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Page Industries

NSEI:PAGEIND
Snowflake Description

Flawless balance sheet with solid track record and pays a dividend.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
PAGEIND
NSEI
₹252B
Market Cap
  1. Home
  2. IN
  3. Consumer Durables
Company description

Page Industries Limited manufactures, markets, and distributes garments and clothing accessories under the Jockey brand name in India. The last earnings update was 70 days ago. More info.


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  • Page Industries has significant price volatility in the past 3 months.
PAGEIND Share Price and Events
7 Day Returns
-3.3%
NSEI:PAGEIND
-1%
IN Luxury
-0.7%
IN Market
1 Year Returns
2.2%
NSEI:PAGEIND
-14.9%
IN Luxury
-11.6%
IN Market
PAGEIND Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Page Industries (PAGEIND) -3.3% -5.1% -20.9% 2.2% 85.6% 306.1%
IN Luxury -1% 1.4% 5.2% -14.9% 37.2% 200.3%
IN Market -0.7% -0.5% 5.3% -11.6% 41.7% 87.9%
1 Year Return vs Industry and Market
  • PAGEIND outperformed the Luxury industry which returned -14.9% over the past year.
  • PAGEIND outperformed the Market in India which returned -11.6% over the past year.
Price Volatility
PAGEIND
Industry
5yr Volatility vs Market

PAGEIND Value

 Is Page Industries undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Page Industries to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Page Industries.

NSEI:PAGEIND Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 13 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 15.1%
Perpetual Growth Rate 10-Year IN Government Bond Rate 7.6%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NSEI:PAGEIND
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year IN Govt Bond Rate 7.6%
Equity Risk Premium S&P Global 7.5%
Luxury Unlevered Beta Simply Wall St/ S&P Global 1.01
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.006 (1 + (1- 35%) (0.19%))
1.008
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.01
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 7.55% + (1.008 * 7.45%)
15.06%

Discounted Cash Flow Calculation for NSEI:PAGEIND using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Page Industries is arrived at by discounting future cash flows to their present value using the 2 stage method. We use analyst's estimates of cash flows going forward 5 years for the 1st stage, the 2nd stage assumes the company grows at a stable rate into perpetuity.

NSEI:PAGEIND DCF 1st Stage: Next 5 year cash flow forecast
2019 2020 2021 2022 2023
Levered FCF (INR, Millions) 3,184.88 4,139.14 4,681.25 5,477.06 6,353.39
Source Analyst x8 Analyst x7 Analyst x4 Est @ 17%, capped from 18.37% Est @ 16%, capped from 18.37%
Present Value
Discounted (@ 15.06%)
2,768.07 3,126.65 3,073.37 3,125.25 3,150.85
Present value of next 5 years cash flows ₹15,244.19
NSEI:PAGEIND DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2023 × (1 + g) ÷ (Discount Rate – g)
= ₹6,353.39 × (1 + 7.55%) ÷ (15.06% – 7.55%)
₹91,014.47
Present Value of Terminal Value = Terminal Value ÷ (1 + r)5
= ₹91,014.47 ÷ (1 + 15.06%)5
₹45,136.97
NSEI:PAGEIND Total Equity Value
Calculation Result
Total Equity Value = Present value of next 5 years cash flows + Terminal Value
= ₹15,244.19 + ₹45,136.97
₹60,381.16
Equity Value per Share
(INR)
= Total value / Shares Outstanding
= ₹60,381.16 / 11.15
₹5413.47
NSEI:PAGEIND Discount to Share Price
Calculation Result
Value per share (INR) From above. ₹5,413.47
Current discount Discount to share price of ₹22,590.55
= -1 x (₹22,590.55 - ₹5,413.47) / ₹5,413.47
-317.3%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Page Industries is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Page Industries's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Page Industries's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NSEI:PAGEIND PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-09-30) in INR ₹353.86
NSEI:PAGEIND Share Price ** NSEI (2019-01-22) in INR ₹22590.55
India Luxury Industry PE Ratio Median Figure of 241 Publicly-Listed Luxury Companies 12.46x
India Market PE Ratio Median Figure of 2,737 Publicly-Listed Companies 16.72x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Page Industries.

NSEI:PAGEIND PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NSEI:PAGEIND Share Price ÷ EPS (both in INR)

= 22590.55 ÷ 353.86

63.84x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Page Industries is overvalued based on earnings compared to the IN Luxury industry average.
  • Page Industries is overvalued based on earnings compared to the India market.
Price based on expected Growth
Does Page Industries's expected growth come at a high price?
Raw Data
NSEI:PAGEIND PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 63.84x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 13 Analysts
19.4%per year
India Luxury Industry PEG Ratio Median Figure of 31 Publicly-Listed Luxury Companies 1.07x
India Market PEG Ratio Median Figure of 631 Publicly-Listed Companies 1.15x

*Line of best fit is calculated by linear regression .

NSEI:PAGEIND PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 63.84x ÷ 19.4%

3.3x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Page Industries is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Page Industries's assets?
Raw Data
NSEI:PAGEIND PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-09-30) in INR ₹838.42
NSEI:PAGEIND Share Price * NSEI (2019-01-22) in INR ₹22590.55
India Luxury Industry PB Ratio Median Figure of 307 Publicly-Listed Luxury Companies 0.78x
India Market PB Ratio Median Figure of 3,570 Publicly-Listed Companies 1.16x
NSEI:PAGEIND PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NSEI:PAGEIND Share Price ÷ Book Value per Share (both in INR)

= 22590.55 ÷ 838.42

26.94x

* Primary Listing of Page Industries.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Page Industries is overvalued based on assets compared to the IN Luxury industry average.
X
Value checks
We assess Page Industries's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Luxury industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Luxury industry average (and greater than 0)? (1 check)
  5. Page Industries has a total score of 0/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

PAGEIND Future Performance

 How is Page Industries expected to perform in the next 1 to 3 years based on estimates from 13 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
19.4%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Page Industries expected to grow at an attractive rate?
  • Page Industries's earnings growth is expected to exceed the low risk savings rate of 7.6%.
Growth vs Market Checks
  • Page Industries's earnings growth is expected to exceed the India market average.
  • Page Industries's revenue growth is expected to exceed the India market average.
Annual Growth Rates Comparison
Raw Data
NSEI:PAGEIND Future Growth Rates Data Sources
Data Point Source Value (per year)
NSEI:PAGEIND Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 13 Analysts 19.4%
NSEI:PAGEIND Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 13 Analysts 17.6%
India Luxury Industry Earnings Growth Rate Market Cap Weighted Average 18.8%
India Luxury Industry Revenue Growth Rate Market Cap Weighted Average 15.1%
India Market Earnings Growth Rate Market Cap Weighted Average 18.9%
India Market Revenue Growth Rate Market Cap Weighted Average 11.5%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NSEI:PAGEIND Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 13 Analyst Estimates (S&P Global) See Below
All numbers in INR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NSEI:PAGEIND Future Estimates Data
Date (Data in INR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-03-31 41,723 4,972 6,250 7
2020-03-31 35,255 4,523 5,276 13
2019-03-31 29,700 3,759 4,314 13
NSEI:PAGEIND Past Financials Data
Date (Data in INR Millions) Revenue Cash Flow Net Income *
2018-09-30 27,354 3,947
2018-06-30 26,704 3,861
2018-03-31 25,514 4,546 3,470
2017-12-31 24,419 3,195
2017-09-30 23,491 2,990
2017-06-30 22,578 2,836
2017-03-31 21,285 2,736 2,663
2016-12-31 20,596 2,573
2016-09-30 19,780 2,464
2016-06-30 19,064 2,380
2016-03-31 17,956 2,192 2,315
2015-12-31 17,261 2,225

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Page Industries's earnings are expected to grow by 19.4% yearly, however this is not considered high growth (20% yearly).
  • Page Industries's revenue is expected to grow by 17.6% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NSEI:PAGEIND Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 13 Analyst Estimates (S&P Global) See Below

All data from Page Industries Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NSEI:PAGEIND Future Estimates Data
Date (Data in INR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-03-31 560.30 599.00 518.90 6.00
2020-03-31 472.85 502.40 432.60 11.00
2019-03-31 386.62 410.00 367.40 11.00
NSEI:PAGEIND Past Financials Data
Date (Data in INR Millions) EPS *
2018-09-30 353.86
2018-06-30 346.17
2018-03-31 311.08
2017-12-31 286.47
2017-09-30 268.07
2017-06-30 254.29
2017-03-31 238.73
2016-12-31 230.69
2016-09-30 220.95
2016-06-30 213.36
2016-03-31 207.57
2015-12-31 199.50

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Page Industries is expected to make outstanding use of shareholders’ funds in the future (Return on Equity greater than 40%).
X
Future performance checks
We assess Page Industries's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the India market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the India market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Page Industries has a total score of 4/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

PAGEIND Past Performance

  How has Page Industries performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Page Industries's growth in the last year to its industry (Luxury).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Page Industries's year on year earnings growth rate has been positive over the past 5 years.
  • Page Industries's 1-year earnings growth exceeds its 5-year average (32% vs 19.8%)
  • Page Industries's earnings growth has exceeded the IN Luxury industry average in the past year (32% vs 21%).
Earnings and Revenue History
Page Industries's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Page Industries Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NSEI:PAGEIND Past Revenue, Cash Flow and Net Income Data
Date (Data in INR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-09-30 27,354.50 3,946.87 5,591.62
2018-06-30 26,703.99 3,861.14 5,473.07
2018-03-31 25,513.69 3,469.76 5,405.01
2017-12-31 24,418.92 3,195.38 5,312.11
2017-09-30 23,491.17 2,990.22 5,265.35
2017-06-30 22,577.98 2,836.35 3,920.81
2017-03-31 21,285.34 2,662.82 4,978.12
2016-12-31 20,595.96 2,573.00 4,551.24
2016-09-30 19,779.66 2,464.32 4,441.48
2016-06-30 19,064.49 2,379.76 4,248.05
2016-03-31 17,955.99 2,315.19 4,106.98
2015-12-31 17,260.64 2,225.12 4,245.20
2015-09-30 16,695.90 2,153.04 4,050.16
2015-06-30 16,034.09 2,049.10 3,963.10
2015-03-31 15,434.40 1,960.24 3,528.90
2014-12-31 14,247.40 1,840.27 3,407.58
2014-09-30 13,493.48 1,739.47 3,245.17
2014-06-30 12,472.63 1,649.74 3,061.95
2014-03-31 11,876.84 1,537.84 2,877.92
2013-12-31 11,032.57 1,422.60 2,520.87
2013-09-30 10,169.17 1,330.50 2,396.41
2013-06-30 9,494.45 1,228.75 2,245.68
2013-03-31 8,634.64 1,125.33 2,170.26
2012-12-31 8,086.90 1,059.87 1,902.25
2012-09-30 7,646.26 1,004.80 1,811.86
2012-06-30 7,251.13 950.59 1,759.97
2012-03-31 6,834.09 899.85 1,705.98

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Page Industries made outstanding use of shareholders’ funds last year (Return on Equity greater than 40%).
  • Page Industries used its assets more efficiently than the IN Luxury industry average last year based on Return on Assets.
  • Page Industries's use of capital has not improved over the past 3 years (Return on Capital Employed).
X
Past performance checks
We assess Page Industries's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Luxury industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Page Industries has a total score of 5/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

PAGEIND Health

 How is Page Industries's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Page Industries's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Page Industries is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Page Industries's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Page Industries's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 24.1x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Page Industries Company Filings, last reported 3 months ago.

NSEI:PAGEIND Past Debt and Equity Data
Date (Data in INR Millions) Total Equity Total Debt Cash & Short Term Investments
2018-09-30 9,351.19 479.49 3,679.93
2018-06-30 8,473.00 685.46 2,849.08
2018-03-31 8,473.00 685.46 2,849.08
2017-12-31 7,659.02 441.35 2,713.78
2017-09-30 7,659.02 441.35 2,713.78
2017-06-30 6,657.80 672.67 791.78
2017-03-31 6,657.81 876.81 726.86
2016-12-31 6,037.01 639.78 1,509.11
2016-09-30 6,037.01 639.78 1,509.11
2016-06-30 5,052.28 948.94 86.46
2016-03-31 5,298.70 948.95 86.46
2015-12-31 4,564.58 563.79 67.91
2015-09-30 4,564.58 563.79 67.91
2015-06-30 3,867.62 1,572.80 44.18
2015-03-31 3,867.62 1,572.80 44.18
2014-12-31 3,457.88 876.22 37.07
2014-09-30 3,457.88 876.22 37.07
2014-06-30 2,890.02 1,632.19 34.62
2014-03-31 2,890.02 1,632.19 34.62
2013-12-31 2,597.04 724.72 33.73
2013-09-30 2,597.04 724.72 33.73
2013-06-30 2,135.15 1,006.91 55.50
2013-03-31 2,135.15 1,006.91 55.50
2012-12-31 2,163.51 552.28 70.38
2012-09-30 2,163.51 552.28 70.38
2012-06-30 1,657.98 758.91 31.23
2012-03-31 1,657.98 758.91 31.23
  • Page Industries's level of debt (5.1%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (27.9% vs 5.1% today).
  • Debt is well covered by operating cash flow (948%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 50.4x coverage).
X
Financial health checks
We assess Page Industries's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Page Industries has a total score of 6/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

PAGEIND Dividends

 What is Page Industries's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
0.73%
Current annual income from Page Industries dividends. Estimated to be 0.96% next year.
If you bought ₹2,000 of Page Industries shares you are expected to receive ₹15 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Page Industries's pays a higher dividend yield than the bottom 25% of dividend payers in India (0.51%).
  • Page Industries's dividend is below the markets top 25% of dividend payers in India (1.81%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NSEI:PAGEIND Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 13 Analyst Estimates (S&P Global) See Below
India Luxury Industry Average Dividend Yield Market Cap Weighted Average of 110 Stocks 0.6%
India Market Average Dividend Yield Market Cap Weighted Average of 1392 Stocks 1.4%
India Minimum Threshold Dividend Yield 10th Percentile 0.3%
India Bottom 25% Dividend Yield 25th Percentile 0.5%
India Top 25% Dividend Yield 75th Percentile 1.8%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NSEI:PAGEIND Future Dividends Estimate Data
Date (Data in ₹) Dividend per Share (annual) Avg. No. Analysts
2021-03-31 240.38 5.00
2020-03-31 211.31 9.00
2019-03-31 211.76 9.00
NSEI:PAGEIND Past Annualized Dividends Data
Date (Data in ₹) Dividend per share (annual) Avg. Yield (%)
2018-11-14 164.000 0.667
2018-08-09 164.000 0.523
2018-05-25 140.000 0.512
2017-05-25 97.000 0.487
2016-07-08 85.000 0.593
2016-05-24 85.000 0.620
2015-07-17 80.000 0.624
2015-07-16 75.000 0.502
2015-05-28 75.000 0.500
2015-02-12 72.000 0.540
2014-11-10 72.000 0.663
2014-06-06 64.000 0.839
2014-05-29 64.000 1.029
2014-02-12 60.000 1.007
2013-11-14 60.000 1.136
2013-05-30 50.000 1.160
2012-11-08 48.000 1.386
2012-05-30 37.000 1.198
2012-02-09 40.000 1.443
2011-11-11 48.000 1.913
2011-07-15 26.000 1.060
2011-05-27 26.000 1.448
2010-06-02 21.000 1.596
2010-05-28 21.000 2.524
2009-12-31 21.000 2.542
2009-06-15 17.000 2.673
2009-06-01 17.000 3.626
2009-01-30 16.000 4.220
2009-01-27 10.000 3.232

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Page Industries's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2.3x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (2.3x coverage).
X
Income/ dividend checks
We assess Page Industries's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.3%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Page Industries afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Page Industries has a total score of 4/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

PAGEIND Management

 What is the CEO of Page Industries's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Vedji Ticku
COMPENSATION ₹41,740,000
AGE 50
TENURE AS CEO 2.9 years
CEO Bio

Mr. Vedji Ticku, B.E. (Mech), has been Chief Executive Officer of Page Industries Limited since February 12, 2016 and has been its Executive Director since May 25, 2017. Mr. Ticku served as the Chief Operating Officer of Page Industries Limited. He has more than 25 years of experience in the field of Sales, Marketing, General Administration and Corporate Affairs. Mr. Ticku served as the General Manager of Sales & Marketing at Page Industries Limited and also served as its General Manager of Sales. He has been with Page Industries Ltd. since May 1997 and has 14 years of experience. He joined Page Industries Ltd. as Regional Sales Manager for South Zone. After setting up the business successfully in South, he was promoted as Senior Sales Manager, with additional charge of North Zone in the year 2001. He was working with Eureka Forbes Limited. He is a Bachelor of Engineering (Mechanical).

CEO Compensation
  • Vedji's compensation has been consistent with company performance over the past year.
  • Vedji's remuneration is about average for companies of similar size in India.
Management Team Tenure

Average tenure and age of the Page Industries management team in years:

3.3
Average Tenure
49
Average Age
  • The tenure for the Page Industries management team is about average.
Management Team

Vedji Ticku

TITLE
CEO & Executive Director
COMPENSATION
₹42M
AGE
50
TENURE
2.9 yrs

Sunder Genomal

TITLE
Founder
COMPENSATION
₹18M
AGE
64

K. Chandrasekar

TITLE
Chief Financial Officer
COMPENSATION
₹13M
AGE
55
TENURE
0.9 yrs

V. Ganesh

TITLE
Executive Director of Manufacturing & Operations and Director
COMPENSATION
₹18M
AGE
50
TENURE
1.7 yrs

C. Murugesh

TITLE
Company Secretary & Compliance Officer
COMPENSATION
₹3M
TENURE
5.8 yrs

M. Cariappa

TITLE
President of Sales & Marketing
AGE
48
TENURE
2.3 yrs

Minor Ganesan

TITLE
Vice President of Human Resources
AGE
47
TENURE
3.7 yrs

Shamir Genomal

TITLE
Deputy MD & Director
COMPENSATION
₹12M
AGE
34
TENURE
4.6 yrs

Shelagh Commons

TITLE
Head of Product Development
AGE
47
TENURE
4.8 yrs
Board of Directors Tenure

Average tenure and age of the Page Industries board of directors in years:

10.1
Average Tenure
63
Average Age
  • The average tenure for the Page Industries board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors

Pradeep Jaipuria

TITLE
Chairman of the Board
COMPENSATION
₹670K
AGE
66
TENURE
7.9 yrs

Vedji Ticku

TITLE
CEO & Executive Director
COMPENSATION
₹42M
AGE
50
TENURE
1.7 yrs

Sunder Genomal

TITLE
Founder
COMPENSATION
₹18M
AGE
64
TENURE
24.2 yrs

V. Ganesh

TITLE
Executive Director of Manufacturing & Operations and Director
COMPENSATION
₹18M
AGE
50
TENURE
1.7 yrs

Shamir Genomal

TITLE
Deputy MD & Director
COMPENSATION
₹12M
AGE
34
TENURE
4.6 yrs

G. Albal

TITLE
Independent Director
COMPENSATION
₹750K
AGE
63
TENURE
12.3 yrs

Sandeep Maini

TITLE
Independent Director
COMPENSATION
₹640K
AGE
51
TENURE
3.7 yrs

Ramesh Genomal

TITLE
Non-Executive Director
COMPENSATION
₹30K
AGE
66
TENURE
24.2 yrs

Timothy Wheeler

TITLE
Non-Executive Director
COMPENSATION
₹610K
AGE
63
TENURE
12.3 yrs

Nari Genomal

TITLE
Non-Executive Director
COMPENSATION
₹50K
AGE
76
TENURE
14.2 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (₹) Value (₹)
27. Aug 18 Sell Nari Genomal Individual 23. Aug 18 27. Aug 18 -6,197 ₹34,675.65 ₹-214,884,980
27. Aug 18 Sell Ramesh Genomal Individual 23. Aug 18 27. Aug 18 -5,729 ₹34,679.27 ₹-198,677,521
27. Aug 18 Sell Sunder Genomal Individual 23. Aug 18 27. Aug 18 -5,000 ₹34,683.58 ₹-173,417,883
21. Aug 18 Sell Nari Genomal Individual 17. Aug 18 17. Aug 18 -2,006 ₹33,569.24 ₹-67,339,889
21. Aug 18 Sell Ramesh Genomal Individual 17. Aug 18 17. Aug 18 -2,010 ₹33,569.74 ₹-67,475,180
21. Aug 18 Sell Sunder Genomal Individual 17. Aug 18 17. Aug 18 -2,007 ₹33,569.20 ₹-67,373,390
21. Aug 18 Sell Nari Genomal Individual 17. Aug 18 17. Aug 18 -2,006 ₹33,569.24 ₹-67,339,889
17. Aug 18 Sell Nari Genomal Individual 14. Aug 18 16. Aug 18 -2,994 ₹33,664.33 ₹-100,790,989
17. Aug 18 Sell Ramesh Genomal Individual 14. Aug 18 16. Aug 18 -2,990 ₹33,665.82 ₹-100,660,799
17. Aug 18 Sell Sunder Genomal Individual 14. Aug 18 16. Aug 18 -2,993 ₹33,664.65 ₹-100,758,306
30. Jul 18 Sell Nari Genomal Individual 30. Jul 18 30. Jul 18 -1,271 ₹29,230.52 ₹-37,151,990
30. Jul 18 Sell Ramesh Genomal Individual 30. Jul 18 30. Jul 18 -1,242 ₹29,229.78 ₹-36,303,391
30. Jul 18 Sell Sunder Genomal Individual 30. Jul 18 30. Jul 18 -1,356 ₹29,231.30 ₹-39,637,642
27. Jul 18 Sell Nari Genomal Individual 26. Jul 18 26. Jul 18 -83 ₹28,657.11 ₹-2,378,540
27. Jul 18 Sell Ramesh Genomal Individual 26. Jul 18 27. Jul 18 -7,068 ₹29,019.73 ₹-203,310,299
27. Jul 18 Sell Nari Genomal Individual 26. Jul 18 27. Jul 18 -7,068 ₹29,026.41 ₹-203,358,774
27. Jul 18 Sell Sunder Genomal Individual 26. Jul 18 27. Jul 18 -7,388 ₹29,074.52 ₹-212,749,210
26. Jul 18 Sell Nari Genomal Individual 23. Jul 18 25. Jul 18 -2,447 ₹28,560.00 ₹-69,649,510
26. Jul 18 Sell Ramesh Genomal Individual 23. Jul 18 25. Jul 18 -2,434 ₹28,560.00 ₹-69,279,158
26. Jul 18 Sell Sunder Genomal Individual 23. Jul 18 25. Jul 18 -2,385 ₹28,540.00 ₹-67,882,793
20. Jul 18 Sell Ramesh Genomal Individual 17. Jul 18 18. Jul 18 -1,084 ₹28,778.80 ₹-31,179,863
20. Jul 18 Sell Nari Genomal Individual 17. Jul 18 20. Jul 18 -1,433 ₹28,873.27 ₹-41,265,749
20. Jul 18 Sell Ramesh Genomal Individual 17. Jul 18 20. Jul 18 -1,337 ₹28,873.28 ₹-38,495,174
20. Jul 18 Sell Sunder Genomal Individual 17. Jul 18 20. Jul 18 -1,392 ₹28,873.27 ₹-40,070,720
16. Jul 18 Sell Nari Genomal Individual 11. Jul 18 13. Jul 18 -2,796 ₹28,750.36 ₹-79,422,772
16. Jul 18 Sell Ramesh Genomal Individual 11. Jul 18 13. Jul 18 -2,819 ₹28,750.36 ₹-80,079,341
16. Jul 18 Sell Sunder Genomal Individual 11. Jul 18 13. Jul 18 -2,835 ₹28,750.36 ₹-80,571,441
X
Management checks
We assess Page Industries's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Page Industries has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

PAGEIND News

Simply Wall St News

A Closer Look At Page Industries Limited's (NSE:PAGEIND) Impressive ROE

While some investors are already well versed in financial metrics (hat tip), this article is for those who would like to learn about Return On Equity (ROE) and why it is important. … Another way to think of that is that for every ₹1 worth of equity in the company, it was able to earn ₹0.42. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

Page Industries Limited (NSE:PAGEIND)'s Return on Capital

and want to better understand how you can grow your money by investing in Page Industries Limited (NSE:PAGEIND). … Therefore, looking at how efficiently Page Industries is able to use capital to create earnings will help us understand your potential return. … Investors use many different metrics but the analysis below focuses on return on capital employed (ROCE).

Simply Wall St -

Did Page Industries Limited's (NSE:PAGEIND) Recent Earnings Growth Beat The Trend?

In this commentary, I will examine Page Industries Limited's (NSE:PAGEIND) latest earnings update (30 September 2018) and compare these figures against its performance over the past couple of years, as well as how the rest of the luxury industry performed. … Did PAGEIND beat its long-term earnings growth trend and its industry. … PAGEIND's trailing twelve-month earnings (from 30 September 2018) of US$3.9b has.

Simply Wall St -

Should We Be Delighted With Page Industries Limited's (NSE:PAGEIND) ROE Of 46%?

Over the last twelve months Page Industries has recorded a ROE of 46%. … View our latest analysis for Page Industries? … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

Is Page Industries Limited's (NSE:PAGEIND) CEO Being Overpaid?

This analysis aims first to contrast CEO compensation with other companies that have similar market capitalization. … According to our data, Page Industries Limited has a market capitalization of ₹324.8b, and pays its CEO total annual compensation worth ₹42m. … So Vedji Ticku receives a similar amount to the median CEO pay, amongst the companies we looked at.

Simply Wall St -

Should You Care About Page Industries Limited’s (NSE:PAGEIND) Cash Levels?

I’ve analysed below, the health and outlook of Page Industries’s cash flow, which will help you understand the stock from a cash standpoint. … Page Industries generates cash through its day-to-day business, which needs to be reinvested into the company in order for it to continue operating. … There are two methods I will use to evaluate the quality of Page Industries’s FCF: firstly, I will measure its FCF yield relative to the market index yield; secondly, I will examine whether its operating cash flow will continue to grow into the future, which will give us a sense of sustainability

Simply Wall St -

Does Page Industries Limited's (NSE:PAGEIND) August Stock Price Reflect Its Future Growth?

Page Industries Limited (NSE:PAGEIND) is considered a high-growth stock, but its last closing price of ₹33231.85 left some investors wondering if this high future earnings potential can be rationalized by its current price tag. … What can we expect from Page Industries in the future. … Page Industries's growth potential is very attractive

Simply Wall St -

Page Industries Limited (NSE:PAGEIND): Secrets For Long Term Investors

Today I want to bring to light the market's darling - Page Industries Limited. … Looking at its size, financial health and track record, I believe there's an opportunity with Page Industries during these volatile times. … Page Industries Limited manufactures, markets, and distributes garments and clothing accessories under the Jockey brand name in India

Simply Wall St -

Why Page Industries Limited (NSE:PAGEIND) Is A Financially Healthy Company

Small and large cap stocks are widely popular for a variety of reasons, however, mid-cap companies such as Page Industries Limited (NSE:PAGEIND), with a market cap of ₹316.32b, often get neglected by retail investors. … Don’t forget that this is a general and concentrated examination of Page Industries's financial health, so you should conduct further analysis. … View our latest analysis for Page Industries

Simply Wall St -

Page Industries Limited (NSE:PAGEIND): Immense Growth Potential?

Based on Page Industries Limited's (NSE:PAGEIND) earnings update in March 2018,. … with earnings expected to grow by 26.21% in the upcoming year … the past 5-year average growth rate of 20.62%

Simply Wall St -

PAGEIND Company Info

Map
Description

Page Industries Limited manufactures, markets, and distributes garments and clothing accessories under the Jockey brand name in India. It offers inner T-shirts, vests, briefs, trunks, shorts, boxer shorts, jackets, tank tops, and polo T-shirts, as well as lounge, track, and long pants; casual, formal, and sport socks; and face, hand, and bath towels for men. It also provides bras, panties, camisoles and tops, T-shirts, shapewear, tank tops, 3 by 4 sleeved vests, leggings, and casual socks, as well as capri, lounge, and track pants for women; and short and long sleeve vests, long John, briefs, vests, trunks, boxer shorts, T-shirts, shorts, and track pants for kids. In addition, the company provides swimwear under the Speedo brand name. The company sells its products through 470 exclusive brand outlets (EBOs), large format stores (LFS), multi brand outlets (MBO), traditional hosiery stores, and multi-purpose stores, as well as through 5 EBOs in the United Arab Emirates and 2 EBOs in Sri Lanka. It also exports its products to Sri Lanka, Nepal, and the United Arab Emirates. Page Industries Limited was founded in 1994 and is headquartered in Bengaluru, India.

Details
Name: Page Industries Limited
PAGEIND
Exchange: NSEI
Founded: 1994
₹251,972,148,290
11,153,874
Website: http://www.jockeyindia.com
Address: Page Industries Limited
Tower-1, Cessna Business Park,
3rd Floor,
Bengaluru,
Karnataka, 560103,
India
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NSEI PAGEIND Equity Shares National Stock Exchange of India IN INR 16. Mar 2007
BSE 532827 Equity Shares Mumbai Stock Exchange IN INR 16. Mar 2007
Number of employees
Current staff
Staff numbers
18,801
Page Industries employees.
Industry
Apparel, Accessories and Luxury Goods
Consumer Durables
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/01/23 12:45
End of day share price update: 2019/01/22 00:00
Last estimates confirmation: 2019/01/14
Last earnings filing: 2018/11/14
Last earnings reported: 2018/09/30
Last annual earnings reported: 2018/03/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.