Recent Price Movement and Market Context
On 21 Nov 2025, Page Industries recorded its lowest price in the past year at Rs.38,200. This level comes after a sequence of four consecutive days where the stock price declined, before showing a modest gain on the day of the new low. The stock traded within a narrow range of Rs.365.05, indicating limited intraday volatility despite the downward trend. Notably, Page Industries is trading 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 contrast, the broader market, represented by the Sensex, opened lower at 85,347.40 points with a decline of 285.28 points (-0.33%) and was trading at 85,393.92 points (-0.28%) during the same period. The Sensex remains close to its 52-week high of 85,801.70, just 0.48% away, and is positioned above its 50-day and 200-day moving averages, reflecting a generally bullish market environment. This divergence highlights Page Industries’ relative underperformance within a generally positive market backdrop.
Stock Performance Over the Past Year
Over the last twelve months, Page Industries has recorded a stock return of -13.05%, contrasting with the Sensex’s positive return of 10.67%. The stock’s 52-week high was Rs.50,470.60, indicating a substantial decline from its peak. This performance places Page Industries among the underperformers in the garments and apparels sector, which it dominates with a market capitalisation of Rs.43,015 crore, constituting 25.33% of the sector’s total market value.
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Financial Metrics and Valuation Insights
Page Industries’ recent quarterly earnings per share (EPS) stood at Rs.17.52, the lowest recorded in the recent period. The company’s return on equity (ROE) remains strong at 54.2%, reflecting robust profitability relative to shareholder equity. However, the stock’s price-to-book value ratio is elevated at 30.5, indicating a premium valuation compared to historical averages and peers within the sector.
Despite the stock’s negative price return, the company’s profits have shown a rise of 23.1% over the past year. The price/earnings to growth (PEG) ratio is 2.4, suggesting that the stock’s price growth is outpacing earnings growth at a notable rate. This valuation dynamic may contribute to the current price pressure as market participants weigh the premium against recent performance.
Long-Term Performance and Sector Position
Page Industries has consistently underperformed the BSE500 index over the last three annual periods, with returns lagging behind the broader market benchmark. The company’s operating profit has grown at an annual rate of 30.74%, demonstrating healthy long-term growth fundamentals. Additionally, the company maintains a low average debt-to-equity ratio of 0.02 times, indicating a conservative capital structure with minimal leverage.
With annual sales of Rs.5,018.54 crore, Page Industries accounts for 12.04% of the garments and apparels industry’s revenue, underscoring its significant market presence. Institutional investors hold 52.45% of the company’s shares, reflecting substantial ownership by entities with extensive analytical resources.
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Summary of Current Concerns
The stock’s decline to its 52-week low reflects a combination of factors including valuation pressures, relative underperformance against benchmarks, and recent earnings figures. Trading below all major moving averages suggests a cautious market stance towards the stock’s near-term prospects. The premium valuation metrics juxtaposed with subdued price returns highlight a complex valuation environment for Page Industries.
Market Position and Fundamental Strength
Despite the recent price weakness, Page Industries retains strong fundamental attributes such as a high return on equity, low leverage, and consistent operating profit growth. Its dominant position in the garments and apparels sector, supported by significant sales and market capitalisation, underscores its importance within the industry landscape.
Conclusion
Page Industries’ stock reaching Rs.38,200 marks a notable point in its price trajectory, reflecting the interplay between valuation considerations and market dynamics. While the broader market maintains a generally positive trend, the stock’s performance highlights the challenges faced within its sector and valuation context over the past year.
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