Page Industries' margin slips as costs outpace revenue growth
Standalone revenue rose +7.89% year on year, but operating margin fell 2.03 percentage points and net profit declined -3.98%.
Filed 13 Aug 2026, 14:38 IST · Page Industries Ltd (PAGEIND)
Key takeaways
- Standalone revenue grew +7.89% year on year, but net profit fell -3.98% as expenses rose faster than sales.
- Operating margin narrowed by 2.03 percentage points year on year to 20.35%, marking a second consecutive quarterly decline.
- Other income contributed 4.10% of pre-tax profit, while the 0.26-percentage-point tax-rate reduction provided only limited support to earnings.
Price around the results
Sales growth did not translate into profit growth
Page Industries' standalone revenue increased +7.89% year on year to Rs 1420.45 cr, while net profit declined -3.98% to Rs 192.81 cr. Expenses rose +10.72%, outpacing revenue and limiting operating profit, which fell -1.93%. Sequentially, revenue grew +13.40% and net profit rose +7.88%, indicating better momentum than the year-on-year comparison.
Cost growth drove the margin squeeze
Operating margin narrowed by 2.03 percentage points year on year because expenses grew faster than revenue. The sequential pressure was smaller but continued: expenses rose +14.05% against revenue growth of +13.40%, reducing margin by 0.45 percentage points. Other income fell -28.36% year on year and -38.21% sequentially, contributing 4.10% of pre-tax profit; the 0.26-percentage-point lower tax rate partly cushioned the earnings decline.
Margin is below its recent peak but above the sector median
Operating margin has fallen for two straight quarters, from 22.94% in Q3FY26 to 20.80% in Q4FY26 and 20.35% in Q1FY27. Even after the decline, Page Industries was 7.07 percentage points above the 13.28% median margin of 171 Consumer Discretionary peers that had reported the quarter.
Past result reactions have been evenly split
Across the stock's last eight results, four reactions were positive and four were negative. The median absolute move was 2.37%, so the historical pattern shows directionally mixed but generally limited result-day reactions.
Q1FY27 at a glance
Standalone figures as filed with NSE — cross-checked against an independent source.
| Line item | Q1FY27 | Q4FY26 | QoQ | YoY |
|---|---|---|---|---|
| Revenue | ₹1,420 cr | ₹1,253 cr | +13.40% | +7.89% |
| Other income | ₹11 cr | ₹17 cr | -38.21% | -28.36% |
| Expenses | ₹1,131 cr | ₹992 cr | +14.05% | +10.72% |
| Operating profit | ₹289 cr | ₹261 cr | +10.92% | -1.93% |
| Operating margin (%) | 20.35% | 20.80% | — | — |
| Interest | ₹12 cr | ₹12 cr | +4.63% | -1.82% |
| Depreciation | ₹29 cr | ₹28 cr | +2.03% | +7.48% |
| Profit before tax | ₹259 cr | ₹238 cr | +8.73% | -4.31% |
| Tax | ₹66 cr | ₹59 cr | +11.34% | -5.26% |
| Net profit | ₹193 cr | ₹179 cr | +7.88% | -3.98% |
| EPS (₹) | ₹172.86 | ₹160.24 | +7.88% | -3.98% |
Operating margin of 20.35% compares with a Consumer Discretionary sector median of 13.28% across 171 peers that have reported Q1FY27.
What to watch
- Whether operating margin holds above 20.35% after two consecutive quarterly declines.
- Whether expense growth remains below the +10.72% year-on-year rate recorded this quarter.
- Whether other income remains near its 4.10% share of pre-tax profit or becomes a larger earnings contributor.