Page Industries LimitedConsumer GoodsPAGEIND
Q1 FY27 earnings callPage Industries Limited
Volume growth was healthy, but reported revenue and profit were impacted by temporary quarter-end logistics constraints and inflationary input cost pressures.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Revenue | INR14,204 million | 7.9% | |
| Sales Volume | 61.9 million pieces | 5.7% | |
| EBITDA | INR2,890 million | -1.9% | |
| EBITDA Margin | 20.3% | — | |
| Profit After Tax | INR1,928 million | -4% | |
| Inventory Days | 66 | — | |
| Net Working Capital Days | 54 | — |
Financials
| Quarter | Revenue | Net profit (PAT) | Basic EPS |
|---|---|---|---|
| Q3 FY25 | ₹1,313.05 Cr+6.9% YoY+5.4% QoQ | ₹204.66 Cr+34.3% YoY+4.8% QoQ | ₹183.48+34.3% YoY+4.8% QoQ |
| Q2 FY25 | ₹1,246.27 Cr+10.8% YoY-2.4% QoQ | ₹195.26 Cr+29.9% YoY+18.2% QoQ | ₹175.06+29.9% YoY+18.2% QoQ |
| Q1 FY25 | ₹1,277.52 Cr+3% YoY+28.3% QoQ | ₹165.22 Cr+4.3% YoY+52.7% QoQ | ₹148.13+4.3% YoY+52.7% QoQ |
| Q4 FY24 | ₹995.35 Cr+2.7% YoY-19% QoQ | ₹108.20 Cr+38.1% YoY-29% QoQ | ₹97.01+38.1% YoY-29% QoQ |
| Q3 FY24 | ₹1,228.77 Cr+0.5% YoY+9.2% QoQ | ₹152.35 Cr+23.1% YoY+1.4% QoQ | ₹136.59+23.1% YoY+1.4% QoQ |
TL;DR
- Revenue grew 7.9%, but PAT declined 4%.
- Volume growth of 5.7% was better than reported revenue due to undelivered billing from logistics/manpower issues.
- EBITDA margin was 20.3%, down from 22.4% in Q1 FY26 due to input cost inflation.
- A calibrated 2.2% price hike in May partially offset costs, with full benefits to flow in Q2.
- Management maintains FY27 double-digit volume growth goal and EBITDA margin target of 19%-21%.
Said on the call
“The underlying demand and volume momentum therefore remained better than what was reported as revenue growth.”
From the Q&A
| Topic | What management said |
|---|---|
| Volume Growth Miss and Outlook | Double-digit annual volume target remains, but Q1 impacted by planned structural changes to scheme design and ~3 days of undelivered billing due to logistics/manpower disruptions; expects recovery and above-average growth in next quarters. |
| Pricing and Input Costs | A 2.2% price hike was taken in May to partially offset RM inflation, but full benefits will be realized in Q2; RM costs have moderated from April/May peaks; if sustained, price hike should help return to early Q1 scenario. |
| Logistics Disruption Details | Disruption due to rumors on fuel price escalation and availability, combined with third-party labor concerns; resulted in ~3 extra days of undelivered billing vs. normal, impacting reported revenue; majority to be reported in Q2. |
| New Product Lines | JKY Groove street fashion line launched well; collaboration with Disney/Marvel for character merchandise began but revenue will be realized in Q2; major new propositions will be in the athleisure space. |
| Margin Guidance | EBITDA margin target for FY27 retained at 19% to 21%; price hike not designed to fully absorb input cost increase to avoid out-pricing, assumes some cost pressures are temporary. |
| E-commerce and Advertising | E-commerce growth led to a shift towards outright sales model, especially with quick commerce; lower overall ad spend in FY26 versus FY25 due to absence of a large one-off World Cup campaign. |
Guidance
- Aim for double-digit volume growth for the financial year.
- EBITDA margin outlook for the year remains within 19% to 21%.
- Expect price increase benefits to flow in Q2 and input costs to stabilize.
Source
Summary written from the transcript filed by Page Industries Limited for the call held on 13 Aug 2026; published 19 Aug 2026, 13:19 IST.