Page Industries share price falls up to 13% as volume growth slows
By Rohit SharmaMarkets Analyst, Peepals Business
Representative image: jarmoluk / Pixabay
Page Industries shares fell at least 10% on 12 November 2026 after Q2 FY27 volume grew only 5.5% and profit rose 4% to about Rs 202.5 crore on high input costs.
What Happened
Shares of Page Industries, the company that makes and sells Jockey innerwear and clothing in India, fell sharply on Thursday, 12 November 2026, after its results for the July-September quarter (Q2 of FY27) showed slower growth in the number of pieces sold. One report said the stock hit its 10% lower circuit, the maximum fall allowed in a stretch of trading, while others put the day's fall at about 12.8% to 13%, to around Rs 31,850. Revenue rose 11.5% to about Rs 1,439.6 crore, but net profit grew only about 4% to Rs 202.5 crore as raw material costs stayed high.
Key Facts
- Revenue from operations: about Rs 1,439.6 crore, up 11.5% from about Rs 1,290.9 crore a year earlier.
- Net profit: about Rs 202.5 crore, up roughly 4% year on year.
- EBITDA (earnings before interest, tax, depreciation and amortisation): Rs 300.1 crore, up 7.4%; EBITDA margin 20.8%, against 21.7% a year earlier and 20.3% in Q1 FY27.
- Sales volume: 59.7 million pieces, up 5.5% year on year; 5.6% growth for the first half of FY27.
- The board declared an interim dividend of Rs 150 a share for 2026-27, with 18 November 2026 as the record date and payment on or before 11 December 2026.
- On the earnings call, management said raw material costs were up about 6.5% to 7%, partly offset by price increases of about 2.5%, and that it had not changed its volume outlook for the year.
Why It Matters
For a company that sells everyday clothing, the number of pieces sold shows whether more people are buying its products, while revenue can also rise from higher prices alone. That is why the volume figure, rather than revenue, drew attention. Revenue grew more than twice as fast as volume, which means much of the growth came from pricing and a richer product mix, including licensed Disney and Marvel ranges, according to results coverage. That kind of growth is harder to repeat if consumers push back on prices.
Margins added to the concern. Cotton and crude-oil-linked materials such as synthetic yarn cost more, and the company passed on only part of the increase. EBITDA margin fell almost a full percentage point from a year earlier, although it improved from the June quarter.
The bigger question is the second half. Management kept its full-year volume outlook, but analysts quoted in reports said that would require volume growth of about 14% in October-March, far faster than the 5.5% to 5.6% achieved so far. The gap between the target and the run-rate is what the market priced in on Thursday.
Peepals calculation: Revenue per piece sold rose from about Rs 228 a year earlier (Rs 1,290.9 crore ÷ about 56.6 million pieces, working back from 5.5% growth) to about Rs 241 (Rs 1,439.6 crore ÷ 59.7 million), a rise of roughly 5.7%. Net profit was about 14% of revenue (202.5 ÷ 1,439.6 ≈ 0.141). The Rs 150 dividend is about 0.47% of a share price of Rs 31,850 (150 ÷ 31,850). Our calculation from the reported figures.
| Page Industries Q2 FY27 | Value | Change year on year |
|---|---|---|
| Revenue from operations | about Rs 1,439.6 crore | +11.5% |
| EBITDA | Rs 300.1 crore | +7.4% |
| Net profit | about Rs 202.5 crore | about +4% |
| Sales volume | 59.7 million pieces | +5.5% |
| EBITDA margin | 20.8% | 21.7% a year earlier |
Impact
Short-term: Shareholders on record on 18 November get the Rs 150 interim dividend, but the share price fall far outweighs it for anyone who held through Thursday.
Long-term: Whether Page Industries can lift volume growth towards the pace its outlook needs will decide whether the market keeps paying a premium for it. Lower cotton and yarn prices, if they come, would ease margin pressure.
Who is affected: Page Industries shareholders and mutual funds that hold the stock, its distributors and retailers, and rival innerwear and athleisure brands watching demand in the same market.
What to watch next: The dividend record date of 18 November 2026 and payment by 11 December 2026, and the October-December quarter's volume figure, which will show whether second-half growth is picking up.
Key Takeaway
Page Industries grew revenue 11.5% in Q2 FY27, but volume growth of only 5.5% and squeezed margins sent its shares down 10% to 13% on 12 November 2026.
Questions and Answers
Why did the Page Industries share price fall on 12 November 2026?
Because its Q2 FY27 results showed sales volume up only 5.5% and profit up about 4%, as high raw material costs squeezed margins, even though revenue rose 11.5%.
What were Page Industries' Q2 FY27 results?
Revenue from operations was about Rs 1,439.6 crore, up 11.5%; EBITDA was Rs 300.1 crore, up 7.4%; net profit was about Rs 202.5 crore, up about 4%; and 59.7 million pieces were sold.
What dividend did Page Industries declare?
An interim dividend of Rs 150 per share for 2026-27, with a record date of 18 November 2026 and payment on or before 11 December 2026.
What does Page Industries need to meet its volume target?
Analysts quoted in reports said the company would need about 14% volume growth in the second half of FY27, much faster than the 5.5% to 5.6% it achieved in the first half. Management said its outlook is unchanged.
Disclaimer: Prepared by the Peepals newsroom from publicly available sources with AI assistance. Information is accurate to the best of our knowledge at the time of publication and may change. Images may be representative. Not professional advice. Report an error via our contact page.
By Rohit Sharma, Markets AnalystCovers Markets Watch and more for Peepals Business. All stories by Rohit Sharma
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Rohit Sharma is a pen name of the Peepals Global Editorial Team, which researches, fact-checks and publishes every story. The portrait is an illustration.
