TCF POST Report
BENGALURU — Page Industries Ltd., the exclusive licensee of Jockey International across India and several South Asian and Middle Eastern markets, reported stronger first-quarter performance in FY27, with revenue rising 7.9% year on year to ₹14.20 billion (US$165.6 million), driven by healthy volume growth and broad-based consumer demand.
The company on August 15 reported that growth was spread across its sales channels, with Exclusive Brand Outlets (EBOs) and e-commerce platforms delivering particularly strong performance. New product launches, including JKY Groove, also received encouraging responses from consumers and trade partners.
Despite stronger sales, profitability came under pressure. EBITDA declined 1.9% to ₹2.89 billion (US$33.7 million), with the margin narrowing to 20.3% from 22.4% a year earlier. Profit before tax fell 4.3% to ₹2.59 billion (US$30.2 million), while profit after tax declined 4.0% to ₹1.93 billion (US$22.5 million).
Cotton and synthetic input costs weigh on margins
Page Industries said cotton and synthetic materials experienced a temporary phase of inflation during the quarter. The company absorbed a meaningful portion of the increase through strategic sourcing and supply-chain initiatives, while expecting pressure to ease as input prices normalise.
Short-term logistics disruptions also prevented the company from fully converting underlying volume growth into reported revenue growth. Management described both factors as temporary and said conditions have begun to settle.
Manufacturing expansion supports future apparel growth
The company is scaling up its manufacturing facilities in Odisha and KR Pet, which are expected to progressively increase production capacity and operating efficiency as utilisation improves. Page Industries currently operates 16 manufacturing units covering 2.9 million square feet, with 64% of production manufactured in-house.
The company’s production capacity stands at 280 million pieces, while its workforce exceeds 21,000 employees. Women account for 80% of its workforce, according to the company presentation.
Jockey expands beyond innerwear into athleisure and apparel
Jockey remains the core brand in Page Industries’ portfolio, spanning men’s, women’s and children’s innerwear and outerwear, along with socks, thermals, towels, caps and other accessories. The company is also expanding its apparel proposition through new products and broader use cases.
Recent launches include oversized T-shirts, oversized cargo products and women’s T-shirts, reflecting the company’s effort to broaden its apparel offering beyond traditional innerwear.
Page Industries also operates Speedo in India under an exclusive licence, with the business covering swimwear, equipment, water shorts, apparel and footwear.
Distribution remains a key competitive advantage
The company ended the quarter with a large national distribution network comprising 3,989 distributor accounts, 2,732 cities and towns and more than 115,000 retail outlets. Its network also includes 1,604 Exclusive Brand Stores, 930 large-format stores and extensive e-commerce distribution.
Page Industries’ strategy is to expand physical retail touchpoints while investing in digital and emerging retail channels. It also plans to use data-backed merchandising, product innovation and differentiated offerings to encourage consumers to move toward premium price points.
Digital transformation and sustainability remain priorities
Alongside capacity expansion, Page Industries is progressing with its core ERP, distribution management system and HRMS platforms. The company expects these investments to improve value-chain visibility, decision-making and operational execution.
Sustainability remains another focus. The company reported that renewable energy accounted for 33% of total consumption, while Scope 1 and 2 greenhouse-gas intensity was down 42% from its FY2019-20 baseline. It also reported zero waste to landfill and 100% supplier sustainability assessment for its upstream value-chain partners covered under its programme.
For the apparel and textile supply chain, the company’s continued investment in in-house manufacturing, sourcing efficiency, digital systems and renewable energy points to a strategy focused on improving resilience while expanding Jockey’s product and distribution footprint.
Page Industries said it remains confident about the coming months, supported by recovering volumes, channel expansion, new product launches and operating efficiencies.