Page Industries, which often symbolized the revival of the Indian textile sector with its IPO in 2007, has hit a roadblock over the past few years.
The stock had hit a high of Rs 53,453 on 7 October, 2022, in the aftermath of Covid, with investors still extremely bullish on the stock when work-from-home was still broadly the norm and the economy was attempting to limp back to some form of normalcy.
Page Industries’ product range, especially the Jockey innerwear for men and women, and kids, was most sought after by consumers and the cash registers were ringing across its store network in the country.
No surprise, the Page Industries stock traded at a P/E of 81.4 on 7 October, 2022, according to Screener.in, on the day the stock was trading close to its lifetime high.
The Macro Squeeze: Rising Yarn Costs and D2C Price Wars
However, the operating environment for Page Industries has changed substantially since then – key raw material costs like synthetic yarns and cotton have shown an upward trend owing to a combination of factors including the Middle East crisis.
Of equal importance, several direct-to consumer (D2C) online startups like UnderNeat in the innerwear and athleisure segments, often utilize aggressive discounting strategies and these have put pressure on the financial performance of Page Industries (view table below). Also, the growth opportunities in the Indian innerwear market have also led to several international brands entering the country over the last few years and added to the competition for Page Industries.
For instance, in late 2024, Reliance Retail formed a joint venture with Israeli apparel giant Delta Galil, which holds global licenses for lifestyle brands including Calvin Klein and Tommy Hilfiger.
As a result, it has put pressure on Page Industries’ sales growth and profit growth over the past few years (view table below).
Market Correction: Assessing the 12.7% Drop from Peak Valuation
The Page Industries’ stock broadly reflects the trend in the changed operating environment of the company. The stock closed 0.4% higher at Rs 37,338 on Wednesday. It had hit a 52-week low of Rs 29,800 on 16 March, 2026.
Also, over the past one year, the Page Industries’ stock has lagged the broader market – it has fallen 12.7% as compared to a 8.9% decline in the broader Sensex. The P/E of the stock has also come down to 53.3 currently, with investors closely monitoring the company’s various operational parameters including sales and net profit growth, and operating margins, amongst others.
The Growth Stall: Decoding the Plunge to 4% Compounded Sales
Strong competition from online D2C brands coupled with the entry of a number of overseas brands in the innerwear range has started to show on various operational parameters of Page Industries.
For instance, the company’s compounded sales growth over the past 3 years has been barely 4%, according to Screener.in. Its sales growth has slowed considerably from earlier years.
Over a 5-year period, Page Industries’ compounded sales growth was 13% and over a 10 year period it was 11%, according to Screener.in.
Page Industries performance over the past 10 years
| Tenure | Compounded sales growth (in %) | Compounded Profit growth (in %) |
| 3 years | 4% | 11% |
| 5 years | 13% | 18% |
| 10 years | 11% | 13% |
Source-Screener.in
A similar trend is also observed with regard to its net profit.
Page Industries’ net profit grew at a compounded growth of 11% over the past 3 years, according to Screeener.in.
Over a 5 year period, its net profit grew at a compounded growth of 18%, and over 10 years, it grew at a compounded growth of 13%.
The 47% RoE Silver Lining: Evaluating the Power of the Jockey Franchise
A silver lining for Page Industries has been its Return on Equity (RoE), which has remained broadly strong over the past few years.
The company’s RoE was 47% over the past 3 years and broadly in tune with the RoE over the past 5 years and 10 years, respectively.
The strong RoE reflects the benefits the company enjoys from its strong brand and pan India distribution network coupled with online stores.
Return on Equity for Page Industries – superior use of capital
| Tenure | Return on Equity (in %) |
| 3 years | 47% |
| 5 years | 48% |
| 10 years | 47% |
Source-Screener.in
Beyond Innerwear: Will the Push into Athleisure Reclaim Market Share?
Page Industries has recently expanded its product range to include jacket and hoodies, sweatshirts, t-shirts, pants and shorts. No doubt, the competition is already quite intensive for Page Industries’ expanded product range, online and in store chains across the country.
However, its expanded product range will benefit from its well established brand franchise. In addition, it has a well-established store network with more than 1,615 exclusive brand stores and more than 893 large format stores. The company has also strengthened its online presence via various initiatives.
The benefits in the form of higher sales from its expanded product range will be visible over the next few quarters.
The Valuation Verdict: Can 2026 Growth Justify a 53x Premium?
The operating environment for Page Industries is expected to remain competitive, going forward, given the competition from online D2C and other international innerwear brands operating in the country. However, Page Industries enjoys a strong brand franchise for its Jockey range of innerwear and it has also expanded its product range.
Page Industries trades at a P/E of 53.3, according to Screener.in. Rival, Rupa & Company, which is present in the men’s innerwear segment, trades at 14.3 times.
Does the growth justify valuations for Page Industries?
| Company | P/E (in x) |
| Page Industries | 53.3 |
| Rupa & Company | 14.3 |
Source-Screener.in
Page Industries’ sales and net profit growth has moderated over the past 3 years, and the stock enjoys very premium valuations. Readers could put Page Industries on their watch list of stocks for 2026, and see if its performance matches expectations, going forward.
Disclaimer
Amriteshwar Mathur is a financial journalist with over 20 years of experience.
The writer and his family have no shareholding in any of the stocks mentioned in the article.
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