Page Industries Share Price Target: Emkay Sees 20% Downside — Should You Buy, Sell or Hold Jockey’s Parent Stock?

Brokerage firm Emkay Global has maintained a ‘Reduce’ rating on Page Industries, the parent company of innerwear brand Jockey, while slashing its share price target (TP) to Rs 37,550 citing muted growth guidance for FY26. The stock is currently trading at Rs 46,940, suggesting a downside of over 20%.
Page Industries Q4 Resulst FY25  

Emkay's latest report noted that Page Industries (PAG) delivered a strong operating performance in Q4 FY25, with EBITDA margin coming in at 21.4%—a beat of 250-320 basis points versus estimates. The gross margin expanded by 470 bps to 60.9%, aided by stable raw material prices, sale of low-cost inventory, and higher full-price e-commerce sales.

Page Industries Share Price Target
Revenue grew 10.3% year-on-year in Q4, compared to 7% in Q3, driven by an 8.5% rise in volumes and 2% improvement in realizations. However, the brokerage said this margin surprise “largely offsets” the weaker-than-expected topline outlook.

“We are maintaining our REDUCE rating and Mar-26 TP of Rs 37,550 (45x FY27 EPS), as the better-margin delivery in FY25 largely offsets the weaker growth outlook (vs street and our estimates),” Emkay said in its report.

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Growth Guidance Falls Short
Page Industries has guided for high single-digit volume growth in FY26 and retained its EBITDA margin outlook in the 19–21% range. This guidance comes despite achieving 21.5% EBITDA margin in FY25.

Emkay noted, “In our view, the topline outlook is lower than the street’s and our expectations of ~15% growth and the margin band retention is on account of expected cost inflations and tech investments in FY26.”
 

E-Commerce, Tier-3/4 Towns Drive Growth
Among sales channels, the online segment led growth with a 41% increase in FY25 and now contributes over 10% of total revenue. The exclusive brand outlet (EBO) network also expanded with 71 new stores in FY25, totalling 1,453. The multi-brand outlet (MBO) count reached 111,000 after 650 additions in Q4 alone.

Demand from Tier-3 and Tier-4 towns continues to outperform metro and Tier-1 cities by 400 basis points. Innerwear remains the top-performing category, while Athleisure lags due to channel inventory build-up, though it was reduced by 7 days in FY25 through improved demand planning.

General Trade Still Under Pressure
While e-commerce and EBOs performed strongly, the general trade (GT) channel continues to show muted trends. Women’s innerwear and other categories like juniors and accessories are still undergoing inventory corrections.

Despite strong cost efficiencies and premiumization benefits, Emkay remains cautious due to weak urban demand, cost headwinds, and limited pricing power.
“PAG maintained its EBITDA guidance of 19-21% for FY26, despite better margin delivery in FY25 since it expects wage and tech costs to increase in line with inflation while having no near-term plan of price hikes,” Emkay added.

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