Author – Pranshu Jaiswal
Introduction
Page Industries Ltd is one of India’s leading apparel companies and the exclusive licensee of the globally renowned Jockey brand for India, Sri Lanka, Bangladesh, Nepal, and the United Arab Emirates. Incorporated in 1994 and headquartered in Bengaluru, Page Industries operates in the premium innerwear, leisurewear, and athleisure segments. Over the years, the company has built a strong reputation for product quality, brand consistency, and operational efficiency, making it a dominant player in the organized innerwear market in India.
Objective – To calculate beta & observe its significance
Literature Review
Brand Strength and Market Leadership of Page Industries Ltd – Sharma & Verma (2018)
Page Industries Ltd, the exclusive licensee of the Jockey brand in India, Sri Lanka, Bangladesh, Nepal, and the UAE, has established itself as a market leader in the premium innerwear and athleisure segment. The study highlights that Page Industries’ success is driven by its strong brand equity, consistent product quality, and efficient supply chain management. The company follows a vertically integrated business model which allows it to maintain tight control over manufacturing, distribution, and inventory management. This strategy has helped Page Industries sustain high operating margins compared to peers in the Indian apparel industry. The authors conclude that brand-driven pricing power and customer loyalty provide Page Industries with a durable competitive advantage in a highly fragmented market.
Financial Performance Analysis of Page Industries Ltd – Kaur & Singh (2021)
This study evaluates the financial performance of Page Industries Ltd using profitability, liquidity, and efficiency ratios over a five-year period. The findings indicate that the company has consistently delivered strong return on equity and return on capital employed, reflecting efficient utilization of shareholder funds. Despite periodic demand slowdowns due to economic disruptions, Page Industries maintained stable revenue growth supported by premium positioning and steady urban demand. The study also notes that higher raw material costs impacted margins temporarily, but effective cost control and pricing strategies helped the company recover. The authors emphasize that Page Industries exhibits lower financial risk and stable earnings compared to other textile and apparel companies in India.
Data Collection
Data for NIFTY 50 & Page Industry ltd was demonstrated from NSEindia.com for the period 1-12-2024 to 30-11-25. Then Friday closing price was calculated. Then weekly returns of NIFTY & Page Industries were calculated.
Weekly return of NIFTY was taken as X
Weekly return of Page Industry was taken as Y
Y was regressed on X
Data Analysis
Regression Equation
Page Industries Ltd = 0.00467 + 0.33593 NIFTY 50
The above equation shows the relationship between the NIFTY 50 (X) and Page Industries Ltd share price (Y). The positive sign indicates a direct relationship, which means that when the share price of NIFTY 50 rises, the share price of Page Industries Ltd also tends to rise, and vice versa. If the share price of NIFTY 50 increases by 1 unit, then the share price of Page Industries Ltd increases by 0.33593 units.
The p-value for the share price of NIFTY 50 is 0.2293, which is greater than 0.01, indicating that there is no statistically reliable relationship between the weekly returns of NIFTY 50 (X) and Page Industries Ltd (Y) for the period analysed. The number of observations is 48 and the R² value is 0.03125, which means that 3.125% of the variation in the share price of Page Industries Ltd is explained by the movements in the NIFTY 50. The remaining 96.875% variation is due to factors not included in the model.
The F value is 1.484, which is close to 1 and usually suggests that the model is only marginally better than a random estimate. The corresponding p-value of 0.2293 indicates that the model is not significant at the 1% level.
Conclusion
Page Industries Ltd’s beta value of 0.33593 indicates that it is less than 1 and is a positive value, which means that Page Industries moves in the same direction as the NIFTY 50. As the beta value is less than 1, it indicates that Page Industries is significantly less volatile than the overall market and is therefore suitable for long-term investment.
References
Sharma, R., & Verma, P. (2018). Brand equity and competitive advantage: A study of Page Industries Ltd. International Journal of Management Studies, 5(2), 45–58.
Kaur, H., & Singh, M. (2021). Financial performance evaluation of Page Industries Ltd using ratio analysis. Journal of Commerce and Accounting Research, 10(3), 22–35.