Page Industries Q2 FY27 Results Analysis: Revenue Growth Accelerates to 11.52%, Gross Margin Compresses 272 bps (PAGEIND)
Page Industries Ltd's Q2 FY27 numbers came in mixed, with revenue of Rs. 1,439.61 Cr (+11.52% YoY) and PAT growth of +4.00% YoY. Here's a quick read of what worked, what to watch, and what management said.
| Results date | November 12, 2026 |
|---|---|
| Revenue (Q2) | Rs. 1,439.61 Cr (+11.52% YoY) |
| PAT (Q2) | Rs. 202.54 Cr (+4.00% YoY) |
| EBITDA margin | 20.85% (-80 bps YoY) |
| EPS (Q2) | Rs. 181.59 (+3.99% YoY) |
Quarter Snapshot
Revenue growth accelerated to 11.52% YoY with EBITDA margin of 20.85% landing within management's 19-21% FY27 guidance band, though gross margin compressed 272 bps YoY on input-cost inflation absorbed through FIFO. Cost discipline on employee and other expenses limited PAT growth to 4.00% YoY, while cash conversion (CFO/PAT 1.21x) and a net-cash balance sheet remain solid. Execution is on track against the only quantified guidance (margin band), with volume targets unverifiable from the filing.
Q2 FY27 Expectations vs Results
| Driver | Expected before results | What happened | Verdict |
|---|---|---|---|
| Revenue | "likely ahead of the base quarter's trend, volume-led" | Revenue Rs.1,439.61 cr, +11.52% YoY (double-digit, sharpest in five quarters) | Played out on revenue; volume leg not observable |
| EBITDA margin | "flat-to-compressing versus Q1's 20.3%, with the 19–21% band the line" | 20.85% — +50 bps QoQ (mildly against "compressing"), −80 bps YoY, squarely in the band | Partially |
| Value–volume gap | "revenue growth may lag the volume print" | Volume not disclosed in the filing | Not observable |
| YFT Dubai litigation (cross-appeals filed 26 Oct 2026, per pre-call note, web-sourced, dated) | Contingent claim (~Rs.294 cr per the same note) could be revived | The filing is silent on YFT; it discloses the separate FEMA compounding process (note 9) instead — remains open for the call | Not observable |
| 2nd interim dividend | Quantum awaited | Rs.150/share declared 12 November 2026 | Played out |
| Karnataka minimum-wage employee-cost headwind | "modest employee-cost headwind" | Employee cost +3.92% YoY, below revenue growth; no fresh provision | Not visible this quarter |
Read our full results preview.
Management Guidance vs Delivery
| What management said | Where | What happened | Verdict |
|---|---|---|---|
| EBITDA margin 19–21% for FY27 | Retained on the Q1 FY27 earnings call (13 Aug 2026) | 20.85% (Q2); 20.60% (H1) | On Track |
| ~Rs.50 cr capital-related incentives in FY27 | Q2 FY26 call, updated on the Q4 FY26 call | No incentive line visible; other income and finance income −30.29% YoY | Too Early |
| Revenue Rs.8,000 cr by FY29 | CEO on the Q4 FY26 earnings call | H1 FY27 Rs.2,860.06 cr (+9.69% YoY) | Too Early |
| Majority of ~3 days of undelivered Q1 billing to be reported in Q2 | Q1 FY27 earnings call | Q2 revenue +1.35% QoQ and +11.52% YoY — the QoQ gain is of the order of Rs.19 cr, smaller than ~3 days of billing (~Rs.47 cr on a 30-day quarter) but the YoY acceleration is consistent with the catch-up — exact split… | Partially |
| "No conscious push to increase margins"; absorb input costs within margins rather than risk volume | Q1 FY27 call | EBITDA margin 20.85%, inside the band though −80 bps YoY; employee and other expenses grew below revenue — Too Early to fully confirm | Consistent so far |
Key Investment Insights
Key Positives
- Revenue grew 11.52% YoY to Rs.1,439.61 cr, the sharpest YoY print in at least five quarters, and 1.35% QoQ
- EBITDA margin of 20.85% was within management's 19-21% FY27 guidance band, up 50 bps QoQ
- EBITDA grew 7.38% YoY to Rs.300.14 cr
- Employee cost grew only 3.92% YoY and other expenses 7.95% YoY, both below revenue growth of 11.52%
- H1 FY27 CFO of Rs.477.85 cr was 1.21x PAT; FCF of Rs.435.55 cr covered Rs.390.39 cr of dividends
- Net cash ex-leases of Rs.444.77 cr against borrowings of just Rs.10.49 cr
- 2.2% weighted-average price increase of May 2026 flowing through FIFO supported revenue
Risk Factors
- Gross margin compressed 272 bps YoY to 57.21% as COGS grew 19.11% YoY vs revenue 11.52%
- EBITDA margin fell 80 bps YoY to 20.85% and H1 margin is down 142 bps vs H1 FY26's 22.02%
- PAT grew only 4.00% YoY vs revenue growth of 11.52%; H1 PAT flat at -0.05% YoY
- Other income and finance income fell 30.29% YoY to Rs.13.58 cr
- FEMA retail-trading non-compliance on e-commerce of imported multi-brand products remains open; RBI returned the compounding application advising post-facto Government approval first
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Disclaimer: This results analysis is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.