Guidance ledger · Q4 FY26

Page Industries Limited PAGEIND

5 revisions on record · 0 lowered · 4 raised — the strikethrough is what management used to say

refuses forward guidance · held across quarters

Holding view → · latest concall · The pulse

→ narrowed EBITDA margin band Q3 FY26 → Q4 FY26

~~19-21% (Q3FY26, despite 22.9% print)~~ → 19-21% (Q4FY26, despite 22% FY26 print)

“It's not expected to be as elevated as 22% last year but still be within the range of 19% to 21%”

↑ raised Volume growth aspiration Q3 FY26 → Q4 FY26

~~'Difficult to put a timeline to double-digit' (Q3FY26)~~ → 'Try and maintain this momentum of double digit' (Q4FY26)

“what we will be targetin g going forward is to try and maintain this momentum of double digit as we take on the new year”

↑ raised Marketing spend / sales ratio Q3 FY26 → Q4 FY26

~~~4% FY26 actual (below 5% target)~~ → ~5% FY27 target

“For the bygone year, it's about a little over 4%. We target to take that up to close to 5% in the next year”

↑ raised Odisha subsidy realization Q3 FY26 → Q4 FY26

~~No FY26 realization~~ → INR 40-50 crore FY27 expected (mix of fixed + wage)

“we are expecting we should be getting around INR40 crores to INR50 crores of subsidy and that will happen”

↑ raised Q1FY27 price action Q3 FY26 → Q4 FY26

~~No explicit hike planned (Q3FY26)~~ → Inflation-driven hike imminent in Q1FY27

“in quarter 1, we are expecting to again touch our prices given how the input costs are trending”

Method. Revisions come from management's own stated numbers, compared quarter over quarter across the covered concalls; each carries the verbatim quote. “No revisions” can also mean guidance too vague to pin down — see the posture chip above. Not investment advice.