Page Industries Q2 results 2026: profit up 4%
Page Industries, which makes and sells Jockey and Speedo products in India, reported revenue from operations of Rs 1,439.61 crore and profit of Rs 202.54 crore for July to September 2026.
Published 13 November 2026 · Potoos Research Services
The short answer. Revenue rose 11.5% from a year earlier and profit rose 4.0%. The board declared a second interim dividend of Rs 150 per share for 2026-27. The record date is Wednesday 18 November 2026 and the company says it will pay on or before Friday 11 December 2026.
Quarter at a glance
Figures in Rs crore (the filing reports in Rs lakh; 100 lakh = 1 crore). Change compares the same quarter a year earlier.
| Measure | Jul-Sep 2026 | Jul-Sep 2025 | Change |
|---|---|---|---|
| Revenue from operations | 1,439.61 | 1,290.86 | +11.52% |
| Other income and finance income | 13.58 | 19.49 | -30.29% |
| Total expenses | 1,182.24 | 1,049.28 | +12.67% |
| Profit before tax | 270.95 | 261.07 | +3.79% |
| Profit for the period | 202.54 | 194.76 | +4.00% |
Source: Page Industries unaudited financial results, PDF page 2. Percentages are recomputed from the filing figures before rounding.
Standalone means the results of the company on its own. Page Industries files only standalone results because, as note 11 of the filing says, it has no subsidiary, associate or joint venture. Profit for the period is what is left after all expenses and tax. Revenue from operations is shown net of sales incentives (note 6).
The Rs 150 dividend: dates that matter
The board meeting on Thursday 12 November 2026 declared a second interim dividend of Rs 150 per equity share for the financial year 2026-27. Each share has a face value of Rs 10. An interim dividend is one paid during the year, before the annual accounts are final. Note 7 of the filing says the board had already declared a first interim dividend of Rs 200 per share on 13 August 2026.
The record date is Wednesday 18 November 2026. The record date is the day the company checks its list of shareholders: people on that list get the dividend. The company fixed this date in advance, in its letter of 30 October 2026. The outcome letter says the dividend will be paid on or before Friday 11 December 2026. When we checked NSE's corporate actions list on 12 November 2026, it did not yet show an ex-date for this dividend, so we do not give one here.
Why did profit grow slower than revenue?
Total expenses rose 12.7%, a little faster than the 11.5% rise in revenue. The two largest product-cost lines, cost of raw materials consumed and purchases of traded goods, together rose 18.1% to Rs 723.98 crore from Rs 612.97 crore. Part of that went into stock: the inventory line shows Rs 107.96 crore added to inventories in the quarter, against Rs 95.76 crore a year earlier. Other income and finance income also fell 30.3% to Rs 13.58 crore. The results filing does not explain that fall.
The company's press release says sales volume was 59.7 million pieces, up 5.5% from a year earlier. In the release, Managing Director V.S. Ganesh said: "While raw material costs remained elevated, our profitability has remained within our planned range." Source: Page Industries press release, 12 November 2026, PDF page 2.
What is the foreign-exchange note about?
Note 9 says the company sold Jockey and Speedo products, including imported products, through e-commerce without physical retail stores. It says this retail trading of imported products of multiple brands was not in line with the retail trading rules under the Foreign Exchange Management Act, 1999 (FEMA), India's law on foreign investment and foreign exchange. The company applied to the Reserve Bank of India (RBI) on 20 May 2026 to settle the matter by "compounding", which means closing a breach by paying a fee instead of going through proceedings. On 16 October 2026 the RBI returned the application and asked the company to first get post-facto approval from the Government of India. The company says it is seeking that approval and will apply again. Management expects any financial impact not to be material, so no adjustment was made in these results.
What the auditor said
The results carry a limited review report. A limited review is a lighter check than a full audit: the auditor asks questions and compares figures, and does not give an audit opinion. The new statutory auditor, Walker Chandiok & Co LLP, says nothing came to its attention suggesting a material misstatement. It notes that the June 2026 quarter, the September 2025 quarter and the year to March 2026 were reviewed or audited by the earlier auditor, S.R. Batliboi & Associates LLP, and that its conclusion is not modified for this. Source: auditor's review report, PDF pages 6 and 7.
What else did the board approve?
The 12 November outcome letter covers two items: approval of the results for the quarter ended 30 September 2026, and the Rs 150 second interim dividend. It does not announce a bonus issue, split, share repurchase, fund raise or stake sale.
Sources
- Page Industries unaudited financial results for the quarter ended 30 September 2026, with board outcome. 12 November 2026. PDF page 1, outcome letter and dividend; page 2, results table; page 4, half-year cash-flow statement; page 5, notes 6, 7, 9 and 11; pages 6 and 7, auditor's review report.
- Page Industries press release, Q2 FY27. 12 November 2026. PDF page 2, sales volume and Managing Director's comment.
- Page Industries intimation of board meeting, second interim dividend and record date. 30 October 2026. PDF page 1.
- NSE corporate actions list, checked 12 November 2026, for an ex-date.
Sources checked on 12 November 2026. Information cutoff: 12 November 2026, 21:00 IST
Common questions
Is Rs 150 the full dividend for 2026-27?
No. It is the second interim dividend for 2026-27. Note 7 of the filing says the board declared a first interim dividend of Rs 200 per share on 13 August 2026.
When will the Rs 150 dividend be paid?
The outcome letter says on or before 11 December 2026. The record date is 18 November 2026.
Why is there no consolidated result?
Note 11 says Page Industries has no subsidiary, associate or joint venture as at 30 September 2026, so it files standalone results only.
Potoos Research, SEBI-registered Research Analyst. Registration number INH000027380. SEBI is the Securities and Exchange Board of India.