Morgan Stanley has reaffirmed its ‘Overweight’ rating on Page Industries, setting a target price of Rs 46,444 per share, close to the current market price of Rs 47,050. The brokerage highlighted volume growth guidance, margin stability, and rising digital traction as key positives.
Management is targeting high single-digit volume growth in FY26, supported by improved demand conditions and operational efficiency. The gross margin improvement in Q4FY25 was driven by stable raw material prices and production efficiencies, the report noted.
Page Industries has maintained its EBITDA margin guidance at 19–21%, and expects higher investments in marketing and technology to further support growth. Notably, e-commerce revenue grew 41% in FY25, now contributing over 10% to overall sales.
The brokerage added that EBITDA margins are consistent across sales channels, indicating a balanced cost structure.
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