Built for the long term.

Built for the long term.

Built for the long term.

At Page Industries, how you grow has always mattered as much as how much you grow. Every number we report, every decision we document, and every commitment we make to our shareholders reflects that belief.

Performance at a glance

A consolidated view of Page Industries' financial performance across core business metrics.

Revenue
₹ 52,468
₹ 52,468 Mn

Revenue

FY 26 Q4 Revenue
₹ 12,526
₹ 12,526 Mn

FY 26 Q4 Revenue

EBITDA
₹ 11,529
₹ 11,529 Mn

EBITDA

FY 26 Q4 EBITDA
₹ 2,605
₹ 2,605 Mn

FY 26 Q4 EBITDA

PBT
₹10,253
₹10,253 Mn

PBT

FY 26 Q4 PBT
₹2,378
₹2,378 Mn

FY 26 Q4 PBT

PAT
₹7,638
₹7,638 Mn

PAT

FY 26 Q4 PAT
₹1,787
₹1,787 Mn

FY 26 Q4 PAT

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As the exclusive licensee of Jockey and Speedo in India, Page Industries stands at the forefront of innovation, quality, and trust in innerwear and activewear.

Financial performance

Sales (₹ in Millions)

EBITDA

EBITDA (₹ Millions) EBITDA Margin %

PBT (Profit Before Tax)

PBT (₹ Millions) PBT Margin %

PAT (Profit After Tax)

PAT (₹ Millions) PAT Margin %

Message from CFO

Dear Shareholders,

It is with great satisfaction that I present to you the financial performance of Page Industries Limited., for the fiscal year 2024–25. This has been a year of steady growth, operational resilience, and disciplined execution — underpinned by a strategic vision focused on long-term value creation.

We achieved robust growth in both revenue and profitability, despite a challenging macroeconomic environment. Our performance was driven by multiple factors working in harmony — including stable raw material costs, enhanced production efficiencies, and stringent cost management practices across the organization. As a result, we successfully maintained our EBITDA margins within the guided range of 19% to 21%, demonstrating our ability to deliver predictable and high-quality earnings.

Importantly, we achieved this without implementing any price increases over the past three years, reflecting our focus on offering consistent value to consumers while managing our internal cost structure with precision. This year, we made meaningful strides in inventory management, driven by enhanced digital tools and data-led decision-making. These advancements enabled faster responses to market dynamics and reduced working capital intensity. As a result, our overall working capital position improved, strengthening liquidity and equipping us with the flexibility to support our growth initiatives more effectively.

As custodians of your capital, we have taken a measured and forward-looking approach to your investments. We continued to allocate capital strategically — particularly towards technology, automation, and digital capabilities — with a clear aim to future-proof our operations and support scalable, sustainable growth. These investments are made judiciously, with a strong emphasis on cost-consciousness and returns. Our performance this year is a reflection of our adherence to the timeless values that define Page Industries Limited. — including integrity, consistency, and excellence in execution. These values continue to guide our decisions and actions at every level, from the very threshold. At the same time, we are actively pursuing a transformative vision — one that embraces innovation, empowers our teams, enhances customer experience, and positions us to lead in a rapidly evolving market.

As we look ahead, we remain committed to building on this foundation — creating sustainable value, driving operational excellence, and aligning our growth strategy with the evolving expectations of our customers, partners, and shareholders.

Date: 15 May 2025

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Deepanjan Bandyopadhyay
Chief Financial Officer
Deepanjan Bandyopadhyay

Message from Chairman

Dear Shareholders,

It is my privilege to address you at the close of a year that has been both challenging and rewarding for Page Industries Limited. Despite a tough macroeconomic environment and headwinds faced by the industry, we delivered a strong performance — a testament to our resilience, agility, and enduring values. The theme of this year is, “Timeless Values and Transformative Vision,” captures the essence of our journey — staying anchored to our core principles while continuously adapting to a fast-changing world.

The long-term fundamentals of the Indian economy remain strong, buoyed by a growing middle class, consumers becoming more discerning, rapid digital adoption, and a youthful demographic. In such a context, resilience, adaptability, and long-term thinking have become more vital than ever. Our approach in this environment has been measured and forward-looking. We remain focussed on enhancing long term prospects of the business — staying faithful to our core values of integrity, quality, and customer focus, while embracing transformation in all aspects of the business. Our performance this year has been encouraging, reflecting not just financial strength — detailed elsewhere in this report — but, more importantly, the consistency of our execution and the clarity of our strategic direction. A major milestone during the year was the expansion of our manufacturing footprint with the commissioning of a new production facility in Odisha, the first outside the state of Karnataka.

Looking ahead, we remain confident in the strength of our business model, the passion of our people, and the trust we have earned from millions of consumers. As we continue to align ourselves with changing market dynamics and evolving consumer expectations, our purpose remains unchanged: to deliver enduring value, while demonstrating responsibly and sustainably.

I would like to thank our shareholders, board members, employees, partners, and customers for their continued support and belief in Page Industries Limited.

Date: 15 May 2025

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Sunder Genomal
Chairman
Sunder Genomal

Message from MD

Dear Shareholders,

It is with great pride and optimism that I present the financial report of Page Industries Limited for the financial year 2025. This year, we remained deeply committed to building a future-ready organisation — one that balances sustainable, long-term growth with bold innovation and a relentless drive to sharpen our competitive edge in an ever-evolving world.

The disruptive business environmental forces have tested the agility of businesses across industries. Inflationary pressures, in particular, have weighed on discretionary consumer spending, prompting us to be more responsive, flexible, and deeply attuned to customer behaviour. Yet, through it all, Page Industries Limited has continued to demonstrate resilience and deliver strong performance across all segments.

Backed by our timeless values — integrity, quality, and a deep customer-centric ethos — we responded to these challenges with a transformative vision that seeks not only to endure but also to lead. We achieved healthy growth across all key segments, with e-commerce emerging as a particularly strong growth driver, supported by deeper digital integration and sharper customer targeting.

In a year marked by market volatility, where reactive pricing could have been an easy response, we chose a more deliberate path — staying true to our commitment of delivering enduring value. By focusing on enhancing the customer experience and driving operational excellence, we created efficiencies that enabled us to stay competitive without compromising on quality or service

Our transformation agenda gained further momentum this year with key digital initiatives such as:
- Rollout of an enhanced Distribution Management System that has streamlined supply chain visibility and responsiveness.
- Transformation of our SAP™ core, laying the foundation for greater scalability and process integration.
- Deployment of Advanced digital tools aimed at improving consumer engagement, personalization, and satisfaction across channels.
In addition, the auto replenishment system has brought a steep change in our inventory management capabilities, enabling faster product availability and optimal stock positioning — a critical enabler in today’s demand-driven environment.

At the heart of all these initiatives is our unwavering dedication to improving the experience for our stakeholders, including consumers — through better products, smoother service, and more relevant brand engagement.

As we move forward, we do so with confidence grounded in our core values and inspired by a vision that embraces innovation, sustainability, and diversity. Our strategy remains focused on building a future-ready organization — one that adapts, evolves, and continues to deliver enduring value, quality and comfort to all stakeholders.

Date: 15 May 2025

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V. S. Ganesh
Managing Director
V. S. Ganesh

Financial reports and announcements

Reports & financial filings (Financial Year)

Quarterly financial reports

Results 30.06.2025 Q1

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Press Release 2025 Q1

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Investor Presentation 2025 Q1

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Audio Recording and Transcript of Investor call 2025 Q1

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Policies & Documents

Business Responsibility Report

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Code of Conduct

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Code of Practices and Procedures for Fair Disclosure and Insider Trading Policy

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Corporate Social Responsibility Policy

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Data Processing Addendum

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Board members

Mr. Sunder Genomal

Mr. Sunder Genomal

Chairman

Mr. V. S. Ganesh

Mr. V. S. Ganesh

Managing Director

Mr. Shamir Genomal

Mr. Shamir Genomal

Deputy Managing Director

Mr. Ramesh Genomal

Mr. Ramesh Genomal

Non-Executive Director

Mr. Sanjeev Genomal

Mr. Sanjeev Genomal

Non-Executive Director

Mr. Rohan Genomal

Mr. Rohan Genomal

Non-Executive Director

Mr. Christopher Carroll Smith

Mr. Christopher Carroll Smith

Non-Executive Director

Mr. Varun Berry

Mr. Varun Berry

Independent Director

Mr. Arif Vazirally

Mr. Arif Vazirally

Independent Director

Mr. Jignesh Bhate

Mr. Jignesh Bhate

Independent Director

Dr. Shravan Subramanyam

Dr. Shravan Subramanyam

Independent Director

Ms. Naina Krishna Murthy

Ms. Naina Krishna Murthy

Independent Director

Mr. Suresh Eshwara Prabhala

Mr. Suresh Eshwara Prabhala

Independent Director

Mr. Dinesh Ramkrishin Malkani

Mr. Dinesh Ramkrishin Malkani

Independent Director