Morgan Stanley raises its price target on Page Industries past ₹50,000 on FY26 outlook

Brokerage firm Morgan Stanley increased its price target on shares of Page Industries Ltd., the parent company of Jockey India, on the evening of Friday, May 16, becoming the sixth one to have a target in excess of ₹50,000 for the stock.

Morgan Stanley raised its price target for Page Industries higher to ₹52,064, from ₹46,444 earlier. The price target raise was reported after market hours on Friday.

This is the third highest price target for Page Industries on the street after Motilal Oswal (₹57,500) and Elara Capital (₹52,268).

Morgan Stanley said the management of Page Industries aims to achieve high-single-digit volume growth in the financial year 2026.

The fourth quarter gross margin improvement reflected stability in raw material prices and production efficiencies, Morgan Stanley said.

Page Industries' management maintained the company's earnings before interest, taxes, depreciation and amortisation (EBITDA) margin guidance of 19-21%. The brokerage expects marketing expenses to be higher at 4-5% of total sales, and investments in tech as well.

It said the company's e-commerce growth was 41% in the financial year 2025, with overall salience at more than 10%. EBITDA margin across channels are similar, Morgan Stanley added.

Page Industries reported a 10.6% growth in its overall fourth quarter revenue at ₹1,098 crore from ₹993 crore in the previous year. Its net profit increased by more than 50% to ₹164 crore from the year-ago period. Its EBITDA stood at 43% from the previous year at ₹235.3 crore and its margin expanded to 21.4% from 16.6%.

The company's board also approved a fourth interim dividend of ₹200 per share for the financial year 2025, taking the total payout for the entire year to ₹900 per share.

Of the 22 analysts that have coverage on the stock, eight have a "buy" rating, four have a "hold" rating and 10 have a "sell" rating.

Shares of Page Industries ended 1.9% higher on Friday at ₹47,845 apiece. The stock has gained 7% in the past month.

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