Page Industries Q1 FY27 Results (NSE: PAGEIND)
Signal: Margin pressure
The read
The key inflection is sequential rather than annual: revenue rebounded 13.4% QoQ to ₹1,42,044.53 lakh, but the earnings trajectory remains pressured because gross margin compressed 189bps YoY to 57.24% and EBITDA margin fell 242bps to 21.09%; PAT therefore declined 4.0% YoY to ₹19,280.62 lakh.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,420.45 Cr | +7.9% | +13.4% |
| Net profit | ₹192.81 Cr | -4.0% | |
| EPS | ₹172.86 | -4.0% | |
| EBIT margin | 21.09% |
P&L walk
Revenue increased to ₹1,42,044.53 lakh, +7.9% YoY and +13.4% QoQ, but gross margin fell to 57.24%, -189bps YoY, and EBITDA margin declined to 21.09%, -242bps YoY; PAT consequently fell 4.0% YoY to ₹19,280.62 lakh.
Key positives
- Revenue increased 7.9% YoY to ₹1,42,044.53 lakh and recovered 13.4% QoQ.
- Employee benefits expense grew 6.7% YoY, slower than revenue growth of 7.9%, with employee-cost intensity improving 19bps to 17.57% of revenue.
- Finance costs declined 1.8% YoY to ₹1,243.33 lakh despite revenue growth of 7.9%.
- The Board declared an interim dividend of ₹200 per equity share, payable on or before 11 September 2026.
Key concerns
- Gross margin compressed 189bps YoY to 57.24% as the combined raw-material, traded-goods and inventory-cost basket rose 189bps of revenue; the filing does not disclose the driver.
- EBITDA declined 3.2% YoY to derived ₹29,961.79 lakh while revenue grew 7.9%, and EBITDA margin fell 242bps to 21.09%.
- PAT declined 4.0% YoY to ₹19,280.62 lakh despite 7.9% revenue growth, indicating that the gross-margin pressure was not fully offset below the operating line.
Research and educational content only. Not investment advice.