Page Industries has accepted the resignation of Murugesh C from the position of Company Secretary and Compliance Officer. The departure is effective from the close of business hours on August 26, 2026.

The company disclosed the change in senior management under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Murugesh C submitted his resignation on May 25, 2026, citing professional reasons and a decision to pursue another opportunity outside the organization.

Resignation Details

Murugesh C served a notice period of 90 days as per his employment terms. His resignation was formally accepted by the management, with V S Ganesh, Managing Director, signing the intimation letter dated August 27, 2026.

The filing confirms that there are no undisclosed relationships between directors related to this change. The company has enclosed the letter of resignation along with the detailed reason for the exit.

Page Industries reported a slight contraction in profitability for the first quarter of FY27, with net profit falling 4.0% year-on-year to ₹1,928 crore against ₹2,008 crore in the corresponding period last year. Despite the dip in bottom-line earnings, the company’s top-line performance remained resilient, driven by volume growth and pricing power in its core underwear segment. Management has reaffirmed its commitment to achieving double-digit volume growth for the full financial year, attributing the Q1 shortfall to temporary logistics and manpower constraints.

Revenue for the quarter rose 7.9% to ₹14,204 crore, up from ₹13,166 crore in the same period last fiscal. Sales volume grew by 5.7% year-on-year to 61.9 million pieces. A significant portion of undelivered Q1 billing, estimated at about three days of invoiced revenue, is expected to be reported in Q2. This carryover is anticipated to contribute to above-average volume growth in the remaining three quarters, helping the company meet its annual double-digit target.

Financial Performance

The company’s EBITDA declined 1.9% to ₹2,890 crore from ₹2,947 crore year-ago. Consequently, the EBITDA margin contracted by 210 basis points to 20.3% from 22.4%. The annual EBITDA margin guidance remains within the 19% to 21% range, with input costs expected to stabilize going forward, assuming no further escalation in the Middle East situation.

Operational Updates & Guidance

Management indicated that the difference between volume and value performance is anticipated to widen from Q2 onwards. This shift is driven by a more favorable product mix and the full realization of the 2.2% weighted average price increase implemented in mid-May. The previous January price hike of 2.5% was primarily for product quality enhancement, while the May hike directly addressed raw material cost inflation.

To meet demand, the company is augmenting in-house capacities and improving outsourced supplies. Digital transformation initiatives are also progressing, with the consumer data platform (CDP) expected to go live by end of August and the distribution management system (DMS) fully implemented by end of this year or Q1 next year. The CDP aims to leverage first-party data for cross-selling and cohort-level analysis, compliant with the DPDP Act.

In the Speedo segment, the multi-brand outlet network consolidated to about 700 stores in Q1, reflecting a shift towards online channels which now contribute over 35% of the overall Speedo business. Combining Q4 and Q1, the network stands at approximately 950 stores.

Dividend Declaration

The Board of Directors, in its meeting held on August 13, 2026, approved the unaudited financial results for the quarter ended June 30, 2026. Alongside the results, the Board declared a first interim dividend of ₹200 per equity share for the financial year ending March 31, 2027.

Shareholders on record as of August 19, 2026, will be eligible for the payout. The dividend payment is scheduled to be made on or before September 11, 2026.

What the Numbers Show

A key divergence emerges between revenue growth and operating profit. While sales expanded by nearly 8%, EBITDA actually declined slightly. This indicates that the cost structure did not benefit proportionately from higher volumes. Management cited temporary inflation in key inputs, particularly cotton and synthetic products, alongside short-term logistics disruptions that prevented underlying volume growth from fully translating into reported revenue growth. The 210-basis point margin compression directly translated into the modest 4.0% decline in net profit, highlighting a period of margin pressure despite healthy top-line momentum. The expectation of stabilizing input costs and the impact of recent price hikes suggests margins may recover in subsequent quarters.

Source: https://lodr-files.dhan.co/lodr-inputs/Company/INE761H01022/7fdaf7ec-c6e3-42ac-b20b-ff77947db03f.pdf