Page Industries
Stock Snapshot
Price Performance
Vista Outlook
View Technicals Analysis →Basis of our Recommendation
Page Industries is navigating a complex landscape marked by structural margin pressures and competitive challenges. Management's focus on volume growth, particularly through the expansion of its manufacturing footprint and digital transformation initiatives, is crucial for sustaining its market position. Despite recent revenue and margin misses due to logistical disruptions, management anticipates a recovery in Q2FY27, supported by price hikes and the realization of previously undelivered volumes. Vista's financial outlook reflects stable revenue growth and margins, underpinned by a disciplined pricing strategy and a commitment to premiumization. The company's strong brand equity and extensive distribution network position it well to capitalize on the expected boost in consumer spending from the 8th Pay Commission. However, headwinds such as rising input costs and cautious consumer sentiment due to inflation remain significant risks. Over the next 12-24 months, key opportunities include the successful rollout of new product lines and enhanced e-commerce capabilities, while watchpoints include raw material price volatility and competitive pressures from agile D2C brands
Why We Like This Stock
- Management's focus on digital transformation and operational efficiency is expected to enhance supply chain visibility and cost management
- The anticipated recovery in Q2FY27, driven by price hikes and volume realization, supports Vista's stable revenue growth outlook
- Strong brand equity and a robust distribution network position Page Industries to benefit from increased consumer spending
Things To Watch Out For
- Rising input costs, particularly for raw materials, pose a significant risk to maintaining profit margins
- Cautious consumer sentiment due to inflation may dampen demand, impacting revenue growth projections
- Intense competition from agile D2C brands could pressure market share and pricing power
Key Parameters
Financial Snapshot
| Actuals | Forecast | ||||
|---|---|---|---|---|---|
| FY24 | FY25 | FY26 | FY27 | FY28 | |
| Revenue (Cr.) | 4,569 | 4,935 | 5,247 | 5,321 | 5,903 |
| Profit Before Tax (Cr.) | 756 | 979 | 1,060 | 1,017 | 1,146 |
| PBT Margin | 16.5% | 19.8% | 2020.2% | 19.1% | 19.4% |
| Net Profit (Cr.) | 566 | 728 | 785 | 748 | 842 |
| Earnings Per Share | 507.2 | 652.9 | 704.0 | 670.8 | 755.4 |
Analyst Recommendations
| Broker | Recommendation | Target Price | Date |
|---|---|---|---|
| Citigroup | ▲ Buy | 46,500 | 14-Aug-2026 |
| Elara Capital | ▲ Buy | 46,000 | 14-Aug-2026 |
| HSBC | ▲ Buy | 47,560 | 14-Aug-2026 |
| ICICI Securities | ▼ Reduce | 31,500 | 17-Aug-2026 |
| Kotak Securities | ▼ Sell | 37,000 | 30-Jun-2026 |
| Macguire | ▼ Underperform | 32,500 | 14-Aug-2026 |
| Moneycontrol | ▲ Overweight | nan | 01-Jul-2026 |
| Morgan Stanley | ▲ Overweight | 42,636 | 14-Aug-2026 |
| Motilal Oswal | ▲ Buy | 45,000 | 14-Aug-2026 |
Company Overview
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Page Industries Limited manufactures, markets, and distributes textile garments and clothing accessories for men, women, and kids in India and internationally. The company offers vests, briefs, boxer briefs, trunks, inner boxers, tank tops, t-shirts, polos, henleys, sweatshirts, jackets, hoodies, windcheater, boxer shorts, shorts, bermudas, joggers, track pants, pyjamas, pants, bras, panties, crop tops, camisoles, kurta and kurti slips, shrugs, sleep dresses, capris, culottes, leggings, shapewears, caps, handkerchief, and masks; face, hand, bath, and gym towels; calf, ankle, knee, low show, and no show socks; and thermals under Jockey brand. Page Industries Limited was incorporated in 1994 and is headquartered in Bengaluru, India.