Page Industries, the exclusive licensee of Jockey and Speedo for India, reports its Q2 FY 2026-2027 results into a quarter where festive demand accelerated but input costs re-escalated, with cotton yarn up ~60% from early 2026 and Brent crude holding above $100 for most of the quarter. The print will speak to whether volume growth can hit the double-digit pace management committed to after Q1's +5.7%, and whether EBITDA margin holds within the guided 19-21% band.
| Results date | November 12, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | INR 14,204 Mn (+7.9% YoY) |
| Previous quarter PAT | INR 1,928 Mn (-4.0% YoY) |
| Previous quarter EBITDA margin | 20.3% (vs 22.4% in Q1 FY26) |
| Market cap | Rs. 40,075.87 Cr |
| CMP | Rs. 35,930.0 |
The board meets on 12 Nov 2026 to approve Q2 FY27 (quarter ended 30 Sep 2026) unaudited results, with the 2nd interim dividend on the agenda and a record date of 18 Nov 2026 if declared.
An investor/analyst call is scheduled the same day, 12 Nov 2026, at 4:00 PM.
The central question for Q2 FY27 is whether volume growth can accelerate toward the double-digit FY27 target after Q1 delivered +5.7%, with management having committed to above-average volume growth over the next three quarters and the majority of Q1's ~3 days of undelivered invoiced billing expected to land in Q2. The demand tape supports that commitment: RAI apparel retail growth accelerated from +8% YoY in July to +10% in August, September GST collections rose 10.1% YoY, and a CMAI survey showed 52% of apparel makers expecting higher festive sales.
On margins, management retained the 19-21% FY27 EBITDA band after Q1's 20.3% — the lowest of the last four quarters — but input costs re-escalated rather than staying normalized after June, with cotton yarn at ~Rs. 400/kg (up ~60% from early 2026), Brent crude above $100 through the quarter, and synthetic polyester yarn WPI up 20.6% YoY in August.
The May price increase of 2.2% deliberately does not fully absorb input costs, and marketing spend is normalizing back to ~5% of revenue, both working against margin, though a lean 66-day inventory position and lifetime-high gross margins guided as largely stable offer some offset. Management has also guided to a wider value-volume gap in Q2 as the lower-ASP product mix and the May increase flow through FIFO, so revenue growth may lag the volume print.
The call will also be watched for the status of the YFT Dubai cross-appeals filed 26 Oct 2026 on the AED 113.55 mn (~Rs. 294 Cr) claim dismissed only in its current state on 21 Sep.
Volume growth vs double-digit FY27 target: Q1 delivered +5.7% against the annual double-digit goal.
EBITDA margin vs the 19-21% FY27 band: Q1's 20.3% margin is within range but the lowest of the last four quarters.
Strategic initiatives: CDP, DMS and plant ramp-up
Growth-option milestones: GCC, new brands, FY29 ambition
Risk follow-ups: input costs, YFT litigation, wage codes
Management explained that last year's margin was flattered by marketing spend below 5% of revenue, which is expected to return to the 5% level, alongside input-cost inflation normalizing margins into the guided range. The CFO had also noted the then ~22% margin was unlikely to be maintained, with investments going into brand and consumer-level demand rather than margins.
Management attributed the swings over 6-7 quarters to conscious downstocking at partner levels and scheme-calendar-driven purchase patterns, which have now stabilized and aligned primary with secondary sales. Q4 FY26's 11% volume growth was attributed to organic demand rather than festive timing or channel upstocking.
Management quantified the disruption at about 3 days of undelivered invoiced billing versus the usual 3-4 days pushed, with the majority expected to be reported in Q2 FY27. The company also confirmed above-average volume growth over the next three quarters to compensate for the Q1 shortfall.
Management reiterated the double-digit FY27 volume target on the Q1 call despite Q1's +5.7% growth, stating it is fairly confident given the demand atmosphere in Q1. The next three quarters are expected to see above-average volume growth to make up for the Q1 shortfall.
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