Page Industries Limited, the exclusive licensee of Jockey® and Speedo® brands in India and select international markets, has concluded FY2024-25 with a stellar financial performance, operational resilience, and a forward-looking strategy geared towards growth, innovation, and sustainability. Despite macroeconomic headwinds and fluctuating consumer demand, the company leveraged its strong brand equity, agile supply chain, and customer-centric innovation to deliver robust profitability and reaffirm its leadership in the premium innerwear and athleisure segment.
Robust Financial Performance in FY25
Page Industries reported impressive growth across all key financial metrics. The company achieved a full-year revenue of ₹49,349 million, reflecting an 8% year-on-year growth. EBITDA rose by 23.6% to ₹10,626 million, while Profit After Tax (PAT) grew 28.1% to ₹7,291 million. The EBITDA margin stood at 21.5%, and PAT margin at 14.8% for the year, signaling enhanced operational efficiency and cost optimization.
The performance in Q4 FY25 was particularly strong, with sales volumes rising 8.5% year-on-year to 49.2 million pieces. Quarterly revenue grew 10.6% to ₹10,981 million, EBITDA surged 43.2% to ₹2,352 million, and PAT rose sharply by 51.6% to ₹1,640 million. These gains were driven by stable raw material costs, supply chain efficiencies, and prudent investments in brand and technology.
Market Trends and Consumer Insights
While the early part of FY25 saw muted demand due to inflationary pressures, the second half brought signs of recovery, especially from Tier 2 and Tier 3 cities, which outperformed metros and Tier 1 markets. The company credited this trend to increased disposable income, lower retail inflation, and supportive government policies like tax rationalization.
Page Industries also reported positive developments in Modern Retail and E-commerce, including growth in exclusive brand outlets (EBOs), digital channel expansion, and the launch of the new Jockey mobile app, which saw strong consumer engagement. General trade too benefited from efficient inventory management and rising demand in smaller towns, helping maintain market share.
Manufacturing Infrastructure and Expansion Plans
With a robust in-house manufacturing model, Page Industries operates 16 manufacturing units spread across Karnataka, Tamil Nadu, and Odisha, covering 2.9 million sq. ft. The company employs nearly 19,000 people, 79% of whom are women, and maintains over 70% in-house production, ensuring strict quality control and process visibility from design to final delivery.
Significant capacity additions are planned, with the upcoming facility in Karnataka further strengthening the production base. The expansion supports the company’s ability to cater to rising domestic and export demand while maintaining the highest quality standards.
Strategic Growth Initiatives
Page Industries has laid out a multi-pronged growth roadmap, focusing on capacity ramp-up, retail network expansion, brand building, and technology-led innovation. The company aims to increase its footprint across distribution channels, including multi-brand outlets, large format stores, and EBOs, while continuing to scale its e-commerce and omni-channel capabilities.
Investments are being directed toward product development, automation, digital transformation, and enhancing customer experience across all touchpoints. In Q4 alone, the company launched six new styles across Jockey’s Juniors, Women’s Innerwear, and the Jockey Life collections. The Speedo brand also reported strong seasonal growth with rising swimwear demand.
Sustainability and ESG Leadership
Sustainability remains central to Page Industries’ operations. The company’s 6th Sustainability Report highlights significant milestones, including an 18% reduction in energy intensity and a 29% cut in GHG emissions compared to its FY2019-20 baseline. Water use efficiency improved by 16.57%, and two manufacturing units have begun water neutrality assessments.
Notably, the company achieved 100% recycling of pre- and post-consumer plastic waste in FY24, totaling 1,127 metric tonnes. It has also implemented Zero Liquid Discharge (ZLD) processes at select units and ensured that all fabric, elastic, and yarn suppliers are OEKO-TEX® certified.
Additionally, Page Industries remains committed to workplace diversity, gender parity, and occupational health & safety, with 100% of its workforce sensitized on POSH and safety practices. Its commitment to the 5S program has seen multiple factories achieve various levels of certification, reflecting a deep culture of quality and efficiency.
Outlook for FY26
While global geopolitical uncertainty and near-term economic volatility persist—especially with rising tensions in Western India—Page Industries remains optimistic about the long-term prospects for the innerwear and athleisure industry. The company sees strong tailwinds from rapid urbanization, rising disposable incomes, and increasing consumer preference for premium, sustainable, and functional apparel.
The management has emphasized that future growth will be driven by deeper market penetration, enhanced consumer engagement, and continued investment in innovation and digital transformation. As noted by Managing Director Mr. V.S. Ganesh, “We remain focused on capitalizing on long-term opportunities through sustainable processes and consumer-first strategies.”
With a healthy balance sheet, a ROCE of 73%, strong internal accruals, and expanding brand presence, Page Industries is well-positioned to maintain its leadership in FY26 and beyond.