Source: Page Industries Limited Annual Report Financial Year 2025-26.
Quick Facts / Company Snapshot
| Key Metric / Data Point | Disclosed Value / Fact | Source Reference |
| Official Corporate Name | Page Industries Limited | Annual Report FY 2025-26 |
| Financial Year Covered | FY 2025-26 | Annual Report FY 2025-26 |
| Reporting Currency | Indian Rupee (INR in Millions) | Annual Report FY 2025-26 |
| Revenue from Operations | ₹52,468 million | Financial Highlights |
| Revenue Growth Rate | 6.32% Year-on-Year | Financial Highlights |
| Profit Before Tax (PBT) | ₹10,253 million | Financial Highlights |
| PBT Growth Rate | 4.78% Year-on-Year | Financial Highlights |
| Profit After Tax (PAT) | ₹7,638 million | Financial Highlights |
| PAT Growth Rate | 4.76% Year-on-Year | Financial Highlights |
| Earnings Per Share (EPS) | ₹685 per share | Financial Highlights |
| Return on Capital Employed (ROCE) | 74% | Financial Highlights |
| Return on Net Worth (RONW) | 53% | Financial Highlights |
| Total Annual Manufacturing Capacity | 280 million pieces | Operations Review |
| Total Manufacturing Facilities | 16 units | Operations Review |
| Total Workforce Count | 21,244 employees | ESG & Workforce Data |
| Workforce Gender Diversity | 80% Women Representation | ESG & Workforce Data |
| Jockey Exclusive Brand Stores (India) | 1,579 stores | Retail Footprint |
| Jockey Domestic Geographic Reach | 2,731 cities and towns | Distribution Network |
| Speedo Multi-Brand Outlets (MBOs) | 950+ outlets across 150+ cities | Retail Footprint |
| Total Interim Dividends Declared | ₹6,134.63 million | Corporate Governance |
Source: Page Industries Limited Annual Report Financial Year 2025-26.
Company Overview
Page Industries Limited stands as one of India’s most successful retail brand licensees and manufacturing powerhouses. The company holds the exclusive license for the manufacture, distribution, and marketing of the iconic Jockey brand across India, Sri Lanka, Nepal, Bangladesh, the United Arab Emirates, Oman, and Qatar. Additionally, Page Industries holds the exclusive license for manufacturing, marketing, and distributing the premium swimwear brand Speedo in India.
- Total revenue from operations reached ₹52,468 million in FY 2025-26, representing a solid 6.32% expansion compared to ₹49,349 million in FY 2024-25.
- The organization maintains an annual production capacity of 280 million pieces distributed across 16 state-of-the-art manufacturing facilities.
- Operational efficiency and financial discipline generated a Return on Capital Employed (ROCE) of 74% and a Return on Net Worth (RONW) of 53%.
The business model relies heavily on deep vertical integration, encompassing direct raw material sourcing, in-house fabric creation, specialized garment assembly, and an extensive distribution network spanning 2,731 cities and towns. Page Industries operates through multiple retail channels, including Exclusive Brand Stores (EBS), Multi-Brand Outlets (MBOs), Large Format Stores (LFS), e-commerce platforms, and rapid-delivery quick commerce channels.
The corporate governance framework prioritizes long-term sustainable growth while executing a multi-tiered digital transformation strategy. During FY 2025-26, Page Industries reinforced its human capital foundation, supporting a workforce of 21,244 individuals, where female representation accounts for 80% of total staff.
Business Segments
Page Industries operates predominantly within the apparel sector, specializing in premium innerwear, athleisure wear, sleepwear, socks, and swimwear. Operational management structures the business into two main strategic brand licensing divisions: Jockey Brand Operations and Speedo Brand Operations.
Related Posts
Page Industries Limited (Total Revenue: ₹52,468 Million)
├── Jockey Division (Core Revenue Engine)
│ ├── Innerwear (Men's, Women's, Kids)
│ ├── Athleisure & Activewear
│ └── Accessories & Socks
└── Speedo Division (Specialized Swimwear Engine)
├── Performance Swimwear
└── Swim Equipment & Accessories
Business Segment Revenue Breakdown
| Segment / Operational Division | Disclosed Revenue (₹ in Millions) | % of Total Revenue (Calculated by FirmsWorld) | Operational Scope & Strategic Focus |
| Jockey Brand Operations | ₹52,468 million total combined reporting entity | 100.00% (Combined Entity) | Complete design, manufacturing, marketing, and distribution of innerwear, athleisure, socks, and outerwear across domestic and international territories. |
| Speedo Brand Operations | Not separately disclosed in the provided source | Not separately disclosed in the provided source | Exclusive distribution and marketing of Speedo swimwear, activewear, and swimming accessories across 150+ Indian cities. |
Source: Page Industries Limited Annual Report Financial Year 2025-26 (Calculated by FirmsWorld).
In-Depth Profile: Jockey Brand Operations
The Jockey division serves as the primary growth driver for Page Industries Limited. This segment covers men’s innerwear, women’s innerwear, athleisure, socks, and lounge garments. With an extensive market presence, Jockey products are retailed across 2,731 cities and towns through 1,579 Exclusive Brand Stores in India and 10 overseas EBS facilities.
- Jockey International awarded Page Industries the “Licensee of the Decade” for the second consecutive time during Jockey’s 150th anniversary year.
- The master license agreement with Jockey International remains securely extended through the year 2040.
- New product development in this division introduced the JKY Groove™ collection, specifically designed to capture market share among Gen Z consumers.
In-Depth Profile: Speedo Brand Operations
The Speedo segment establishes Page Industries’ presence within the premium water-sports and athletic swimwear markets in India. The product portfolio includes professional swimwear, casual beachwear, goggles, swim caps, and training equipment.
- Speedo products are available across 950+ Multi-Brand Outlets and 36 Exclusive Brand Stores in over 150 cities.
- Marketing strategies focus on premium sporting venues, professional swimming academies, and high-end retail malls.
History and Evolution
Page Industries Limited was established in 1994 by the Genomal family with the vision of bringing world-class premium innerwear to Indian consumers. The founders secured exclusive licensing rights from Jockey International, introducing structured retail merchandising to a sector previously dominated by unorganized local manufacturers.
1994: Inception & Securing Exclusive Jockey License
└── Expanded Manufacturing & Established Pan-India Distribution Network
└── Partnered with Speedo for Exclusive Indian Rights
└── Reached 1,579 Jockey EBS & 280 Million Unit Capacity (FY 2025-26)
The evolution of Page Industries is marked by continuous manufacturing innovation, vertical integration, and rapid retail channel expansion. Over three decades, the company transitioned from a single manufacturing facility to an industrial footprint comprising 16 specialized production plants.
- Inception Year: Founded in 1994 to manufacture and distribute Jockey products across India.
- Licensing Expansion: Secured master territorial rights extending to Sri Lanka, Nepal, Bangladesh, UAE, Oman, and Qatar.
- Speedo Partnership: Entered into an exclusive licensing agreement with Speedo International to expand into high-performance swimwear.
- Capacitive Milestones: Scaled total installed manufacturing capacity to 280 million garments per year.
- License Renewal: Successfully extended the Jockey master licensing agreement through 2040.
Products and Services
Page Industries offers a diverse range of products tailored for men, women, and children. The product catalog emphasizes premium fabric quality, durability, and comfort.
- Men’s Innerwear: Vests, briefs, trunks, boxer briefs, and boxer shorts.
- Women’s Innerwear: Bras, panties, shapewear, and camisoles.
- Athleisure & Loungewear: T-shirts, track pants, joggers, shorts, hoodies, and jackets.
- Speedo Swimwear: Competitive swimsuits, fitness swimwear, water accessories, and equipment.
Products Revenue Summary
| Product Line Category | Numerical Revenue Breakdown | % of Total Revenue | Operational Characteristics |
| Combined Apparel & Accessories Portfolio | ₹52,468 million total operational revenue | 100.00% | Comprehensive product line encompassing innerwear, athleisure, outerwear, socks, and swimwear. |
| Individual Product-Level Disclosures | Not separately disclosed in the provided source | Not separately disclosed in the provided source | Standalone revenue per specific garment type is aggregated within total operational revenue. |
Source: Page Industries Limited Annual Report Financial Year 2025-26.
In-Depth Profile: Men’s & Women’s Innerwear
Innerwear remains the core foundation of Page Industries’ market presence. Continuous investments in seamless knitting technologies, heat-bonding mechanisms, and premium combed cotton processing maintain high product standards.
- The seamless innerwear line utilizes advanced heat-bonding tech to eliminate stitched seam friction.
- Women’s innerwear expansion focuses on functional, high-comfort everyday wear alongside active support bras.
In-Depth Profile: Athleisure & Move Collections
The Athleisure and Move collections cater to the growing demand for versatile, everyday activewear. These garments transition seamlessly between casual settings, home lounging, and workouts.
- The newly launched JKY Groove™ collection delivers modern designs tailored to Gen Z stylistic preferences.
- Advanced moisture-wicking and stretch fabrics enhance durability and user comfort.
Brand Portfolio
The company manages two principal consumer brands: Jockey and Speedo.
Brand Portfolio
├── Jockey (Core Brand Engine)
│ ├── Presence: 2,731 Cities/Towns
│ ├── Exclusive Stores: 1,579 (India) + 10 (International)
│ └── Master License Extended: Valid through 2040
└── Speedo (Specialized Swimwear)
├── Presence: 150+ Cities
└── Distribution: 36 EBS + 950+ MBOs
Brand Portfolio Revenue & Reach Table
| Brand Name | Disclosed Segment Revenue (₹ in Millions) | % of Total Revenue | Distribution Footprint & Recognition |
| Jockey | Included in ₹52,468 million total operational revenue | Primary Revenue Source | 2,731 cities/towns, 1,579 Indian EBS, 10 International EBS, awarded “Licensee of the Decade”. |
| Speedo | Included in ₹52,468 million total operational revenue | Specialized Niche Contributor | 36 EBS and 950+ MBOs spanning over 150 cities across India. |
Source: Page Industries Limited Annual Report Financial Year 2025-26.
In-Depth Profile: Jockey Brand
Jockey represents the core revenue engine of Page Industries. The brand commands high consumer recall and market share across innerwear and athleisure categories.
- Operates 1,579 Exclusive Brand Stores in India and 10 stores in international markets.
- Distributed across 2,731 cities and towns via an extensive retail network.
- Recognized with the “Licensee of the Decade” award by Jockey International during its 150th anniversary year.
In-Depth Profile: Speedo Brand
Speedo provides a focused presence in premium athletic swimwear and equipment. Page Industries leverages Speedo to capture growth in active sports and water-fitness activities.
- Retails through 36 Exclusive Brand Stores and over 950 multi-brand outlets.
- Covers major metropolitan centers and Tier-1 urban locations across 150+ cities.
Geographical Presence
Page Industries operates a robust distribution network across India while expanding its presence in international markets.
- Domestic Footprint: Covers 2,731 cities and towns with 1,579 Jockey EBS and 36 Speedo EBS.
- International Footprint: Licensed operations cover Sri Lanka, Nepal, Bangladesh, UAE, Oman, and Qatar, supported by 10 overseas Exclusive Brand Stores.
- Manufacturing Hubs: Operations centered primarily in Karnataka (including K.R. Pete) and Odisha (including Cuttack and Khordha).
Geographical Revenue & Regional Infrastructure
| Geographic Territory / Region | Revenue Disclosures (₹ in Millions) | % of Total Revenue | Infrastructure & Operational Footprint |
| Domestic Market (India) | Included in ₹52,468 million total revenue | Primary Revenue Source | 16 manufacturing units, RDCs, 1,579 Jockey EBS, 36 Speedo EBS, 2,731 cities/towns reach. |
| International Territories | Included in ₹52,468 million total revenue | Secondary Expansion Source | 10 Exclusive Brand Stores across UAE, Oman, Qatar, Sri Lanka, Nepal, and Bangladesh. |
Source: Page Industries Limited Annual Report Financial Year 2025-26.
In-Depth Profile: Domestic Operations (India)
India serves as Page Industries’ central market and manufacturing hub. The company’s supply chain is supported by 16 operational plants and Regional Distribution Centres (RDCs) that streamline inventory management and fulfillment.
- New facility inaugurations in K.R. Pete (Karnataka) and Cuttack (Odisha) expanded local production capacity.
- Planning and execution of K.R. Pete Phase 2 and a new facility in Khordha (Odisha) are underway.
In-Depth Profile: International Markets
International operations target high-density expatriate and urban consumer bases across the Middle East and South Asia.
- Operates 10 international Exclusive Brand Stores across key Middle Eastern and South Asian markets.
- Distribution focuses on establishing strong retail brand presence in prime commercial centers.
Profit and Loss
Page Industries delivered sustained financial performance in FY 2025-26, driven by top-line growth and operational efficiency.
- Revenue from operations rose by 6.32% to reach ₹52,468 million compared to ₹49,349 million in the preceding year.
- Profit Before Tax (PBT) expanded by 4.78% to ₹10,253 million.
- Profit After Tax (PAT) grew by 4.76% to ₹7,638 million, generating an Earnings Per Share (EPS) of ₹685.
Comprehensive Profit and Loss Statement Table
| Financial Metric / Line Item | FY 2025-26 (₹ in Millions) | FY 2024-25 (₹ in Millions) | Year-on-Year Growth (%) |
| Revenue from Operations | ₹52,468 | ₹49,349 | +6.32% |
| Profit Before Tax (PBT) | ₹10,253 | ₹9,785 | +4.78% |
| Profit After Tax (PAT) | ₹7,638 | ₹7,291 | +4.76% |
| Earnings Per Share (EPS in ₹) | ₹685 | ₹654 | +4.74% |
| Return on Capital Employed (ROCE) | 74% | Not Disclosed | High Capital Efficiency |
| Return on Net Worth (RONW) | 53% | Not Disclosed | Strong Equity Returns |
| Total Interim Dividends Declared | ₹6,134.63 | Not Disclosed | High Payout Ratio |
Source: Page Industries Limited Annual Report Financial Year 2025-26.
Balance Sheet
The Balance Sheet reflects a conservative capital structure characterized by high liquidity and efficient capital deployment.
- Capital returns remained strong, with ROCE recorded at 74% and RONW at 53%.
- During the year, the company allocated ₹77.94 million in unspent CSR funds to dedicated bank accounts for multi-year capital projects.
- Ongoing capital expenditures continue to be funded through internal cash generation.
Summary Balance Sheet Metrics
| Capital Component / Financial Indicator | Disclosed Value / Metric (FY 2025-26) | Strategic Balance Sheet Significance |
| Return on Capital Employed (ROCE) | 74% | Demonstrates exceptional efficiency in operating capital deployment. |
| Return on Net Worth (RONW) | 53% | Highlights high equity returns for shareholders. |
| Unspent CSR Account Transfer | ₹77.94 million | Ring-fenced capital dedicated to multi-year CSR infrastructure projects. |
| Total Debt Outstanding | Minimal / Low Leverage structure | Preserves balance sheet flexibility and reduces financial risk. |
Source: Page Industries Limited Annual Report Financial Year 2025-26.
Cash Flow
Page Industries maintains strong cash flow generation, driven by high operating margins and working capital control. Cash flows fully funded capacity expansions, technological modernization, and shareholder dividend returns.
- Operating cash flows supported ongoing capital expansions at K.R. Pete and Cuttack.
- Financing cash outflows included ₹6,134.63 million distributed to shareholders across four interim dividend payouts.
- Capital investments were directed toward digital transformation, including the integration of SAP S/4HANA.
Cash Flow Allocation Table
| Cash Flow Activity Category | Value / Capital Allocation (₹ in Millions) | Primary Operational Application |
| Shareholder Dividend Distributions | ₹6,134.63 million | Distributed across four interim payouts during FY 2025-26. |
| CSR Capital Allocations | ₹88.29 million deployed | Directed toward active community development and environmental projects. |
| Capital Expenditure (Capex) | Funded from internal cash generation | Investments in manufacturing facility expansions and IT infrastructure. |
Source: Page Industries Limited Annual Report Financial Year 2025-26.
Board of Directors and Leadership Team
Page Industries is guided by an experienced board of directors and executive leadership team.
- Chairman & Executive Leadership: Overseas overall strategic direction, corporate governance, and long-term expansion initiatives.
- Managing Director: Directs operational execution, retail footprint expansion, and brand licensing management.
- Chief Financial Officer (CFO): Manages financial reporting, capital allocation, risk oversight, and investor relations.
Board committees—including the Audit Committee, Stakeholders Relationship Committee, Nomination and Remuneration Committee, and CSR & Sustainability Committee—ensure regulatory compliance and strong governance standards.
Subsidiaries, Associates, Joint Ventures
Page Industries operates primarily as a direct manufacturing and brand-management entity.
| Entity Name | Relationship Type | Ownership % | Operational Scope & Revenue Contribution |
| Page Industries Operations | Direct Operational Units | 100% Direct | All core revenue (₹52,468 million) is generated through direct company operations. |
| External Subsidiaries / JVs | Not separately disclosed in the provided source | N/A | Operational activities are consolidated directly under the primary corporate entity. |
Source: Page Industries Limited Annual Report Financial Year 2025-26.
Other Investments (Including Minority / Portfolio Holdings)
Page Industries prioritizes internal reinvestment, allocation to manufacturing expansion, and direct shareholder returns over external non-operational portfolio investments.
| Investment Classification | Holding Value / Details | Strategic Purpose |
| Strategic / Passive Portfolio Equity | Not separately disclosed in the provided source | Capital is primarily reinvested into core manufacturing infrastructure. |
| Liquid & Cash Equivalents | Maintained for operational liquidity | Supports daily working capital and ongoing capex projects. |
Source: Page Industries Limited Annual Report Financial Year 2025-26.
Physical Properties
The company operates an extensive physical infrastructure network to support its manufacturing and distribution scale.
- Manufacturing Plants: 16 operational production facilities across India with a total capacity of 280 million units per year.
- Key Manufacturing Locations: Facilities in K.R. Pete (Karnataka) and Cuttack (Odisha).
- Upcoming Facilities: Phase 2 expansion at K.R. Pete and a new manufacturing unit in Khordha (Odisha).
- Distribution Infrastructure: Regional Distribution Centres (RDCs) supporting pan-India fulfillment.
- Retail Stores: 1,579 Jockey Exclusive Brand Stores, 36 Speedo Exclusive Brand Stores, and 10 overseas Jockey EBS locations.
Founders
Page Industries was founded in 1994 by the Genomal family. Led by Sunder Genomal alongside his brothers, the founders identified an opportunity to build a organized premium innerwear market in India.
- By securing exclusive licensing rights from Jockey International, the founders established modern innerwear retail standards in India.
- Their focus on vertically integrated manufacturing and quality control helped establish Jockey as a household brand across the country.
Parent
Page Industries Limited operates as an independent, publicly listed Indian corporate entity. It holds master licensing agreements with global brand owners rather than operating as a direct subsidiary.
- Jockey International: Strategic licensing partner granting exclusive manufacturing and distribution rights through 2040.
- Speedo International: Strategic licensing partner granting exclusive distribution and manufacturing rights within India.
Investments and Capital Expenditure Plans
Page Industries continues to invest in production expansion, supply chain optimizations, and technology upgrades.
- Manufacturing Capex: Execution of K.R. Pete Phase 2 in Karnataka and development of the Khordha unit in Odisha.
- Digital Transformation: Ongoing implementation of SAP S/4HANA, Salesforce Distribution Management System (DMS), and modern HRMS platforms.
- ESG Investments: Sustainability targets include a 20% reduction in energy intensity by FY 2027-28 and increasing renewable energy usage to 50%.
Shareholding Pattern
The equity structure reflects strong promoter backing alongside institutional and public participation.
| Shareholder Category | Shareholding Disclosures & Capital Structure | Investment Focus |
| Promoter & Promoter Group | Core Founding Family Holdings | Retains long-term strategic direction and governance control. |
| Institutional Investors (Mutual Funds / FPIs) | Substantial Institutional Holding | Long-term capital backed by high ROCE (74%) and payout performance. |
| Public & Individual Shareholders | Distributed Public Float | Provides equity liquidity across Indian capital markets. |
Source: Page Industries Limited Annual Report Financial Year 2025-26.
Future Strategy
Page Industries’ long-term growth plan focuses on retail expansion, digital infrastructure, and product innovation.
Future Growth Strategy
├── Channel Expansion: Deeper penetration in Tier-2/3/4 towns & expansion of Quick Commerce/D2C
├── Technological Evolution: Modernization via SAP S/4HANA & Salesforce DMS
├── Product Innovation: Expansion of JKY Groove™ Gen Z range & seamless heat-bonded innerwear
└── ESG Commitments: Energy intensity reduction by 20% & 50% renewable energy by FY 2027-28
- Omnichannel & Quick Commerce: Strengthening direct-to-consumer (D2C) channels and partnering with quick commerce platforms for rapid urban delivery.
- Retail Expansion: Expanding Exclusive Brand Stores into Tier-2, Tier-3, and Tier-4 towns.
- Supply Chain Optimization: Deploying Regional Distribution Centres (RDCs) to lower lead times and optimize inventory management.
- Product Line Extensions: Expanding youth-focused collections like JKY Groove™ and expanding seamless heat-bonded apparel.
Key Strengths
- Long-Term Licensing Agreements: Secured exclusive rights for Jockey through 2040.
- Exceptional Financial Efficiency: Outstanding ROCE of 74% and RONW of 53%.
- Extensive Distribution Scale: Reach across 2,731 cities and towns via 1,579 Exclusive Brand Stores and thousands of multi-brand outlets.
- Large Manufacturing Scale: 16 manufacturing plants producing up to 280 million pieces annually.
- Diverse, Empowered Workforce: 21,244 employees with an 80% female workforce representation.
Key Challenges and Risks
- Licensing Concentration Risk: Heavy reliance on master license agreements with Jockey International and Speedo International.
- Raw Material Price Volatility: Fluctuations in cotton and yarn prices can impact gross margins.
- IT Transition Execution: Large-scale enterprise systems deployment (e.g., SAP S/4HANA) requires careful execution to avoid operational disruptions.
- Supply Chain Vulnerabilities: Managing logistics and inventory across 2,731 cities requires continuous operational coordination.
Conclusion and Strategic Outlook
Page Industries Limited delivered solid financial and operational performance in FY 2025-26, supported by strong brand positions, deep vertical integration, and disciplined capital allocation. Revenue reached ₹52,468 million, backed by robust capital efficiency metrics including a 74% ROCE and a 53% RONW.
With the Jockey license extended through 2040, ongoing capacity expansions in Karnataka and Odisha, and enterprise technology upgrades like SAP S/4HANA, Page Industries remains well-positioned to maintain its market leadership across innerwear, athleisure, and swimwear sectors.
Frequently Asked Questions (FAQs)
What was Page Industries’ total revenue from operations in FY 2025-26?
Page Industries reported total revenue from operations of ₹52,468 million in FY 2025-26, representing a 6.32% increase compared to ₹49,349 million in FY 2024-25.
What are the main brands managed by Page Industries?
Page Industries holds the exclusive license to manufacture, market, and distribute the Jockey brand in India, Sri Lanka, Nepal, Bangladesh, UAE, Oman, and Qatar, as well as the Speedo brand in India.
How many Exclusive Brand Stores (EBS) does Jockey operate in India?
As of FY 2025-26, Jockey operates 1,579 Exclusive Brand Stores across India, supported by an additional 10 international EBS locations.
What is Page Industries’ annual manufacturing capacity?
The company maintains an annual production capacity of 280 million pieces across 16 operational manufacturing units.
What were Page Industries’ key profitability metrics in FY 2025-26?
Page Industries generated a Profit Before Tax (PBT) of ₹10,253 million, a Profit After Tax (PAT) of ₹7,638 million, an EPS of ₹685, a Return on Capital Employed (ROCE) of 74%, and a Return on Net Worth (RONW) of 53%.
How long is the exclusive Jockey licensing agreement valid?
The master licensing agreement with Jockey International has been extended through the year 2040.
What are Page Industries’ key sustainability and ESG targets?
The company aims to reduce energy intensity by 20% by FY 2027-28 and increase the share of renewable energy in its operations to 50%.
Official Site: Page Industries Limited
