Page Industries Declares Rs 125 Interim Dividend for FY26 Amidst Mixed Financial Performance

Page Industries, the exclusive licensee for Jockey and Speedo in India, has announced a significant cash distribution for its shareholders in FY26. On November 13, 2025, the Board of Directors approved a substantial second interim dividend of Rs 125 per equity share for FY 2025-2026. This article delves into Page Industries' financial performance, dividend specifics, and expert insights on stock price prospects.

In the second quarter ending September 30, 2025, Page Industries experienced a slight decline in net profit to Rs 194.76 crore from Rs 195.25 crore in the previous year. However, revenue increased by 3.6% to Rs 1,291 crore compared to Rs 1,246.3 crore in Q2FY25. EBITDA saw a minor decrease of 0.7%, amounting to Rs 279.6 crore, while the EBITDA margin dropped by 100 basis points to 21.6% from the previous year's 22.6%. Total expenses rose by 5.1% to Rs 1,049.27 crore.

"We further inform you that the Board of Directors of the Company at their meeting held today (i.e., 13 November 2025) has declared 2nd Interim Dividend 2025-26 of Rs. 125/- per equity share. As informed earlier, the record date fixed for the payment of interim dividend is 19 November 2025. The date fixed for payment of dividend is on or before 12 December 2025," said Page Industries in a stock exchange filing.

According to Mr. V.S. Ganesh, Managing Director of Page Industries Limited, "Our continued focus on operational efficiency and cost optimisation measures while investing in product innovation and distribution expansion has contributed to strong operating margins. While revenue growth was moderate this quarter, we are well positioned to capitalise on the improvement in demand in the coming months."

Riyank Arora, a technical analyst at Mehta Equities Ltd., commented on Page Industries' stock performance: "Page Industries is in a slow-moving down-to-sideways phase, struggling to maintain momentum. Lower highs suggest weak buyer strength, while support emerges around ₹38,500. A breakout above ₹41,000 is needed to reverse sentiment. Volumes remain muted, signalling indecision. Overall tone is cautious until a clear trend develops."

Prerna Jhunjhunwala from Elara Capital shared her expectations: "We expect a revenue CAGR of 9.1%, EBITDA CAGR of 8.4% and PAT CAGR of 7.8% in FY25-28E, led by raw material tailwinds and premiumization. Reflecting sustained softness in the core category, a slower-than-expected volume revival despite channel inventory normalization, and a gradual scale-up of distribution limiting near-term revenue growth, we cut our EPS for FY26E/27E/28E by 1.8%/6.1%/9.4%. So, we roll forward to FY28E and revise our TP to INR 49,482 (from INR 52,268), valuing the stock at 60x FY28E P/E (66x FY27E P/E earlier). Upgrade to BUY from Accumulate, given potential upside of 25% on our TP."

The company's strategic focus on operational efficiency and product innovation has helped maintain strong margins despite moderate revenue growth this quarter. Analysts have mixed views on Page Industries' stock performance due to current market conditions and potential risks like demand slowdown and rising raw material costs.