Fastest Growing Companies 2015

The inside story

Page Industries, the exclusive licencee for Jockey in India, is enjoying its moment in the sun thanks to a robust distribution network and an aspirational brand

Back when the draft red herring prospectus of Page Industries was released in 2006, the company’s balance sheet was at a little over Rs.100 crore. But beyond the numbers, it seemed like a well-run company to most analysts who tracked it. “At that time, the company’s size was different: about Rs.150 crore-200 crore. At that size, the company had free cash flow for the preceding three years and hardly needed capital except for the expansion that it was undergoing. It had fiscal discipline and was cash generating. Logically, it could have funded the same with internal accruals also,” says well-known fund manager Kenneth Andrade. However, no one on the Street could have predicted then that the company would continue with the same growth momentum for a long period of time.