Page Industries (PAGE) posted an 8% year‑on‑year increase in revenue for Q1FY27, falling short of the 12% estimate. The company also saw a 6% rise in volume, compared with a 12% estimate and 2% growth in Q1FY26 and 11% in 4QFY26.
Consumer demand remained healthy, but temporary logistics and manpower constraints hampered last‑mile deliveries toward the end of June. Management noted that the last seven days of billing were undelivered, normally taking three to four days, which pushed an additional three days of sales into Q2FY27, causing a 3–4% impact on first‑quarter volume.
The company expects the lost sales to be recovered in Q2FY27 and remains confident of sustaining double‑digit volume growth throughout FY27. JKY Groove continues to gain traction, and the Disney/Marvel collaboration is expected to support revenue growth moving forward.
While the medium‑term outlook is positive, near‑term margins may face pressure from rising raw‑material inflation as the firm balances margin protection with volume expansion. Our model projects a 12% revenue CAGR and an 11% EBITDA CAGR over FY26‑28E.
We reaffirm our BUY rating on PAGE with a target price of INR45,000, premised on a 50‑times FY28E earnings per share.