Dear Stakeholders,

FY 2026 was a year characterized by disciplined execution, prudent financial management, and continued investments in capabilities that will support our long-term growth ambitions. While the operating environment remained influenced by inflationary pressures, volatility in raw material prices, and evolving consumption patterns, we remained focused on balancing growth, profitability, and financial resilience. Our objective throughout the year was to deliver a sustainable performance while maintaining a strong foundation for future expansion.

We delivered a healthy growth in both revenue and profitability during the year, supported by volume-led growth, premiumization, and operational efficiencies across the value chain. Inflationary pressures, particularly in cotton and certain other key inputs, continued to persist; however, through strategic sourcing initiatives, supply chain optimization, production efficiencies, and disciplined cost management, we were able to effectively mitigate a significant portion of these challenges. As a result, EBITDA margins remained healthy and within our planned operating framework of 19% to 21%, reflecting the resilience of our operating model and the effectiveness of our execution.

Operational efficiency remained a key focus area during the year. We strengthened inventory planning and supply-chain readiness to support future growth requirements while proactively managing anticipated raw material inflation. Our inventory position reflected deliberate strategic decisions aimed at ensuring business continuity, improving procurement effectiveness, and enhancing responsiveness to market demand. At the same time, we continued to maintain a healthy working capital position through stronger planning, tighter controls, and improved operational visibility across the organization.

We also continued to allocate capital strategically toward long-term priorities, including technology, automation, digital systems, and manufacturing capability enhancement. At the same time, we maintained a disciplined approach to pricing and margin management. During the last quarter of the year, we implemented selective price increases linked primarily to product enhancements and value additions, ensuring that consumers received greater functionality, improved product performance, and enhanced overall product experiences. While inflationary pressures across key raw materials intensified toward the end of the year, our initial response focused on strategic sourcing, inventory planning, supply-chain optimization, and productivity improvements rather than relying solely on pricing actions. Looking ahead, we may undertake calibrated price adjustments where necessary to address input cost inflation; however, our approach will remain measured and consumer-centric, with a clear focus on preserving demand, sustaining volume growth, and protecting long-term brand strength.

We also invested in technology and digital transformation initiatives that will strengthen agility, improve decision-making, and support scalability over the long term. Investments in enterprise systems, analytics, process integration, and operational infrastructure are expected to create a more responsive and efficient organization while enabling future growth. Importantly, these investments continue to be undertaken with a disciplined and cost-conscious approach, ensuring prudent stewardship of shareholder capital.

Building on our strong foundation, our focus remains on strengthening financial resilience while maintaining disciplined execution across the business. While inflationary pressures on key input costs may persist, we remain confident in our ability to mitigate their impact through strategic sourcing, supply-chain optimization, operational efficiencies, and calibrated pricing actions. We will continue to prioritize profitability, robust cash generation, and prudent capital allocation, while investing selectively in initiatives that enhance productivity, support strategic priorities, and reinforce the Company’s long-term financial strength.

Date: 15 May 2026

Dear Stakeholders,

As we present the Report for FY 2026, I reflect on the year with confidence in the enduring strengths of Page Industries Limited and optimism about the opportunities ahead. The theme of this year, “Timeless Values. Transformative Vision.”, reflects an idea central to our journey: that long-term success is built by remaining steadfast in purpose while evolving with conviction in response to a changing world. At Page, our commitment to quality, integrity, customer trust, and operational excellence continues to guide every decision, even as we adapt to shifting market realities and rising consumer aspirations.

The global apparel industry continued to navigate a period marked by economic uncertainty, changing trade dynamics, geopolitical tensions, and evolving consumption patterns. Inflationary trends and supply chain adjustments influenced business environments across markets, while consumers globally became increasingly value-conscious yet selective in their purchasing decisions. Amid these developments, businesses have had to remain agile, resilient, and forward-looking. Encouragingly, India continues to emerge as one of the most promising consumption markets globally, supported by favourable demographics, increasing formalization, digital adoption, and a growing preference for trusted and aspirational brands.

India’s economic fundamentals remained resilient during the year, supported by improving infrastructure, stable domestic demand, expanding urbanization, and rising disposable incomes. While consumer spending remained calibrated in parts of the year, the underlying aspiration for quality, comfort, and branded products continued to strengthen. We are witnessing a gradual shift in purchasing behaviour, where consumers increasingly seek superior product experiences, functionality, and trusted brand associations, trends that reinforce our confidence in the long-term opportunity ahead.

In this environment, Page continued to make steady progress while remaining focused on disciplined execution and sustainable value creation. Our performance during the year reflected the resilience of our operating model, the relevance of our product portfolio, and the strength of our relationships with consumers and partners. Importantly, we continued to invest in future readiness through the expansion of our manufacturing footprint, including progress at our Odisha and KR Pet facilities, which will strengthen capacity, enhance supply chain responsiveness, and support our long-term growth ambitions.

During the year, we were honoured to receive the “Licensee of the Decade” award from Jockey International for the second consecutive term, a recognition that reflects the strength and longevity of our partnership. This honour is particularly meaningful as it coincides with the 150th anniversary of the iconic Jockey brand. On behalf of Page, I extend my congratulations to Jockey International on this remarkable milestone and wish them continued success in the years ahead.

As we look to the future, we do so with optimism tempered by discipline. We recognize that uncertainty and volatility are likely to remain part of the global business landscape; however, our confidence stems from the enduring strengths we have built over the years: trusted brands, strong execution capabilities, a talented workforce, and an unwavering commitment to consumers. Guided by timeless values and inspired by a transformative vision, we remain committed to building a stronger, more agile, and future-ready organisation that creates sustainable value for all stakeholders.

I extend my sincere gratitude to our shareholders, Board members, employees, partners, and customers for their continued trust and support.

Date: 15 May 2026

Dear Stakeholders,

It gives me great pleasure to present the Report of Page Industries Limited for FY 2026. The year was shaped by an operating environment marked by evolving consumer sentiment, geopolitical developments, inflationary pressures, and rapid technological advancement. In such an environment, businesses must continuously adapt, remaining agile enough to respond to near-term shifts while staying committed to long-term priorities. At Page, we remained focused on strengthening our market position, enhancing consumer relevance, and building a future-ready organisation anchored in operational discipline and sustained innovation.

Consumer demand trends during the year reflected a measured yet constructive outlook. While inflationary pressures influenced discretionary spending behaviour in parts of the economy, Indian consumers continued to demonstrate strong aspirations, increasingly seeking trusted brands, superior product quality, comfort, functionality, and differentiated experiences. Spending behaviour also became more selective and value-conscious, reinforcing the need for businesses to remain closely aligned with changing consumer preferences and expectations. These structural shifts continue to strengthen our confidence in the long-term growth opportunity for branded lifestyle and comfort-wear categories.

At the same time, retail ecosystems continued to evolve through greater formalization, deeper digital integration, and changing shopping journeys across channels. Geopolitical uncertainties, supply chain realignments, and accelerating technological change further reinforced the need for agility and responsiveness. We approached this dynamic environment with discipline, remaining adaptable to market developments while continuously improving execution, strengthening customer engagement, and enhancing operational resilience across the business.

Despite external volatility, Page delivered a strong performance during the year, supported by disciplined execution, operational agility, and the enduring strength of our brands. Our focus on productivity enhancement, prudent cost management, and operational efficiencies enabled us to maintain healthy profitability while continuing to invest in capabilities that support long-term growth. Equally important, we remained committed to delivering superior value to consumers without compromising product quality, customer experience, or brand trust.

Looking ahead, we remain optimistic about the opportunities before us. Rising aspirations, premiumization trends, increasing brand consciousness, continued modernization of retail, and India’s resilient consumption story provide a strong foundation for sustainable long-term growth. While the external environment may continue to evolve, we believe our strong fundamentals, disciplined execution, and unwavering consumer focus position us well to continue creating enduring value for all stakeholders.

Date: 15 May 2026

Dear Stakeholders,

Consumer expectations continue to evolve rapidly, shaped by changing lifestyles, rising aspirations, increasing digital engagement, and a growing preference for products that deliver comfort, functionality, quality, and value. At Page, our focus remains firmly on leveraging these evolving needs and ensuring that our brands, products, and consumer experiences remain relevant and differentiated. Throughout FY 2026, we remained committed to strengthening our consumer proposition while building capabilities that support sustainable long-term growth.

The year witnessed an encouraging improvement in consumer sentiment and retail demand across categories and channels. While a supportive consumption environment contributed to growth, our performance was equally driven by the strategic initiatives undertaken over the last several years. Continued investments in brand building, sharper product innovation, distribution excellence, and operational discipline enabled us to respond effectively to evolving market opportunities. We also witnessed encouraging adoption of premium and value-added products, reflecting consumers’ increasing preference for superior quality, enhanced functionality, and differentiated experiences.

Innovation remained central to our growth strategy. During the year, we expanded our portfolio with several new product introductions and category enhancements. The response to the JKY Groove range has been particularly encouraging, validating our efforts to connect with younger consumers and evolving lifestyle preferences. Products incorporating bonding technology (using heat, pressure and adhesives instead of thread and needles) also received an excellent market response and emerged as an important contributor to premiumisation across categories. These successes reinforce our belief that consumers increasingly value innovation that enhances comfort, fit, performance, and everyday wearability.

Our digital transformation journey continued to progress steadily through the implementation of SAP S/4HANA, Salesforce Distribution Management System, and a new Human Resource Management System. These investments are strengthening data visibility, improving decision-making, enhancing supply-chain responsiveness, and creating a more agile and scalable operating model. At the same time, we continued to strengthen our e-commerce capabilities and consumer engagement initiatives, resulting in strong growth across digital channels and further reinforcing our leadership position in online marketplaces.

We also continued to build future manufacturing readiness through progress at our Odisha and KR Pet facilities. As these plants mature and move further along their operational learning curves, we expect meaningful gains in efficiency, responsiveness, and production capability. Looking ahead, we remain confident in the long-term opportunity before us. With low category penetration, rising brand consciousness, increasing premiumisation, and a large addressable market, we believe Page Industries is well-positioned to continue delivering innovation-led growth while creating superior value for consumers and stakeholders alike.

Date: 15 May 2026