External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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Equity Bottom-Up

<ul><li>Page Industries posted a steady Q4FY25 performance, with revenue rising 10.3% YoY, supported by 8.5% volume growth (9.2 Mn units).</li><li>Growth was driven by strong traction in modern trade and emerging channels such as quick commerce.</li><li>The company continued expanding its retail footprint, scaling to 1.11 Lc MBOs, 1,453 EBOs, and 1,803 LFS. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Page Industries posted a steady Q4FY25 performance, with revenue rising 10.3% YoY, supported by 8.5% volume growth (9.2 Mn units).Growth was driven by strong traction in modern trade and emerging channels such as quick commerce.The company continued expanding its retail footprint, scaling to 1.11 Lc MBOs, 1,453 EBOs, and 1,803 LFS. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Page Industries Ltd - Beat On All Front; Maintain HOLD

External broker reports(aggregated public sources), Emkay Global Financial Services Limited

Emkay

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>PAG’s Q3 EBITDA was 7-19% ahead of street/our estimates, largely led by 250- 370bps better margin, as topline was 1-5% lower.</li><li>Revenue growth moderated to 7% (vs 11% in Q2) due to muted demand environment.</li><li>Demand commentary remained subdued, albeit growth trends may improve slightly as growth impact due to the ARS implementation is largely over.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

PAG’s Q3 EBITDA was 7-19% ahead of street/our estimates, largely led by 250- 370bps better margin, as topline was 1-5% lower.Revenue growth moderated to 7% (vs 11% in Q2) due to muted demand environment.Demand commentary remained subdued, albeit growth trends may improve slightly as growth impact due to the ARS implementation is largely over.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Page Industries - Q3 Beat on Good Margin Execution; Demand Trends Remain Sluggish

<ul><li>Resilient performance despite challenging environment: Page Industries delivered a resilient performance in Q3FY25, with revenue growing 7% YoY, though slightly below estimates.</li><li>Volume growth stood at 5% YoY, supported by a favourable category mix.</li><li>The Athleisure segment saw strong traction, aided by deeper market penetration. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Resilient performance despite challenging environment: Page Industries delivered a resilient performance in Q3FY25, with revenue growing 7% YoY, though slightly below estimates.Volume growth stood at 5% YoY, supported by a favourable category mix.The Athleisure segment saw strong traction, aided by deeper market penetration. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Page Industries Ltd - Margin Expansion Driven by Cost Savings; Maintain HOLD

<ul><li>Volume-led growth: Despite softer consumer sentiments, Page Industries reported a good set of numbers in Q2FY25, with revenue growing by ~11% YoY, as volume growth stood at 6.7% YoY to 5.52 Cr, driven by a stable operating environment and strong growth in E-com.</li><li>Gross margins improved by 83 bps YoY to 56.5%, aided by stable input costs (cotton prices), while EBITDA margins saw an impressive 183 bps YoY improvement, fuelled by cost efficiencies, healthier inventory management, and gross margin gains.</li><li>Margins to remain stable: The management expects EBITDA margins to hold steady between 19-21%, supported by stable raw material prices and cost efficiencies. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Volume-led growth: Despite softer consumer sentiments, Page Industries reported a good set of numbers in Q2FY25, with revenue growing by ~11% YoY, as volume growth stood at 6.7% YoY to 5.52 Cr, driven by a stable operating environment and strong growth in E-com.Gross margins improved by 83 bps YoY to 56.5%, aided by stable input costs (cotton prices), while EBITDA margins saw an impressive 183 bps YoY improvement, fuelled by cost efficiencies, healthier inventory management, and gross margin gains.Margins to remain stable: The management expects EBITDA margins to hold steady between 19-21%, supported by stable raw material prices and cost efficiencies. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Page Industries Ltd - Volume Driven Growth; Maintain HOLD

<ul>
<li>Below our estimates: PAGE Q4FY24 results were below our estimates on continued demand pressure.</li>
<li>Revenue growth showed a moderate increase of 3%YoY (~6% volume growth) led by recovery in both innerwear and at leisure segment through new product launches and increased marketing efforts.</li>
<li>Despite subdued gross margin performance, EBITDA grew by 24.5% YoY while EBITDA margins stood at 16.8%, up 294bps YoY led stringent cost efficiency measures. </li>
</ul>
Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.


Below our estimates: PAGE Q4FY24 results were below our estimates on continued demand pressure.
Revenue growth showed a moderate increase of 3%YoY (~6% volume growth) led by recovery in both innerwear and at leisure segment through new product launches and increased marketing efforts.
Despite subdued gross margin performance, EBITDA grew by 24.5% YoY while EBITDA margins stood at 16.8%, up 294bps YoY led stringent cost efficiency measures. 

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Page Industries Ltd - Miss On All Front; Maintain HOLD

India

Page Industries Limited develops, produces, and distributes branded underwear for men, women, and children in India and Sri Lanka.

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Page Industries (PAG IN)

Page Industries Ltd - Beat On All Front; Maintain HOLD

Page Industries posted a steady Q4FY25 performance, with revenue rising 10.3% YoY, supported by 8.5% volume growth (9.2 Mn units).

Axis Direct

Page Industries - Q3 Beat on Good Margin Execution; Demand Trends Remain Sluggish

PAG’s Q3 EBITDA was 7-19% ahead of street/our estimates, largely led by 250- 370bps better margin, as topline was 1-5% lower.

Emkay

Page Industries Ltd - Margin Expansion Driven by Cost Savings; Maintain HOLD

Resilient performance despite challenging environment: Page Industries delivered a resilient performance in Q3FY25, with revenue growing 7% YoY,...

Axis Direct

Page Industries Ltd - Volume Driven Growth; Maintain HOLD

Despite softer consumer sentiments, Page Industries reported a good set of numbers in Q2FY25, with revenue growing by ~11% YoY

Axis Direct

Page Industries Ltd - Miss On All Front; Maintain HOLD

Revenue growth showed a moderate increase of 3%YoY (~6% volume growth) led by recovery in both innerwear and at leisure segment through new product...

Axis Direct

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