Page Industries (PAG IN) Upgrade to Buy: Growth hiatus ends, multiple drivers

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Page Industries (PAG IN) Upgrade to Buy: Growth hiatus ends, multiple drivers

7 July 2026

Page Industries (PAG IN) EquitiesTextiles Apparel & Luxury

Gds

Upgrade to Buy: Growth hiatus ends, multiple drivers India

◆ Lower competitive intensity, fresh approach in women’s wear

UPGRADE TO BUY

and normalized channel inventory key triggers for upgrade

◆ Growth improvement after 3 years. Women’s wear looks TARGET PRICE (INR) PREVIOUS TARGET (INR)

structural, Athleisure longer-term growth remains challenging 48810.00 38190.00

◆ Increase FY27/FY28e EPS 2%/7% and multiple to 52x (45x SHARE PRICE (INR) UPSIDE/DOWNSIDE

earlier). TP INR48,810 (was INR38,190); upgrade to Buy 42510.00 +14.8%

(as of 06 Jul 2026)

Innerwear – a move away from past conservative approach: In the past Page has

MARKET DATA

stuck to its DNA of focusing on ‘Basics’ clothing and therefore has always had limited Market cap (INRm) 474,151 Free float 52%

SKUs vs peers. While this worked in men’s innerwear (vests and underwear) and Market cap (USDm) 4,970 BBG PAG IN

3m ADTV (USDm) 14 RIC PAGE.NS

women’s underwear segments, it has not worked as well in the Brassieres segment,

in our view. We believe Page is correcting that (see exhibit 1) and has stepped-up FINANCIALS AND RATIOS (INR)

aggression on launching new styles thus arresting market share loss and potentially Year to 03/2026a 03/2027e 03/2028e 03/2029e HSBC EPS 684.80 746.05 908.28 1029.67

even gaining share going forward with competitive intensity also moderating. Overall, HSBC EPS (prev) 684.80 730.23 848.64 962.18

Change (%) 0.0 2.2 7.0 7.0

we expect women’s wear to be the growth driver over the coming 2-3 years. Certain Consensus EPS 701.82 766.29 858.46 1000.32

competitors have exited offline operations, aiding Jockey’s growth in men’s wear.