Page Industries Ltd.: 4QF26 Off the Call: Positive Commentary

研报英文原文证据摘录

Page Industries Ltd.: 4QF26 Off the Call: Positive Commentary

Update

May 21, 2026 03:39 PM GMT

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

Equity Analyst

4QF26 Off the Call: Positive Archana.Menon@morganstanley.comShravan Vohra +91 22 6118-2215

Shravan.Vohra@morganstanley.com +91 22 6118-2039

Commentary Gaurav Varma

Research Associate

Gaurav.Varma@morganstanley.com +91 22 6118-1033

Key Takeaways

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

Management highlighted meaningful improvement in the consumption India Consumer | India

environment and an upturn in the athleisure segment. Secondary sales were in Stock Rating Overweight

line with Primary. Industry View In-Line

Price target Rs42,636.00

Volume growth upturn reflected a mix of underlying demand momentum, as well Up/downside to price target (%) 11

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

as strategic initiatives taken by the company. 52-Week Range Rs50,590.00-

29,805.00

Prices were hiked 2% in January (effective realization for only 2-3 weeks in the Sh out, dil, curr (mn) 11

Mkt cap, curr (mn) Rs428,085

quarter). Further hikes are planned in 1Q to address raw material inflation.

EV, curr (mn) Rs423,485

Avg daily trading value (mn) Rs990

The company aspires to double-digit volume growth in F27. EBITDA margin

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

guidance of 19-21% was reiterated.

EPS (Rs)** 708.34 777.81 890.221,019.54

Value and volume growth difference should improve in F27 (2.4ppt in F26) via EPS (Rs)§ 701.82 771.98 854.01 896.00

Revenue, net (Rs mn) 52,468 58,942 66,168 74,280

price hikes and mix improvement with premiumization and athleisure correction

EBITDA (Rs mn) 11,529 12,551 14,324 16,332

over. ModelWare net inc (Rs 7,901 8,676 9,929 11,372

mn)