Morgan Stanley has turned positive on Page Industries, projecting strong demand recovery with volume and topline growth in the coming quarter supported by policy measures and internal initiatives.
Why is Morgan Stanley Bullish on Page Industries Amid Demand Revival?
About Page Industries and Morgan Stanley’s View
Page Industries, the exclusive licensee for Jockey in India, is a leading name in the innerwear and leisurewear segment. The company has long been viewed as a premium consumer play, benefitting from rising disposable incomes and brand loyalty. According to Morgan Stanley, the stock is expected to outperform India’s benchmark index over the next 45 days, with a target price of ₹52,064.
Q2 Growth Projections
The brokerage expects Page Industries to report 5% volume growth in Q2, a marked improvement from the 2% recorded in the June quarter. Correspondingly, topline growth is estimated at 6% for the quarter. This indicates a gradual recovery in consumer demand and improved momentum in premium innerwear sales.
Support from Government Measures
One of the key tailwinds for the sector comes from policy changes. The 5% GST threshold on innerwear was recently increased to ₹2,500 per piece. This measure helps maintain affordability for premium products and encourages demand in higher price categories, directly benefiting Page Industries.
Demand Recovery Outlook
Beyond short-term growth, Morgan Stanley highlights that Page Industries is well-positioned to benefit from an upcoming demand recovery cycle. Urban consumption trends, premiumization, and increased penetration in Tier-II and Tier-III cities are expected to drive consistent growth in the medium term. The brokerage places an 80% probability on this favorable scenario playing out.
Implications for Investors
For investors, Morgan Stanley’s outlook reaffirms Page Industries’ premium positioning in the consumer discretionary sector. The combination of policy support, brand strength, and expected demand recovery makes it a candidate for both short-term tactical plays and long-term portfolio holding. That said, vigilance is required on cost pressures and broader market sentiment.
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Investor Takeaway
Morgan Stanley’s positive stance on Page Industries stems from improving sales momentum, supportive government measures, and its strong positioning in the premium innerwear segment. With a high probability of near-term demand recovery and topline growth, Page Industries remains a stock to watch closely. Investors may view it as a premium consumer play that can deliver both stability and growth potential.
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SEBI Disclaimer: The information provided in this post is for informational purposes only and should not be construed as investment advice. Readers must perform their own due diligence and consult a registered investment advisor before making any investment decisions. The views expressed are general in nature and may not suit individual investment objectives or financial situations.
