India · Delayed Price · Currency is INR Page Industries Earnings Call Transcripts
Fiscal Year 2026
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Q4 FY26 delivered strong double-digit revenue and volume growth, driven by improved consumer sentiment, strategic initiatives, and premiumization. Management guides for sustained double-digit volume growth and 19%-21% EBITDA margin in FY27, with further price hikes planned to offset inflation.
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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% year-on-year, with flat PAT and strong margins supported by operational efficiencies and stable pricing. Management expects improved demand and near double-digit growth in H2, driven by festive season momentum and continued innovation.
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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 delivered strong revenue and profit growth, driven by e-commerce, premiumization, and operational efficiencies. Margins improved on stable input costs, with no price hikes planned and continued investments in technology and capacity.
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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 saw 11% revenue and 29.9% PAT growth, with strong e-commerce and improved margins driven by efficiency gains and inventory optimization. Outlook remains positive but cautious due to uneven demand recovery and ongoing IT investments.
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Revenue grew 3.9% YoY with PAT up 4.3% and strong e-commerce growth. Inventory and working capital improved, margins remained healthy, and rural/small-town demand outpaced metros. Dividend payout increased, and the $1B FY26 target is under review.