Page Industries Limited

BSE: 532827 NSE: PAGEIND
Page Industries Limited - fashion and textile in Bengaluru, Karnataka, India. FY 2026 financials & compliance.
CIN L18101KA1994PLC016554 Incorporated 15 November 1994 ROC Bangalore HQ Bengaluru, Karnataka, India
Active Listed - NSE: PAGEIND · BSE: 532827 Public Limited Company fashion and textile Fortune India 500 · #478 Nifty 500
Data last updated
Market Cap
₹39,619 Cr
PAGEIND · NSE
Share Price
₹35,930.00
+1.15% today
Revenue
₹5,247 Cr
FY 2025-26 · +6.3% YoY
EBITDA
₹1,118 Cr
Margin 21.3%
Net Profit
₹790 Cr
FY 2025-26 · +8.3% YoY
P/E (TTM)
51.0x
P/B 26.5x
ROE
52.5%
ROCE 62.1%
Debt / Equity
0.19
Interest cover 4.9x

About Page Industries Limited

Data last updated:

Page Industries Limited is a public limited company based in Bengaluru, Karnataka, India. It operates in the innerwear segment of the fashion and textiles sector. It was incorporated on 15 November 1994 and has been in existence for over 32 years.

Page Industries is ranked #478 on the Fortune India 500 (2025). It is part of the Nifty 500 and BSE 500 indices. Its director Ramesh Genomal and family are #465 among India's richest people (2026). Its director Sunder Genomal and family are #488 among India's richest people (2026).

The company is registered with the Registrar of Companies (ROC), Bangalore, under CIN L18101KA1994PLC016554. Its GSTIN is 29AABCP2630D1ZS (Karnataka). The company holds 24 GST registrations, of which 11 are active. It is a listed company as per MCA records. Its shares are listed on BSE: 532827 and NSE: PAGEIND.

The company has an authorised share capital of ₹12 Cr and a paid-up capital of ₹11.15 Cr. It was formerly known as Page Apparel Manufacturing Private Limited and Page Industries Private Limited. It is led by directors including Ganesh Venkatasubramaniyam (Managing Director) and Shamir Genomal (Whole-Time Director).

Its last annual general meeting (AGM) was held on 13 August 2026, and its latest financial statements are for the year ended 31 March 2026. The registered office is at Cessna Business Park, Bengaluru, Karnataka.

As per the latest standalone financials for FY 2025-26, the company reported a revenue of ₹5,246.78 Cr, a growth of 6.3% compared to the previous year. For the same year it recorded a net profit of ₹789.9 Cr (net margin 15.1%) and EBITDA of ₹1,117.85 Cr (EBITDA margin 21.3%). The net worth stands at ₹1,502.6 Cr (up 6.8% YoY). Total assets are valued at ₹1,787.7 Cr (up 6.8% YoY).

The company has about 21,082 employees on its provident fund (EPFO) records.

The company is associated with 3 brands: Page Industries, Jockey and Speedo. As per MCA filings, the company has open charges of ₹455 Cr and satisfied charges of ₹274.02 Cr on record. Court records list 43 cases involving the company, including 22 filed by the company and 21 filed against it; 8 cases are pending. The company has 62 deals on record (58 market trades, 2 funding rounds, 1 ipo), with disclosed funding of ₹352 Cr; the latest was in December 2025. The company has 17 MSME Form 1 returns on record between 2014 and 2024, listing 1,769 overdue payments to 283 micro and small suppliers.

The current compliance status is marked as compliant by the Registrar of Companies. For more details, the company can be reached via its website jockey.in.

Company details

CIN L18101KA1994PLC016554
Registration Number 016554
Incorporation Date 15 November 1994
ROC Bangalore
Listing Status Listed - Listed on NSE (PAGEIND); Listed on BSE (532827)
Company Status Active
Date of Last AGM 13 August 2026
Date of Balance Sheet 31 March 2026
Compliance Status Active Compliant

Name history

Page Industries has undergone 3 name changes throughout its history. The company was previously known as Page Apparel Manufacturing Private Limited, Page Industries Private Limited, and Page Industries Limited. The current legal name is Page Industries Limited.

Company NameStatus
Page Industries LimitedCurrent
Page Apparel Manufacturing Private LimitedPrevious
Page Industries Private LimitedPrevious
Page Industries LimitedPrevious

CIN history

Page Industries has one previous CIN (Corporate Identification Number): U18101KA1994PLC016554. The current CIN is L18101KA1994PLC016554, which is the unique identifier assigned by the Registrar of Companies.

CINStatus
L18101KA1994PLC016554Current
U18101KA1994PLC016554Previous
Key People
Ganesh Venkatasubramaniyam Managing Director Shamir Genomal Whole-Time Director Ramesh Genomal Director

Recognitions & Rankings of Page Industries

Fortune India 500 2025 edition
Rank#478
Total income
₹4,913 Cr
Profit
₹729 Cr
Last year #465
India's Most Valuable Companies 2024 edition · Source: Hurun India
Rank#127
Valuation
₹51,470 Cr
2023 #113 2022 #71 2021 #98
Stock market indices
Nifty 500 BSE 500

Contact details

Page Industries Limited's registered office is in Bengaluru, Karnataka. Its website is jockey.in. Its e-mail address and telephone number are in the company report.

  • Email
  • Telephone
  • Website
    jockey.in
  • Social Media
  • Registered Address
    Cessna Business Park Umiya Business Bay – Tower – 1 7th Floor Kadubeesanahalli Varthur Hob, Li, Bengaluru, Karnataka, India – 560103
  • Industry
    Fashion and Textile, Innerwear

To see the full contact details of Page Industries Limited, buy the company report.

Comprehensive company report
Page Industries Limited - one report that includes everything
  • Company details, directors and signatories
  • Historical financials and ratios
  • Shareholding pattern and group structure
  • Charges with holder and property details
  • Legal cases, compliance and MCA filings
₹799 ₹999 20% off excluding 18% GST
Secure checkout · GST invoice included

Brands

Page Industries operates multiple associated brands including Page Industries, Jockey, and Speedo. Each brand links to its own profile.

BrandDescriptionWebsite
Page Industries
Specializes in high-quality innerwear brands for men and women.pageind.com
Jockey
Internet first brand offering inner wear and thermal wear apparel for men & womenjockey.in
Speedo
Swimwear and accessories for swimming are designed and manufactured.speedo.com

Business activity

The main business activity of Page Industries is manufacturing. In detail, this covers manufacture of textiles.

Main activity group codeMain activityBusiness activity codeBusiness activityShare of turnover
CManufacturing13Manufacture of textiles

To see the full business activity and turnover split of Page Industries Limited, buy the company report.

Financials of Page Industries Limited

FY 2025-26 filings available

Page Industries Limited reported revenue of ₹5,246.78 Cr (up 6.3% YoY) for FY 2025-26.

Financial Highlights

FY 2025-26 · Standalone
Revenue
₹5,247 Cr
+6.3% YoY
EBITDA
₹1,118 Cr
+5.2% YoY
Profit After Tax
₹790 Cr
+8.3% YoY
Net Worth
₹1,503 Cr
+6.8% YoY
Total Assets
₹1,788 Cr
+6.8% YoY
Total Debt
₹277 Cr
+5.7% YoY

Revenue vs Net Profit ₹ Cr

Margin trends

Financial summary ₹ Cr

MetricsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Income statement
Revenue5,2474,9354,7914,9264,0212,8332,946
Revenue growth+6.3%+3.0%-2.7%+22.5%+41.9%-3.8%-
EBITDA1,1181,063860863787527533
EBITDA margin+21.3%+21.5%+18.0%+17.5%+19.6%+18.6%+18.1%
Profit before tax1,025979756758709453462
Net profit790729569571537341343
Net profit margin+15.1%+14.8%+11.9%+11.6%+13.4%+12.0%+11.7%
EPS (₹)684.80653.70510.30512.15481.02305.34307.71
Balance sheet
Total assets1,7881,6731,7871,7841,2061,0201,005
Net worth1,5031,4071,5971,3711,089885820
Total debt277262185406110127176
Cash & bank4324713238.10283435117
Net working capital8427739801,053667545507
Cash flow
Cash from operations7941,2041,080(1.61)327696517
Cash from investing(21.21)11.66(370)35.78119(401)(26.60)
Cash from financing(744)(1,010)(621)(179)(396)(366)(378)
ParticularsJun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024Sep 2024
Revenue1,4201,2531,3871,2911,3171,0981,3131,246
Revenue growth (YoY)+7.9%+14.1%+5.6%+3.6%+3.1%---
Other income10.6117.1712.4319.4914.8120.1314.0514.55
Total expenses1,1319921,1041,0111,0228631,011965
EBITDA289261283280295235303281
EBITDA margin+20.3%+20.8%+20.4%+21.7%+22.4%+21.4%+23.0%+22.6%
Depreciation28.6128.0426.5425.4326.6224.8629.6622.62
Interest12.4311.8812.7312.5112.6611.8311.9410.92
Profit before tax259238256261270219275262
Tax65.7759.0766.7266.3169.4254.6770.3167.21

Financial Statements

Figures in ₹ Cr; negatives in brackets. Updated 06 Nov 2026
ParticularsJun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024Sep 2024
Revenue1,4201,2531,3871,2911,3171,0981,3131,246
Revenue growth (YoY)+7.9%+14.1%+5.6%+3.6%+3.1%---
Other income10.6117.1712.4319.4914.8120.1314.0514.55
Total expenses1,1319921,1041,0111,0228631,011965
EBITDA289261283280295235303281
EBITDA margin+20.3%+20.8%+20.4%+21.7%+22.4%+21.4%+23.0%+22.6%
Depreciation28.6128.0426.5425.4326.6224.8629.6622.62
Interest12.4311.8812.7312.5112.6611.8311.9410.92
Profit before tax259238256261270219275262
Tax65.7759.0766.7266.3169.4254.6770.3167.21
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Revenue5,2474,9354,7914,9264,0212,8332,946
Revenue growth+6.3%+3.0%-2.7%+22.5%+41.9%-3.8%-
Other income63.9061.6432.4014.7320.9819.4724.64
Total expenses4,1293,8723,9314,0633,2342,3062,412
Employee cost943822804885720564532
EBITDA1,1181,063860863787527533
EBITDA margin+21.3%+21.5%+18.0%+17.5%+19.6%+18.6%+18.1%
Depreciation10799.2390.8378.0965.4762.9161.36
Interest49.7846.3844.8941.2833.6030.3334.39
Profit before tax1,025979756758709453462
Tax262249187187172113119
Net profit790729569571537341343
Net profit margin+15.1%+14.8%+11.9%+11.6%+13.4%+12.0%+11.7%
EPS (₹)684.80653.70510.30512.15481.02305.34307.71
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Equity & liabilities
Share capital11.1511.1511.1511.1511.1511.1511.15
Reserves & surplus1,4911,3961,5861,3601,077874809
Shareholders' funds (net worth)1,5031,4071,5971,3711,089885820
Secured loans11.880.000.002480.000.0438.05
Unsecured loans265262185158110127138
Total debt277262185406110127176
Total liabilities1,7881,6731,7871,7841,2061,0201,005
Assets
Gross block1,2281,065754714598577536
Net block871758488485402386406
Capital work in progress1.4572.2423915065.2627.8528.73
Investments0.000.000.000.000.000.000.00
Inventories1,0568591,1701,595975555719
Sundry debtors20119215914616513773.78
Cash & bank balances4324713238.10283435117
Loans & advances22222122421214598.02105
Total current assets1,9111,7421,8761,9621,5681,2251,015
Total current liabilities1,069970895909901680507
Net working capital8427739801,053667545507
Total assets1,7881,6731,7871,7841,2061,0201,005
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Opening cash23833.19(55.95)88.9739.65111(1.81)
Net cash from operating activities7941,2041,080(1.61)327696517
Net cash from investing activities(21.21)11.66(370)35.78119(401)(26.60)
Net cash from financing activities(744)(1,010)(621)(179)(396)(366)(378)
Net change in cash28.9720589.14(145)49.32(71.10)113
Closing cash4324713238.10283435117
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Growth
Sales growth+6.3%+3.0%-2.7%+22.5%+41.9%-3.8%-
EBITDA growth+5.2%+23.6%-0.3%+9.6%+49.3%-1.1%-
PBT growth+4.8%+29.4%-0.2%+7.0%+56.3%-1.9%-23.8%
Net income growth+8.3%+28.1%-0.4%+6.4%+57.4%-0.7%-
Revenue CAGR (3Y)+2.1%+7.1%+19.1%+18.7%+12.1%+3.6%+11.4%
EBITDA CAGR (3Y)+9.0%+10.5%+17.7%+17.4%+8.4%-0.9%+8.7%
Profitability & leverage
Net income margin+14.6%+14.8%+11.9%+11.6%+13.3%+12.0%+11.7%
Return on capital employed+62.1%+59.2%+44.9%+53.5%+66.7%+47.8%+53.0%
Return on net worth+52.5%+48.5%+38.4%+46.5%+54.4%+40.0%+43.0%
Debt / equity0.190.150.200.210.120.180.16
Long-term debt / equity0.160.120.090.080.090.130.09
Interest cover4.924.815.845.264.666.537.29
Efficiency & per share
Fixed asset turnover4.585.436.537.516.855.096.30
Inventory turnover5.484.863.463.835.264.454.01
Debtors turnover26.7228.1831.4531.6626.6126.8729.81
EPS (₹)684.80653.70510.30512.15481.02305.34307.71
Dividend per share (₹)550.00900.00370.00250.00370.00250.00161.00
Book value per share (₹)1,347.141,261.611,431.711,229.20976.00793.33735.05

To see the full year-wise statements and ratios of Page Industries Limited, buy the company report.

Board of directors of Page Industries Limited

Page Industries has 14 current directors and 20 former directors. Current directors are listed first, with their designation and appointment date.

Current Directors
NameDesignationAppointment DateTenureStatus
Ramesh GenomalDirector15 Nov 199431 Years 11 MonthsCurrent
Shamir GenomalWhole-Time Director01 Jun 201412 Years 5 MonthsCurrent
Sanjeev Naraindas Genomal
Also directs: Page Garment Exports Private Limited
Director25 May 20233 Years 5 MonthsCurrent
Ganesh VenkatasubramaniyamManaging Director25 May 20179 Years 5 MonthsCurrent
Arif Vazirally
Also directs: Global Calcium Private Limited, Glocal Specialities Private Limited, Anur Investments Private Limited
Director26 May 20224 Years 5 MonthsCurrent
Sunder Genomal
Also directs: Trigen Apparel Private Limited
Director01 Apr 200917 Years 7 MonthsCurrent
Showing 6 of 14 current directors. View all directors

Auditor

Page Industries Limited is audited by S.R. BATLIBOI & CO. LLP for the financial year 2026.

Auditor firmFinancial yearFirm registration number
S.R. BATLIBOI & CO. LLPFY 2026101049W/E300004

Shareholding

Shareholding for the quarter ended Sep 2026: promoters hold 42.90%, foreign institutional investors hold 18.90%, domestic institutional investors hold 33.70% and retail and other public shareholders hold 4.60%.

Promoters: 42.90%DII (Domestic Institutional): 33.70%FII (Foreign Institutional): 18.90%Retail & Others: 4.60%
Sep 2026
QUARTER
42.90% Promoters
33.70% DII (Domestic Institutional)
18.90% FII (Foreign Institutional)
4.60% Retail & Others
Promoter holding - history
Now 42.90% · Sep 2026High 42.90% · Dec 2025Low 42.90% · Dec 2025
41%41.8%42.5%43.3%44%Dec 2025Mar 2026Jun 2026Sep 2026Dec 2025: 42.90%Mar 2026: 42.90%Jun 2026: 42.90%Sep 2026: 42.90%42.90%42.90%
Shareholding trend - last 6 quarters
Sep 2026Jun 2026Mar 2026Dec 2025
Promoters42.90%42.90%42.90%42.90%
Public57.10%57.10%57.10%57.10%

Charges & borrowings

Open charges
₹455 Cr
Satisfied charges
₹274.02 Cr
Breakdown by lending institutions
Hdfc Bank Limited₹300.00 Cr
The Hongkong and Shanghai Banking Corporation Limited₹120.00 Cr
Others₹30.00 Cr
Canara Bank₹5.00 Cr
Latest charge details
DateCharge IDLenderAmountStatusModified or satisfied on
23 Jul 2025101135527Hdfc Bank Limited₹40 CrOpen
17 Oct 2017100132996Others₹30 CrOpen
26 May 201410495818The Hongkong and Shanghai Banking Corporation Limited₹120 CrOpen
07 Sep 201210378072Hdfc Bank Limited₹255 CrOpen
05 Apr 201010220657Hdfc Bank Limited₹5 CrOpen

To see the full charge records of Page Industries Limited, buy the company report.

Total charge records: 16 View all charges

Deals & funding

Page Industries Limited has 62 deals on record (58 market trades, 2 funding rounds, 1 ipo), with disclosed funding of ₹352 Cr; the latest was in December 2025.

Total deals
62
Market trades
58
Funding rounds
2
IPO
1
Secondary share transfer
1
Disclosed funding
₹352 Cr

Deals on record (5 of 62)

WhenDealAmountParties
May 2007Market trade₹7.3 CrBuyer: Opg Securities Private Limited
Seller: Opg Securities Private Limited
May 2007Market trade₹26.22 CrBuyer: Opg Securities Private Limited , Utam Financial Services Ltd, 2 individuals
Seller: Opg Securities Private Limited , Utam Financial Services Ltd, 2 individuals
May 2007Market trade₹103.92 CrBuyer: H J Securities Private Limited , Uttam Financial Services Ltd, B K Shah Co
Seller: H J Securities Private Limited , Uttam Financial Services Ltd, B K Shah Co
May 2007Market trade₹94.91 CrBuyer: Maniput Investments Private Limited , Dinesh Munjal(Huf), Mansukh Securities And Finance Limited, an individual
Seller: Maniput Investments Private Limited , Dinesh Munjal(Huf), Mansukh Securities And Finance Limited, an individual
May 2007Market trade₹47.36 CrBuyer: Opg Securities Private Limited , Sanjay Gupta Huf, B K Shah Co, an individual
Seller: Opg Securities Private Limited , Sanjay Gupta Huf, B K Shah Co, an individual

To see the full deal history of Page Industries Limited, buy the company report.

Deal records are compiled from filings and public sources; amounts are shown only where the source reported them.

Credit ratings & regulatory alerts

Page Industries Limited was last rated by Icra on 30 Mar 2021.

Rating agencyRated onRating
Icra30 Mar 2021

To see the full credit ratings and regulatory alerts of Page Industries Limited, buy the company report.

MSME payment delays

Page Industries Limited has 17 MSME Form 1 returns on record between 2014 and 2024, listing 1,769 overdue payments to 283 micro and small suppliers. Companies must report dues to micro and small suppliers that stay unpaid for more than 45 days in a half-yearly MSME Form 1 return.

Suppliers with reported dues (5 of 283)

SupplierAmount dueDue sinceReported on
Vatsala Constructions and Consultants Private Limited
Vill Power Mep India Private Limited
Nrcontainers Private Limited
an individual supplier
Atlantis Engineering India Private Limited.

To see the full MSME payment records of Page Industries Limited, buy the company report.

Individuals and sole proprietors among the suppliers are not named.

Employees & EPFO

Page Industries Limited has a workforce of 21,082 employees on its EPFO records as of Feb 03, 2026, across 1 active EPFO establishment.

Employee count
21,082
Active EPFO establishments
1
Employee growth
8%

GST

Page Industries has 24 GST registrations: 11 active and 13 cancelled or inactive. The first 4 active GSTINs are listed below.

Total GSTINs
24
Active
11
Cancelled / inactive
13
GSTINStateStatusRegistered on
29AABCP2630D1ZSKarnatakaActive01 Jul 2017
33AABCP2630D1Z3Tamil NaduActive01 Jul 2017
27AABCP2630D1ZWMaharashtraActive29 Dec 2017
09AABCP2630D1ZUUttar PradeshActive25 Jan 2018

To see the full GST registrations and return filing status of Page Industries Limited, buy the company report.

Recent activity

Page Industries Limited has 48 board changes on record since 1994: 31 appointments and 17 cessations. The latest: Dinesh Ramkrishin Malkani was appointed as Director on 28 May 2025.

AGM
Page Industries Limited last Annual general meeting of members was held on 13 Aug 2026 as per latest MCA records.
Filing
Page Industries Limited has filed its annual Financial statements for the year ended 31 Mar 2026 with Roc Bangalore.
Charges
A charge with Canara Bank of Rs. 5.00 Cr registered on 29 Sep 2000 with Charge ID 80002231 was modified on 07 Nov 2025.
Charges
A charge with Hdfc Bank Limited amounted to Rs. 40.00 Cr with Charge ID 101135527 was registered on 23 Jul 2025.
Appointed
Dinesh Ramkrishin Malkani was appointed as Director.
Appointed
Suresh Eshwara Prabhala was appointed as Director.
Ceased
Sandeep Kumar Maini ceased to be Director.
Ceased
Vikram Gamanlal Shah ceased to be Director.
Appointed
Naina Krishna Murthy was appointed as Director.
Ceased
Rukmani Menon ceased to be Director.
Appointed
Shravan Subramanyam was appointed as Director.
Ceased
Gururaj Purushottam Albal ceased to be Director.

73 earlier events are in the company report.

News

Page Industries: Nomura on Page Industries initiates Buy, Target Price Rs 44000; Expects volume-led low-teens sales growth, compared with low-single-digit CAGR over FY23–26, driven by new categories, collections, deeper penetration and digital transformation. Digitisation-led efficiencies are expected to be reinvested in the business, limiting margin expansion. The stock is valued at 45x December 2028 P/E, a 20% discount to its 15-year average, while slower volume growth remains the key downside risk.
02 Nov 2026 · Exchange Update
Page Industries: Company And Yellow Flower Trading LLC Both Submit New Appeals In Dubai Court After Claims Were Rejected.
26 Oct 2026 · Exchange Update
Page Industries: Company Dubai Court Dismisses Yellow Flower Trading Claim
21 Sep 2026 · Exchange Update

Frequently asked questions

Page Industries is an active public limited company based in Bengaluru, Karnataka, India. The company works in innerwear, within the fashion and textile industry. It was incorporated on 15 November 1994 (32+ years old) and is registered under CIN L18101KA1994PLC016554. Listed on BSE: 532827 and NSE: PAGEIND.

Page Industries reported revenue of ₹5,246.78 Cr for FY 2025-26 (up 6.3% YoY) based on standalone financials.

Page Industries has 14 current directors:

The latest financial statements of Page Industries on record with the MCA are for the year ended 31 March 2026. Its last annual general meeting was held on 13 August 2026. Year-wise statements from 2015 are in the company report.

The GSTIN of Page Industries is 29AABCP2630D1ZS, registered in Karnataka. The company has 24 GST registrations in all, of which 11 are active and 13 are cancelled or inactive. Other active GSTINs include 33AABCP2630D1Z3 (Tamil Nadu), 27AABCP2630D1ZW (Maharashtra), 09AABCP2630D1ZU (Uttar Pradesh).

The CIN (Corporate Identification Number) of Page Industries is L18101KA1994PLC016554. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.

Yes. Page Industries is a listed company as per MCA records. Its shares are listed on both BSE (code: 532827) and NSE (symbol: PAGEIND).

Page Industries has 43 court cases on record: 22 filed by the company and 21 filed against it. 8 are pending. Most are in the district courts.

Page Industries was incorporated on 15 November 1994, making it 32+ years old. It is registered with the Registrar of Companies, Bangalore.

Page Industries has 62 deals on record (58 market trades, 2 funding rounds, 1 ipo), with disclosed funding of ₹352 Cr; the latest was in December 2025.

Dinesh Ramkrishin Malkani was appointed as Director on 28 May 2025. Suresh Eshwara Prabhala was appointed as Director on 28 May 2025. Sandeep Kumar Maini ceased to be Director on 27 May 2025. Page Industries has 48 board changes on record in total.