAGEIND): ₹277 Cr
3. Dollar Industries Ltd (DOLLAR): ₹291 Cr
4. Nahar Spinning Mills Ltd (NAHARSPING): ₹983 Cr

### Net debt — lowest net debt
1. Page Industries Ltd (PAGEIND): ₹-149 Cr
2. Rupa & Company Ltd (RUPA): ₹3 Cr
3. Dollar Industries Ltd (DOLLAR): ₹291 Cr
4. Nahar Spinning Mills Ltd (NAHARSPING): ₹981 Cr

### 20-quarter Gross debt history
- PAGEIND: Jun 2021 ₹127 Cr | Sep 2021 ₹114 Cr | Dec 2021 ₹114 Cr | Mar 2022 ₹110 Cr | Jun 2022 ₹110 Cr | Sep 2022 ₹153 Cr | Dec 2022 ₹153 Cr | Mar 2023 ₹406 Cr | Jun 2023 ₹406 Cr | Sep 2023 ₹186 Cr | Dec 2023 ₹186 Cr | Mar 2024 ₹185 Cr | Jun 2024 ₹185 Cr | Sep 2024 ₹207 Cr | Dec 2024 ₹207 Cr | Mar 2025 ₹262 Cr | Jun 2025 ₹262 Cr | Sep 2025 ₹268 Cr | Dec 2025 ₹268 Cr | Mar 2026 ₹277 Cr
- DOLLAR: Jun 2021 ₹130 Cr | Sep 2021 ₹169 Cr | Dec 2021 ₹169 Cr | Mar 2022 ₹206 Cr | Jun 2022 ₹214 Cr | Sep 2022 ₹259 Cr | Dec 2022 ₹259 Cr | Mar 2023 ₹175 Cr | Jun 2023 ₹175 Cr | Sep 2023 ₹226 Cr | Dec 2023 ₹226 Cr | Mar 2024 ₹321 Cr | Jun 2024 ₹321 Cr | Sep 2024 ₹369 Cr | Dec 2024 ₹369 Cr | Mar 2025 ₹344 Cr | Jun 2025 ₹344 Cr | Sep 2025 ₹338 Cr | Dec 2025 ₹338 Cr | Mar 2026 ₹291 Cr
- RUPA: Jun 2021 ₹162 Cr | Sep 2021 ₹330 Cr | Dec 2021 ₹330 Cr | Mar 2022 ₹370 Cr | Jun 2022 ₹370 Cr | Sep 2022 ₹358 Cr | Dec 2022 ₹358 Cr | Mar 2023 ₹258 Cr | Jun 2023 ₹261 Cr | Sep 2023 ₹267 Cr | Dec 2023 ₹267 Cr | Mar 2024 ₹235 Cr | Jun 2024 ₹235 Cr | Sep 2024 ₹221 Cr | Dec 2024 ₹221 Cr | Mar 2025 ₹238 Cr | Jun 2025 ₹238 Cr | Sep 2025 ₹251 Cr | Dec 2025 ₹251 Cr | Mar 2026 ₹258 Cr
- NAHARSPING: Jun 2021 ₹1.1K Cr | Sep 2021 ₹811 Cr | Dec 2021 ₹811 Cr | Mar 2022 ₹1.0K Cr | Jun 2022 ₹1.0K Cr | Sep 2022 ₹436 Cr | Dec 2022 ₹436 Cr | Mar 2023 ₹730 Cr | Jun 2023 ₹730 Cr | Sep 2023 ₹707 Cr | Dec 2023 ₹707 Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹735 Cr | Dec 2024 ₹735 Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹760 Cr | Dec 2025 ₹760 Cr | Mar 2026 ₹983 Cr

### 20-quarter Net debt history
- PAGEIND: Jun 2021 ₹-309 Cr | Sep 2021 ₹-424 Cr | Dec 2021 ₹-424 Cr | Mar 2022 ₹-170 Cr | Jun 2022 ₹-170 Cr | Sep 2022 ₹70 Cr | Dec 2022 ₹70 Cr | Mar 2023 ₹405 Cr | Jun 2023 ₹405 Cr | Sep 2023 ₹65 Cr | Dec 2023 ₹65 Cr | Mar 2024 ₹-131 Cr | Jun 2024 ₹-129 Cr | Sep 2024 ₹-389 Cr | Dec 2024 ₹-389 Cr | Mar 2025 ₹-200 Cr | Jun 2025 ₹-200 Cr | Sep 2025 ₹-239 Cr | Dec 2025 ₹-239 Cr | Mar 2026 ₹-149 Cr
- DOLLAR: Jun 2021 ₹123 Cr | Sep 2021 ₹160 Cr | Dec 2021 ₹160 Cr | Mar 2022 ₹214 Cr | Jun 2022 ₹214 Cr | Sep 2022 ₹259 Cr | Dec 2022 ₹259 Cr | Mar 2023 ₹175 Cr | Jun 2023 ₹175 Cr | Sep 2023 ₹226 Cr | Dec 2023 ₹226 Cr | Mar 2024 ₹319 Cr | Jun 2024 ₹319 Cr | Sep 2024 ₹367 Cr | Dec 2024 ₹367 Cr | Mar 2025 ₹344 Cr | Jun 2025 ₹344 Cr | Sep 2025 ₹338 Cr | Dec 2025 ₹338 Cr | Mar 2026 ₹291 Cr
- RUPA: Jun 2021 ₹44 Cr | Sep 2021 ₹211 Cr | Dec 2021 ₹211 Cr | Mar 2022 ₹247 Cr | Jun 2022 ₹247 Cr | Sep 2022 ₹290 Cr | Dec 2022 ₹290 Cr | Mar 2023 ₹148 Cr | Jun 2023 ₹148 Cr | Sep 2023 ₹73 Cr | Dec 2023 ₹73 Cr | Mar 2024 ₹18 Cr | Jun 2024 ₹14 Cr | Sep 2024 ₹56 Cr | Dec 2024 ₹56 Cr | Mar 2025 ₹42 Cr | Jun 2025 ₹42 Cr | Sep 2025 ₹12 Cr | Dec 2025 ₹12 Cr | Mar 2026 ₹3 Cr
- NAHARSPING: Jun 2021 ₹1.1K Cr | Sep 2021 ₹804 Cr | Dec 2021 ₹804 Cr | Mar 2022 ₹1.0K Cr | Jun 2022 ₹1.0K Cr | Sep 2022 ₹180 Cr | Dec 2022 ₹180 Cr | Mar 2023 ₹663 Cr | Jun 2023 ₹662 Cr | Sep 2023 ₹673 Cr | Dec 2023 ₹673 Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹723 Cr | Dec 2024 ₹723 Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹757 Cr | Dec 2025 ₹757 Cr | Mar 2026 ₹981 Cr

## Return On Capital Employed

What the numbers say: Page Industries Ltd leads ROCE at 64.4%, 50.8 percentage points above Dollar Industries Ltd. Page Industries Ltd has the strongest latest improvement at +1.1 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: Page Industries Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: Page Industries Ltd · 64.4% | 373.5% versus #2 · Dollar Industries Ltd | 7/8 recent comparable periods | 4/4 companies · 61 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. Page Industries Ltd (PAGEIND): 64%
2. Dollar Industries Ltd (DOLLAR): 14%
3. Rupa & Company Ltd (RUPA): 9.6%
4. Nahar Spinning Mills Ltd (NAHARSPING): 3.2%

### ROCE change — fastest improvers
1. Page Industries Ltd (PAGEIND): +1.1 pp
2. Dollar Industries Ltd (DOLLAR): 0.0 pp
3. Nahar Spinning Mills Ltd (NAHARSPING): −0.5 pp
4. Rupa & Company Ltd (RUPA): −1.7 pp

### 20-quarter ROCE history
- PAGEIND: Jun 2021 — | Sep 2021 55% | Dec 2021 — | Mar 2022 62% | Jun 2022 — | Sep 2022 69% | Dec 2022 — | Mar 2023 52% | Jun 2023 — | Sep 2023 43% | Dec 2023 49% | Mar 2024 44% | Jun 2024 50% | Sep 2024 49% | Dec 2024 57% | Mar 2025 59% | Jun 2025 64% | Sep 2025 61% | Dec 2025 64% | Mar 2026 60%
- DOLLAR: Jun 2021 — | Sep 2021 26% | Dec 2021 — | Mar 2022 30% | Jun 2022 — | Sep 2022 24% | Dec 2022 — | Mar 2023 11% | Jun 2023 9.8% | Sep 2023 11% | Dec 2023 13% | Mar 2024 17% | Jun 2024 19% | Sep 2024 17% | Dec 2024 19% | Mar 2025 16% | Jun 2025 18% | Sep 2025 17% | Dec 2025 18% | Mar 2026 16%
- RUPA: Jun 2021 — | Sep 2021 32% | Dec 2021 — | Mar 2022 28% | Jun 2022 — | Sep 2022 20% | Dec 2022 — | Mar 2023 8.0% | Jun 2023 — | Sep 2023 7.5% | Dec 2023 11% | Mar 2024 10% | Jun 2024 13% | Sep 2024 11% | Dec 2024 13% | Mar 2025 11% | Jun 2025 13% | Sep 2025 10% | Dec 2025 11% | Mar 2026 9.6%
- NAHARSPING: Jun 2021 — | Sep 2021 36% | Dec 2021 — | Mar 2022 41% | Jun 2022 — | Sep 2022 29% | Dec 2022 — | Mar 2023 9.2% | Jun 2023 — | Sep 2023 0.4% | Dec 2023 0.3% | Mar 2024 -0.4% | Jun 2024 2.4% | Sep 2024 2.3% | Dec 2024 3.7% | Mar 2025 4.9% | Jun 2025 6.0% | Sep 2025 5.6% | Dec 2025 5.2% | Mar 2026 4.4%

### 20-quarter ROCE change history
- PAGEIND: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +13.4 pp | Dec 2022 — | Mar 2023 −9.3 pp | Jun 2023 — | Sep 2023 −26.0 pp | Dec 2023 — | Mar 2024 −8.0 pp | Jun 2024 — | Sep 2024 +6.8 pp | Dec 2024 +7.6 pp | Mar 2025 +14.7 pp | Jun 2025 +13.6 pp | Sep 2025 +11.9 pp | Dec 2025 +7.1 pp | Mar 2026 +1.1 pp
- DOLLAR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.7 pp | Dec 2022 — | Mar 2023 −18.7 pp | Jun 2023 — | Sep 2023 −12.8 pp | Dec 2023 — | Mar 2024 +5.4 pp | Jun 2024 +8.9 pp | Sep 2024 +5.8 pp | Dec 2024 +6.8 pp | Mar 2025 −0.6 pp | Jun 2025 −0.7 pp | Sep 2025 +0.4 pp | Dec 2025 −1.1 pp | Mar 2026 0.0 pp
- RUPA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −11.1 pp | Dec 2022 — | Mar 2023 −19.5 pp | Jun 2023 — | Sep 2023 −12.9 pp | Dec 2023 — | Mar 2024 +2.3 pp | Jun 2024 — | Sep 2024 +3.0 pp | Dec 2024 +1.4 pp | Mar 2025 +1.0 pp | Jun 2025 −0.2 pp | Sep 2025 −0.1 pp | Dec 2025 −1.8 pp | Mar 2026 −1.7 pp
- NAHARSPING: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −7.2 pp | Dec 2022 — | Mar 2023 −31.3 pp | Jun 2023 — | Sep 2023 −28.8 pp | Dec 2023 — | Mar 2024 −9.6 pp | Jun 2024 — | Sep 2024 +1.9 pp | Dec 2024 +3.4 pp | Mar 2025 +5.3 pp | Jun 2025 +3.6 pp | Sep 2025 +3.3 pp | Dec 2025 +1.5 pp | Mar 2026 −0.5 pp

## Valuation Against Growth & Quality

What the numbers say: Rupa & Company Ltd has the lowest comparable Guarded PEG at 1.39×, 54.3% below Page Industries Ltd. Only 2 of 4 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: Rupa & Company Ltd · 1.39× | 54.3% versus #2 · Page Industries Ltd | 0/8 recent comparable periods | 2/4 companies · 18 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. Rupa & Company Ltd (RUPA): 1.4
2. Page Industries Ltd (PAGEIND): 3.0

### P/E — lowest P/E
1. Dollar Industries Ltd (DOLLAR): 13.7
2. Rupa & Company Ltd (RUPA): 16.9
3. Nahar Spinning Mills Ltd (NAHARSPING): 44.0
4. Page Industries Ltd (PAGEIND): 56.9

### 20-quarter Guarded PEG history
- PAGEIND: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 1.5 | Sep 2022 — | Dec 2022 — | Mar 2023 1.3 | Jun 2023 11.4 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 8.0 | Dec 2024 3.9 | Mar 2025 2.9 | Jun 2025 2.7 | Sep 2025 1.8 | Dec 2025 2.3 | Mar 2026 3.0
- RUPA: Jun 2021 0.7 | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 1.6 | Sep 2022 2.8 | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 1.0 | Jun 2024 0.9 | Sep 2024 — | Dec 2024 0.5 | Mar 2025 0.8 | Jun 2025 1.4 | Sep 2025 — | Dec 2025 — | Mar 2026 —

### 20-quarter P/E history
- PAGEIND: Jun 2021 96.5 | Sep 2021 95.9 | Dec 2021 102.3 | Mar 2022 97.7 | Jun 2022 83.2 | Sep 2022 77.1 | Dec 2022 65.1 | Mar 2023 61.9 | Jun 2023 73.5 | Sep 2023 83.2 | Dec 2023 84.1 | Mar 2024 71.2 | Jun 2024 76.6 | Sep 2024 81.4 | Dec 2024 84.3 | Mar 2025 70.7 | Jun 2025 75.6 | Sep 2025 60.1 | Dec 2025 53.2 | Mar 2026 45.8
- DOLLAR: Jun 2021 20.5 | Sep 2021 23.1 | Dec 2021 20.9 | Mar 2022 23.9 | Jun 2022 18.4 | Sep 2022 18.7 | Dec 2022 19.1 | Mar 2023 22.3 | Jun 2023 41.0 | Sep 2023 58.8 | Dec 2023 55.0 | Mar 2024 50.6 | Jun 2024 34.0 | Sep 2024 31.8 | Dec 2024 29.5 | Mar 2025 23.4 | Jun 2025 23.9 | Sep 2025 21.4 | Dec 2025 19.2 | Mar 2026 12.6
- RUPA: Jun 2021 21.8 | Sep 2021 20.5 | Dec 2021 18.4 | Mar 2022 17.2 | Jun 2022 13.6 | Sep 2022 14.7 | Dec 2022 16.4 | Mar 2023 19.3 | Jun 2023 39.8 | Sep 2023 45.5 | Dec 2023 43.4 | Mar 2024 29.5 | Jun 2024 30.7 | Sep 2024 30.0 | Dec 2024 26.2 | Mar 2025 17.8 | Jun 2025 20.6 | Sep 2025 19.9 | Dec 2025 17.0 | Mar 2026 13.3
- NAHARSPING: Jun 2021 20.6 | Sep 2021 8.2 | Dec 2021 5.6 | Mar 2022 4.5 | Jun 2022 2.1 | Sep 2022 2.3 | Dec 2022 2.7 | Mar 2023 4.1 | Jun 2023 8.6 | Sep 2023 40.5 | Dec 2023 41.6 | Mar 2024 -19.3 | Jun 2024 -40.9 | Sep 2024 — | Dec 2024 -103.8 | Mar 2025 67.2 | Jun 2025 60.8 | Sep 2025 30.2 | Dec 2025 19.3 | Mar 2026 33.3

## Enterprise Value & Book Value

What the numbers say: Rupa & Company Ltd leads ev/ebitda at 7.3×; Nahar Spinning Mills Ltd leads p/bv at 0.66×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: Rupa & Company Ltd · 7.3× | 8.8% versus #2 · Dollar Industries Ltd | 0/8 recent comparable periods | 4/4 companies · 80 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. Rupa & Company Ltd (RUPA): 7.3
2. Dollar Industries Ltd (DOLLAR): 8.0
3. Nahar Spinning Mills Ltd (NAHARSPING): 8.1
4. Page Industries Ltd (PAGEIND): 29.6

### P/BV — lowest P/BV
1. Nahar Spinning Mills Ltd (NAHARSPING): 0.7
2. Rupa & Company Ltd (RUPA): 1.2
3. Dollar Industries Ltd (DOLLAR): 1.5
4. Page Industries Ltd (PAGEIND): 29.9

### 20-quarter EV/EBITDA history
- PAGEIND: Jun 2021 60.5 | Sep 2021 61.0 | Dec 2021 65.7 | Mar 2022 63.2 | Jun 2022 55.2 | Sep 2022 53.1 | Dec 2022 44.8 | Mar 2023 41.9 | Jun 2023 47.9 | Sep 2023 53.7 | Dec 2023 53.0 | Mar 2024 45.2 | Jun 2024 49.5 | Sep 2024 51.9 | Dec 2024 54.0 | Mar 2025 45.3 | Jun 2025 49.1 | Sep 2025 39.0 | Dec 2025 34.4 | Mar 2026 29.6
- DOLLAR: Jun 2021 13.8 | Sep 2021 15.0 | Dec 2021 14.2 | Mar 2022 16.3 | Jun 2022 12.4 | Sep 2022 13.4 | Dec 2022 13.5 | Mar 2023 14.6 | Jun 2023 23.6 | Sep 2023 29.0 | Dec 2023 29.0 | Mar 2024 28.1 | Jun 2024 20.1 | Sep 2024 18.8 | Dec 2024 17.2 | Mar 2025 13.6 | Jun 2025 13.1 | Sep 2025 12.3 | Dec 2025 11.3 | Mar 2026 8.0
- RUPA: Jun 2021 15.1 | Sep 2021 13.9 | Dec 2021 13.4 | Mar 2022 12.7 | Jun 2022 9.4 | Sep 2022 11.0 | Dec 2022 11.6 | Mar 2023 12.4 | Jun 2023 22.6 | Sep 2023 23.1 | Dec 2023 22.0 | Mar 2024 16.3 | Jun 2024 17.7 | Sep 2024 16.7 | Dec 2024 14.9 | Mar 2025 10.3 | Jun 2025 11.7 | Sep 2025 11.3 | Dec 2025 9.4 | Mar 2026 7.3
- NAHARSPING: Jun 2021 8.8 | Sep 2021 6.6 | Dec 2021 4.4 | Mar 2022 3.7 | Jun 2022 2.6 | Sep 2022 1.8 | Dec 2022 2.1 | Mar 2023 4.8 | Jun 2023 7.8 | Sep 2023 11.3 | Dec 2023 20.1 | Mar 2024 17.5 | Jun 2024 18.0 | Sep 2024 16.1 | Dec 2024 11.8 | Mar 2025 9.0 | Jun 2025 10.9 | Sep 2025 9.0 | Dec 2025 7.0 | Mar 2026 8.1

### 20-quarter P/BV history
- PAGEIND: Jun 2021 40.1 | Sep 2021 42.4 | Dec 2021 45.0 | Mar 2022 45.1 | Jun 2022 50.5 | Sep 2022 43.0 | Dec 2022 36.3 | Mar 2023 38.8 | Jun 2023 38.6 | Sep 2023 31.7 | Dec 2023 28.1 | Mar 2024 25.1 | Jun 2024 31.8 | Sep 2024 29.4 | Dec 2024 35.1 | Mar 2025 32.0 | Jun 2025 34.5 | Sep 2025 32.7 | Dec 2025 28.9 | Mar 2026 25.2
- DOLLAR: Jun 2021 3.8 | Sep 2021 4.0 | Dec 2021 4.0 | Mar 2022 5.3 | Jun 2022 5.0 | Sep 2022 4.0 | Dec 2022 3.4 | Mar 2023 2.9 | Jun 2023 3.2 | Sep 2023 3.3 | Dec 2023 3.6 | Mar 2024 4.0 | Jun 2024 4.3 | Sep 2024 3.7 | Dec 2024 3.4 | Mar 2025 2.8 | Jun 2025 2.8 | Sep 2025 2.4 | Dec 2025 2.3 | Mar 2026 1.5
- RUPA: Jun 2021 6.6 | Sep 2021 5.1 | Dec 2021 4.6 | Mar 2022 4.6 | Jun 2022 3.5 | Sep 2022 2.9 | Dec 2022 2.5 | Mar 2023 1.8 | Jun 2023 2.4 | Sep 2023 2.3 | Dec 2023 2.3 | Mar 2024 2.1 | Jun 2024 2.4 | Sep 2024 2.5 | Dec 2024 2.0 | Mar 2025 1.4 | Jun 2025 1.8 | Sep 2025 1.6 | Dec 2025 1.3 | Mar 2026 0.9
- NAHARSPING: Jun 2021 1.0 | Sep 2021 1.5 | Dec 2021 1.5 | Mar 2022 1.7 | Jun 2022 1.2 | Sep 2022 0.7 | Dec 2022 0.6 | Mar 2023 0.5 | Jun 2023 0.6 | Sep 2023 0.6 | Dec 2023 0.7 | Mar 2024 0.6 | Jun 2024 0.7 | Sep 2024 0.7 | Dec 2024 0.6 | Mar 2025 0.5 | Jun 2025 0.7 | Sep 2025 0.5 | Dec 2025 0.5 | Mar 2026 0.5

## Market action

Nahar Spinning Mills Ltd has the strongest one-year price move in Textiles - Hosiery/Knitwear at +3.7%. It also leads on Mansfield relative strength against NIFTY at +26%. 2 of 4 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-24.

### Strongest one-year price performers
1. Nahar Spinning Mills Ltd (NAHARSPING): 3.7%
2. Page Industries Ltd (PAGEIND): -14%
3. Rupa & Company Ltd (RUPA): -26%
4. Dollar Industries Ltd (DOLLAR): -35%

### Strongest relative strength versus NIFTY 500
1. Nahar Spinning Mills Ltd (NAHARSPING): 26%
2. Page Industries Ltd (PAGEIND): 5.8%
3. Rupa & Company Ltd (RUPA): -1.2%
4. Dollar Industries Ltd (DOLLAR): -18%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- 2 companies draw at least one figure from a second data feed with too little overlapping history to cross-check against the primary source; they are marked unverified wherever those figures appear.
- Thin comparisons: Capital expenditure, Valuation have fewer than three usable current readings.

## Every company
- Page Industries Ltd (PAGEIND) — market value ₹44.9K Cr; latest fundamentals Mar 2026
- Dollar Industries Ltd (DOLLAR) — market value ₹1.5K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Rupa & Company Ltd (RUPA) — market value ₹1.3K Cr; latest fundamentals Mar 2026
- Nahar Spinning Mills Ltd (NAHARSPING) — market value ₹994 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures

## Source standing of each company

Cross-checked: 2. Unverified: 2. Withheld: 0. Graded companies: 4.

2 of 4 companies draw at least one figure from a second data feed that could not be cross-checked against the primary source, because the two do not share enough reported history to compare. Those figures are marked unverified wherever they appear.

- UNVERIFIED | DOLLAR | Dollar Industries Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | NAHARSPING | Nahar Spinning Mills Ltd | too little overlapping reported history to cross-check the second feed

## Methodology and freshness

Fundamentals through Mar 2026; prices through 2026-07-24.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### What is the Nifty Textiles - Hosiery/Knitwear index?

The Nifty Textiles - Hosiery/Knitwear index tracks India's listed Textiles - Hosiery/Knitwear companies as a single basket. This page follows the same 4 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Textiles - Hosiery/Knitwear sector rather than to its largest constituent. Figures are as of Mar 2026.

### Which are the best Textiles - Hosiery/Knitwear stocks in India?

Ranked by this page's four-factor score, Page Industries Ltd places first among 4 listed Textiles - Hosiery/Knitwear companies, followed by Nahar Spinning Mills Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Mar 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

### How many Textiles - Hosiery/Knitwear stocks are listed in India?

This comparison covers 4 listed Textiles - Hosiery/Knitwear companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Mar 2026.

### Which Textiles - Hosiery/Knitwear company is the biggest?

Page Industries Ltd is the largest, with trailing-twelve-month revenue of ₹5,248 crore, ahead of Nahar Spinning Mills Ltd at ₹3,218 crore. That covers 4 of 4 companies with comparable reporting through Mar 2026.

### Which Textiles - Hosiery/Knitwear company is growing fastest?

Dollar Industries Ltd has the fastest revenue growth at 9.9% year on year, across 4 of 4 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Textiles - Hosiery/Knitwear company has the best profit margins?

Page Industries Ltd has the highest operating margin at 21%, from 4 of 4 comparable companies. Rupa & Company Ltd shows the biggest recent improvement, at +1 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Textiles - Hosiery/Knitwear company makes the most profit?

Page Industries Ltd earns the most, at ₹765 crore of trailing-twelve-month net profit, from 4 of 4 comparable companies. Nahar Spinning Mills Ltd has the fastest profit growth at 61.5%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Textiles - Hosiery/Knitwear company earns the highest return on capital?

Page Industries Ltd leads on return on capital employed at 64.4%, across 4 of 4 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Textiles - Hosiery/Knitwear stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Rupa & Company Ltd screens cheapest at 1.39×. Only 2 of 4 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Textiles - Hosiery/Knitwear company has the strongest balance sheet?

Rupa & Company Ltd carries the lowest comparable gross debt at ₹258 crore, from 4 of 4 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Is the Textiles - Hosiery/Knitwear sector beating the market?

Textiles - Hosiery/Knitwear has underperformed NIFTY 500 by 14% over the last 52 weeks and 0.3% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 2 of 4 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Textiles - Hosiery/Knitwear stock has the strongest price momentum?

Nahar Spinning Mills Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Textiles - Hosiery/Knitwear company scores highest for research priority?

Page Industries Ltd scores 62 out of 100 with 91% evidence confidence, from 14.8 points on growth and earnings, 23.6 on capital efficiency, 7.4 on valuation and 16.2 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Textiles - Hosiery/Knitwear companies does this comparison cover, and over what period?

It compares 4 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Mar 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Textiles - Hosiery/Knitwear sector?

The 4 Textiles - Hosiery/Knitwear companies on this page carry ₹48,677 crore of combined market value. Page Industries Ltd is the largest at ₹44,922 crore, about 92% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### How is the Textiles - Hosiery/Knitwear sector performing?

2 of the 4 covered Textiles - Hosiery/Knitwear companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 14% behind NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-29.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/textiles-hosiery-knitwear