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Akshay Rajawat    

Surat, India

I am CA student and along side perusing the CFA (U.S.). I have a 6 month experience in Equity Research where i have done my internship programme in the same. I am keen to write an articles on Equity.

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Contributor since: 2022








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Page Industries Limited

A Business Analysis

About Page Industry

Page Industries Limited is engaged within the enterprise of manufacturing and trading of garments. The Company offers knitted garments. The Company gives quite a number of merchandise for men, women and children. The Company is engaged in the manufacturing, distribution and advertising of Jockey products. The Company holds license of SPEEDO, an international brand for swim wears. The Jockey is available in over 1400 cities. The Company's Jockey logo products are sold through EBO, large format stores (LFS), multi brand shops (MBO), traditional hosiery stores and multi-cause stores unfold across India. The Company has approximately 4 EBOs inside the United Arab Emirates and over one EBO in Sri Lanka. The SPEEDO brand is available in about 1060 shops, such as over 150 LFS throughout approximately 110 towns and over nine EBOs. It operates its own online shop www.Jockeyindia.Com. Its plants are in Bangalore, Hassan and Mysore, among others.

Journey So Far

Page Industry Brand Portfolio

Jokey Brand

Founded in 1876, Jockey’s ongoing mission is to continue to push boundaries to deliver the experience and excitement that life enthusiasts expect from one of the world’s best-loved and most recognized innerwear and athleisure brands. The brand is committed to quality,
comfort, fashion, innovation, and value. As Jockey grows in size and sophistication, the simple commitment to serve its consumer’s need for comfort continues to be the brand’s hallmark. Jockey was set up under Page Industries Ltd. in 1994 with the key objective of bringing the
world-renowned brand Jockey to India. Jockey manufactures, distributes, and markets products for the whole family – Men, Women, and Kids.

JOCKEY was the first innerwear brand in India to set up Exclusive Brand Outlets (EBOs) across the country. The company through its authorized franchisees has opened 211 Exclusive Brand Outlets across India taking the total number of EBO’s to 1,131 including 48 ‘Jockey Woman’ EBOs and 71 Jockey Juniors EBOs.

Page Industries has six Jockey Exclusive Brand Outlets in the UAE and three in Sri Lanka. With an overwhelming response from these stores, Page Industries is already looking at expanding its footprint in these emerging markets. 

Jokey Product Portfolio

Speedo Brand

Speedo the world’s leading swimwear brand is passionate about life in and around the water. From learn to swim through to swimming for fitness, the brand aims at inspiring people to swim while making it a healthy practice to imbibe for healthy living. Page Industries is geared to take brand Speedo to the next level of consumer connect and make it the most sought-after swimwear brand in the country.

Speedo is committed to providing high-quality products to its customers while making its products and packaging much kinder to the environment. The products are designed from sustainable materials using a fabric created from ECONYL yarn and REPET yarn (Innovative
regenerated fibres that turn waste from fishing nets, manufacturing by-products, and plastic bottles into first-grade nylon fabric).

As of 31st March 2022, the Speedo brand is available in 1,340+ stores, 26 EBOs, and 12 Large Format Stores spread across 230+ cities.

Speedo Product Portfolio

Page's Business Model

Channel Sales

  • 4,523+ Distributor Accounts
  • 2,850+ Cities / Towns
  • 1,18,838+ Retail Network
  • 714+ Channel Sales Strength

Exclusive Brand Outlets

  • 1228+ Exclusive Brand Outlets
  • 48 Exclusive Woman Outlets
  • 76 Exclusive Juniors Outlets
  • 16 Factory Outlets
  • 224 Outlets in malls
  • 1004+ Outlets in high street
  • Present in 415+ cities

Large Format Stores

Manufacturing Reach


Facilities spread over 2.2 million sq ft across 15 manufacturing units

  • Present in 14 locations in Karnataka and 1 in Tamil Nadu
  • >70% in-house manufacturing


  • Our own manufacturing helps set high quality standards for both in-house and outsourced manufacturing
  • Monitor every stage of manufacturing process:
    Designing, Raw Materials, Production Process, Packaging and Final Products

Company's Business Highlights


Jockey brand is distributed across 2,852+ cities and towns. The products are sold through Exclusive Brand Outlets (EBO), Large Format Stores (LFS) and Multi Brand Outlets (MBO), as well as through Online channel. Across the above channels, the brand is present in more
than 1,10,548+ stores.

During the year 2021-22, the Company through its authorised franchisees opened 211 EBOs highest ever in any financial year, taking the total number of “Jockey EBOs” to 1131 which includes 48 exclusive “Jockey Woman” EBOs and 71 exclusive “Jockey Junior” EBO’s.
These outlets are spread throughout India covering not only the metro cities but even Tier II and Tier III towns as well. This is an indicator of the growth potential of the Jockey brand in such towns.

Apart from the domestic EBOs, the Company has nine operational EBOs outside India, six in UAE and three in Sri Lanka, while another six stores are work-in-progress in UAE(four), and one each in Qatar and Oman. Your company is confident of leveraging opportunities in
these new markets.

The online retail business has also shown significant growth, both through the brand website as well as with our key e-commerce partners.


The swimwear industry in India came under a significant impact owing to COVID-19 lockdowns during most part of the financial year 2021-22, with partial restrictions for swimming pools in health clubs, hotels, apartment complexes and schools. The Speedo brand has achieved
a turnover of ` 168 million in the financial year 2021-22 as against previous year sales of ` 26 million. As on 31 March 2022, Speedo brand is available in 1,340+ stores, 26+ EBOs and 12+ Large Format Stores across 230+ cities in India.

The Company commissioned a study by the global marketing research firm AC Nielsen on the swimming market in India. The study reflects a promising and fast evolving market for both swimwear and swimming equipment. Your Directors are confident that the Speedo business will experience healthy growth in the coming years to make Speedo a dominant brand in the premium swimwear market.

New Capex Plan and Strategy

The Company is planning an additional 40,000 sq ft space adjacent to our existing elastic manufacturing premises at Hassan, to meet the growing requirements of women’s dyed elastic.

The Company is adding a 120,000 sq ft elastic manufacturing set-up at Mysore to include imported high-end jacquard and knitted looms to produce complex technical designs in-house for the Premium category. The project is expected to be commissioned before the second half of FY23.

To meet the increased demand in the premium vertical, the Company is planning an 80,000 sq ft Cut-to-Pack facility in Mysore

Industry Analysis

Huge Opportunity

Indian Fashion Market

Industry Growth Drivers

  • Higher disposable income
  • 15-34 years largest consumer group
  • Increase in urban population
  • Increased shift in organised retail
  • High growth middle premium, super premium segment
  • Incresed involvement in branded innerwear
  • More discerning consumers
  • Higher aspiration for global brands

Indian Apparel Market Segments

  • Men’s innerwear category in FY2020 is estimated to be USD 1.9 bn and is expected to grow at a CAGR of 10.3 percent to USD 3.1 bn in FY 2025.
  • Men’s casual and activewear category in FY2020 is estimated to be USD 7.7 bn and is expected to grow at a CAGR of 13.9 percent to USD 14.9 bn in FY 2025.
  • Women’s casualwear category in FY2020 is estimated to be USD 0.9 bn and is expected to grow at a CAGR of 16.1 percent to USD 1.9 bn in FY 2025.

  • Women’s innerwear category in FY2020 is estimated to be USD 4.4 bn and is expected to grow at a CAGR of 14 percent to USD 8.5 bn in FY 2025.
  • The kids wear market in India is currently about USD 14 bn (FY 2020) and is expected to grow at a CAGR of 10.5 percent and grow to nearly USD 23 bn by FY 2025.

Management Of The Company

Shareholding Pattern

Growth Drivers

Market Presence

  • Page has a well-established, robust network of manufacturing units, showrooms, EBOs across the country to improve supply-chain efficiency. Page Industries is headquartered in Bangalore, Karnataka and spread over 2.20 million square feet.
  • The Company has a total of 17 operating units (manufacturing and warehouse). The company, in line with its vision to become a billion-dollar business has planned significant capacity expansion. The company is adding a facility in Hassan, Karnataka for raw material storage, raw material quality inspection, and elastic preparatory processes. Spread over 1 lakh sq ft, the facility is expected to be commissioned in the second half of FY 2022. Page will also be setting up a manufacturing facility for men’s innerwear Modern Classic vertical in Odisha.

Dynamic Product Portfolio

  • The Company has a strong presence in the athleisure segment that has witnessed steady growth along with women’s innerwear and children’s inner and outerwear. 

Robust Supply Chain

  • We have built a strong supply chain that helps us to not only manage supply disruptions but also source products at highly competitive prices. A control over our supply chain and sizeable inventory allows us to scale our manufacturing capabilities while addressing any external supply-chain challenges.

Financial Resilience

  • With zero debt, stable margins, and double-digit growth, we are well poised to deliver consistent value. 

Human Capital

  • At Page Industries, we believe that it is People that drive process and process enables product, thereby strengthening the power of the brand. Our people, more than 82% of which are women, are the major driving force at a customercentric organization. 

Strong Brand Equity

  • Our brand awareness and recognition has enabled us to acquire new customers and build a profitable relationship with both the new and existing loyal customers. 

Financial Highlights

Profit and Loss

Balance Sheet





I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Business relationship disclosure:

I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Stocx Research Club). I have no business relationship with any company whose stock is mentioned in this article.

Additional disclosure:

Source - Company's Annual Report, Company's Investor Presentation, Quarterly Concall and Disc - Not an recommendation as it is only for knowledge purpose only.

Disclosure legality:

I am not a SEBI Registered individual/entity and the above research article is only for educational purpose and is never intended as trading/investment advice.


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