Today › Innerwear & apparel › Page Industries

Innerwear & apparel Historical case study · data as of 17 Jul 2026 · published 21 Oct 2026 (96 days later)

Page Industries — 100-point case study

How Page Industries looked on 50 technical and 50 fundamental measures on 17 Jul 2026 — and what happened over the next three months. Education only; not a current view.

Codes	NSE: PAGEIND · BSE: 532827
Close on 17 Jul 2026	₹39,900.00
Market cap then	₹44,504 crore
Valuation	P/E 58.2× · P/B 29.63×
Momentum	RSI (14) 48 · 1-year return -15.6%
Next 3 months	-10.4% vs Nifty 50 -5.9% (to 19 Oct 2026)

Scorecard

Technical — 50 points

13 bullish · 23 neutral · 1 caution · 12 bearish — the picture was mixed.

Fundamental — 50 points

10 bullish · 36 neutral · 0 caution · 3 bearish — the picture leaned positive.

Price chart

Close (to snapshot) Close (after) 50-day avg 200-day avg Support Resistance

Data note: Screener's consolidated tables were empty, so the standalone financials are used.

Technical analysis — 50 points

Calculated by code from daily prices up to 17 Jul 2026. Standard formulas (RSI, MACD, ADX use Wilder smoothing).

How to read the tags. Each of the 50 points gets one tag. Bullish the reading was favourable. Bearish the reading was unfavourable. Neutral the reading was in a normal range, or gave no clear message. Caution a warning sign or an unusual reading that deserves a closer look. Point 50 counts the other 49 tags. The chart is called positive when bullish tags beat bearish ones by 5 or more, negative when bearish tags beat bullish ones by 5 or more, and mixed otherwise. Under each point you will see what reading earns which tag. Tags describe the data on the snapshot date. They are not signals to buy or sell. Full guide to all 100 points →

A. Trend

#	Point	Reading	Tag	Commentary
1	Short-term trend (20 days)	slope -0.04%/day	Neutral	Over the last 20 sessions the regression line of closing prices was falling about 0.04% a day — a flat, sideways phase. Bullish slope above +0.10% a day (short-term uptrend) · Bearish slope below –0.10% a day (short-term downtrend) · Neutral between the two: a flat, sideways phase.
2	Medium-term trend (~5 months)	3M return +7.9%	Bullish	The 100-session trend line was up (+0.30%/day) and the stock was +7.9% over three months, so the medium-term picture was bullish. Bullish slope above +0.05% a day · Bearish slope below –0.05% a day · Neutral in between.
3	Long-term trend (1 year)	1Y return -15.6%	Bearish	Compared with a year earlier the price was -15.6%. A weak year for the stock. Bullish up more than 10% in a year · Bearish down more than 10% in a year · Neutral between –10% and +10%.
4	Weekly chart trend	10W 39,446.00 / 30W 36,021.50	Bullish	On the weekly chart the stock showed a weekly close above a rising 10-week and 30-week average stack. Bullish weekly close above the 10-week average, which is above the 30-week · Bearish weekly close below the 10-week average, which is below the 30-week · Neutral when they are tangled.
5	Swing structure (highs/lows)	last highs 40,490.00→43,855.00; lows 36,585.00→39,250.00	Bullish	The two most recent swing points showed higher swing highs and higher swing lows — classic uptrend structure. Bullish higher highs and higher lows (uptrend structure) · Bearish lower highs and lower lows (downtrend structure) · Neutral when one is higher and the other lower.
6	ADX (14) — trend strength	22.7	Bearish	ADX at 22.7 shows a trend of moderate strength. ADX measures strength only, not direction. Bullish ADX 20 or more with +DI above –DI (a real trend, pointing up) · Bearish ADX 20 or more with –DI above +DI (a real trend, pointing down) · Neutral below 20: no clear trend. 20–30 is a moderate trend, above 30 a strong one.
7	+DI vs –DI	+DI 18.6 / –DI 20.6	Bearish	–DI was above +DI: sellers had the upper hand in directional movement. Bullish +DI above –DI · Bearish –DI above +DI · No neutral zone for this point.

B. Moving averages

#	Point	Reading	Tag	Commentary
8	Price vs 20-day SMA	40,956.50 (-2.6%)	Bearish	Close of 39,900.00 was 2.6% below the 20-day SMA — the short-term trend filter was negative. Bullish close above the average · Bearish close below the average · No neutral zone.
9	Price vs 50-day SMA	39,156.20 (+1.9%)	Bullish	Close of 39,900.00 was 1.9% above the 50-day SMA — the medium-term trend filter was positive. Bullish close above the average · Bearish close below the average · No neutral zone.
10	Price vs 200-day SMA	37,133.28 (+7.5%)	Bullish	Close of 39,900.00 was 7.5% above the 200-day SMA — the long-term trend filter was positive. Bullish close above the average · Bearish close below the average · No neutral zone.
11	9 / 21 EMA crossover	9E 40,509.22 / 21E 40,460.23	Bullish	The 9-day EMA was above the 21-day EMA; the last crossover happened on 01 Apr 2026. Bullish 9-day above 21-day · Bearish 9-day below 21-day · No neutral zone.
12	Golden / death cross (50 vs 200)	last golden cross 18 Jun 2026	Bullish	The 50-day average was 5.4% above the 200-day. The most recent signal was a golden cross on 18 Jun 2026. Bullish 50-day above 200-day (after a “golden cross”) · Bearish 50-day below 200-day (after a “death cross”) · No neutral zone.
13	50-day SMA slope	+4.2% in 20 sessions	Bullish	The 50-day average rose 4.2% over the past month — rising. Bullish rose more than 0.5% · Bearish fell more than 0.5% · Neutral in between: flattening.
14	MA ribbon alignment	40,956 / 39,156 / 36,576 / 37,133	Neutral	The 20/50/100/200-day averages were tangled — no clean order, typical of a transition or range. Bullish neatly stacked 20 > 50 > 100 > 200 · Bearish neatly stacked 20 < 50 < 100 < 200 · Neutral when tangled (a transition or range).
15	Monthly anchored VWAP	41,505.53 (-3.9%)	Bearish	Anchored to the start of July, the volume-weighted average price was 41,505.53; the close was below it — buyers that month were on average under water. Bullish close above VWAP (that month’s buyers on average in profit) · Bearish close below VWAP · No neutral zone.

C. Momentum

#	Point	Reading	Tag	Commentary
16	RSI (14)	47.6	Neutral	RSI at 47.6 was in the neutral 45–55 zone. Bullish RSI 55–70 (positive momentum, not stretched) · Bearish RSI 30–45 (soft momentum) · Neutral 45–55. Caution at 70 or above (overbought) or 30 or below (oversold).
17	RSI divergence (last 40 days)	none	Neutral	Comparing the last 20 sessions with the 20 before: no divergence — RSI moved in line with price. Bullish bullish divergence: price made a lower low but RSI a higher low · Caution for a bearish divergence (price higher high, RSI lower high). Neutral when RSI moved in line with price.
18	MACD line vs signal	MACD 295.56 / signal 599.64	Bearish	MACD was below its signal line — momentum turning or staying negative. Bullish MACD above signal · Bearish MACD below signal · No neutral zone.
19	MACD histogram (5-day change)	-310.84 → -304.08	Bullish	The histogram rose over the last five sessions, meaning momentum was improving. Bullish histogram rising (momentum improving) · Bearish histogram falling (momentum weakening) · No neutral zone.
20	MACD vs zero line	295.56	Bullish	MACD above zero means the 12-day EMA was above the 26-day EMA — a positive momentum regime. Bullish MACD above zero · Bearish MACD below zero · No neutral zone.
21	Stochastic (14,3,3)	%K 21.8 / %D 23.6	Bearish	Slow stochastic at 21.8 was mid-range with %K below %D. Bullish between 20 and 80 with %K above %D · Bearish between 20 and 80 with %K below %D · Caution above 80 (overbought) or below 20 (oversold).
22	Williams %R (14)	-85.9	Caution	%R of -85.9 put the close near the bottom of its 14-day range. How to read: Caution above –20 (near the top) or below –80 (near the bottom). Neutral in the middle. This point is never tagged Bullish or Bearish.
23	CCI (20)	-69	Neutral	CCI at -69 was within the normal ±100 band. Bullish above +100 (unusually strong upward move) · Bearish below –100 (unusually strong downward move) · Neutral within ±100.
24	Rate of change (10-day)	-6.8%	Bearish	Price changed -6.8% over ten sessions. Bullish up more than 2% · Bearish down more than 2% · Neutral between –2% and +2%.

D. Volatility

#	Point	Reading	Tag	Commentary
25	Bollinger Band position (%B)	%B 0.28 (bands 38,530.18–43,382.82)	Neutral	%B of 0.28 — inside the bands, lower half. How to read: Caution above 1 or below 0 (outside the bands — an overextended move). Neutral inside the bands.
26	Bollinger width / squeeze	width 11.8% (49th pct of 6M)	Neutral	Band width was at the 49th percentile of the last six months, a normal level. How to read: Caution when the width is in the lowest 15% of six months (a “squeeze” that often comes before a bigger move, direction unknown). Neutral otherwise.
27	ATR (14)	₹1,137.33 (2.9% of price)	Neutral	A typical day's range was about ₹1,137.33, or 2.9% of the price — useful for judging how much 'normal noise' to expect. How to read: Information only. A higher % means bigger normal daily swings.
28	Historical volatility (30-day)	28.6% vs 1Y 24.4%	Neutral	Annualised 30-day volatility was 28.6%, close to the one-year level of 24.4%. How to read: Caution when 30-day volatility is more than 1.25× the one-year level. Neutral otherwise.
29	Keltner Channel (20, 2×ATR)	38,229.62–42,748.53	Neutral	The close was inside the channel, so no volatility breakout. Bullish close above the upper channel (strong upward push) · Bearish close below the lower channel · Neutral inside the channel.
30	Beta vs Nifty 50 (1Y daily)	0.79	Neutral	A beta of 0.79 means the stock tended to move less than the Nifty 50 day to day. How to read: Information only. Above 1.1 moves more than the market, below 0.9 less, around 1 in line.

E. Volume & money flow

#	Point	Reading	Tag	Commentary
31	Volume vs 20-day average	last day 0.41× / 5-day 0.62×	Neutral	The final session traded 0.41× its 20-day average volume and the last five sessions averaged 0.62× — lighter than usual participation. How to read: Information only. Above 1.2× is heavier than usual participation, below 0.8× lighter.
32	Up-day vs down-day volume (20d)	ratio 0.99	Neutral	Average volume on up days was 0.99× that on down days — balanced. Bullish ratio above 1.15 (accumulation-leaning) · Bearish ratio below 0.85 (distribution-leaning) · Neutral between 0.85 and 1.15.
33	On-Balance Volume (20d)	OBV falling	Bearish	OBV fell over the month while price fell — volume confirmed the price move. Bullish OBV rising · Bearish OBV falling · No neutral zone.
34	Accumulation/Distribution line	falling (20d)	Bearish	The A/D line fell, meaning closes tended to be in the lower part of daily ranges on meaningful volume. Bullish A/D line rising · Bearish A/D line falling · No neutral zone.
35	Chaikin Money Flow (20)	-0.15	Bearish	CMF at -0.15 indicated net outflows. Bullish above +0.05 (net inflows) · Bearish below –0.05 (net outflows) · Neutral between –0.05 and +0.05.
36	Money Flow Index (14)	42.4	Bearish	MFI, a volume-weighted RSI, was 42.4. Bullish MFI 55–80 · Bearish MFI 20–45 · Neutral 45–55. Caution above 80 (overbought) or below 20 (oversold).
37	Liquidity (avg daily turnover)	₹183 cr/day	Neutral	About ₹183 crore changed hands per day on average over 20 sessions — liquid. How to read: Information only. Above ₹500 crore a day is highly liquid, above ₹50 crore liquid, below that moderately liquid.

F. Price levels

#	Point	Reading	Tag	Commentary
38	Support levels (S1/S2/S3)	39,290.00 / 38,160.00 / 37,545.00	Neutral	Nearest support (prior swing lows) sat at 39,290.00, 1.6% below the close, then 38,160.00, 37,545.00. How to read: Information only. Levels to watch, not good or bad.
39	Resistance levels (R1/R2/R3)	40,490.00 / 41,615.00 / 43,135.00	Neutral	Nearest resistance (prior swing highs) sat at 40,490.00, 1.5% above the close, then 41,615.00, 43,135.00. How to read: Information only.
40	Monthly pivot points (for next month)	P 41,001.67 \| R1 42,753.33 \| S1 38,148.33	Neutral	Classic pivots from July's high/low/close gave a pivot of 41,001.67; the close was below it. How to read: Information only.
41	Fibonacci retracement (6M swing)	23.6% 40,539 \| 38.2% 38,488 \| 50.0% 36,830 \| 61.8% 35,172	Neutral	Measuring the 6-month rise from 29,805.00 to 43,855.00, the close was nearest the 23.6% retracement at 40,539.20. How to read: Information only.
42	52-week high / low	H 49,380.00 / L 29,805.00	Neutral	The close was 19.2% below the 52-week high and 33.9% above the 52-week low. Bullish within 5% of the 52-week high · Bearish within 5% of the 52-week low · Neutral in between.
43	Unfilled price gaps (6M)	1 open; latest gap-up 15 Jun at 38,850.00	Neutral	There was 1 unfilled gap(s). The latest, a gap-up on 15 Jun 2026, left an open level at 38,850.00 that price had not revisited. How to read: Information only.

G. Patterns

#	Point	Reading	Tag	Commentary
44	Price structure / chart pattern	pullback inside a larger uptrend	Neutral	Rule-based pattern scan: pullback inside a larger uptrend. (Classical patterns like head-and-shoulders are judgement calls; we report only what the rules detect.) Bullish rising channel (both trends up) · Bearish falling channel (both trends down) · Neutral for tight consolidation, a bounce in a downtrend, a pullback in an uptrend, or a sideways range.
45	Breakout / breakdown (20-day)	range 39,200.00–43,855.00	Neutral	The close was inside the prior 20-day range of 39,200.00–43,855.00. Bullish close above the 20-day high (breakout) · Bearish close below the 20-day low (breakdown) · Neutral inside the range.
46	Latest candlestick	Ordinary red candle	Neutral	On 17 Jul the candle opened 40,395.00, ranged 39,650.00–40,435.00 and closed 39,900.00: Ordinary red candle. Single candles are weak signals on their own. Bullish hammer, bullish engulfing or bullish marubozu · Bearish shooting star, bearish engulfing or bearish marubozu · Neutral for a doji, inside bar or ordinary candle. Single candles are weak signals.
47	Ichimoku Cloud	cloud 35,810.00–37,791.25; Tenkan 41,017.50 / Kijun 40,700.00	Bullish	Price was above the cloud and the Tenkan line was above the Kijun line — a bullish Ichimoku setup. Bullish close above the cloud · Bearish close below the cloud · Neutral inside the cloud.

H. Relative strength & summary

#	Point	Reading	Tag	Commentary
48	Relative strength vs Nifty 50	1M +0.5% / 3M +7.3%	Bullish	The stock outperformed the Nifty 50 by 7.3 points over three months and outperformed by 0.5 points over one month. Bullish ahead of the Nifty 50 by more than 2 points · Bearish behind by more than 2 points · Neutral within ±2 points.
49	Relative strength vs Nifty 50 (6M)	6M +20.7%	Bullish	No sector index in today's data set, so we show the 6-month comparison instead: 20.7 points ahead of the Nifty 50. Bullish ahead by more than 2 points · Bearish behind by more than 2 points · Neutral within ±2 points.
50	Technical summary	13 bullish · 12 bearish · 23 neutral · 1 caution	Neutral	Across the 49 readings the technical picture was mixed. Levels that mattered: support 39,290.00, resistance 40,490.00. This is a description of the chart on 17 Jul 2026, not a forecast. How to read the score: the strongest possible reading is 49 bullish · 0 bearish, and the weakest is 0 bullish · 49 bearish. Most companies land in between. The chart is called positive when bullish tags beat bearish ones by 5 or more, negative when bearish tags beat bullish ones by 5 or more, and mixed otherwise. Even a 49–0 score describes the past and is not a reason to buy, and a 0–49 score is not a reason to sell. Bullish bullish tags beat bearish ones by 5 or more (“positive”) · Bearish bearish tags beat bullish ones by 5 or more (“negative”) · Neutral (“mixed”) otherwise. Strongest possible: 49 bullish · 0 bearish.

Fundamental analysis — 50 points

Uses only results published by 17 Jul 2026: FY26 annual (Apr 2025–Mar 2026), the Jan–Mar 2026 quarter and the Mar 2026 shareholding. ₹ crore, consolidated unless stated. Valuation uses the 17 Jul 2026 close.

How to read the tags. Each of the 50 points gets one tag. Bullish the reading was favourable. Bearish the reading was unfavourable. Neutral the reading was in a normal range, or gave no clear message. Caution a warning sign or an unusual reading that deserves a closer look. Point 50 counts the other 49 tags. The numbers are called positive when bullish tags beat bearish ones by 4 or more and are at least 1.5 times as many, negative the other way round, and mixed otherwise. Under each point you will see what reading earns which tag. Tags describe the data on the snapshot date. They are not signals to buy or sell. Full guide to all 100 points →

A. Valuation

#	Point	Reading	Tag	Commentary
1	P/E (trailing 12 months)	58.2×	Neutral	At ₹39,900.00 the market valued the company at about ₹44,504 crore, or 58.2× the ₹765 crore profit of the four quarters to Mar 2026. That is a premium multiple — the market expected growth. How to read: Information only. Below 15 is a low multiple, 15–30 moderate, above 30 a premium (the market expects growth). Compare with peers and the company’s own history.
2	Price / Book	29.63×	Neutral	Market cap was 29.63× the Mar 2026 book value (equity + reserves) of ₹1,502 crore. How to read: Information only. Main yardstick for banks; asset-light businesses usually trade at high P/B.
3	Price / Sales	8.48×	Neutral	The company was valued at 8.48× its trailing-12-month sales of ₹5,248 crore. How to read: Information only.
4	EV / EBITDA (approx.)	38.8×	Neutral	Enterprise value (market cap + ₹277 cr borrowings; cash not netted) was 38.8× trailing operating profit of ₹1,154 crore. How to read: Information only. Lower means cheaper relative to operating profit.
5	Earnings yield	1.7%	Neutral	The inverse of P/E: each ₹100 invested bought about ₹1.7 of annual earnings. Investors often compare this with the ~6–7% yield on 10-year government bonds. How to read: Information only. Often compared with the ~6–7% yield on 10-year government bonds.
6	PEG (P/E ÷ 3-yr profit CAGR)	5.71	Bearish	P/E of 58.2 divided by 3-year profit growth of 10.2% a year gives a PEG of 5.71. Below 1 is often read as growth being cheaply priced; above 2 as expensive. Bullish below 1 (growth cheaply priced) · Bearish above 2 (growth expensively priced) · Neutral 1–2, or when profit did not grow (not meaningful).
7	Dividend yield (trailing 12M)	1.38%	Neutral	Dividends with ex-dates in the 12 months to the snapshot totalled ₹550 a share, a 1.38% yield on the ₹39,900.00 price. Bullish above 3% · Neutral at 3% or less. Never tagged Bearish.
8	Market capitalisation	₹44,504 cr	Neutral	At about ₹0.45 lakh crore the company was a mid-cap. How to read: Information only. Above ₹1 lakh crore large-cap, ₹30,000 crore–₹1 lakh crore mid-cap, below that small-cap (our rule of thumb).
9	Graham number vs price	₹4,558.64 vs ₹39,900.00	Neutral	Benjamin Graham's conservative fair-value yardstick √(22.5 × EPS × book value per share) came to ₹4,558.64; the price was 775% above it. Quality franchises usually trade above this number. Bullish price below the Graham number · Neutral when the price is above it (most quality companies are).

B. Growth

#	Point	Reading	Tag	Commentary
10	Revenue growth FY26 (YoY)	+6.3%	Neutral	Revenue for FY26 was ₹5,247 crore, +6.3% versus FY25. Bullish above 10% · Bearish below 0% (revenue fell) · Neutral 0–10%.
11	Q4 FY26 revenue growth (YoY)	+14.1%	Bullish	The Jan–Mar 2026 quarter brought ₹1,253 crore of revenue, +14.1% on the same quarter a year earlier. Bullish above 10% · Bearish below 0% · Neutral 0–10%.
12	Net profit growth FY26 (YoY)	+4.8%	Neutral	FY26 net profit was ₹764 crore, +4.8% on FY25's ₹729 crore. Bullish above 10% · Bearish below 0% · Neutral 0–10%. Caution if a one-off item distorted the figure.
13	Q4 FY26 profit growth (YoY)	+9.1%	Neutral	Quarterly profit was ₹179 crore versus ₹164 crore a year earlier (+9.1%). Bullish above 10% · Bearish below 0% · Neutral 0–10%.
14	Revenue CAGR (3 years)	3.6%	Bearish	Revenue compounded at 3.6% a year from FY23 to FY26. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%. Caution if an acquisition inflated it.
15	Profit CAGR (3 years)	10.2%	Neutral	Net profit compounded at 10.2% a year from FY23 to FY26. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%.
16	Revenue CAGR (5 years)	13.1%	Bullish	Over five years (FY21–FY26) revenue compounded at 13.1% a year. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%.
17	EPS growth FY26 (reported)	+4.8%	Neutral	Reported EPS went from ₹653.71 to ₹684.80 (+4.8%). Differences from profit growth come from changes in share count (bonus, buyback, new issues). Bullish above 10% · Bearish below 0% · Neutral 0–10%.

C. Profitability

#	Point	Reading	Tag	Commentary
18	Operating margin FY26	22%	Neutral	Operating profit (EBITDA) was 22% of sales in FY26 versus 22% in FY25. How to read: Information only — normal margins differ a lot by industry.
19	Operating margin trend (4 quarters)	22% → 22% → 23% → 21%	Neutral	Quarterly margins moved from 22% to 21% over the last four quarters — broadly stable. Bullish up more than 1 percentage point · Bearish down more than 1 percentage point · Neutral when broadly stable.
20	Net profit margin FY26	14.6%	Neutral	₹14.6 of every ₹100 of revenue ended up as net profit in FY26. How to read: Information only.
21	Return on equity FY26	52.5%	Bullish	FY26 profit was 52.5% of average shareholders' equity. Above ~15% is generally considered good; below 10% weak. Bullish above 18% · Bearish below 10% · Neutral 10–18%. Around 15% or more is generally considered good.
22	ROCE FY26	64%	Bullish	Return on capital employed (debt + equity) was 64% in FY26. Bullish above 20% · Bearish below 10% · Neutral 10–20%.
23	Return on assets FY26	26.75%	Neutral	Net profit was 26.75% of total assets. Bullish banks only: 1.5% or more · Bearish banks only: below 1% · Information only for non-banks.
24	Effective tax rate FY26	26%	Neutral	The company paid about 26% of pre-tax profit as tax; India's base corporate rate is ~25%. How to read: Information only. India’s base corporate rate is about 25%.
25	Other income share of pre-tax profit	3%	Neutral	Non-operating 'other income' of ₹29 crore made up 3% of pre-tax profit. How to read: Caution above 25% (headline profit leans on non-core income). Neutral otherwise.

D. Balance sheet

#	Point	Reading	Tag	Commentary
26	Debt / equity	0.18	Bullish	Borrowings of ₹277 crore were 0.18× equity — very low leverage. Bullish below 0.3 (very low leverage) · Bearish above 1 (high leverage) · Neutral 0.3–1.
27	Debt / EBITDA	0.24×	Bullish	Debt equalled 0.24 years of FY26 operating profit. Bullish below 1× · Bearish above 3× · Neutral 1–3×.
28	Interest coverage	21.5×	Bullish	Earnings before interest and tax covered interest cost 21.5 times. Bullish above 8× · Bearish below 3× · Neutral 3–8×, or not meaningful when interest is negligible.
29	Book value growth	+6.8%	Neutral	Shareholders' equity grew +6.8% from ₹1,407 crore to ₹1,502 crore in FY26. Bullish above 10% (banks: above 12%) · Bearish below 0% (non-banks only) · Neutral otherwise.
30	Capital work in progress	₹1 cr (0% of fixed assets)	Neutral	Projects under construction (CWIP) were 0% of fixed assets — a modest pipeline. How to read: Information only. Above 20% means a big expansion pipeline that is not yet earning.
31	Working capital days	26 days	Neutral	Working capital tied up equalled 26 days of sales (FY25: 19). Negative means suppliers/customers fund operations. How to read: Information only. Lower is generally more efficient; negative means suppliers or customers fund the business.
32	Cash conversion cycle	138 days	Neutral	It took 138 days to turn inventory and receivables into cash, net of supplier credit. How to read: Information only. Shorter is generally better.
33	Debtor days	14 (FY25 14)	Neutral	Customers took 14 days on average to pay, versus 14 a year earlier. How to read: Caution when debtor days rose more than 20% in a year (collections stretching). Neutral otherwise.

E. Cash flow

#	Point	Reading	Tag	Commentary
34	Operating cash flow FY26	₹794 cr	Neutral	The business generated ₹794 crore of operating cash in FY26 versus ₹1,204 crore in FY25. Bullish positive and higher than the year before · Bearish negative · Neutral when positive but lower. Information only for banks.
35	Free cash flow FY26	n/a	Neutral	Free cash flow line not available on source page. Bullish positive · Bearish negative · Neutral when not available.
36	Cash conversion (CFO ÷ net profit)	1.04×	Bullish	Operating cash flow was 1.04× reported profit — profits were well backed by cash. Bullish above 1× (profits well backed by cash) · Caution below 0.7×. Neutral 0.7–1×.
37	Free-cash-flow yield	n/a	Neutral	Not available. Bullish above 4% · Neutral at 4% or less.
38	Free cash flow — 3-year total	n/a	Neutral	Not available. Bullish positive total · Bearish negative total · Neutral when not available.
39	Capex FY26 (CFO – FCF)	n/a	Neutral	Not available. How to read: Information only.

F. Dividends & shareholder returns

#	Point	Reading	Tag	Commentary
40	Dividend payout ratio FY26	80%	Neutral	The company paid out about 80% of FY26 profit as dividends. How to read: Information only. High payout suits mature businesses; growing firms often keep more.
41	Dividend consistency (3 years)	72% / 138% / 80%	Bullish	Payout ratios for FY24 / FY25 / FY26 — dividends were paid every year. Bullish paid every year · Neutral when irregular. Never tagged Bearish.
42	Share capital change (FY25→FY26)	+0.0%	Neutral	Paid-up equity capital changed +0.0% (₹11 cr → ₹11 cr). Essentially unchanged — no dilution. Bullish fell 1% or more (a buyback) · Caution when it rose 1% or more (new shares issued). Neutral when unchanged, or for a bonus/split.

G. Ownership

#	Point	Reading	Tag	Commentary
43	Promoter holding	42.89% (+0.00 pts YoY)	Neutral	Promoters owned 42.89% at Mar 2026 versus 42.89% a year earlier. Bearish fell more than 1 percentage point in a year · Neutral otherwise. Never tagged Bullish.
44	Foreign institutional holding	19.00% (-4.58 pts YoY)	Bearish	FIIs held 19.00% at Mar 2026, down from 23.58% a year before. Bullish up more than 1 percentage point · Bearish down more than 1 percentage point · Neutral within ±1 point.
45	Domestic institutional holding	32.50% (+4.63 pts YoY)	Bullish	Mutual funds, insurers and other DIIs held 32.50%, up from 27.87%. Bullish up more than 1 percentage point · Bearish down more than 1 percentage point · Neutral within ±1 point.
46	Number of shareholders	0.6 lakh (+12.4% YoY)	Neutral	The shareholder count moved from 0.5 lakh to 0.6 lakh in a year — a rough gauge of retail interest. How to read: Information only — a rough gauge of retail interest.
47	Promoter pledge	none reported	Neutral	Our source showed no pledged promoter shares. How to read: Information only. Any sizeable pledge is a risk to note.

H. Quality & summary

#	Point	Reading	Tag	Commentary
48	Financial health checklist (Piotroski-style, 8 tests)	6/8	Neutral	Passed: positive profit, positive operating cash flow, CFO > net profit, leverage fell, operating margin improved, no meaningful dilution (<3%). Failed: ROA improved, asset turnover improved. Bullish all tests passed, or all but one · Bearish half the tests or fewer passed · Neutral in between.
49	Automated screen flags	2 strength(s) · 1 weakness(es)	Neutral	Strengths: Company has a good return on equity (ROE) track record: 3 Years ROE 47.0%; Company has been maintaining a healthy dividend payout of 96.8%. Weaknesses: Stock is trading at 26.6 times its book value. (Flags generated by the data source’s rule screen.) How to read: Information only.
50	Fundamental summary	10 bullish · 3 bearish · 36 neutral · 0 caution	Bullish	On the numbers published by 17 Jul 2026 the fundamental picture leaned positive. Valuation: P/E 58.2×, P/B 29.63×. This describes the data, not a recommendation. How to read the score: the strongest possible reading is 49 bullish · 0 bearish, and the weakest is 0 bullish · 49 bearish. Most companies land in between. The numbers are called positive when bullish tags beat bearish ones by 4 or more and are at least 1.5 times as many, negative the other way round, and mixed otherwise. Even a 49–0 score describes the past and is not a reason to buy, and a 0–49 score is not a reason to sell. Bullish bullish tags beat bearish ones by 4 or more and are at least 1.5× as many (“positive”) · Bearish the same the other way round (“negative”) · Neutral (“mixed”) otherwise. Strongest possible: 49 bullish · 0 bearish.

News in the three months before the snapshot

Company news from 17 Apr 2026 – 17 Jul 2026 that an investor could have known on the snapshot date.

23 Apr 2026 Page Industries fixes board meeting on May 21 for Q4 results and fourth interim dividend; record date May 27 — Business Today reported the board would meet on 21 May 2026 to consider March-quarter results and a fourth interim dividend for FY26, with 27 May 2026 as record date. Three FY26 interim dividends totalling Rs 400 had been announced earlier. source
21 May 2026 Page Industries Q4 FY26 profit rises 9% to Rs 178.73 crore, revenue up 14%; Rs 150 interim dividend — For the quarter ended 31 March 2026, revenue from operations was Rs 1,252.6 crore (up 14% YoY) and net profit Rs 178.73 crore (up 9%); sales volume rose 10.8% to 54.5 million pieces. The board declared a fourth interim dividend of Rs 150 per share. source
22 May 2026 Page Industries shares rise up to about 5% intraday after Q4 FY26 results — The stock opened 2.7% higher at Rs 39,420 on NSE and touched an intraday high of Rs 40,490 before paring gains. FY26 net profit rose 4.75% to Rs 763.82 crore. source
01 Jul 2026 Citi upgrades Page Industries to Buy from Sell, target Rs 47,700 — Citi moved its rating on Page Industries to Buy from Sell with a target price of Rs 47,700; the share rose 3.81% to Rs 42,945 that day. source
16 Jul 2026 Page Industries releases FY2025-26 annual report and 31st AGM notice — The annual report showed FY26 revenue of INR 52,468 million (up 6.32%) and PAT of INR 7,638 million; four interim dividends totalled Rs 550 per share with no additional final dividend recommended. Walker Chandiok & Co LLP is to succeed S.R. Batliboi & Associates LLP as auditor. source

What happened next (17 Jul 2026 → 19 Oct 2026)

Price went from ₹39,900.00 to ₹35,770.00 by 19 Oct 2026 (-10.4%) while the Nifty 50 moved -5.9% — underperforming by 4.4 points.
Highest ₹41,590.00 on 30 Jul 2026; lowest ₹34,000.00 on 16 Sep 2026.
S1 39,290.00: broken on a closing basis on 10 Aug 2026.
S2 38,160.00: broken on a closing basis on 13 Aug 2026.
R1 40,490.00: cleared on a closing basis on 30 Jul 2026.
R2 41,615.00: not cleared on a closing basis.
200-day SMA: price was above it at the snapshot and crossed below on 13 Aug 2026.
Apr–Jun 2026 results (reported 13 Aug 2026): revenue ₹1,420 crore (+7.8% YoY), net profit ₹193 crore (-4.0% YoY), operating margin 20% vs 22% a year earlier (Screener consolidated figures).

Later news

13 Aug 2026 Page Industries Q1 FY27 profit falls 4% to Rs 193 crore; Rs 200 interim dividend — Revenue from operations rose 7.9% YoY to Rs 1,420.4 crore and net profit fell 4% to Rs 193 crore; EBITDA margin was 20.3% versus 22.4%. Sales volume grew 5.7% to 61.2 million pieces. A first interim dividend of Rs 200 (record date 19 Aug 2026) was declared; the stock closed 4.64% lower at Rs 36,520. source
16 Aug 2026 Brokerages review Page Industries after Q1 FY27; Rs 200 dividend dates set — Business Today noted record date 19 Aug and payment by 11 Sep 2026 for the Rs 200 dividend. Motilal Oswal kept Buy with a Rs 45,000 target; Nuvama kept Buy and raised its target to Rs 46,201. source
02 Sep 2026 Page Industries discloses Dubai Court notice over AED 113.55 million claim by Yellow Flower Trading — In an exchange filing the company disclosed a Dubai Court notice from Yellow Flower Trading LLC claiming AED 113,548,160.81 plus 9% annual interest; the company said the claims are without merit and it would defend them. source
21 Sep 2026 Dubai Court dismisses Yellow Flower Trading claim against Page Industries — The claim was dismissed because the plaintiff failed to deposit court-mandated expert fees; the plaintiff was directed to bear court costs and advocate fees. source

Educational summary. On 17 Jul 2026 the technical picture was mixed and the fundamental picture leaned positive. Over the next three months the stock moved -10.4% against -5.9% for the Nifty 50. A mixed chart gave no clear message, and the outcome shows why mixed readings are hard to act on. One case proves nothing on its own; the value is in seeing many cases over time. This page does not say whether to buy, sell or hold Page Industries today.

Method designed by our founder, CPA · ACCA · CIA. Numbers are computed by our engine from the sources listed below.

Sources: daily prices — Yahoo Finance history pages; financials and shareholding — Screener.in (fetched 21 Oct 2026); index — Nifty 50 via Yahoo Finance; news — linked articles. Calculations by Manage Our Finance. Report a correction

More case studies today

₹1,348.00close 17 Jul

Digital payments & fintechNSE: PAYTMData as of 17 Jul 2026

One 97 Communications — 100-point case study

Technical

Fundamental

What happened next (3 months): +25.1% vs Nifty 50 -5.9%

Technical: positiveFundamental: was mixedP/E 156.8×P/B 5.40×RSI 711Y +34.9%

₹11,771.00close 17 Jul

Banking software (IT)NSE: OFSSData as of 17 Jul 2026

Oracle Financial Services Software — 100-point case study

Technical

Fundamental

What happened next (3 months): -13.2% vs Nifty 50 -5.9%

Technical: positiveFundamental: positiveP/E 38.8×P/B 13.10×RSI 741Y +34.6%

₹1,574.00close 17 Jul

Online insurance & credit marketplaceNSE: POLICYBZRData as of 17 Jul 2026

PB Fintech — 100-point case study

Technical

Fundamental

What happened next (3 months): -34.2% vs Nifty 50 -5.9%

Technical: negativeFundamental: positiveP/E 108.7×P/B 9.96×RSI 461Y -12.1%