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Not investment advice. Data and computed figures, for information only.

Page Industries Ltd

NSE: PAGEINDF&O
₹36,500.00
−₹130.00 (−0.35%)
NSE · 15 Oct 2026, close
NSE
As of 31 Mar 2026
Market Cap
₹41,130 Cr
CMP
₹36,500.00
52-wk High / Low
₹43,855 / 29,805
P/E
52.6
P/B
27.4
Book Value
₹1,347.0
Div Yield
1.49%
ROCE
64.0%
ROE
54.3%
Face Value
₹10
D/E
0.18

Price−12.3% over 1Y

āagman read

Computed by āagman
Derived from 12 years and 13 quarters of filings. Not reported by the company.
As of 15 Oct 2026
How we compute these
Piotroski F-Score
5
/ 9
5 of 9 F-score tests passed
Graham Number
₹4,556
√(22.5 × EPS × book value per share)
ROIC
43.8%
vs 4.9% sector median
Cash flow to profit
1.04
CFO / PAT
Above 1.0 = operating cash flow exceeded reported profit
Margin change
−205
bps OPM YoY
Operating margin vs the same quarter last year
Sustainable growth
11.7%
ROE × earnings retention ratio
ROE stability
6.2
pp σ
Standard deviation of ROE across periods. Lower = more stable
Holder deltas
QoQ
pp
Prom +0.00FII −0.09DII +0.43
Latest quarter vs the previous one
Cash-accrual divergence
−1.1%
of assets
Low = accruals track cash flow
Strengths
+ROCE has stayed above the sector median for 5 consecutive years (weakest: 45% vs the 2024 sector median of 14.5%)
+Price trades above its 200-day moving average (1.0x)
+Annualised volatility of 24.1% is in the low band (≤25%)
Watch-outs
−Borrowings are up 191.6% since FY2016 (95 to 277)
−Promoter holding fell by 3.2pp over the last year

Peer comparison

Peers
NameP/EMar Cap ₹ CrROCE %ROE %

Quarterly results

Standalone basis (as filed) · ₹ Cr · 13 quarters
As of 30 Jun 2026
Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales1,2291,1251,2269921,2781,2461,3131,0981,3171,2911,3871,2531,420
Expenses9918929998281,0349651,0118631,0221,0111,0699921,131
Operating Profit239234226164243281303235295280318261289
OPM %19.4%20.8%18.4%16.5%19.0%22.6%23.1%21.4%22.4%21.7%22.9%20.8%20.4%
Other Income52914131514201519−231711
Interest13111010121112121313131212
Depreciation21252323222330252725272829
Profit before tax210199202145222262275219270261256238259
Net Profit158150152108165195205164201195190179193
EPS (₹)141.98134.73136.5997.01148.13175.06183.49147.04180.03174.61169.93160.24172.86

Profit & Loss

As of 30 Jun 2026
Standalone · ₹ Cr · 12 years + TTM
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales1,5431,7962,1292,5512,8522,9462,8333,8864,7144,5694,9355,2475,351
Expenses1,2231,4191,7142,0102,2342,4122,3053,0993,8513,7093,8724,0944,204
Operating Profit3203764155426185335287878638601,0631,1531,147
OPM %20.7%20.9%19.5%21.2%21.7%18.1%18.6%20.3%18.3%18.8%21.5%22.0%21.4%
Other Income8102421362519211532622925
Interest18191918173430344145465050
Depreciation1824252831616365789199107109
Profit before tax2933433955186064624537097587569791,0251,014
Net Profit196232266347394343341537571569729764756
EPS (₹)175.74207.57238.73311.08353.19307.71305.35481.02512.15510.31653.71684.80677.64

Balance Sheet

As of 30 Jun 2026
Standalone · ₹ Cr
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Jun 2026
Equity Capital111111111111111111111111—
Reserves3765196558367648098741,0771,3601,5861,3961,491—
Borrowings15795886985176127110406185262277—
Other Liabilities2793214014974915176889089159019741,077—
Total Liabilities8239461,1541,4121,3511,5131,7002,1072,6932,6832,6432,856—
Fixed Assets217217236238301406386402485488758871—
CWIP0024597292865150239721—
Investments005221800000000—
Other Assets6067298428981,0431,0791,2861,6392,0571,9561,8131,984—
Total Assets8239461,1541,4121,3511,5131,7002,1072,6932,6832,6432,856—

Cash Flows

As of 31 Mar 2026
Standalone · ₹ Cr
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity167219274453230517696327−21,0801,204794
Cash from Investing Activity−53−26−108−238192−27−40111936−37012−21
Cash from Financing Activity−113−189−154−188−443−378−366−396−179−621−1,010−744
Net Cash Flow141227−22113−7149−1458920529

Ratios

As of 31 Mar 2026
12 periods
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %62.062.060.064.069.053.048.067.054.045.059.064.0
ROE %———————————54.3
EPS (₹)175.74207.57238.73311.08353.19307.71305.35481.02512.15510.31653.71684.80
Book Value (₹)———————————1,347.0
Face Value (₹)———————————10
P/E———————————52.6
Div Yield %———————————1.49
NPM %12.612.812.413.513.611.512.013.712.112.414.614.5
OPM %21.021.019.021.022.018.019.020.018.019.022.022.0
D/E0.410.180.130.080.110.210.140.100.300.120.190.18
P/B———————————27.4

Growth

As of 11 Oct 2026
Compounded sales growth
10 years+11.0%
5 years+13.0%
3 years+4.0%
TTM+8.0%
Compounded profit growth
10 years+13.0%
5 years+18.0%
3 years+11.0%
TTM+2.0%
Stock price CAGR
10 years+9.0%
5 years+0.0%
3 years−2.0%
Last year−11.0%
Return on equity
10 years47.0%
5 years48.0%
3 years47.0%
Last year54.0%

Shareholding pattern

As of 31 Mar 2026
Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters49.01%49.01%49.01%48.32%48.32%48.32%47.19%46.12%45.11%42.89%42.89%42.89%
FIIs36.87%36.87%36.07%36.42%29.18%25.89%25.21%22.38%20.86%23.58%19.00%18.91%
DIIs4.62%4.62%5.40%3.17%10.02%15.44%17.06%21.26%25.85%27.87%32.50%32.93%
Government0.00%0.00%0.00%0.00%0.28%0.74%0.62%0.61%0.76%0.75%0.71%0.71%
Public9.50%9.50%9.52%12.09%12.21%9.61%9.92%9.61%7.43%4.92%4.90%4.56%
No. of shareholders36,88736,88739,66162,25170,38566,80575,72790,85584,51350,90557,22552,623
Change since Jun 2023 (pp)
Promoters −6.12FIIs −17.96DIIs +28.31Public −4.94

Documents

As of 11 Oct 2026
Announcements
Closure of Trading WindowDisclosure Under Regulation 30 Of The SEBI (LODR) Regulations, 2015 - Update On LitigationDisclosure Under Regulation 30 Of The SEBI (LODR) Regulations, 2015 - Pendency Of LitigationAnnouncement under Regulation 30 (LODR)-Resignation of Company Secretary / Compliance OfficerAnnouncement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
Annual reports
Annual Report 2026Annual Report 2025Annual Report 2024Annual Report 2023Annual Report 2022
Credit ratings
Rating updateRating updateRating updateRating updateRating update
Concalls
Aug 2026TranscriptAug 2026PPTAug 2026RecordingMay 2026TranscriptMay 2026PPTMay 2026RecordingFeb 2026TranscriptFeb 2026PPTNov 2025TranscriptNov 2025PPTNov 2025RecordingAug 2025TranscriptAug 2025PPTAug 2025Recording

Corporate actions

As of 19 Aug 2026
19 Aug 2026DIVIDENDInterim Dividend - Rs 200 Per Share—
27 May 2026DIVIDENDInterim Dividend - Rs 150 Per Share—
11 Feb 2026DIVIDENDInterim Dividend - Rs 125 Per Share—
19 Nov 2025DIVIDENDInterim Dividend - Rs 125 Per Share—
13 Aug 2025DIVIDENDInterim Dividend - Rs 150 Per Share—
21 May 2025DIVIDENDInterim Dividend - Rs 200 Per Share—
13 Feb 2025DIVIDENDInterim Dividend - Rs 150 Per Share—
14 Nov 2024DIVIDENDInterim Dividend - Rs 250 Per Share—
16 Aug 2024DIVIDENDInterim Dividend - Rs 300 Per Share—
31 May 2024DIVIDENDInterim Dividend - Rs 120 Per Share—
16 Feb 2024DIVIDENDInterim Dividend - Rs 100 Per Share—
17 Nov 2023DIVIDENDInterim Dividend - Rs 75 Per Share—
18 Aug 2023DIVIDENDInterim Dividend - Rs 75 Per Share—
2 Jun 2023DIVIDENDInterim Dividend - Rs 60 Per Share—
17 Feb 2023DIVIDENDInterim Dividend - Rs 60 Per Share—
17 Nov 2022DIVIDENDInterim Dividend - Rs 70 Per Share—
18 Aug 2022DIVIDENDInterim Dividend - Rs 60 Per Share—
2 Jun 2022DIVIDENDInterim Dividend - Rs 70 Per Share—
17 Feb 2022DIVIDENDInterim Dividend - Rs 100 Per Share—
17 Nov 2021DIVIDEND Interim Dividend - Rs 150 Per Share—
18 Aug 2021DIVIDEND Interim Dividend - Rs 50 Per Share—
17 Feb 2021DIVIDEND Interim Dividend - Rs 150 Per Share—
19 Nov 2020DIVIDEND Interim Dividend - Rs 100 Per Share—
18 Feb 2020DIVIDEND Interim Dividend - Rs 58 Per Share—
21 Nov 2019DIVIDEND Interim Dividend - Rs 52 Per Share—
19 Aug 2019DIVIDEND Interim Dividend - Rs 51 Per Share—
30 May 2019DIVIDEND Interim Dividend - Rs 41 Per Share—
21 Feb 2019DIVIDEND Interim Dividend - Rs 41 Per Share And Special Dividend - Rs 70 Per Share—
20 Nov 2018DIVIDEND Interim Dividend - Rs 41 Per Share—
23 Aug 2018DIVIDEND Interim Dividend- Rs 41 Per Share (Purpose Revised)—
31 May 2018DIVIDEND Interim Dividend- Rs 35 Per Share (Purpose Revised)—
15 Feb 2018DIVIDEND Interim Dividend Rs 35/- Per Share (Purpose Revised)—
16 Nov 2017DIVIDEND Interim Dividend Rs 35/- Per Share (Purpose Revised)—
2 Aug 2017DIVIDEND Annual General Meeting/Dividend - Rs 25/- Per Share—
1 Jun 2017DIVIDEND Interim Dividend Rs 26/- Per Share—
16 Feb 2017DIVIDEND Interim Dividend Rs 25/- Per Share (Purpose Revised) —
17 Nov 2016DIVIDEND Interim Dividend Rs 25/- Per Share (Purpose Revised)—
3 Aug 2016DIVIDEND Annual General Meeting/Dividend Rs 24/- Per Share—
31 May 2016DIVIDEND Interim Dividend Rs 22/- Per Share (Purpose Revised)—
17 Feb 2016DIVIDEND Interim Dividend - Rs 21/- Per Share (Purpose Revised)—
16 Nov 2015DIVIDEND Interim Dividend Rs 21/- Per Share (Purposed Revised)—
5 Aug 2015DIVIDENDAnnual General Meeting/ Dividend - Rs 20/- Per Share (Purpose Revised)—
4 Jun 2015DIVIDENDInterim Dividend - Rs 19/- Per Share (Purpose Revised)—
16 Feb 2015DIVIDENDThird Interim Dividend - Rs 18/- Per Share (Purpose Revised)—
17 Nov 2014DIVIDENDSecond Interim Dividend - Rs 18/- Per Share (Purpose Revised)—
5 Aug 2014DIVIDENDAnnual General Meeting/Final Dividend - Rs.16/- Per Share—
4 Jun 2014DIVIDENDInterim Dividend - Rs.16/- Per Share—
17 Feb 2014DIVIDENDInterim Dividend - Rs 15/- Per Share (Purpose Revised)—
21 Nov 2013DIVIDENDInterim Dividend Rs 15 Per Share—
30 Jul 2013DIVIDENDAnnual General Meeting/Dividend Rs 14/- Per Share—
5 Jun 2013DIVIDENDFirst Interim Dividend Rs.14/- Per Share (Purpose Revised)—
20 Feb 2013DIVIDENDInterim Dividend Rs 14 Per Share (Purpose Revised)—
15 Nov 2012DIVIDENDInterim Dividend Rs 12 Per Share (Purpose Revised)—
13 Jul 2012DIVIDENDAnnual General Meeting And Dividend - Rs.10/- Per Share—
5 Jun 2012DIVIDENDInterim Dividend Rs 10 Per Share (Purpose Revised)—
15 Feb 2012DIVIDEND3rd Interim Dividend Rs.10/- Per Share (Purpose Revised)—
16 Nov 2011DIVIDEND2nd Interim Dividend Rs.12/- Per Share (Purpose Revised)—
1 Aug 2011DIVIDENDAnnual General Meeting / Dividend - Rs.4/- Per Share—
2 Jun 2011DIVIDEND1st Interim Dividend Rs.5/- Per Share (Purpose Revised)—
17 Feb 2011DIVIDEND3rd Interim Dividend Rs.4/- Per Share (Purpose Revised)—
18 Nov 2010DIVIDEND2nd Interim Dividend Rs 8/- Per Share (Purpose Revised)—
18 Jun 2010DIVIDEND1st Interim Dividend Rs.10/- Per Share (Purpose Revised)—
Fundamentals from a third-party compiler of exchange filings; prices from the exchanges. Not investment advice.© 2026 āagman