Page Industries shares rise 2% in today's trading session amid positive sentiment

Mumbai, July 3, 2025 — Shares of Page Industries Ltd., the exclusive licensee of Jockey International in India, climbed nearly 2% in today’s trading session, buoyed by improving investor sentiment and growing optimism around the company’s retail performance and operating efficiencies. The stock touched an intraday high of ₹39,520 on the NSE before closing at ₹39,240, up ₹760 from the previous day’s close.

Retail and Demand Revival Lifts Confidence

The gain in Page Industries' share price reflects broader investor confidence in India’s premium innerwear and athleisure market, especially with signs of a pick-up in discretionary spending in Tier-1 and Tier-2 cities. With improved consumer confidence and the festive and wedding seasons approaching, analysts expect stronger sales volumes in the coming quarters.

“The stock’s movement today is a result of both sectoral tailwinds and stock-specific triggers,” said Sanjay Tiwari, Senior Equity Analyst at MK Global. “We are seeing early signs of revival in demand for premium wear, and Page Industries, with its dominant brand positioning, stands to benefit.”

Operating Leverage and Margin Expansion in Focus

Page Industries has been actively working on cost optimization and enhancing its supply chain capabilities, which has begun to reflect in its margins. For Q4 FY25, the company reported a sequential improvement in EBITDA margins, largely driven by lower raw material costs and better inventory management.

“Cotton prices have stabilized, and Page has taken steps to rationalize production, which should support its bottom line,” noted Kavita Mehta, FMCG and Retail Analyst at Axis Securities. “Their inventory turns are improving, and store-level efficiencies have risen, especially in high-footfall urban zones.”

Institutional Buying and Upbeat Sector Sentiment

Market insiders attribute the upward price movement partly to institutional accumulation, amid expectations of better quarterly results and a recovery in volumes. The broader textiles and apparel sector has seen renewed interest as investors seek stable consumption plays post the high volatility in mid-cap and small-cap indices over the last two weeks.

Further, the Nifty FMCG index was up 0.8% today, tracking gains in companies like Hindustan Unilever and Nestle India. Page Industries’ relative outperformance against its peers today suggests selective investor bets on strong brand-backed growth.

Recent Developments Boost Outlook

In recent months, the company has taken initiatives to expand its athleisure and women’s innerwear portfolio, aiming to capture greater wallet share across demographics. In addition, Page has ramped up its online and omnichannel presence, which now contributes nearly 12-14% of its overall revenues.

According to a recent management commentary during the FY25 results call, the company is targeting double-digit volume growth in FY26, backed by aggressive store expansions and deeper rural penetration.

Brokerages Maintain ‘Buy’ on Long-Term Growth

Leading brokerages including Jefferies, Kotak Institutional Equities, and Motilal Oswal have reiterated their ‘Buy’ ratings on Page Industries, with target prices ranging from ₹41,000 to ₹43,500, implying an upside of 5-10% from current levels.

“We continue to like Page for its brand loyalty, distribution depth, and steady return ratios,” said Ankit Shah, Vice President – Research at Motilal Oswal. “FY25 was a consolidation year, but FY26 could see margin-led and volume-led earnings surprise.”

Investor Outlook: Steady Performer with Long-Term Promise

Despite today’s gains, Page Industries remains 13% below its 52-week high of ₹45,300. The stock has underperformed the broader market over the past year due to cost inflation and muted discretionary demand. However, long-term investors remain optimistic as the company consolidates its leadership in the branded innerwear market.

Analysts recommend that risk-averse investors consider Page Industries as a defensive bet within the consumption theme, particularly given its zero-debt balance sheet, consistent dividend payouts, and high RoCE.

Today’s 2% rise in Page Industries shares is being viewed not as a flash-in-the-pan move, but rather the beginning of a potential re-rating, as both margin improvement and topline recovery take center stage. With a strong brand, stable financials, and a growing presence across digital and offline platforms, the company seems well-positioned to benefit from the revival in urban consumption.