Synopsis: Page Industries Limited remained under pressure after Macquarie maintained an “Underperform” rating, citing concerns over sustaining demand momentum despite strong Q4 EBITDA performance and FY27 growth optimism.
This Mid-Cap Stock, engaged in manufacturing, distribution, and retailing of innerwear, athleisure, sleepwear, and apparel products under leading international lifestyle and fashion brands in India, is in focus after Macquarie gave an Underperform target of Rs. 31,000, which has a downside potential of 23.41 percent.
With a market capitalization of Rs. 43,477.80 crores, the share of Page Industries Limited has reached an intraday high of Rs. 40,474.85 per equity share, rising nearly 5.40 percent from its previous day’s close price of Rs. 38,402.60. Since then, the stock has retreated and is currently trading at Rs. 38,987.50 per equity share.
What is the News?
Macquarie, a prominent brokerage firm, has recommended a “Underperform” call on Page Industries Limited with a target price of Rs. 31,000 per share, indicating a downside potential of 23.41 percent from its current high price of Rs. 40,474.85 per share.
Macquarie maintained its “Underperform” rating on Page Industries despite the company reporting better-than-expected Q4 EBITDA. Management sounded confident about FY27 growth and expects demand to stay healthy, while possible price hikes may also help improve margins and support earnings in the near term.
However, the brokerage remains cautious about whether the recent demand recovery can continue for a longer period. Macquarie believes current optimism may already be reflected in the stock price, and any slowdown in consumer spending or weaker demand trends could limit upside going forward.
Manufacturing Capabilities:
Page Industries Limited has strong in-house manufacturing capabilities with facilities spread across 2.9 million square feet and 16 manufacturing units across India. The company operates 14 facilities in Karnataka, one in Tamil Nadu, and one in Odisha, with around 64 percent of production handled internally.
The company employs nearly 19,577 people across its manufacturing locations. Bengaluru has 5 units with 6,615 employees, while Mysore has 4 units with 5,181 employees. Other facilities are located in Hassan, Gowribidanur, Tiptur, Tirupur, and Odisha. Page Industries focuses on monitoring every stage of production, from raw materials to final packaging, ensuring consistent product quality and stronger brand standards.
Business Highlights:
Page Industries Limited has built a strong presence in India with a large manufacturing and retail network. The company operates 16 manufacturing units with a production capacity of around 280 million pieces annually.
Page Industries is supported by a highly experienced management team and a workforce of about 21,244 employees, with nearly 80 percent of the employees being women. The company also has a wide PAN-India retail presence with 1,16,606 retail outlets, 1,615 exclusive brand stores, 893 large-format stores, and a growing e-commerce business, helping it reach customers across multiple channels.
Company Overview:
Page Industries Limited is an Indian apparel manufacturer and retailer headquartered in Bengaluru, Karnataka. Founded in 1994, it is best known as the exclusive licensee of Jockey International Inc. and Speedo International Ltd. in India and several neighboring countries. The company leads India’s premium innerwear and leisurewear market through its Jockey brand.
Recent Quarter Results:
Coming into financial highlights, Page Industries Limited’s revenue has increased from Rs. 1,098 crore in Q4 FY25 to Rs. 1,253 crore in Q4 FY26, which has grown by 14.12 percent. The net profit has also grown by 9.15 percent from Rs. 164 crore in Q4 FY25 to Rs. 179 crore in Q4 FY26.
Page Industries Limited’s revenue and net profit have grown at a CAGR of 13.12 percent and 17.51 percent, respectively, over the last five years.
In terms of return ratios, the company’s ROCE and ROE stand at 64.4 percent and 54.3 percent, respectively. Page Industries Limited has an earnings per share (EPS) of Rs. 685, and its debt-to-equity ratio is 0.18x.
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