Page Industries Limited

“Page Industries is a genuinely exceptional business — clean balance sheet, 30%+ ROCE, durable brand moat, and India's underpenetrated premium innerwear market as a long runway — but the investment case is hamstrung by two converging realities: a 55x P/E that prices in perpetuity while the core asset (the Jockey license) has a defined expiry date controlled by a third party with potentially divergent incentives, and a base-case 10-year return of roughly 2-2.5x that is adequate but not compelling for the concentration risk assumed. The business absolutely warrants ownership — just at a price that offers a genuine margin of safety, approximately 20-25% below current levels.”