Latest broker research reports
with sell recommendations along with share price targets forecast and upside.
Browse thousands of reports and search by company.
Broker Research reports: Sell reports
for Sector - Textiles Apparels & Accessories
VIP's Q1FY26 performance was below our expectations on all fronts. Revenue declined 12% YoY to Rs5.6bn, due to 8% YoY drop in volumes and 4% YoY decrease in NSR. This is due to sudden drop in secondary sales in E-com and intense price competition. Gross margin expanded by 69bps YoY to 45.0%. Despite this, EBITDA margins contracted 330bps YoY to 4.4%, dragged by inventory provision of Rs 150mn for slow moving SL. Adj. net loss stood at Rs150mn. Management refrained from articulating a forward strategy, citing the ongoing promoter-level exchange control situation as a limiting factor during this transition phase. We cut our FY26...
TTAN saw growth moderation in Q1 with 17% growth in the jewelry business vs recent trends of ~25% growth. Also, LTL growth for TTAN in the early double digits is weaker vs 18-19% for peers.
PAG’s Q3 EBITDA was 7-19% ahead of street/our estimates, largely led by 250- 370bps better margin, as topline was 1-5% lower. Revenue growth moderated to 7% (vs 11% in Q2) due to muted demand environment.
We maintain our SELL recommendation with a revised target price of Rs 66, valuing the company at 14x FY24 EPS, implying a downside of 15% from the CMP.
However, EBITDA margin declined by 332bps YoY to 21.1% on account of higher raw material prices and other expenses. The company has taken a price hike of 8% in December January period to offset the impact of rising input price and expect the margins to stabilize in the range of 20% to 21%. The current capacity utilisation is at 80% and the company is...
We revise our Revenue/PAT estimates for FY21E/22E. Maintain SELL with revised TP of Rs. 190 (earlier Rs. 165). Key upside risks to our estimate faster than expected recovery in demand, vaccine for COVID, a strong marriage season in Q3
Page Industries (PAGE) Q1FY21 revenue at Rs285 Crs was a sharp miss on our estimates (Est. Rs 405 Crs), and was down 66%/47% YoY/QoQ impacted by steep fall in volumes (down 69%). Volume decline was primarily due to 2/3rd of quarter being washed out due to lockdowns leading
Uncertain demand outlook: Q1FY21 was a washout quarter (April-May no sales) with no further improvement expected in Q2FY21 although demand in July was better than June, however, it is nowhere near pre-COVID levels as travel industry continues to be the most affected one.
Background: Page Industries is the exclusive licensee of Jockey International Inc (USA) to manufacture and distribute Jockey brand in India, Sri Lanka, Nepal, Bangladesh and UAE till 2040. They broadly operate in premium men's innerwear; women's innerwear and leisure wear segments. Jockey enjoys high brand recall and they spend ~5% of their annual sales for brand building and promotional activity, which enables them to dominate most of the segments in which they operate. They are also exclusive licensee of Speedo swimwear brand in India. Page has network in ~250 cities and ~760 exclusive brand outlets in India. They...
Page Industries (PAGE) reported lower than expected Q4FY20 numbers with revenue declining by 11% YoY at Rs 541 Crs vs Est Rs582 Crs impacted by steep fall in volumes (down by 19% vs 8% decline as estimated).COVID-19 led shutdownsince the beginning of March'20 largely impacted PAGE's sales in Q4F..
Page Industries Ltd is the exclusive licensee of JOCKEY International Inc. (USA) for manufacture, distribution and marketing of the brand Jockey' in India, Sri Lanka, Bangladesh, Nepal and UAE.
The competition in the Indian innerwear industry is intense and most innerwear players (excluding new entrant Aditya Birla Fashion) have registered a flattish revenue growth. Rupa in-spite of spending ~ 7% of revenues on branding and investment and using celebrity endorsement has not been able to achieve acceleration in revenue growth for the past two years. In a bid to enhance the share in growing premium menswear segment, the company undertook various licencing of international brands. However due to intense competitive scenario (Van Heusen from ABFRL and...
Poor operational performance impacts b/s in FY19 Rupa reported yet another tepid performance with revenue growth of mere 3.1% YoY to | 1154.7 crore in FY19. In a bid to enhance the share in growing premium menswear segment, the company undertook various licencing of international brands. However due to intense competitive scenario (Van Heusen from ABFRL and CK in Arvind), the management has been unable to scale up its business as per expectations. Higher incentives offered by competitors have negatively impacted the offtake from dealers. Oban...
