Page Industries falls 12.91% as costs outpace revenue growth
Standalone operating margin improved sequentially, but remained below last year's level as expenses grew faster than revenue.
Filed 12 Nov 2026, 14:29 IST · Page Industries Ltd (PAGEIND)
Key takeaways
- Standalone revenue grew 11.52% year on year, but expenses rose faster at 12.67%, narrowing operating margin by 0.80 percentage points.
- Operating margin recovered 0.50 percentage points sequentially to 20.85%, after declining from 22.94% in Q3FY26 to 20.35% in Q1FY27.
- The stock fell 12.91% on the results date, far exceeding its 2.37% median absolute move after the previous eight results.
Price around the results
Revenue growth did not fully reach operating profit
Page Industries reported standalone revenue growth of 11.52% year on year to Rs 1,439.61 cr, while operating profit increased only 7.38% to Rs 300.14 cr. Expenses grew 12.67%, outpacing revenue and limiting operating-profit growth. Sequentially, revenue rose 1.35% and expenses increased 0.71%, allowing operating profit to rise 3.85%.
Margin recovered sequentially but remains under pressure
Operating margin rose 0.50 percentage points sequentially as revenue grew faster than expenses, but fell 0.80 percentage points year on year because costs grew faster than sales. The margin has now moved from 22.94% in Q3FY26 to 20.80% in Q4FY26, 20.35% in Q1FY27 and 20.85% this quarter, showing a sequential recovery after a multi-quarter decline. Page Industries' margin was 9.62 percentage points above the 11.23% median for the 329 Consumer Discretionary peers that had reported.
Lower tax rate softened the earnings comparison
Standalone net profit rose 3.99% year on year, slower than revenue growth and operating-profit growth. The tax rate declined 0.15 percentage points year on year to 25.25%, providing a modest benefit to reported profit, while interest expense increased 8.39%. Other income contributed 5.01% of pre-tax profit, so it was a noticeable but limited part of earnings quality.
Market reaction was unusually sharp
The stock fell 12.91% on the results date, with a 16.03 times volume ratio and a -0.18% opening gap. That reaction was much larger than the stock's typical post-results move: across the previous eight results, it rose after five and fell after three, with a median absolute move of 2.37%.
Q2FY27 at a glance
Standalone figures as filed with NSE — cross-checked against an independent source.
| Line item | Q2FY27 | Q1FY27 | QoQ | YoY |
|---|---|---|---|---|
| Revenue | ₹1,440 cr | ₹1,420 cr | +1.35% | +11.52% |
| Other income | ₹14 cr | ₹11 cr | +27.99% | -30.32% |
| Expenses | ₹1,139 cr | ₹1,131 cr | +0.71% | +12.67% |
| Operating profit | ₹300 cr | ₹289 cr | +3.85% | +7.38% |
| Operating margin (%) | 20.85% | 20.35% | — | — |
| Interest | ₹14 cr | ₹12 cr | +9.09% | +8.39% |
| Depreciation | ₹29 cr | ₹29 cr | +2.10% | +14.86% |
| Profit before tax | ₹271 cr | ₹259 cr | +4.79% | +3.78% |
| Tax | ₹68 cr | ₹66 cr | +4.01% | +3.17% |
| Net profit | ₹203 cr | ₹193 cr | +5.05% | +3.99% |
| EPS (₹) | ₹181.59 | ₹172.86 | +5.05% | +3.99% |
Operating margin of 20.85% compares with a Consumer Discretionary sector median of 11.23% across 329 peers that have reported Q2FY27.
How the stock reacted
| Window | Stock | vs NIFTY |
|---|---|---|
| Results day | -12.91% | -13.08% |
Volume on the results session was 16.03× its 20-day average.
What to watch
- Whether operating margin holds above 20.85% after the year-on-year decline of 0.80 percentage points.
- Whether expenses continue to grow slower than revenue, as they did sequentially at 0.71% versus 1.35%.
- Whether other income remains near its current 5.01% share of pre-tax profit.