Page Industries, which had set a revenue target of $1 billion about three years ago is unlikely to hit the target by FY26. The company’s revenue declined by 3% in FY24 to ₹4,582 crore, whereas net profit came in marginally down at ₹569 crore. Interestingly, it has never reported a decline in top-line since listing, except following the pandemic year, which was in FY21.

The revenue for the year in dollar terms stood at $554 million, suggesting the top-line needs to nearly double in two years to achieve the magic number. “That may be tough to grow at that rate and that’s where we need to be realistic,” observed V S Ganesh, Managing Director of Page Industries post Q1 results.

The company further added that the $1 billion target was set for itself a few years back. And now it needs to recast the numbers and be more realistic about it because it had a lot of turbulence in the business in the recent past. “We are in the process of recasting the three-year and five-year plan and then we will be able to kind of understand how quickly we can reach the thousand crore mark,” said Ganesh during the earnings call after the Q1 results.

Further, the Street was unimpressed with the June quarter earnings as it lacked near-term growth catalysts. Even though the company declared its highest-ever interim dividend of ₹300 per share during the quarter, the stock is down about 3% so far in August. Interestingly, the company went public with an offer price of ₹360 per share in March 2007.

Shares of Page Industries have come off 25% from their October 2022 high as they closed Friday’s session at ₹40,947.50 on the NSE. However, with a dividend per share of ₹370, the company was ranked one of the highest dividend-paying companies in FY24. It also has a policy of distributing half of its profit as dividends.

Page Industries, the exclusive licensee of the American brand Jockey in India and other neighboring countries, has a manufacturing capacity of around 200 million pieces and it can stretch the same up to 260 million pieces through outsourcing.