Buy Page Industries; target of Rs 54000: Motilal Oswal

Motilal Oswal's research report on Page Industries

In 1QFY26, Page Industries (PAGE) reported weaker revenue growth of 3% YoY, with volume growth of 2% (est. 9%; 8.5% in 4QFY25) to 58.6m units. Volume growth decelerated sharply after registering healthy ~10% growth in the previous three quarters. Retail consumption sentiment was weak along with the impact of a shift in festive consumption and a fall in retail footfalls in May’25 amid geopolitical tensions. However, PAGE saw MoM uptake and is hopeful for a volume recovery in the coming quarters, with expectations of double-digit sales growth in a normal business scenario.

Outlook

We believe the valuation will remainrich, though we are confident of growth acceleration and margin expansion inthe near term. We reiterate our BUY rating on the stock with a TP ofINR54,000, premised on 60x Jun’FY27E EPS.