Motilal Oswal's research report on Page Industries
Page Industries (PAGE) reported muted revenue growth of 4% YoY, with volume growth of 2.5% (est. 4%; 2% in 1QFY26) to 56.6m units. With trade inventory normalized, volume growth was expected to acceleration from 2Q onward. However, since the consumption environment was mostly subdued during the quarter, growth delivery was uninspiring. Festive demand was healthy, and we would monitor if these demand trends are sustained. The GST rate rationalization in Sep’25 had boosted consumer sentiment. Almost 90% of PAGE sales are from the below-INR1k price category. PAGE expects 2HFY26 to be better than 1HFY26.
Outlook
We reiterate our BUY rating on the stock with a TP of INR47,500, premised on 55x Sep’27E EPS.
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