Page Industries shares were trading at ₹42,703.75, up 3.01% from the previous close at 11:16 AM today. According to reports from ET Now, brokerage firm Citi has upgraded its rating for the apparel manufacturer to Buy from Sell, while revising its target price to ₹47,700 from ₹34,100 earlier. The upgrade reflects expectations of improved volume growth and better operational performance going forward.
The company reported net profit of ₹178.73 crore for Q4 FY26, representing a 9% year-on-year increase from ₹164 crore in the corresponding period last year. As reported by ET Now, Page Industries revenue from operations grew 14% to ₹1,252.6 crore in the March quarter, compared to ₹1,098.07 crore in the previous year. The company's sales volume increased 10.8% year-on-year to 54.5 million pieces, demonstrating strong operational performance.
For the entire 2025-26 fiscal year, Page Industries' net profit was up 4.75% to ₹763.82 crore, while total consolidated income increased 6.28% to ₹5,310.67 crore. According to the company's earnings statement, Managing Director V S Ganesh expressed confidence in sustaining growth momentum, citing positive consumer sentiments and sustained retail modernization. However, he noted that inflationary pressures on key input costs, particularly cotton, continue to persist.
As reported by ET Now, Citi expects volume growth improvement to 9.6% in FY27E compared to 4.0% in FY26 and 5.5% in FY25. The brokerage believes the worst of operating drag is behind the company and anticipates higher realisation led by price hikes and product mix improvements. Citi has increased its FY27-29E EPS estimates by 4-7% and raised the target multiple to 52x FY28E from 40x, factoring in better growth outlook and stable margins.
