7 November 2024

2QFY25 Results Update | Sector: Consumer

Page Industries
Estimate change CMP: INR45,064 TP: INR54,000 (+20%) Upgrade to Buy
TP change
All-round beat; growth acceleration to sustain
Rating change
 Page Industries (PAGE) reported sales growth of 11% in 2QFY25 (est. 7%;
Bloomberg PAG IN 4% in 1Q), with healthy 7% YoY volume growth (est. 3.5%; 3% in 1Q) to
Equity Shares (m) 11 55m. Demand improved sequentially, but a full recovery would be visible in
M.Cap.(INRb)/(USDb) 502.6 / 6 2HFY25. Demand uptick during the festive season has helped to further
52-Week Range (INR) 46818 / 33070
liquidate trade inventory by 3 days. The implementation of ARS system has
1, 6, 12 Rel. Per (%) 11/23/-4
12M Avg Val (INR M) 1010 been driving inventory efficiency for distributors, resulting in better
secondary order fulfilment. Primary growth was lagging behind secondary
Financials & Valuations (INR b) growth (~4% difference) due to high trade inventory; we believe it will
Y/E March 2024 2025E 2026E converge in 2HFY25. Thereby, healthy volume growth is expected to
Sales 45.8 50.0 57.5 sustain.
Sales Gr. (%) -2.8 9.1 15.1
EBITDA 8.7 9.9 11.7
 Ecommerce channel continues to outpace overall brand growth, mainly led
EBITDA Margin (%) 19.0 19.7 20.4 by quick commerce. 1HFY25 ecommerce growth was 41%. We expect
Adj. PAT 5.7 6.7 8.1 demand improvement to continue in 2HFY25.
Adj. EPS (INR) 510.3 603.4 724.6  GM expanded by 80bp YoY/230bp QoQ to 56.5% on stable input costs.
EPS Gr. (%) -0.4 18.2 20.1
BV/Sh.INR 1431.7 1571.0 1831.1 Improved operating efficiency led to 180bp YoY expansion in EBITDA margin
Ratios to 22.6% (10-quarter high). The management retains its EBITDA margin
RoE (%) 35.6 38.4 39.6 guidance of 19%-21% in the medium term. We model 20-21% EBITDA
RoCE (%) 33.9 37.9 39.9
margin for FY25-27E.
Payout (%) 72.5 90.0 75.0
Valuations  Recent launches of new SKUs in the women’s and kids' categories,
P/E (x) 87.8 74.3 61.8 supported by a dedicated sales team, are set to boost growth. Orissa facility
P/BV (x) 31.3 28.5 24.5 is expected to start operations from 4QFY25 and will cater to rising
EV/EBITDA (x) 57.1 50.1 42.0
Div. Yield (%) 0.8 1.0 1.0
demand.
 The stock has underperformed massively for the last two years (down 15%)
Shareholding pattern (%) owing to weak volume growth. With volume growth pressure bottoming
As On Sep-24 Jun-24 Sep-23 out and benign input costs likely to lead to a better margin print, we expect
Promoter 44.3 45.0 45.1 the earnings cycle to pick up from hereon. We believe the valuation will
DII 29.5 28.1 23.6 remain rich, as we can find only a few consumer stocks with comfort on
FII 20.8 20.5 22.0
both growth and margin in the near term. We upgrade our rating from
Others 5.4 6.3 9.4
FII Includes depository receipts
Neutral to BUY with a revised TP of INR54,000, premised on 60x Mar’27E
EPS.
Improved growth print; volume up 6.7%
 Beat on volume growth: Sales grew 11% YoY to INR12.5b (est. INR12.0b),
while demand remained subdued (but trend improved vs. 1Q). Sales volume
was up 6.7% YoY (2.6% in 1QFY25; 3.5% our est.) to 55.2m pieces. The
advancement in the festive season also partially supported growth in 2Q.
Festive demand was healthy, with improvement in secondary growth.
 Network expansion to continue: Exclusive brand outlets (EBOs) are also a
key area, with the company aiming to increase EBOs from 150-180 annually
to around 1,550 by FY25. Technology upgrades, like the ARA system, are
enhancing distribution and inventory management, while athleisure is
emerging as a major growth area.

Naveen Trivedi – Research Analyst ([email protected]

Research Analyst: Pratik Prajapati ([email protected]) | Tanu Jindal ([email protected])
Investors are advised to refer through important disclosures made at the last page of the Research Report.
MotilalOswal research
3 September 1
2019 is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.
 Page Industries

 Margin: Gross margin expanded ~80bp YoY to 56.5% (est. 56.3%) and EBITDA
margin expanded 185bp YoY to 22.6% (est. 20.9%). The margin expansion was
led by stable input costs and improved operating efficiency. Employee expenses
were down 165bp, but other expenses were up 65bp YoY.
 Double-digit growth in EBITDA/PBT/PAT: EBITDA grew 21% YoY to INR2.8b (est.
INR2.5b). PBT grew 31% YoY to INR2.6b (est. INR2.3b). Adj. PAT was up 30% YoY
at INR1.9b (est. INR1.7b).
 In 1HFY25, net sales/EBITDA/APAT grew by 7%/11%/17%. In 2HFY25, we expect
net sales/EBITDA/APAT growth of 11%/17%/20%.

Highlights from the management commentary

 A gradual pickup in rural consumption is driving positive shifts in overall demand
trends.
 E-commerce has outpaced the company average, driven by quick commerce and
the shift toward online shopping.
 The company raised prices two years ago due to higher input costs, but there
have been no price increases since Jul’22.
 Inventory days decreased to 93 from 168 at the end of FY24.
 The operating margin at the EBITDA level is expected to stay within the range of
19% to 21% annually.
 It plans to expand EBOs by 150 to 180 annually.
 The e-commerce channel posted 41% growth in 1HFY25.

Valuation and view

 We have increased our EPS estimates by 5%/3% for FY25/FY26 on account of
improvement in volume growth assumption and higher margin.
 We expect demand improvement to continue in 2HFY25. We estimate a CAGR
of 13%/17%/19% in sales/EBITDA/PAT over FY24-27E.
 With PAGE’s strong execution history and a large market opportunity, we expect
an uptick in the earnings cycle and the valuation will also see quick re-rating. We
upgrade our rating from Neutral to BUY with a revised TP of INR54,000,
premised on 60x Mar’27E EPS.

Quarterly Statement (INR m)

Y/E March FY24 FY25E FY24 FY25E FY25 Var.
1Q 2Q 3Q 4Q 1Q 2Q 3QE 4QE 2QE (%)
Volume growth (%) -11.5 -8.8 4.6 6.1 2.6 6.7 8.0 8.1 -3.5 5.8 3.5
Net Sales 12,291 11,251 12,288 9,925 12,775 12,463 13,802 10,946 45,817 49,986 11,994 3.9%
YoY change (%) -8.4 -8.4 2.4 2.9 3.9 10.8 12.3 10.3 -2.8 9.1 6.6
Gross Profit 6,544 6,262 6,522 5,562 6,918 7,040 7,453 6,182 24,971 27,592 6,753 4.2%
Gross margin (%) 53.2 55.7 53.1 56.0 54.1 56.5 54.0 56.5 54.5 55.2 56.3
Other Expenditure 4,159 3,927 4,226 3,918 4,484 4,225 4,609 4,403 16,248 17,722 4,251
% to sales 33.8 34.9 34.4 39.5 35.1 33.9 33.4 40.2 35.5 35.5 35.4
EBITDA 2,385 2,335 2,297 1,643 2,433 2,815 2,843 1,779 8,723 9,871 2,502 12.5%
Margins (%) 19.4 20.8 18.7 16.6 19.0 22.6 20.6 16.3 19.0 19.7 20.9
YoY change -19.9 -1.8 19.1 22.3 2.0 20.5 23.8 8.3 1.1 13.2 7.1
Depreciation 210 246 226 226 221 226 250 284 908 981 235
Interest 127 112 105 105 117 109 115 124 449 465 110
Other Income 52 17 55 137 129 146 135 140 200 550 125
PBT 2,100 1,994 2,021 1,450 2,225 2,625 2,613 1,511 7,565 8,974 2,282 15.0%
Tax 517 491 497 368 572 672 653 346 1,873 2,244 566
Rate (%) 24.6 24.6 24.6 25.4 25.7 25.6 25.0 22.9 24.8 25.0 24.8
PAT 1,584 1,503 1,524 1,082 1,652 1,953 1,960 1,166 5,692 6,731 1,716 13.8%
YoY change (%) -23.5 -7.3 23.1 38.1 4.3 29.9 28.7 7.7 -0.4 18.2 14.2
E: MOFSL Estimates

8 November 2024 2
 Page Industries

Highlights from management interaction

Performance and outlook
 A gradual pickup in rural consumption is driving positive shifts in overall demand
trends.
 The demand situation is better than it was seen in 1Q, but there are still few
categories where demand remains subdued.
 The rapid expansion of e-commerce has created new opportunities every day,
which implies an increase in consumer demand and spending through online
channels.
 E-commerce has outpaced the company average, driven by quick commerce and
the shift toward online shopping.
 Secondary sales have outperformed primary sales.
 The company raised prices two years ago due to higher input costs, but there
have been no price increases since Jul’22.
 There is an opportunity to increase demand in the women's business, which is
currently underpenetrated.
 Inventory days decreased to 93 from 168 at the end of FY24.
 The company now has around 40 days of inventory at the distributor level, an
improvement of three days from the start of the year.
 Inventory levels at the channel remain above desired levels, especially in the
athleisure category.
 Working capital days have improved to 61 from 75, aligning with FY24 end.
 The company's dividend policy typically pays out 60% of its PAT.

Costs and margins

 The improvement in margins is largely due to stable RM costs (Yan and cotton)
and improvement in efficiency.
 The operating margin at the EBITDA level is expected to stay within the range of
19% to 21% annually.
 The company's outsourcing or purchase from outsiders is almost 30%
 Outsourcing margins are not significantly different from in-house manufacturing
margins.
 The product portfolio now includes cotton stretch and synthetic materials,
attracting new consumers to the brand.
Segmental performance
 The athleisure category, which saw rapid growth during the pandemic, is now
normalizing but is expected to grow steadily.
 The product portfolio has expanded to include cotton stretch and synthetic
materials, attracting new consumers to the brand.
 The company has invested significantly in product development in the women's
segment, resulting in a complete portfolio that caters to all requirements of
women, unlike four to five years ago.
 The company has introduced key essential styles at entry-level price points over
the last four to six months, making its portfolio competitive across all price
points.
 The men's business has stronger consumer penetration compared to the
women's business.

8 November 2024 3
 Page Industries

Distribution channels and supply chain

 PAGE has a distribution network of 107,702 MBOs, 1,387 EBOs, and 1,153 LFS.
 It plans to expand EBOs by 150 to 180 stores annually.
 The e-commerce channel posted 41% growth in 1HFY25.
 The company is now focusing on its distribution network, with an emphasis on
metros and tier 2 and 3 cities.

Key exhibits
Exhibit 1: Overall volumes up 6.7% YoY in 2QFY25 Exhibit 2: Sales grew 11% YoY to INR12.5b
Overall volume growth (%) Sales (INR b) Sales growth (%)

167.4
150

46.4

28.3

26.2

13.3

10.8
(13.2)

(8.4)
(8.4)

3.9
2.9
2.4
0.9
43
24
7 1 5 6 3 7
(11) (15) (12) (9)
10.8 11.9 11.1 13.4 12.3 12.0 9.6 12.3 11.3 12.3 9.9 12.8 12.5
2QFY22

3QFY22

4QFY22

1QFY23

2QFY23

3QFY23

4QFY23

1QFY24

2QFY24

3QFY24

4QFY24

1QFY25

2QFY25

2QFY22

3QFY22

4QFY22

1QFY23

2QFY23

3QFY23

4QFY23

1QFY24

2QFY24

3QFY24

4QFY24

1QFY25

2QFY25
Source: Company, MOFSL Source: Company, MOFSL

Exhibit 3: Gross margin expanded ~80bp YoY to 56.5% Exhibit 4: EBITDA margin expanded ~180bp YoY to 22.6%

Gross margin (%) EBITDA margin (%)

59.4

24.0
57.2

22.6
57.0

56.5

22.2
56.0
55.7

21.5
54.8

21.1
54.5

54.1

20.8
53.5
53.4
53.2

53.1

19.4
19.4

19.0
18.7
16.1

13.9

16.6
2QFY22

3QFY22

4QFY22

1QFY23

2QFY23

3QFY23

4QFY23

1QFY24

2QFY24

3QFY24

4QFY24

1QFY25

2QFY25

2QFY22

3QFY22

4QFY22

1QFY23

2QFY23

3QFY23

4QFY23

1QFY24

2QFY24

3QFY24

4QFY24

1QFY25
Source: Company, MOFSL Source: Company, MOFSL 2QFY25
Exhibit 5: EBITDA grew 21% YoY to INR2.8b in 2QFY25 Exhibit 6: APAT grew 30% YoY to INR2.0b in 2QFY25
EBITDA (INR b) EBITDA growth (%) PAT (INR b) PAT growth (%)
771 2.1
1.6
1.9 2.0
1.7 1.7
1.6 1.6 1.5 1.5
0.8
21 1.2
57 (2) 19 22 2 1.1
1791

41 11 2 (23) (50)
(29)

(59)
65

23
45

(20)
30
(24)
(7)
14

38

4
1

2.3 2.5 2.7 3.0 2.4 1.9 2.3 1.6 2.4 2.8
1.3 2.4 2.3
2QFY22

3QFY22

4QFY22

1QFY23

2QFY23

3QFY23

4QFY23

1QFY24

2QFY24

3QFY24

4QFY24

1QFY25

2QFY25
2QFY22

3QFY22

4QFY22

1QFY23

2QFY23

3QFY23

4QFY23

1QFY24

2QFY24

3QFY24

4QFY24

1QFY25

2QFY25

Source: Company, MOFSL Source: Company, MOFSL

8 November 2024 4
 Page Industries

Valuation and view

 We have increased our EPS estimates by 5%/3% for FY25/FY26 on account of
improvement in volume growth assumption and higher margin.
 We expect demand improvement to continue in 2HFY25, with expected sales,
EBITDA, and PAT CAGR of 13%, 17%, and 19%, respectively, over FY24-27E.
 With PAGE’s strong execution history and a large market opportunity, we
believe in the earnings uptrend and the valuation will also see quick re-rating.
We upgrade our rating from Neutral to BUY with a revised TP of INR54,000,
premised on 60x Mar’27E EPS.

Exhibit 7: We have increased our EPS estimates by 5%/3% for FY25/FY26 respectively
New Old Change (%)
(INRm) FY25E FY26E FY25E FY26E FY25E FY26E
Sales 49,986 57,541 49,239 57,172 1.5 0.6
EBITDA 9,871 11,747 9,445 11,445 4.5 2.6
PAT 6,731 8,082 6,395 7,824 5.3 3.3
Source: Company, MOFSL

Exhibit 8: PAG’s P/E (x) Exhibit 9: Consumer sector P/E (x)

P/E (x) Avg (x) Max (x) P/E (x) Avg (x) Max (x)
Min (x) +1SD -1SD Min (x) +1SD -1SD
54.0 51.4
110.0 103.0

90.0 48.0 45.3

80.2
66.7 66.6 42.0
45.7
70.0
41.6
50.0 36.0 37.9
53.2
41.9 33.7
30.0 30.0
Jul-18

Jul-23
Apr-17

Apr-22
Jan-16

Jan-21
Oct-14

Oct-19

Oct-24
Apr-17

Apr-22
Oct-14

Jan-16

Oct-19

Jan-21

Oct-24
Jul-18

Jul-23

Source: Company, MOFSL Source: Company, MOFSL

8 November 2024 5
 Page Industries

Financials and valuations

Income Statement (INR m)

Y/E March 2019 2020 2021 2022 2023 2024 2025E 2026E 2027E
Net Sales 28,522 29,454 28,330 38,865 47,142 45,817 49,986 57,541 66,483
Change (%) 11.8 3.3 -3.8 37.2 21.3 -2.8 9.1 15.1 15.5
Gross Profit 16,555 16,346 15,690 21,775 26,290 24,971 27,592 31,935 37,031
Margin (%) 58.0 55.5 55.4 56.0 55.8 54.5 55.2 55.5 55.7
Other operating expenditure 10,386 11,020 10,424 13,920 17,662 16,248 17,722 20,188 23,111
EBITDA 6,169 5,326 5,266 7,855 8,627 8,723 9,871 11,747 13,920
Change (%) 14.1 -13.7 -1.1 49.2 9.8 1.1 13.2 19.0 18.5
Margin (%) 21.6 18.1 18.6 20.2 18.3 19.0 19.7 20.4 20.9
Depreciation 311 614 629 655 781 908 981 1,197 1,340
Int. and Fin. Ch. 163 339 297 322 413 449 465 425 350
Other Inc.- Rec. 364 246 195 210 147 200 550 650 750
PBT 6,060 4,620 4,534 7,088 7,581 7,565 8,974 10,775 12,980
Change (%) 17.1 -23.8 -1.9 56.3 7.0 -0.2 18.6 20.1 20.5
Tax 2,121 1,188 1,128 1,722 1,869 1,873 2,244 2,694 3,245
Tax Rate (%) 35.0 25.7 24.9 24.3 24.6 24.8 25.0 25.0 25.0
Adjusted PAT 3,939 3,432 3,406 5,365 5,712 5,692 6,731 8,082 9,735
Change (%) 13.5 -12.9 -0.8 57.5 6.5 -0.4 18.2 20.1 20.5
Margin (%) 13.8 11.7 12.0 13.8 12.1 12.4 13.5 14.0 14.6
Reported PAT 3,939 3,432 3,406 5,365 5,712 5,692 6,731 8,082 9,735

Balance Sheet (INR m)

Y/E March 2019 2020 2021 2022 2023 2024 2025E 2026E 2027E
Share Capital 112 112 112 112 112 112 112 112 112
Reserves 7,638 8,087 8,737 10,775 13,599 15,858 17,411 20,312 23,807
Net Worth 7,750 8,199 8,849 10,886 13,710 15,969 17,523 20,424 23,918
Loans 848 1,764 1,270 1,099 4,064 1,848 1,996 2,156 2,329
Capital Employed 8,598 9,963 10,119 11,985 17,774 17,818 19,519 22,580 26,247
Gross Block 3,982 5,364 5,481 5,977 7,586 8,520 10,520 12,320 13,320
Less: Accum. Depn. 976 1,309 1,618 1,953 2,734 3,642 4,624 5,821 7,160
Net Fixed Assets 3,006 4,055 3,863 4,024 4,852 4,878 5,897 6,500 6,160
Capital WIP 72 287 279 653 1,505 2,387 2,387 2,387 2,387
Investments 0 0 0 0 0 0 0 0 0
Curr. Assets, L&A 10,427 10,787 12,835 16,356 20,521 19,468 21,548 25,578 31,447
Inventory 7,501 7,186 5,549 9,749 15,953 11,703 10,271 11,823 13,661
Account Receivables 1,238 738 1,371 1,651 1,461 1,586 2,328 2,680 3,096
Cash and Bank Balance 440 1,169 4,350 2,835 81 3,210 6,940 8,869 12,249
Others 1,247 1,694 1,564 2,122 3,026 2,968 2,009 2,206 2,440
Curr. Liab. and Prov. 4,783 5,165 6,879 9,084 9,154 9,008 10,405 11,978 13,839
Account Payables 1,220 938 2,175 3,628 2,876 2,200 3,835 4,414 5,100
Other Liabilities 3,403 3,953 4,504 5,198 5,955 6,526 6,023 6,933 8,011
Provisions 159 273 200 258 322 282 548 631 729
Net Curr. Assets 5,644 5,622 5,956 7,272 11,367 10,460 11,143 13,600 17,607
Def. Tax Liability 125 2 -22 -36 -51 -93 -93 -93 -93
Appl. of Funds 8,598 9,963 10,119 11,985 17,774 17,818 19,519 22,580 26,247
E: MOFSL Estimates

8 November 2024 6
 Page Industries

Financials and valuations

Ratios
Y/E March 2019 2020 2021 2022 2023 2024 2025E 2026E 2027E
Basic (INR)
EPS 353.2 307.7 305.3 481.0 512.2 510.3 603.4 724.6 872.8
Cash EPS 381.0 362.7 361.8 539.7 582.2 591.7 691.4 831.9 992.9
BV/Share 694.8 735.1 793.3 976.0 1,229.2 1,431.7 1,571.0 1,831.1 2,144.4
DPS 344 161 250 300 260 370 464 464 559
Payout incldg DDT (%) 115.4 79.1 81.9 62.4 50.8 72.5 90.0 75.0 75.0
Valuation (x)
P/E 126.9 145.6 146.8 93.2 87.5 87.8 74.3 61.8 51.3
Cash P/E 117.6 123.5 123.9 83.0 77.0 75.7 64.8 53.9 45.1
EV/Sales 17.5 17.0 17.5 12.8 10.7 10.9 9.9 8.6 7.4
EV/EBITDA 81.1 94.0 94.3 63.4 58.4 57.1 50.1 42.0 35.2
P/BV 64.5 61.0 56.5 45.9 36.5 31.3 28.5 24.5 20.9
Dividend Yield (%) 0.8 0.4 0.6 0.7 0.6 0.8 1.0 1.0 1.2
Return Ratios (%)
Asset Turn 3.3 3.0 2.8 3.2 2.7 2.6 2.6 2.5 2.5
Leverage 1.1 1.2 1.1 1.1 1.3 1.1 1.1 1.1 1.1
Net Margin 13.8 11.7 12.0 13.8 12.1 12.4 13.5 14.0 14.6
RoE 50.8 41.9 38.5 49.3 41.7 35.6 38.4 39.6 40.7
RoCE 45.6 39.7 36.1 50.7 40.5 33.9 37.9 39.9 41.0
RoIC 55.2 42.2 49.8 77.9 47.9 41.4 59.5 73.6 82.3
Working Capital Ratios
Asset Turnover (x) 3.2 3.2 2.8 3.5 3.2 2.6 2.7 2.7 2.7
Debtor Days 17 12 14 14 12 12 14 16 16
Creditor Days 17 13 20 27 25 20 22 26 26
Inventory Days 84 91 82 72 99 110 80 70 70
Leverage Ratio
Debt/Equity (x) 0.1 0.2 0.1 0.1 0.3 0.1 0.1 0.1 0.1

Cash Flow Statement (INR m)

Y/E March 2019 2020 2021 2022 2023 2024 2025E 2026E 2027E
Profit before Tax 6,060 4,620 4,534 7,088 7,581 7,565 8,974 10,775 12,980
Depreciation 311 614 629 655 781 908 981 1,197 1,340
Other Non-Cash & Non-operating
activities -361 179 304 186 308 295 -85 -225 -400
Incr in WC -1,657 1,024 2,751 -2,910 -6,782 3,878 3,047 -529 -627
Direct Taxes Paid -2,056 -1,270 -1,259 -1,750 -1,904 -1,841 -2,244 -2,694 -3,245
CF from Operations 2,297 5,167 6,959 3,269 -16 10,805 10,674 8,524 10,048
Incr in FA -374 -744 -135 -979 -1,638 -946 -2,000 -1,800 -1,000
Free Cash Flow 1,923 4,423 6,824 2,290 -1,654 9,858 8,674 6,724 9,048
Pur of Investments 2,216 400 -3,950 2,050 1,900 0 0 0 0
Others 65 -319 3,967 -1,891 -1,259 -515 550 650 750
CF from Invest. 1,907 -663 -119 -820 -997 -1,461 -1,450 -1,150 -250
Issue of Shares 0 0 0 0 0 0 0 0 0
Incr in Debt 275 -470 -321 0 1,916 -2,474 148 160 172
Dividend Paid -4,545 -2,716 -2,787 -3,347 -2,900 -3,458 -5,177 -5,180 -6,241
Others -163 -589 -551 -617 -757 -283 -465 -425 -350
CF from Fin. Activity -4,433 -3,775 -3,659 -3,964 -1,741 -6,214 -5,495 -5,446 -6,418
Incr/Decr of Cash -228 729 3,181 -1,515 -2,754 3,129 3,730 1,928 3,380
Add: Opening Balance 669 440 1,169 4,350 2,835 81 3,210 6,940 8,869
Closing Balance 440 1,169 4,350 2,835 81 3,210 6,940 8,869 12,249
E: MOFSL Estimates

Investment in securities market are subject to market risks. Read all the related documents carefully before investing

8 November 2024 7
 Page Industries

NOTES

8 November 2024 8
 Page Industries

Explanation of Investment Rating

Investment Rating Expected return (over 12-month)
BUY >=15%
SELL < - 10%
NEUTRAL > - 10 % to 15%
UNDER REVIEW Rating may undergo a change
NOT RATED We have forward looking estimates for the stock but we refrain from assigning recommendation

*In case the recommendation given by the Research Analyst is inconsistent with the investment rating legend for a continuous period of 30 days, the Research Analyst shall within following 30 days take
appropriate measures to make the recommendation consistent with the investment rating legend.

Disclosures:
The following Disclosures are being made in compliance with the SEBI Research Analyst Regulations 2014 (herein after referred to as the Regulations).

Motilal Oswal Financial Services Ltd. (MOFSL) is a SEBI Registered Research Analyst having registration no. INH000000412. MOFSL, the Research Entity (RE) as defined in the Regulations, is engaged in
the business of providing Stock broking services, Depository participant services & distribution of various financial products. MOFSL is a listed public company, the details in respect of which are available on
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MOFSL, it’s associates, Research Analyst or their relatives may have any financial interest in the subject company. MOFSL and/or its associates and/or Research Analyst or their relatives may have actual
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In the past 12 months, MOFSL or any of its associates may have:

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of MOFSL even though there might exist an inherent conflict of interest in some of the stocks mentioned in the research report.
Above disclosures include beneficial holdings lying in demat account of MOFSL which are opened for proprietary investments only. While calculating beneficial holdings, It does not consider demat accounts
which are opened in name of MOFSL for other purposes (i.e holding client securities, collaterals, error trades etc.). MOFSL also earns DP income from clients which are not considered in above disclosures.
To enhance transparency, MOFSL has incorporated a Disclosure of Interest Statement in this document. This should, however, not be treated as endorsement of the views expressed in the report. MOFSL
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Analyst Certification
The views expressed in this research report accurately reflect the personal views of the analyst(s) about the subject securities or issues, and no part of the compensation of the research analyst(s) was, is,
or will be directly or indirectly related to the specific recommendations and views expressed by research analyst(s) in this report.

Disclosure of Interest Statement Page Industries

Analyst ownership of the stock No
A graph of daily closing prices of securities is available at www.nseindia.com, www.bseindia.com. Research Analyst views on Subject Company may vary based on Fundamental research and Technical
Research. Proprietary trading desk of MOFSL or its associates maintains arm’s length distance with Research Team as all the activities are segregated from MOFSL research activity and therefore it can
have an independent view with regards to subject company for which Research Team have expressed their views.

Regional Disclosures (outside India)

This report is not directed or intended for distribution to or use by any person or entity resident in a state, country or any jurisdiction, where such distribution, publication, availability or use would be contrary
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For Hong Kong:

This report is distributed in Hong Kong by Motilal Oswal capital Markets (Hong Kong) Private Limited, a licensed corporation (CE AYY-301) licensed and regulated by the Hong Kong Securities and Futures
Commission (SFC) pursuant to the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) “SFO”. As per SEBI (Research Analyst Regulations) 2014 Motilal Oswal Financial Services
Limited (SEBI Reg No. INH000000412) has an agreement with Motilal Oswal capital Markets (Hong Kong) Private Limited for distribution of research report in Hong Kong. This report is intended for
distribution only to “Professional Investors” as defined in Part I of Schedule 1 to SFO. Any investment or investment activity to which this document relates is only available to professional investor and will be
engaged only with professional investors.” Nothing here is an offer or solicitation of these securities, products and services in any jurisdiction where their offer or sale is not qualified or exempt from
registration. The Indian Analyst(s) who compile this report is/are not located in Hong Kong & are not conducting Research Analysis in Hong Kong.

For U.S.
MOTILAL Oswal Financial Services Limited (MOFSL) is not a registered broker - dealer under the U.S. Securities Exchange Act of 1934, as amended (the"1934 act") and under applicable state laws in the
United States. In addition MOFSL is not a registered investment adviser under the U.S. Investment Advisers Act of 1940, as amended (the "Advisers Act" and together with the 1934 Act, the "Acts), and

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 Page Industries

under applicable state laws in the United States. Accordingly, in the absence of specific exemption under the Acts, any brokerage and investment services provided by MOFSL, including the products and
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investment or investment activity to which this document relates is only available to major institutional investors and will be engaged in only with major institutional investors. In reliance on the exemption
from registration provided by Rule 15a-6 of the U.S. Securities Exchange Act of 1934, as amended (the "Exchange Act") and interpretations thereof by the U.S. Securities and Exchange Commission
("SEC") in order to conduct business with Institutional Investors based in the U.S., MOFSL has entered into a chaperoning agreement with a U.S. registered broker-dealer, Motilal Oswal Securities
International Private Limited. ("MOSIPL"). Any business interaction pursuant to this report will have to be executed within the provisions of this chaperoning agreement.

The Research Analysts contributing to the report may not be registered /qualified as research analyst with FINRA. Such research analyst may not be associated persons of the U.S. registered broker-dealer,
MOSIPL, and therefore, may not be subject to NASD rule 2711 and NYSE Rule 472 restrictions on communication with a subject company, public appearances and trading securities held by a research
analyst account.

For Singapore
In Singapore, this report is being distributed by Motilal Oswal Capital Markets Singapore Pte Ltd (“MOCMSPL”) (Co. Reg. NO. 201129401Z) which is a holder of a capital markets services license and an
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Singapore .Accordingly, if a Singapore person is not, or ceases to be, such an investor, they must immediately discontinue any use of this Report and inform MOCMSPL .

Disclaimer:
The report and information contained herein is strictly confidential and meant solely for the selected recipient and may not be altered in any way, transmitted to, copied or distributed, in part or in whole, to
any other person or to the media or reproduced in any form, without prior written consent. This report and information herein is solely for informational purpose and may not be used or considered as an
offer document or solicitation of offer to buy or sell or subscribe for securities or other financial instruments. Nothing in this report constitutes investment, legal, accounting and tax advice or a representation
that any investment or strategy is suitable or appropriate to your specific circumstances. The securities discussed and opinions expressed in this report may not be suitable for all investors, who must make
their own investment decisions, based on their own investment objectives, financial positions and needs of specific recipient. This may not be taken in substitution for the exercise of independent judgment
by any recipient. Each recipient of this document should make such investigations as it deems necessary to arrive at an independent evaluation of an investment in the securities of companies referred to in
this document (including the merits and risks involved), and should consult its own advisors to determine the merits and risks of such an investment. The investment discussed or views expressed may not
be suitable for all investors. Certain transactions -including those involving futures, options, another derivative products as well as non-investment grade securities - involve substantial risk and are not
suitable for all investors. No representation or warranty, express or implied, is made as to the accuracy, completeness or fairness of the information and opinions contained in this document. The Disclosures
of Interest Statement incorporated in this document is provided solely to enhance the transparency and should not be treated as endorsement of the views expressed in the report. This information is subject
to change without any prior notice. The Company reserves the right to make modifications and alternations to this statement as may be required from time to time without any prior approval. MOFSL, its
associates, their directors and the employees may from time to time, effect or have effected an own account transaction in, or deal as principal or agent in or for the securities mentioned in this document.
They may perform or seek to perform investment banking or other services for, or solicit investment banking or other business from, any company referred to in this report. Each of these entities functions as
a separate, distinct and independent of each other. The recipient should take this into account before interpreting the document. This report has been prepared on the basis of information that is already
available in publicly accessible media or developed through analysis of MOFSL. The views expressed are those of the analyst, and the Company may or may not subscribe to all the views expressed
therein. This document is being supplied to you solely for your information and may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published, copied, in whole or
in part, for any purpose. This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction,
where such distribution, publication, availability or use would be contrary to law, regulation or which would subject MOFSL to any registration or licensing requirement within such jurisdiction. The securities
described herein may or may not be eligible for sale in all jurisdictions or to certain category of investors. Persons in whose possession this document may come are required to inform themselves of and to
observe such restriction. Neither the Firm, not its directors, employees, agents or representatives shall be liable for any damages whether direct or indirect, incidental, special or consequential including lost
revenue or lost profits that may arise from or in connection with the use of the information. The person accessing this information specifically agrees to exempt MOFSL or any of its affiliates or employees
from, any and all responsibility/liability arising from such misuse and agrees not to hold MOFSL or any of its affiliates or employees responsible for any such misuse and further agrees to hold MOFSL or any
of its affiliates or employees free and harmless from all losses, costs, damages, expenses that may be suffered by the person accessing this information due to any errors and delays.

This report is meant for the clients of Motilal Oswal only.

Investment in securities market are subject to market risks. Read all the related documents carefully before investing.

Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.
Registered Office Address: Motilal Oswal Tower, Rahimtullah Sayani Road, Opposite Parel ST Depot, Prabhadevi, Mumbai-400025; Tel No.: 022 - 71934200 / 71934263; www.motilaloswal.com.
Correspondence Address: Palm Spring Centre, 2nd Floor, Palm Court Complex, New Link Road, Malad (West), Mumbai- 400 064. Tel No: 022 71881000. Details of Compliance Officer: Neeraj Agarwal,
Email Id: [email protected], Contact No.:022-40548085.

Grievance Redressal Cell:

Contact Person Contact No. Email ID
Ms. Hemangi Date 022 40548000 / 022 67490600 [email protected]
Ms. Kumud Upadhyay 022 40548082 [email protected]
Mr. Ajay Menon 022 40548083 [email protected]

Registration details of group entities.: Motilal Oswal Financial Services Ltd. (MOFSL): INZ000158836 (BSE/NSE/MCX/NCDEX); CDSL and NSDL: IN-DP-16-2015; Research Analyst: INH000000412 . AMFI:
ARN .: 146822. IRDA Corporate Agent – CA0579. Motilal Oswal Financial Services Ltd. is a distributor of Mutual Funds, PMS, Fixed Deposit, Insurance, Bond, NCDs and IPO products.

Customer having any query/feedback/ clarification may write to [email protected]. In case of grievances for any of the services rendered by Motilal Oswal Financial Services Limited (MOFSL) write to
[email protected], for DP to [email protected].

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