Page Industries Limited (PAGEIND) fair value: what the stock is really worth
As of Nov 9, 2026: fair value (intrinsic value) of Page Industries Limited stock ₹28,533, price ₹36,380, that is 21.6% below the price, quality 80 out of 100. Rating: overvalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 3, 2026.
How to read this chart
60‑month range ₹28,397 – ₹50,939 · fair‑value band ₹17,048 – ₹46,903 · the ₹36,380 price screens above the ₹28,533 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 3, 2026.
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Page Industries Limited manufactures, markets, and distributes textile garments and clothing accessories for men, women, and kids in India and internationally.
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The company offers vests, briefs, boxer briefs, trunks, inner boxers, tank tops, t-shirts, polos, henleys, sweatshirts, jackets, hoodies, windcheater, boxer shorts, shorts, bermudas, joggers, track pants, pyjamas, pants, bras, panties, crop tops, camisoles, kurta and kurti slips, shrugs, sleep dresses, capris, culottes, leggings, shapewears, caps, handkerchief, and masks; face, hand, bath, and gym towels; calf, ankle, knee, low show, and no show socks; and thermals under Jockey brand.
Page Industries Limited was incorporated in 1994 and is headquartered in Bengaluru, India.
Stock analysis
Page Industries Limited (PAGEIND) currently trades at ₹36,380, while our model-based Fair Value estimate is ₹28,533, 22% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of ₹18,040 per share, and 0 of the 26 models we run sit above the ₹36,380 price.
Bear case: the Economic Profit group reads lowest at ₹6,221, and 26 of the 26 models stay below the price. Data coverage for this calculation is high.
Scenario range: ₹17,048 (bear) to ₹46,903 (bull), the price of ₹36,380 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 80/100 (high quality), in the Consumer Cyclical sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Page Industries Limited reported revenue of ₹52.5B in FY2026 versus ₹37.3B in FY2022, a compound +8.9%/yr. Reported net income was ₹7.6B in FY2026, compounding +9.2%/yr from FY2022.
Key figures
Market cap ₹406B (≈ $4.3B) Mid · P/E ratio 53.7 · P/S ratio 7.58 · EPS (TTM) ₹677.66 · Dividend yield 1.6% · Net margin 14.1% · Return on equity 52.5% · Return on assets (EBIT) 33.1% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 80 out of 100 (medium confidence).
What moves the price
The share trades about 16% below its 52-week high and 22% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Consumer Cyclical peers we cover trades at −7% fair-value upside, at −22%, PAGEIND screens richer than that median.
Fair Value models
Bear₹17,048Fair Value ₹28,533Bull₹46,903
Price ₹36,380 · Downside -21.6%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2026 figures (about 7 months old). Earnings retained since then (₹47.45 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.99/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+6.8%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+3.9%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+13.6%
Start year 2021 (pandemic). Over 10 years: +11.4% a year
Revenue growth 24 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+22.8%
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What shareholders gained per year (last 5 years), in INR ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+18.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year+17.3%
Dividend (yield on the price)1.6%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.17.3% vs 12.7%, picking up
Profit margin 2021 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.17% → 20%
Pace: the 5-year rate starts in 2021 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+33.5%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+10.5%
Yearly sales growth analysts expect, extended to five years.
After inflation (India: IMF forecast 4.1% a year to 2030, 4.7% from 2016 to 2025) that is about +28.2% a year for the price and +6.1% for the forecasts.
Compare Page Industries Limited with another stock
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Apparel Manufacturing · 213 stocks
Beats the industry median on 7/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score80 · Top 25%
Fair Value upside−21.6% · Below median
Profitability
Return on equity (12 months)52.5% · Top 25%
Return on assets26.7% · Top 25%
Net margin (12 months)14.1% · Top 25%
Operating margin (12 months)18.3% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)7.9% · Above median
Dividend yield (12 months)1.6% · Below median
Balance sheet
Debt / equity0.01× · Below median
Valuation Multiplesvs Apparel Manufacturing median · lower = cheaper
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Is Page Industries Limited (PAGEIND) overvalued or undervalued?
As of Nov 3, 2026, our model estimates a fair value of ₹28,533 versus a price of ₹36,380, about 22% lower (overvalued).
What is the fair value of PAGEIND?
Our model-based fair value for Page Industries Limited is ₹28,533 (as of Nov 3, 2026), built from audited fundamentals. The current price: ₹36,380.
What is the quality score of PAGEIND?
Page Industries Limited has a Quality Score of 80/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Page Industries Limited (PAGEIND)?
Our model-based price target is the fair value of ₹28,533 (as of Nov 3, 2026) from 26 valuation models. Cautious scenario ₹17,048, optimistic scenario ₹46,903. It is a calculation from audited fundamentals, not an analyst target.
What is the Page Industries Limited stock forecast for 2026?
Our models put fair value at ₹28,533, about 22% lower versus a price of ₹36,380 (overvalued). Cautious scenario ₹17,048, optimistic scenario ₹46,903. The calculation is refreshed regularly with new filings.
What is the revenue of Page Industries Limited (PAGEIND)?
Page Industries Limited reported trailing-twelve-month revenue of about ₹53.5B (latest available figure, as of Nov 3, 2026).
Does Page Industries Limited pay a dividend?
Page Industries Limited currently shows a dividend yield of 1.65% relative to its recent price (as of Nov 3, 2026).
How much is the dividend of Page Industries Limited (PAGEIND) and when is the ex-dividend date?
Page Industries Limited pays a dividend of ₹600.00 per share a year, a dividend yield of 1.6%. The last ex-dividend date was Aug 19, 2026. A dividend has been paid every year since at least 2007. The payout ratio is 88.5% of earnings. Free cash flow covers the dividend 1.03 times. Our assessment: Watch coverage. The dividend isn’t fully covered by free cash flow or earnings, part of it is funded from reserves or debt. Fine for now, but worth watching: if it stays uncovered, the dividend could be cut.
What growth is priced into Page Industries Limited (PAGEIND)?
For today's price to be fair in a discounted-cash-flow model, Page Industries Limited would have to grow free cash flow by +33.5 % per year for five years (discount rate 10.9 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +13.6 % per year. As of Nov 3, 2026.
What discount rate (WACC) does the fair value of PAGEIND use?
Our models discount Page Industries Limited at 10.9 %: a base by market capitalisation (mid), damped by beta 0.03, country premium for India. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Page Industries Limited that is +33.5 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (10.9 %) and the same formula as our fair value.
How much growth has Page Industries Limited (PAGEIND) delivered so far?
Over the past 5 years revenue at Page Industries Limited grew +13.6 % a year. The price currently implies free-cash-flow growth of +33.5 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Page Industries Limited (PAGEIND) growing?
The median revenue growth in the sector is +4.8 % a year. That is the yardstick for the growth priced into Page Industries Limited (+33.5 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Page Industries Limited (PAGEIND)?
The free-cash-flow yield on the price is 1.69 %: that much free cash flow Page Industries Limited produces per unit of market value. When it exceeds the discount rate of our models (10.9 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Page Industries Limited (PAGEIND)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Page Industries Limited it is ₹28,533 per share (as of Nov 3, 2026), against a price of ₹36,380. It is the blended result of 26 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Page Industries Limited stock overvalued or undervalued in 2026?
As of Nov 3, 2026, PAGEIND trades above its calculated fair value: price ₹36,380, fair value ₹28,533, a gap of about −22% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of PAGEIND?
No. The price is what the market pays today (₹36,380); the fair value is what the company's own numbers justify (₹28,533). For Page Industries Limited the two are ₹7,847 per share apart. That gap is exactly why we show both numbers side by side.
How much is Page Industries Limited worth?
The market values Page Industries Limited at about ₹406B (market capitalisation, as of Nov 3, 2026). Per share that is ₹36,380; our models calculate a fair value of ₹28,533 per share.
What do the bullish and bearish scenarios say about PAGEIND?
Our models span a range for Page Industries Limited: cautious scenario ₹17,048, base ₹28,533, optimistic ₹46,903 per share (as of Nov 3, 2026, price ₹36,380). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of PAGEIND?
Page Industries Limited trades at a price-to-earnings ratio of 53.7 (as of Nov 3, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹28,533 is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2017 to 2026), reported earnings: 68.1. Other multiples: P/B 27.0, P/S 7.6, EV/EBITDA 36.6.
How solid is the balance sheet of Page Industries Limited (PAGEIND)?
Balance-sheet figures for Page Industries Limited (as of Nov 3, 2026): return on equity 52.5%, debt of 0.01 per unit of equity. They feed the Quality Score of 80/100, which measures business quality independently of the share price.
How far is PAGEIND from its 52-week high?
Page Industries Limited trades at ₹36,380, about 16% below its 52-week high of ₹43,371 and 22% above the low of ₹29,917 (as of Nov 9, 2026). Distance from the high says nothing about value: that is what the fair value of ₹28,533 is for.
Which stocks are comparable to Page Industries Limited?
From the same area (Consumer Cyclical) we also value Ralph Lauren Corporation, Moncler S.p.A, LPP SA, Levi Strauss & Co, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Page Industries Limited stock attractive at the current price?
The data as of Nov 3, 2026: price ₹36,380, calculated fair value ₹28,533 (−22%), Quality Score 80/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of PAGEIND calculated?
We run Page Industries Limited through 26 models from 8 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of ₹28,533 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. Page Industries Limited itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Page Industries Limited (PAGEIND)?
The closing price on Nov 9, 2026 was ₹36,380. Our model-based fair value is ₹28,533, about 22% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Page Industries Limited right now?
A high-quality business (quality 80/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety. The model range is unusually wide (₹17,048 to ₹46,903). The outcome hinges heavily on assumptions, so read the point estimate with caution.
Where does the earnings growth of Page Industries Limited (PAGEIND) come from?
Earnings per share at Page Industries Limited grew +12.9 % a year from 2015 to 2026. Broken into its drivers: revenue per share +11.8 %, EBIT margin −0.5 %, tax rate +1.2 %, residual (interest, one-offs) +0.3 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Page Industries Limited
How large is the market capitalisation of Page Industries Limited (PAGEIND)?
The market capitalisation of Page Industries Limited is ₹406B (≈ $4.3B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Page Industries Limited (PAGEIND)?
The price-to-sales ratio of Page Industries Limited is 7.58 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Page Industries Limited (PAGEIND)?
Earnings per share at Page Industries Limited are ₹677.66 (price ÷ EPS = P/E 53.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Page Industries Limited (PAGEIND)?
The dividend yield of Page Industries Limited is 1.6% (payout 88.5%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Page Industries Limited (PAGEIND)?
The net margin of Page Industries Limited is 14.1% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Page Industries Limited (PAGEIND)?
The return on equity (ROE) of Page Industries Limited is 52.5% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Page Industries Limited (PAGEIND)?
On an EBIT basis the return on assets of Page Industries Limited is 33.1% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Page Industries Limited (PAGEIND)?
The operating margin of Page Industries Limited is 18.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Page Industries Limited (PAGEIND)?
Revenue at Page Industries Limited is growing +7.9% versus a year earlier (3y avg +3.9%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Page Industries Limited (PAGEIND)?
Earnings per share at Page Industries Limited are growing −4.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Page Industries Limited (PAGEIND) carry?
The net debt of Page Industries Limited is ₹95.5M (fiscal year 2026, ≈ 0.0 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Nov 3, 2026