Shares of Page Industries were marginally down 0.20% to ₹45,095 in early trade on Wednesday after the company flagged a muted demand environment and guided for higher costs in the upcoming fiscal year. The stock opened at ₹45,185 and moved within a range of ₹44,795 to ₹45,390.
In its latest commentary, the management indicated that the demand environment remains “not buoyant” and added that FY26 would see an uptick in employee-related expenses and IT investments. As a result, operating margins are projected to remain in the 19–21% range, lower than the 21.5% margin reported in FY25.
Global brokerage Citi maintained its ‘Sell’ rating on the stock with a target price of ₹37,200. It noted that Q4 FY25 had benefited from early Eid demand, while Q1 FY26 is witnessing some impact from ongoing geopolitical developments. However, it added that the channel inventory correction and rationalization process is now broadly complete.
Citi analysts believe that Page’s primary sales will likely track secondary sales going forward, indicating normalization in sales channel flow.
As of today’s session, Page Industries’ stock commands a market cap of ₹503.71 billion and trades at a P/E of 69.08 with a dividend yield of 1.99%.
