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The market expects Page Industries to do better than it ever has.
At today’s share price, buyers are assuming Page Industries grows about 18% a year, forever. Over the last ten years it actually grew about 7% a year. So the share price only makes sense if the business improves on its own track record. If it simply carries on as before, buyers today have paid for something they will not get.
- How it is valued: Discounted cash flow.
- What the price assumes: 18% growth, against 7% the model takes from its own record.
- Ten-year record: Between FY2018 and FY2026, Page Industries' revenue went from ₹2,552 crore to ₹5,247 crore — it compounded at about 9% a year over 8 years.
- Biggest swing factor: Distribution. Main risk: Licence dependence.
01Jockey in India
Page Industries, run by the Genomal family and based in Bengaluru, holds the exclusive licence to make and sell Jockey in India and nearby countries, and Speedo swimwear in India. The Jockey licence runs to 2040.
It sells through more than a hundred thousand retailers, its own outlets and online, and has a large in-house manufacturing base.
02What the market is assuming
Work backwards from today's share price and you can see what buyers are quietly taking for granted. Here is the growth that price implies for Page Industries, next to what the model assumes from the company's own record.
The further apart these two numbers are, the bigger the bet a buyer at today's price is making.
03Page Industries' record, in plain numbers
Between FY2018 and FY2026, Page Industries' revenue went from ₹2,552 crore to ₹5,247 crore — it compounded at about 9% a year over 8 years. Net profit grew from ₹347 crore to ₹764 crore, about 10% a year — roughly in step with revenue. Net margin has been unusually stable, between 11.7% and 14.8% in every year shown. The latest year added 6.3% to revenue, well behind its own long-run pace.
Revenue and earnings per share in ₹, return on equity and leverage as ratios — all from the filed statements.
Revenue and net profit by year (₹ crore)
| Year | Revenue | Net profit | Margin |
|---|---|---|---|
| FY2018 | 2,552 | 347 | 13.6% |
| FY2019 | 2,852 | 394 | 13.8% |
| FY2020 | 2,945 | 343 | 11.7% |
| FY2021 | 2,833 | 341 | 12.0% |
| FY2022 | 3,886 | 537 | 13.8% |
| FY2023 | 4,789 | 571 | 11.9% |
| FY2024 | 4,582 | 569 | 12.4% |
| FY2025 | 4,935 | 729 | 14.8% |
| FY2026 | 5,247 | 764 | 14.6% |
04How Page Industries gets valued — and why
Discounted cash flowThis business is valued on the cash it is expected to generate, discounted back at its cost of capital — with growth taken from its own ten-year record rather than from guidance.
05What decides Page Industries' value
Distribution
Wider reach in smaller towns.
Premium mix
Athleisure and women's wear lift growth.
Inventory discipline
Leaner stocks improve cash flow.
Royalty
Payments to Jockey International affect margins.
06What could go wrong
- Licence dependence. The business depends on the Jockey licence.
- Competition. Value brands and online labels.
- Demand slowdowns. Discretionary spending can weaken.
07What the full Page Industries valuation shows
Sign in free to see the complete Page Industries valuation
- ✓Fair value per share — from a ten-year discounted cash flow, every step shown
- ✓The Workbench — change revenue growth, the discount rate or terminal growth and watch Page's value move
- ✓Bull, base and bear cases — and exactly which assumptions move between them
- ✓Peer comparison — against Trent, Titan and other consumer brands
- ✓Downloadable report — the full write-up, yours to keep
08Questions people ask about Page Industries
Does Page Industries own Jockey?
No; it holds the licence to make and sell Jockey in India until 2040.
What else does Page sell?
Speedo swimwear in India.
Who runs Page Industries?
The Genomal family.
Is Page Industries overvalued?
At ₹31,325 the market is pricing in roughly 18% sustained growth, against the ~7% its own record supports. That is more than it has delivered, so the price is justified only if the business can hold a rate it has not previously sustained.
What is the intrinsic value of Page Industries?
It is computed from the filed financial statements using the method that fits this business (discounted cash flow), with every assumption shown alongside the result. The per-share figure and the full working are in the report.
How much debt does Page Industries carry?
Debt to equity stands at 0.00, against 0.00 at the start of the period — the balance sheet is a core input to the cost of capital used here.