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Page Industries: Can the innerwear giant re-rate from the current levels?

While competition is increasing, there is a lot of growth potential for Page, especially in rural India, given the increasing premiumisation trend and its focus on enhancing network in the hinterlands

September 01, 2021 / 02:08 PM IST
Page Industries: Can the innerwear giant re-rate from the current levels?

PRO Only Highlights
Quarterly performance largely backed by improved realisations
Medium-term triggers China plus and protectionist measures for tyre industry
Valuations not inexpensive; but improved medium-term outlook

Page Industries (Page; CMP: Rs 31,428; Market Capitalisation: Rs 35,055 crore) is recovering, post the unlock measures announced by state governments after a dip in COVID-19 infections. Page’s July 2021 sales were back to the April 2021 levels (before the restrictions were announced) and we expect further improvement, going ahead. While competition is increasing in the premium innerwear space, there is a lot of growth potential, especially in the rural areas, given the increasing premiumisation trend and Page’s focus on enhancing...

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