NOMURA ON PAGE INDUSTRIES ; INITIATE BUY | TP ₹44,000 (CMP ₹34,500)

• Expects volume-led low-teens sales growth vs low-single-digit CAGR during FY23–26. • New categories, collections, deeper market penetration and digital transformation to drive growth. • Digitisation-led cost savings to be reinvested in business, limiting margin expansion. • Valued at 45x Dec-28 P/E, a 20% discount to its 15-year average. • Slower volume growth remains a key downside risk.

PAGE INDUSTRIES LTD

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