Motilal Oswal keeps Page Industries at Buy with INR 40,000 target
Motilal Oswal kept its Buy rating on Page Industries after 2QFY27 results, where revenue and volume growth came in below its estimates.
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what happened
According to TradingView, citing a Motilal Oswal research note, Page Industries posted 2QFY27 revenue growth of 11.5% year on year against an estimate of 16%, while volumes rose 5.5% against an expected 12%. Primary volumes grew 11–12% in July and August, excluding recovery of the 1QFY27 billing loss, but slowed sharply in September as distributors postponed festive inventory building.
Gross margin fell 270 basis points year on year to 57.2%, below the 58.5% estimate. Higher cotton and synthetic input costs drove the decline. The company offset part of the pressure through sourcing and supply-chain steps and raised prices by a calibrated 2.5% in May. Management kept its double-digit volume growth guidance for FY27, citing festive demand, new launches and marketing.
The brokerage still models 12% revenue CAGR and 11% EBITDA CAGR over FY26–29E and reiterated its target of INR 40,000, based on 40 times September 2028E EPS.
why it matters
The report highlights two drivers for the apparel maker and Jockey licensee: seasonal volume trends and raw material costs. The September slowdown and margin compression from pricier cotton matter for judging the company's quarterly performance. The target is the brokerage's own view and not investment advice.
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instruments
sources
- Buy Page Industries; target of Rs 40,000: Motilal Oswal — TradingView, 13 November 2026 at 05:22 UTC
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