India · Delayed Price · Currency is INR Page Industries Earnings Call Transcripts
Fiscal Year 2026
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Revenue and EBITDA grew modestly year-over-year, with profitability impacted by a one-time labor code provision. Premium and online channels outperformed entry-level and general trade, while management maintains a 19%-21% EBITDA margin outlook and targets double-digit growth as market conditions improve.
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Q2 FY26 saw modest revenue growth of 3.6% and flat profit, with strong performance in modern retail and e-commerce. Management expects H2 to outperform H1, driven by festive demand, new product launches, and continued expansion in women's and athleisure segments.
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Q1 FY26 saw modest revenue and volume growth amid subdued offline retail demand, but strong online sales and efficiency gains drove a 21%+ increase in EBITDA and net profit. New product launches and ongoing investments in IT and capacity support a positive long-term outlook.
Fiscal Year 2025
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Q4 and FY25 saw strong revenue and profit growth, driven by e-commerce, premiumization, and supply chain efficiencies. Margins improved on stable input costs, with no price hikes planned and high single-digit volume growth targeted for FY26.
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Q3 FY25 delivered 7.7% revenue and 34.3% profit growth year-over-year, driven by strong e-commerce and premium product performance, with EBITDA margin at 23%. Inventory and working capital efficiency improved, and new capacity plus digital investments are set to support future growth.
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Q2 FY25 delivered 11% revenue and 29.9% PAT growth, driven by e-commerce and operational efficiency, with strong margins and improved working capital. Channel inventory correction continues, and new product launches and Odisha facility ramp-up are expected to support future growth.
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Revenue grew 3.9% year-over-year in Q1 FY25, with PAT up 4.3% and e-commerce sales surging 32%. Demand recovery is led by rural and smaller towns, inventory health has improved, and the company remains debt-free. Dividend payout increased due to strong cash reserves.