Page Industries – The Jockey Rides Too Fast


  • Date: 13 Jan 2015
  • CMP: Rs 11,766
  • Mid Cap – with Mkt Cap 13,020 crores
  • Advice:  HOLD


Page Industries with the Jockey franchise in India is a pioneer of the premium innerwear market. It is extending the success in menswear to womens wear and active wear, and with the Speedo brand to swimwear. Their revenues, EBITDA and PAT have grown by 36%, 35% and 37% CAGR over 6 years. With investments in manufacturing and retail, we expect this success trajectory to continue.

Why is it a HOLD? 

  1. Page has a PE of 71.3 times, a PEG is 2.4 and a P/B of 45.4 times
  2. It has seen a 109% price appreciation in the last one year.
  3. It is a Quality business, but available today at excessive valuations.
  4. It’s a Hold but investors may Buy on Dips.

To see latest price of Page Industries, click on // Page Industries

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Disclosures and Disclaimer

  • This document has been prepared by JainMatrix Investments Bangalore (JM), and is meant for use by the recipient only as information and is not for circulation. This document is not to be reported or copied or made available to others without prior permission of JM. It should not be considered or taken as an offer to sell or a solicitation to buy or sell any security.
  • The information contained in this report has been obtained from sources that are considered to be reliable. However, JM has not independently verified the accuracy or completeness of the same.
  • Neither JM nor any of its affiliates, its directors or its employees accepts any responsibility of whatsoever nature for the information, statements and opinion given, made available or expressed herein or for any omission therein.
  • Recipients of this report should be aware that past performance is not necessarily a guide to future performance and value of investments can go down as well. The suitability or otherwise of any investments will depend upon the recipient’s particular circumstances and, in case of doubt, advice should be sought from an independent expert/advisor.
  • JM has been publishing equity research reports since Nov 2012.
  • Punit Jain has been a long term investor in Page Industries since June 2014. Other than this, JM and its promoters/ employees have no financial interest in Page and no known material conflict of interest as on date of publication of this report. Any questions should be directed to the director of JainMatrix Investments at
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