Page Industries Faces Divergent Analyst Views Amid Macro Uncertainty

As of August 8th, 2025, shares of Page Industries Ltd. have seen volatile performance, with the stock falling as much as 4% on Friday. This comes as analysts have divergent views on the company's outlook following its first-quarter results.

Brokerage firm Citi has maintained a "sell" rating on Page Industries, projecting a potential downside of nearly 20% with a price target of ₹36,800 per share. In contrast, investment bank Goldman Sachs has a "buy" rating on the stock, with a price target of ₹50,000 per share, implying an upside of 9% from the previous close.

Citi's analysis indicates that Page Industries' volume growth in the June 2025 quarter was weak at 1.9%, significantly lower than its estimates of 8.5%. However, the company's earnings before interest, taxes, depreciation, and amortization (EBITDA) and profit after tax (PAT) increased 21% and 22%, respectively, surpassing Citi's projections. This was driven by a 498 basis point improvement in gross margins to 59.1%, compared to the brokerage's estimate of 58%.

On the other hand, Goldman Sachs noted that Page Industries' PAT was well ahead of its estimates, attributing this to the expansion in gross margins. The brokerage expects the company's volume growth to gradually recover, reaching a normalized level in the mid-single digits. Additionally, Goldman Sachs believes the competitive intensity in the industry is structurally lower, which could benefit Page Industries as the macroeconomic environment recovers.

Of the 25 analysts covering the stock, 9 have a "buy" rating, 5 have a "hold" rating, and 11 have a "sell" rating.