Page Industries forecasts H2 FY'26 growth despite Q2 volume volatility

Page Industries reported a 3.6% year-on-year revenue growth to INR12,909 million for Q2 FY'26, with sales volume increasing by 2.5% to 56.6 million pieces. Profit after tax saw a marginal decline of 0.3% to INR1,948 million. For the first half of FY'26, revenue grew 3.3% to INR26,704 million, and PAT was up 9.7% to INR3,956 million. The company's EBITDA for Q2 was INR2,795 million, a 0.7% decrease year-on-year, with a healthy margin of 21.7% attributed to stable raw material costs and operational efficiencies.

The company highlighted that consumption was subdued through most of the quarter but picked up in late September, supported by the festive season and a GST rate reduction. Page Industries continues to expand its consumer reach, with 110,636 multi-brand outlets, 1,527 exclusive brand stores, and 1,962 large-format points of sale. Its men's innerwear penetration estimate stands between 17.5% and 18%, with premium ranges outperforming entry-level products.

Capex for FY'26 is projected at INR140 crores, with INR57 crores spent in H1, primarily for the Odisha and K.R. Pet Part 2 projects. Deepanjan Bandyopadhyay, cfo, noted that capex-related incentives, estimated at around INR50 crores, are expected to be realized in the next fiscal year. The company remains confident in achieving double-digit growth, driven by planned initiatives and anticipated demand pickup.