Nuvama

Page’s growth slipped once again in Q1FY26 following a double-digit rise over the previous quarter. Management pointed to weak consumer sentiment affecting foot traffic, which continued to pressurise growth. They

Strong volume growth after a while

Page achieved double-digit revenue growth in Q4FY25, largely powered by high-single digit volume gains that management expects to continue. The e-commerce/Q-commerce channel, currently 10% of revenue, is a key driver,

Revenue growth stumbles again

Page's top-line growth slowed in Q3FY25 after double-digit growth last quarter, reflecting muted post-festive season consumer sentiment across retail. Cost optimisation efforts, however, led to a further EBITDA margin

Growth picks up; worst behind

Page reported an uptick in growth in Q2FY25 driven by an increasing share of e-commerce, in particular quick commerce’s contribution. EBITDA margin improved driven by cost-optimisation initiatives.

Muted growth despite soft base

Page Industries (Page) reported slow growth, with revenue/volume inching up 4%/3% YoY. Demand improved slightly in rural areas while e-commerce grew more than 30%. Margins fell to 19% due to increased marketing and tech

A broad undershoot; recovery gradual

Page Industries (Page) undershot across the board with Q4FY24 revenue/EBITDA/PAT missing consensus forecast by 12%/17%/18%. The key highlight is the 6.5% volume growth (including some benefit from accessories—not

Normalising gradually

Page Industries (Page) reported a stable Q3FY24 with revenue/EBITDA up 2%/19% on a weak base (EBITDA in line). The key highlight is the 5% volume growth, a first after four quarters (including some benefit from

Await demand revival; key metric for us

Page Industries’s (Page) Q2FY24 EBITDA, while in line, was driven by stringent cost cutting, with revenue growth – key metric for us, still remaining muted (down 8% YoY, 10% miss). Page highlighted that inventory in the

Tailwinds behind; initiatives at play

We interacted with Page’s MD Mr V S Ganesh and CFO Mr Deepanjan Bandopadhya. Highlights: i) ARS implementation in the general trade channel, in addition to distribution returns, is an effort to lift assortment salience.

Result Update

TCNS Clothing Co. Ltd.

TCNS Clothing (TCNS) reported weak Q1FY24 performance with revenue shrinking 12% YoY (17% below estimate) and EBITDA recording an INR103mn loss (est. INR256mn). This was amplified by gross margin slipping a sharp ~630bp.

Cost-driven beat; underlying still weak

Page Industries (Page) reported in-line revenue (down 8% YoY, volumes down 12%) with cost control on opex and employee driving a 9% EBITDA beat (down 19% YoY). A positive highlight was Page mentioning that the impact of

Result Update

TCNS Clothing Co. Ltd.

All round disappointment

TCNS Clothing (TCNS) reported a very weak performance (9% revenue miss) driven by muted demand, especially in T2 cities, and slow covid recovery in South and West territories. Key channels of EBO/LFS reported a 14%/10%

Quite a shocker; ARS hangover to linger

We downgrade Page Industries (Page) from ‘HOLD’ to ‘REDUCE’ as the recent stock run-up is not commensurate with its feeble Q4FY23 performance (revenue/EBITDA down 13%/50%; 35% consensus EBITDA miss). This stems from a

Result Update

TCNS Clothing Co. Ltd.

Underdressed: Muted showing all over

We are downgrading TCNS Clothing (TCNS) to ‘HOLD’ following its persistent underperformance vis-a-vis peers. In addition, the recent issues with the collection at W raises a question on execution, calling for sustenance

Margin hit; normalising pent up growth

Page Industries (Page) reported a muted Q3FY23. Growth came in 2% lower and the margins miss, which stemmed from the usage of high-cost inventory, was a bigger surprise (17% miss). Page also saw a spike in inventory and

Result Update

TCNS Clothing Co. Ltd.

Stable showing; still lagging peers

TCNS Clothing (TCNS) reported an in-line recovery with Q2FY23 revenue touching 109% of Q2FY20—on the lower end of its peer set. On a per store basis, recovery is 92%/73% for EBO/LFS. TCNS also highlighted that the W

Stable showing; growth under a cloud

Page Industries (Page) undershot on Q2FY23 top line (7%), but pulled up a decent showing with 16% YoY growth. Despite RM inflation, gross margin sustained, but investments in business expansion dented EBITDA margin

Result Update

TCNS Clothing Co. Ltd.

Awaiting full blown recovery

TCNS Clothing (TCNS) reported an in-line, but below peers, recovery (99% of Q1FY20). As per the company, this was primarily a category issue and TCNS remains confident of recovery exceeding double-digit driven by the

Strong showing; pricing in a lot more

Page Industries (Page) reported another strong quarter, clocking a three-year top-line/volume CAGR of 17%/9%. Margins sustained at 22%, despite raw material inflation, driven by a marginal hike of 4–5% (after a 5% hike

Result Update

TCNS Clothing Co. Ltd.

Muted recovery; stepping up expansion

TCNS Clothing (TCNS) reported slower-than-expected recovery (107% of Q4FY20), which was partially compensated for by an uptick in gross margin (to 69%, highest in Q4 period). At present, majority of its network is

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