Page Industries Q1 FY27 Results Analysis: PAT Slips 4%, Revenue Hits Record (PAGEIND)

Page Industries Ltd's Q1 FY27 numbers came in mixed, with revenue of Rs. 1,420.45 Cr (+7.89% YoY) and PAT growth of -3.98% YoY. Here's a quick read of what worked, what to watch, and what management said.

Quarter Snapshot

Page Industries reported record quarterly revenue of Rs.1,420.45 Cr, but PAT declined 3.98% YoY due to margin compression from cotton inflation. EBITDA margin landed within the guided 19-21% band, and the interim dividend was raised 33.3%. The cotton import duty exemption and potential Odisha plant subsidies offer near-term tailwinds.

Key Investment Insights

Key Positives

• Record quarterly revenue of Rs.1,420.45 Cr, highest in Page's history.
• Revenue grew 7.89% YoY and 13.40% QoQ.
• EBITDA margin of 20.35% within management's guided 19-21% band.
• Interim dividend increased 33.3% to Rs.200 per share.

Risk Factors

• PAT declined 3.98% YoY despite record revenue.
• EBITDA margin compressed 203 bps YoY as total expenses grew 10.49% vs revenue growth of 7.89%.
• Material cost as a share of revenue rose 188 bps YoY to 42.75% due to cotton inflation and inventory build.