Page Industries Ltd.: Risk Reward Update

Research evidence excerpt

Page Industries Ltd.: Risk Reward Update

Update

May 21, 2026 02:29 PM GMT

Morgan Stanley India Company Private Limited+MPage Industries Ltd. | Asia Pacific Archana Menon, CFA

Equity Analyst

Risk Reward Update Archana.Menon@morganstanley.com +91 22 6118-2215

Page Industries Ltd. (PAGE.NS, PAG IN)

What’s Changed India Consumer | India

Page Industries Ltd. (PAGE.NS) From To Stock Rating Overweight

Price Target Rs41,561.00 Rs42,636.00 Industry View In-Line

Price target Rs42,636.00

Bull Case Rs53,919.00 Rs55,130.00

Shr price, close (May 21, 2026) Rs38,380.00

Base Case Rs39,357.00 Rs40,359.00 52-Week Range Rs50,590.00-

Bear Case Rs29,779.00 Rs30,921.00 29,805.00

Updated Components Fiscal Year Ending 03/26 03/27e 03/28e 03/29e

EPS

EPS (Rs)** 708.34 777.81 890.221,019.54

Bull Base Bear Scenarios Prior EPS (Rs)** 687.05 769.42 868.23 -

Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare

framework

Risk Reward for Page Industries Ltd. (PAGE.NS) has been ** = Based on consensus methodology

e = Morgan Stanley Research estimates

updated.

Reason for change

Earnings Changes: We actualize F26 results and introduce F29 estimates. As a

result, our top-line estimates increase by ~3%, driven by better-than-expected F26

performance and a higher F27E revenue growth assumption of 12% (vs. 11%

previously). We revise our EBITDA margin estimates for F27 and F28 lower to 21.3%

and 21.6%, respectively, reflecting inflationary pressures and management guidance

to increase advertising spend in F27. EPS estimates for F27–28 rise by ~1–3% on the

back of these changes.

Revised PT Rs42,636 (was Rs41,561): Our Bull/Base/Bear case scenario values rise

2-4% following the above-mentioned earnings changes and after rolling forward our

RI model by 1 month.