Mar'25 View on Page Industries Ltd

Page Industries Limited is the exclusive licensee of JOCKEY International Inc. for manufacturing, distribution, and marketing of the JOCKEY® brand in India, Sri Lanka, Bangladesh, Nepal, and the UAE. Page Industries is also the exclusive licensee of Speedo International Ltd. for the manufacturing, marketing, and distribution of the Speedo brand in India. Though the stock has fallen almost 20% from its high near 50,000, the stock still looks weak and could fall upto 35,000 level which is its long term support due to following reasons. • Indian apparel retail sector witnessed dampened consumer sentiment in Q3FY25. • End-consumer demand was weak, with sales, particularly in the post-festive period, coming under pressure. • PAG’s Q3FY25 revenue growth was at 7.1% yoy, weaker than our expectation of 8.3% yoy growth. • Revenue growth was led by 4.7% volume growth & remainder from realization/mix. • We trim FY25-27 EPS estimates by ~1%, primarily on lower revenue assumptions. • The current valuations price in aggressive growth recovery. Retain SELL • Roll forward to March 2027 drives revised DCF based FV of Rs38,000 (Rs375000 earlier).