Page Industries Share Price Target 2026: Brokerage firm Citi has upgraded its rating for apparel manufacturer
Page Industries stock, besides revising its target price as it expects improvement in volume growth.
Page Industries Target Price 2026
The brokerage has upgraded its rating to Buy on the stock, besides revising its target price to Rs 47,700 from Rs 34,100 earlier.
Key takeaways from the coverage
– Upgrade Page Industries to Buy (from Sell)
– Introduce 90D Positive CW
-See risk-reward turning favourable 3yrs after our downgrade
– Believe the worst of operating drag is now behind
– Expect improvement in volume growth (expect 9.6% in FY27E vs 4.0%/5.5% in FY26/FY25)
– Higher realisation led by price hike (4.5% YTD) and product mix will aid
– Normalisation of channel inventory (from 60–65 days to 40 days) to help
– Moderation in competitive intensity and better acceptance of new product to help
– Increase our FY27-29E EPS estimates by 4-7% and target multiple to 52x FY28E from 40x factoring in better growth outlook and stable margins.
Page Industries, which is the exclusive licensee of Jockey International in India, has reported a year-on-year rise of 9 per cent in net profit at Rs 178.73 crore for the quarter ended March 31, 2026.
The company had posted a net profit of Rs 164 crore during the January-March period a year ago, according to a filing from Page Industries Ltd (PIL).
PIL’s revenue from operations was up 14 per cent to Rs 1,252.6 crore in the March quarter of the 2025-26 fiscal. It was Rs 1,098.07 crore in the corresponding period a year ago.
The company’s sales volume grew 10.8 per cent year-on-year, amounting to 54.5 million pieces, Page Industries said in its earnings statement.
“With positive consumer sentiments, sustained modernisation of retail and a resilient economy, we are confident of sustaining the growth momentum,” Managing Director V S Ganesh said, adding that inflationary pressures on key input costs, particularly cotton, continue to persist.
“We are well-positioned to manage these challenges through strategic sourcing initiatives, supply chain optimisation, operational efficiencies, and calibrated pricing actions,” said Ganesh.
Total expenses of Page Industries, an exclusive licensee of JOCKEY International Inc (USA) for India, Sri Lanka, Bangladesh, Nepal, Oman, Qatar, Maldives, Bhutan and UAE, were at Rs 1,031.96 crore, up 14.72 per cent in the March quarter.
Page Industries’ total income, which includes other income, was at Rs 1,269.76 crore, up 13.5 per cent in the March quarter on a year-on-year basis.
For the entire 2025-26 fiscal, Page Industries’ net profit was up 4.75 per cent to Rs 763.82 crore. Its total consolidated income was up 6.28 per cent to Rs 5,310.67 crore for the financial year ended on March 31, 2026.
