Page Industries reported lackluster performance in Q4FY19. The revenue was significantly below our estimate (17% gr est) the worst performance in the decade. Page's revenue growth was flat and profitability fell 20%. Going ahead, we believe that the slowdown in the economy will pressurize the company's performance in the short term. However, new product launches and efforts to increase penetration will help the company to grow revenue in double digits in the long term. We have revised our estimates from ` 498 and ` 601 in FY20E and FY21E to ` 457 and ` 553, respectively....