Page Industries share price target cut by Citi, HSBC on Q2 FEMA concerns

Detailed summary

While management indicated that year-to-date performance remains on track to achieve the full-year volume growth target, Citi said that the weak start to the year, with volume growth of around 6% in the first half, could keep the Page Industries stock under pressure in the near term.

Shares of Page Industries Ltd. will remain in focus on Friday, November 13, after brokerage firms reacted to the company's September quarter results, which were subdued year-on-year across key parameters.

While brokerages have largely retained their positive ratings, they have trimmed their price targets, citing weaker-than-expected volume growth and the need for improved execution in the coming quarters.

Page Industries shares have risen in two of the last four trading sessions. However, the stock plunged 13% on Thursday following the September quarter results. With this decline, the stock has turned negative for the year and is now down around 11% on a year-to-date basis.

HSBC has a 'Buy' rating on Page Industries but has trimmed its price target to ₹43,870. The brokerage said that Q2FY27 volume growth of 5.5% was below its estimate of 10%. Page Industries attributed the slower growth to a shift in the festive season, while volume growth during July and August stood at 11%.

HSBC said the company's double-digit volume growth guidance for FY27 remains unchanged, implying growth of around 14% in the second half of the financial year. The brokerage has marginally reduced its FY27-29 earnings per share (EPS) estimates by 1-3% and trimmed its price-to-earnings (P/E) multiple to 48 times.

Nomura has also maintained a 'Buy' rating on Page Industries, with a price target of ₹41,000. The brokerage said Q2FY27 performance was below estimates, although management has maintained its double-digit volume growth guidance for FY27 despite the weak quarter.

Management remains confident of achieving its full-year guidance, which implies a mid-teens volume growth run rate in the second half of FY27.

Nomura also highlighted a FEMA-related disclosure concerning online retail sales of imported Jockey and Speedo products without physical retail stores between 2014 and 2026.

The company had initially filed an application for compounding with the Reserve Bank of India (RBI) on May 20, 2026.

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