ICICI Direct's research report on Page Industries
Page Industries is the exclusive licensee of Jockey international brand and is the market leader in premium innerwear and leisurewear category. The brand is distributed in 2,895+ cities & towns and available in 118123+ MBOs and 1191+ EBOs. Sold ~ 190 million pieces in FY22. Strong backward integration facilities having capacity of 260 million pieces • Robust business model generating 66%+ RoCE, delivering consistent EBITDA margins of 20%+ and having debt free b/s.
We maintain HOLD recommendation on the stock. We value Page at Rs 51770 i.e. 66x FY24E EPS.