Recent Price Movement and Market Context
On 2 December 2025, Page Industries' share price touched Rs.37,107.6, the lowest level recorded in the past year. This movement comes after the stock recorded a cumulative return of -4.31% over the last four trading sessions. Despite this downward trend, the stock marginally outperformed its sector by 0.35% on the day of the new low.
The stock has been trading within a narrow range of Rs.297.45 recently, indicating limited intraday volatility. However, it remains below all key moving averages, including the 5-day, 20-day, 50-day, 100-day, and 200-day averages, signalling a subdued momentum in the short to long term.
In comparison, the broader market index, Sensex, opened lower by 316.39 points and was trading at 85,289.92, down 0.41% on the same day. The Sensex remains close to its 52-week high of 86,159.02, just 1.02% away, and is positioned above its 50-day moving average, which itself is above the 200-day moving average, indicating a generally bullish trend for the benchmark index.
Performance Overview Over the Past Year
Page Industries has recorded a one-year return of -18.93%, contrasting with the Sensex’s positive return of 6.28% over the same period. The stock’s 52-week high was Rs.50,470.6, highlighting the extent of the recent decline from its peak.
Over the last three years, the stock has consistently underperformed the BSE500 index annually, reflecting a pattern of relative underperformance within the broader market context.
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Financial Metrics and Valuation
Page Industries reported flat results in the quarter ending September 2025, with earnings per share (EPS) at Rs.17.52, the lowest quarterly EPS recorded recently. Despite this, the company’s return on equity (ROE) remains robust at 54.2%, indicating strong profitability relative to shareholder equity.
The stock’s price-to-book value stands at 29.6, suggesting a valuation premium compared to its peers’ historical averages. The company’s price-to-earnings-to-growth (PEG) ratio is 2.4, reflecting the relationship between its valuation and earnings growth rate.
Operating profit has grown at an annual rate of 30.74%, demonstrating healthy long-term growth in core earnings. Additionally, the company maintains a low average debt-to-equity ratio of 0.02 times, indicating minimal leverage and a conservative capital structure.
Sector Position and Market Capitalisation
With a market capitalisation of approximately Rs.41,688 crore, Page Industries is the largest company in the Garments & Apparels sector, representing 24.74% 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, underscoring its significant presence in the market.
Institutional investors hold 52.45% of the company’s shares, reflecting substantial participation by entities with extensive resources and analytical capabilities.
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Summary of Key Concerns
The recent decline to a 52-week low reflects a combination of factors including the stock’s underperformance relative to the benchmark indices and peers, flat quarterly earnings, and a valuation that remains elevated despite the price correction. The stock’s trading below all major moving averages further indicates subdued market sentiment.
While the company’s fundamentals such as ROE and operating profit growth remain strong, the market appears to be pricing in a cautious outlook given the recent price action and relative returns.
Market and Sector Outlook
The Garments & Apparels sector continues to face varied market dynamics, with Page Industries holding a dominant position by market capitalisation and sales. The broader market’s near-record levels and positive technical indicators contrast with the stock’s recent performance, highlighting a divergence between the company’s share price and overall market trends.
Investors and market participants will likely continue to monitor Page Industries’ financial results and valuation metrics closely as the stock navigates this period of price weakness.
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