Stock Price Movement and Market Context
On 19 Jan 2026, Page Industries Ltd's share price settled near its 52-week low, signalling a notable retreat from its peak of Rs 50,590 recorded within the past year. The stock underperformed despite outperforming its sector by 1.13% on the day, closing with a marginal day change of -0.40%. It currently trades below all key moving averages, including the 5-day, 20-day, 50-day, 100-day, and 200-day averages, indicating sustained downward momentum.
The broader market environment has also been subdued, with the Nifty index closing at 25,585.50, down 108.85 points or 0.42%. The Nifty remains 3.08% below its 52-week high of 26,373.20, and is trading below its 50-day moving average, although the 50DMA remains above the 200DMA. All market capitalisation segments are experiencing declines, with the Small Cap segment particularly weak, dragging the Nifty Small Cap 100 down by 0.99%.
Performance Metrics and Valuation Concerns
Page Industries Ltd has delivered a one-year return of -25.80%, significantly lagging behind the Sensex's positive 8.65% gain over the same period. Despite this, the company’s profits have risen by 23.1%, reflecting some operational resilience. However, the price-to-earnings growth (PEG) ratio stands at 2.2, suggesting that the stock’s valuation may not be fully justified by its earnings growth trajectory.
The company reported its lowest quarterly earnings per share (EPS) at Rs 17.52, with flat results in the September 2025 quarter. This has contributed to a downgrade in its Mojo Grade from Hold to Sell as of 23 Sep 2025, with a current Mojo Score of 44.0. The market capitalisation grade remains low at 2, reflecting concerns about valuation and market positioning.
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Valuation and Financial Ratios
Page Industries Ltd is characterised by a very expensive valuation, trading at a price-to-book value of 27.1. This premium is notable when compared to its peers’ average historical valuations. The company’s return on equity (ROE) remains robust at 54.2%, underscoring strong profitability despite the stock’s recent price weakness.
Long-term financial strength is evident, with an average ROE of 45.83% and operating profit growth at an annual rate of 30.74%. The company maintains a conservative capital structure, with an average debt-to-equity ratio of just 0.02 times, indicating minimal leverage risk.
Sector Position and Market Capitalisation
With a market capitalisation of approximately Rs 38,230 crore, Page Industries Ltd is the largest company within the Garments & Apparels sector, representing 25.21% of the sector’s total market value. Its annual sales of Rs 5,018.54 crore account for 12.11% of the industry’s revenue, highlighting its significant market presence.
Institutional investors hold a substantial 52.21% stake in the company, reflecting confidence from entities with extensive analytical resources. This high level of institutional ownership often provides a stabilising influence on stock price movements.
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Comparative Performance and Market Trends
Over the last three years, Page Industries Ltd has underperformed the BSE500 index, as well as its own one-year and three-month benchmarks. This underperformance is a key factor in the stock’s current valuation and market sentiment. Despite strong fundamentals, the stock’s price has not reflected the company’s earnings growth, suggesting a disconnect between market valuation and financial performance.
The broader Garments & Apparels sector has faced headwinds, with all market cap segments experiencing declines. Page Industries Ltd’s share price movement is consistent with these sectoral trends, compounded by its premium valuation and recent earnings results.
Summary of Key Financial Metrics
To summarise, Page Industries Ltd’s key financial indicators as of the latest data are:
- 52-week low price: Rs 34,035.95
- 52-week high price: Rs 50,590
- Market capitalisation: Rs 38,230 crore
- Return on Equity (ROE): 54.2%
- Price to Book Value: 27.1
- Debt to Equity Ratio: 0.02 times
- EPS (Quarterly low): Rs 17.52
- PEG Ratio: 2.2
- One-year stock return: -25.80%
- Sensex one-year return: 8.65%
These figures illustrate the contrast between the company’s strong financial fundamentals and its subdued stock price performance over the past year.
Market and Sector Outlook
The Garments & Apparels sector continues to face a challenging environment, with market indices and small-cap stocks under pressure. Page Industries Ltd’s position as the sector leader and its substantial institutional backing provide a foundation of stability, even as the stock trades near its 52-week low.
While the stock’s valuation remains elevated relative to peers, the company’s consistent profitability and low leverage are notable positives within the current market context.
Conclusion
Page Industries Ltd’s fall to a 52-week low reflects a combination of market-wide pressures, sectoral headwinds, and valuation considerations. Despite strong earnings growth and robust financial metrics, the stock has experienced a significant price correction over the past year. The company’s market leadership and institutional ownership remain key features amid this period of price weakness.
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