Jockey: How Page Industries Turned Innerwear into a Premium, High-Turnover Business

SYNOPSIS: Page Industries Limited turned Jockey into a premium innerwear brand, delivering ₹1,291 crore Q2FY26 revenue, 11% five-year CAGR, with ROE 48.5% and ROCE 59.4% through branding and distribution strength.

Jockey, through Page Industries, shows how even a basic product like innerwear can become a premium and fast-selling business. By focusing on quality, comfort, strong branding, and wide availability, the company made innerwear a trusted and repeat-buy product rather than just a low-cost necessity. This approach helped Jockey build customer loyalty, charge higher prices, and achieve consistent sales across India.

Page Industries Limited, with a market capitalization of Rs. 39,880.68 crore, closed at Rs. 35,755 per equity share, up by 0.31 percent from its previous day’s close price of Rs. 35,645 per equity share.

Page Industries Limited, headquartered in Bengaluru and incorporated in 1994, manufactures, markets, and distributes a wide range of textile garments and accessories for men, women, and children in India and abroad. Under the Jockey brand, its offerings include innerwear, casual wear, loungewear, sleepwear, activewear, socks, thermals, towels, and accessories like caps and masks.

Jockey’s success in India is not directly the work of the global brand, but of Page Industries. When Jockey decided to re-enter India in 1993, the timing was crucial. The post-liberalisation reforms had improved the regulatory environment, and the brand chose the Genomal family as its partner due to their experience managing Jockey in the Philippines for decades. This partnership led to the creation of Page Industries in 1994, which received exclusive rights to manufacture, market, and distribute Jockey products in India. This long-term collaboration laid the foundation for building a strong and sustainable business.

Page Industries Limited’s most significant advantage is its exclusive licensing agreement with Jockey, which allows it to operate as the sole manufacturer and distributor in India until 2040. This exclusivity acts as a strong legal and strategic moat, preventing any competitor, including Jockey itself, from entering the market.

Page Industries has also earned similar rights in several other countries, adding to its global footprint. This exclusivity ensures decades of operational stability and allows the company to focus on scaling the business without fear of direct competition.

Unlike many competitors, Page Industries produces around 70–80 percent of its garments in-house. This high degree of vertical integration enables the company to maintain consistent product quality, control costs, and respond quickly to sudden demand spikes or new product launches. With large manufacturing facilities in Karnataka and new expansion underway in Odisha, the company has built a manufacturing ecosystem that is difficult for new players to replicate. This operational control is a core element of Page Industries Limited’s competitive strength.

Jockey’s market presence is unmatched in India. The brand is available in over 1 lakh retail stores, including exclusive outlets, multi-brand shops, malls, and online platforms. Page Industries has further strengthened its distribution advantage with an AI-driven auto-replenishment system, which tracks inventory at store level and automatically triggers restocking. This ensures shelves remain full, stockouts are minimised, and sales turnover is maximised. Retailers prefer stocking Jockey because it sells fast, delivers higher absolute profits, and occupies prime shelf space.

Page Industries transformed innerwear from a routine purchase into a confident, aspirational choice for men, women, and children. Strong marketing campaigns and consistent branding have built customer loyalty and allowed the company to maintain premium pricing. By offering products for the entire household, Page Industries has created a broad customer base, ensuring repeat purchases and long-term engagement.

The unique combination of premium pricing, fast-moving inventory, and extensive distribution ensures that Jockey achieves high sales volume while maintaining profitability. This balance between pricing and turnover is rare in apparel and is a key reason why Page Industries has been able to dominate the innerwear market in India.

Financial Outlook

In Q2FY26, the company reported revenue of Rs. 1,291 crore, registering a YoY growth of 3.6 percent compared to Rs. 1,246 crore in Q2FY25. However, on a QoQ basis, revenue declined by 2.0 percent from Rs. 1,317 crore in Q1FY26, indicating some short-term moderation in topline momentum.

EBITDA stood at Rs. 280 crore, marginally lower by 0.4 percent YoY from Rs. 281 crore, and down 5.1 percent QoQ from Rs. 295 crore, reflecting pressure on operating performance. Net profit remained flat at Rs. 195 crore YoY, while it declined by 3.0 percent QoQ from Rs. 201 crore in Q1FY26, suggesting stable annual profitability but a sequential slowdown.

Over the past five years, the company has demonstrated strong growth, achieving a revenue CAGR of 11 percent, a profit CAGR of 16 percent, reflecting its operational performance and market confidence.

A return on equity (ROE) of about 48.5 percent and a return on capital employed (ROCE) of about 59.4 percent, and debt to equity ratio at 0.19 demonstrate the company’s financial position. The stock is currently trading at a P/E of 52.1x higher as compared to industry P/E of 28.5x.

While consumers see only the Jockey label, the true strength of Page Industries lies in its disciplined execution and operational excellence. The company’s long-term licensing agreements, in-house manufacturing, advanced distribution network, and retail-focused technology form a robust system that supports sustained growth. It is this combination of brand, strategy, and execution that has made Page Industries the backbone of Jockey’s success in India, turning innerwear into a premium, high-turnover business.

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