No Split, Bonus! Rs 280-Rs 47,800, Textile Stock Turns Rs 10,000 To Rs 17 Lakh; Rs 200 Dividend Ahead

Page Industries Ltd, a midcap stock engaged in the business of garments and apparel, has come a long way on BSE and NSE. This textile stock, with a return on equity (RoE) of 45.19% on May 16, has journeyed from Rs 280 levels to nearly Rs 49,900, turning Rs 10,000 investment to a corpus of Rs 17 lakh in 18 years.

Experts are predicting more upside, and accordingly, they have recommended HOLD and ACCUMULATE to BUY on Page Industries. The highest target price is set at Rs 57,700.

One of the reasons why Page Industries is so expensive is because it has not carried any bonus issue or stock split, which usually adjusts a listed stock price. Page Industries has a strong history of rewarding hefty dividends.

The stock will be in focus next week for turning ex-dividend for its upcoming dividend payout of Rs 200 per share.

"While the management has maintained its EBITDA margin guidance of 19%-21% for FY26 despite achieving 21.5% in FY25, we model an EBITDA margin at the higher end of the guidance at ~22% for FY26-FY27 (there is still upside risk due to strong gross margin recovery). We estimate a CAGR of 14%/16%/16% in sales/EBITDA/PAT over FY25-27E," said Motilal Oswal's analysts in a note.

The brokerage has raised its EPS target by 6% for FY26 and by 4% for FY27.

Page Industries Share Price:

By the end of May 16th trading session, Page Industries stock price stood at Rs 47848.80 apiece, up by Rs 897.85 or 1.91% on BSE. Its market cap stood at Rs 53,369.95 crore.

The stock is about Rs 2,084.35 away from hitting its 52-week high of Rs 49,933.15 apiece on BSE, while the stock gained by 38.41% from its 52-week low of Rs 34,570.10 apiece. Its price-to-equity is at 79.26x, while its return on equity is strong at 45.19%.

Once upon a time, Page Industries stood around Rs 281.10 apiece on March 16, 2007. Since then, the stock skyrocketed by a breathtaking 16,896.46%. These gains exclude its dividend rewards and purely the performance of shares.

Let's suppose, an investor invested Rs 10,000 on March 16, 2007, and then their investment will be valued at around Rs 16,99,646 by the end of May 16, 2025, at 16,896.46% returns.

Page Industries Dividend:

As per the company's corporate history, Page Industries has never delivered bonus issues or stock splits.

Bonus Issue: During this corporate action, a listed stock usually offers free additional shares on existing shares to eligible shareholders. The ratio of bonus issues is determined by the company. The share reserves capital is reduced during a bonus issue, accordingly adjusting the stock price.

Stock Split: In case of a stock split, the company usually sub-divides already owned shares. This is done to improve liquidity and make its shares affordable for both new and existing investors. Although the share capital reserve is the same in a stock split, the face value of a stock is cut and eventually the price value is too.

Dividends: Since August 2007, Page Industries has rewarded investors with a whopping 69 dividends, as per Trendlyne data. In the past 12 months, the company paid about Rs 820 dividend per share. Its current dividend yield is at 1.71%.

Notably, Page Industries will turn ex-dividend on May 21, 2025, for its interim dividend of Rs 200 per share. This is also the record date. It is the fourth interim dividend for FY25. The payment date is fixed on June 13, 2025, to eligible shareholders.

Page Industries Share Recommendation:

"Inventory optimization through the ARS system, new product launches, capacity expansion, and digitalization initiatives will support growth, in our view. Benign input costs and cost efficiencies are likely to lead to a better margin print. We believe the valuation will remain rich but have comfort in both growth and margin in the near term. We reiterate our BUY rating on the stock with a TP of INR57,500, premised on 65x FY27E EPS," Motilal's note said.

Meanwhile, analysts at Elara Capital said, "PAG sustained its robust post-pandemic sales despite rising competition, with a revenue CAGR of 9.6% in FY19-25. We expect a revenue CAGR of 13.4% and a PAT CAGR of 17.3% in FY25-28E, higher than the past five-years' CAGR. We expect PAT CAGR to be led by raw material tailwinds and premiumization. We maintain our revenue and earnings estimates for FY26E/27E and introduce FY28E estimates. We reiterate Accumulate with a TP of INR 52,268 on 63.3x FY27 P/E (earlier 62.8x). Key risks are a long-term slowdown in demand and a sharp increase in raw material prices."

Additionally, Axis Securities note said, "We appreciate the management's continued focus on expanding distribution across multiple channels (MBOs, EBOs, LFS) and deeper penetration into smaller cities, along with the consistent rollout of ARS across the retail network. This strategy is expected to enhance Page Industries'
flexibility and long-term resilience compared to peers. However, short-term headwinds such as subdued demand in metros and Tier 1-2 markets, coupled with rising competitive intensity, may exert some pressure on performance." The brokerage recommended HOLD with target price raised to Rs 50,670.

About Page Industries:

Page Industries Limited located in Bangalore, India is the exclusive licensee of JOCKEY International Inc. (USA) for manufacture, distribution and marketing of the JOCKEY brand in India, Sri Lanka, Bangladesh, Nepal and the UAE.