Shares of Page Industries Ltd gained 2.13% on Monday, August 18, closing at ₹44,440, amid optimism that upcoming GST reforms could lower taxes on select apparel categories. Prime Minister Narendra Modi recently said that “next-generation GST reforms” will be rolled out by Diwali, aimed at reducing the tax burden on consumers and MSMEs.
Global brokerage Goldman Sachs has highlighted Page Industries among potential beneficiaries. A portion of the company’s portfolio—outerwear priced above ₹1,000—falls into categories that could see relief if GST rates are rationalised. Currently, these products attract higher GST, but reforms may reduce the burden to 12% or even 5% under a simplified framework.
Brokerages including Jefferies and Citi also expect broader GST rate cuts in the fourth quarter of this calendar year. They foresee reductions for apparel, footwear, processed foods, medicines, and white goods, alongside large-ticket items like cement, autos, and insurance. Analysts believe these measures could stimulate festive season demand and strengthen FY27 earnings visibility.
Page Industries, best known for its exclusive license of Jockey in India, saw its market capitalisation rise to ₹49,579 crore following Monday’s gains. The stock has been supported by expectations of stronger consumer demand as policy-driven tax relief boosts affordability in the apparel segment.