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Motilal Oswal Report
Domestic brokerage firm Motilal Oswal has reiterated its Buy rating on Page Industries Ltd. with a target price of Rs 43,000, premised on 45 times Sep'28E earnings per share.
According to the brokerage, inventory optimisation through the ARS system, new product launches, capacity expansion, and digitalization initiatives will support growth. Page's brand equity is also evolving beyond its traditional innerwear positioning toward a broader lifestyle brand, enabling the company to extend its relevance across product lines.
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The brokerage also noted that company maintains its target of double-digit volume growth in FY27 (Motilal Oswal models 8%), supported by recovery of deferred Q1 sales in Q2, calibrated pricing, and improving traction across channels.
The ~2% May price hike will fully reflect from Q2 FY27, while JKY Groove should provide incremental growth.
The brokerage remain positive on Page's medium-term growth outlook, though near-term margins could remain under pressure from raw material inflation as the company balances margin protection with volume growth.
Motilal Oswal models 12% revenue compound annual growth rate and 11% Ebitda CAGR over FY26-29E.
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