Largecap and midcap companies in the Indian stock market are ones that enjoy a market capitalisation of above ₹20,000 crore – meaning, the total market value of a company’s outstanding shares of stock needs to be 20,000 crores or more.
The Indian markets have hundreds of large cap companies — but many of them didn’t start in that category. Market cap limits aren’t constant. They rise alongside the broader market’s overall growth. So for a company to list as a small cap and move into large cap territory, it doesn’t just have to keep pace with the market, it needs to outperform in a major way. This week, we’re taking a closer look at apparel manufacturer Page Industries and how it has grown from a modest listing with a market cap of roughly 100 crore, to a market giant.
How it started
Page Industries is best known as the company that holds the exclusive license to manufacture and distribute the American innerwear brand Jockey in India and surrounding territories: namely India, Sri Lanka, Nepal, Bangladesh, the United Arab Emirates, Oman, Qatar, Maldives and Bhutan.
The company was established in Bangalore in 1994 by brothers Sunder, Nari and Ramesh Genomal. (Fun fact: the name PAGE is a portmanteau of Sunder’s mother’s name, Parpati Genomal.) The Genomal family, who are the promoters of the business, had already been associated with Jockey for 50 years as their sole licensee in the Philippines, and they wanted to bring the brand to India. And over three decades, the company has grown into a market behemoth and one of the biggest Jockey licensees in the world. What helped them get here? An efficient operations strategy and a sharp focus on quality and branding.
Key growth drivers and success factors
Page Industries’ IPO in 2007 was priced at ₹360 per share, valuing the company at just around ₹100 crore. At the time, this placed it in the small-cap bracket, with a relatively niche investor audience. But the company had already begun to sow the seeds of a dominant consumer story—one that would ride India’s broader market growth story, rising disposable incomes, and the “premiumisation” of fashion retail. Here are a few key factors that helped Page Industries become one of the few companies that has grown almost every year since listing.
- Premium focus and brand building: Page was the first to launch premium innerwear in India, gaining a competitive advantage. The innerwear market in the mid-90s was dominated by a few large traditional players (Rupa, Lux Cozi, Amul etc in the men’s category) or smaller unbranded players that focused on basic utility. Unlike outer-wear, brands were not on display at stores and people often relied on the retailer’s recommendations. Premium innerwear was unheard of. Page cracked this category by focusing on quality and the strong brand-pull of Jockey, successfully positioning it as an aspirational — but still affordable — brand. Page also placed a focus on in-store advertising and ensured Jockey got plenty of in-store promotional space.
- A steadfast commitment to quality: Being part of the Jockey brand, Page had a laser-sharp focus on maintaining global standards. In-house manufacturing played an important role in quality control. Sunder grew up with the brand and had spent time at the family’s manufacturing plant in Manila. So when he launched Jockey in India, he decided that nothing would be outsourced. Even today, 70% of their manufacturing and production happens in-house. Only a small portion, mainly thermal wear, is outsourced — but even those third-party facilities are dedicated exclusively to the company, with quality control remaining firmly in their hands. The company has a production capacity of 250 million pieces per year, spread across 16 manufacturing units. In parallel, Page also extended its logistics capabilities by introducing 2 third-party warehouse facilities in Hoskote and T Narsapura, Bangalore. These multi-level storage facilities are fortified with a robust warehouse management system, further enhancing efficiency and agility in operations.
- An enviable retail footprint: To complement its strong manufacturing capabilities and brand appeal, Page Industries developed an extensive distribution network for Jockey. The company focused on expanding its presence in Multi-Brand Outlets (MBOs) and Large Format Stores (LFS), particularly in malls, while also establishing its own chain of Exclusive Brand Outlets (EBOs). According to the company’s 2024-25 annual report, the retail network is at 1,10,826+, with over 1216 large format stores and over 1453 exclusive brand stores.
The COVID slump and bounce back
The pandemic in 2020 posed the first major disruption in over a decade for Page Industries. With physical retail shut and consumer spending plummeting, the company saw a steep decline in revenues, particularly the Jan-March quarter. While the company had many orders ready to go, they couldn’t be shipped because warehouses were shut.
Despite the COVID slump, Page Industries bounced back better than expected. Once the lockdown lifted, about 90% of their exclusive stores and 65–70% of large stores reopened. And around 66,000 multi-brand stores (retail stores that sell Jockey along with other brands) began operating again, barring those in containment zones. There was also an increase in demand via e-commerce and in the athleisure category, which helped the company get back on its growth trajectory.
Page Industries today – and beyond
As of July 2025, Page Industries sits firmly among the top 200 companies on the bourses, with a market capitalisation of around ₹49,000 crore. The company’s stock price has multiplied over 100x since its IPO in 2007, and it remains a bellwether for the premium consumer segment in India.
In 2011, the licensing agreement with Jockey International was extended till 2030, and Jockey also awarded the company sole marketing & distribution rights for UAE. In 2018, the licensing agreement was further extended till 2040. These developments, combined with their manufacturing and distribution prowess and lean, efficient operations, keeps Page poised for even more growth and expansion opportunities in the years ahead.
Sources
Business Today: The inner secret to success
Ambit Asset Management Disruption Series Vol 7
BusinessWorld: Page Industries: Acing the Ins and Outs of Business
Page Industries Annual Report 2021-22
Buildd: Jockey’s Genius Marketing Strategy