Page Industries shares slip as HSBC projects 10% downside

Shares of Page Industries Ltd. dropped over 2% on Thursday after global brokerage HSBC downgraded the stock to 'Reduce'. HSBC assigned a price target of Rs 41,040 per share, signalling a further potential 10% downside from current levels. 

Shares of Page Industries slipped over 2% to Rs 44,323.80 in the current session against the previous close of Rs 45,302.45 on BSE. Market cap of the firm fell to Rs 49,213 crore. 

The garments and apparel stock has now declined 7.43% on a year-to-date basis.

HSBC's move reflects caution over the company's growth outlook and changing product strategy.

HSBC raised concerns about Page Industries moving away from its primary market strengths, stating, "The launch of JKY Groove marks a shift away from its core basics segment with limited potential."

The brokerage further expressed that "margins may be near their peak, as raw material costs have stabilised while employee expenses continue to rise." HSBC also reduced its profit-after-tax estimate by 3% due to muted demand trends identified in recent quarters.

Page Industries Ltd. reported a 22% rise in net profit in the June 2025 quarter. Net profit climbed to to Rs 201 crore against Rs 165 crore in the same period last year. Revenue also rose 3% to reach Rs 1,316 crore. Meanwhile, EBITDA climbed 21% to Rs 295 crore, with margins expanding by 340 basis points to 22.4%.

Page Industries faces stabilising input costs and rising operational expenses. The company's immediate trajectory remains under close watch from investors and analysts, who are assessing the implications of these cost and demand pressures for stakeholders.