Neutral Page Industries; target of Rs 46,750 : Motilal Oswal

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26 Aug, 2025 12:21

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Motilal Oswal's research report on Page Industries

Sales growth is in line and volume growth seems to be tapering off on a high base of athleisure and mask sales (1% volume growth YoY and 7% YoY excluding masks) in 2QFY23. Higher yarn/packaging costs YoY (albeit yarn prices declining from its higher levels), staff costs, and ad-spends led to an EBITDA miss in 2QFY23 and are likely to adversely impact 2HFY23 results as well. While medium-term sales and earnings outlook are healthy, we reiterate our Neutral rating on account of rich valuations.

Outlook

However, valuations at 61.8x FY24E EPS are rich, leading us to reiterate our Neutral rating on the stock with a TP of INR46,750.

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Page Industries - 14 -11-2022 - moti