Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Equity Bottom-Up

<ul>
<li>In this insight, we present our top investment ideas in the Apparel &amp; Fashion retail sector, analyzing recent earnings results and key insights from company earnings calls.</li>
<li>Names discussed include <a href="https://www.smartkarma.com/entities/page-industries-ltd" target="_blank" data-smartkarma-citation="entities:4940:1" rel="noopener">Page Industries (PAG IN)</a>, <a href="https://www.smartkarma.com/entities/vedant-fashions-limited" target="_blank" data-smartkarma-citation="entities:34260:1" rel="noopener">Vedant Fashions (MANYAVAR IN), </a><a href="https://www.smartkarma.com/entities/aditya-birla-fashion-and-retail-ltd" target="_blank" data-smartkarma-citation="entities:19048:1" rel="noopener">Aditya Birla Fashion and Retail Ltd (ABFRL IN)</a><a href="https://www.smartkarma.com/entities/vedant-fashions-limited" target="_blank" data-smartkarma-citation="entities:34260:1" rel="noopener">, </a><a href="https://www.smartkarma.com/entities/arvind-fashions" target="_blank" data-smartkarma-citation="entities:28960:1" rel="noopener">Arvind Fashions (ARVINDFA IN)</a><a href="https://www.smartkarma.com/entities/vedant-fashions-limited" target="_blank" data-smartkarma-citation="entities:34260:1" rel="noopener"> and </a><a href="https://www.smartkarma.com/entities/go-fashion-india-private-limited" target="_blank" data-smartkarma-citation="entities:36625:1" rel="noopener">Go Fashion India (GOCOLORS IN)</a><a href="https://www.smartkarma.com/entities/vedant-fashions-limited" target="_blank" data-smartkarma-citation="entities:34260:1" rel="noopener">.</a> </li>
<li>We have a bearish stance on all names except <a href="https://www.smartkarma.com/entities/page-industries-ltd" target="_blank" data-smartkarma-citation="entities:4940:1" rel="noopener">Page Industries (PAG IN)</a>.  </li>
</ul>


In this insight, we present our top investment ideas in the Apparel &amp; Fashion retail sector, analyzing recent earnings results and key insights from company earnings calls.
Names discussed include Page Industries (PAG IN), Vedant Fashions (MANYAVAR IN), Aditya Birla Fashion and Retail Ltd (ABFRL IN), Arvind Fashions (ARVINDFA IN) and Go Fashion India (GOCOLORS IN). 
We have a bearish stance on all names except Page Industries (PAG IN).  


External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Volume-led growth: Despite softer consumer sentiments, Page Industries reported a good set of numbers in Q2FY25, with revenue growing by ~11% YoY, as volume growth stood at 6.7% YoY to 5.52 Cr, driven by a stable operating environment and strong growth in E-com.</li><li>Gross margins improved by 83 bps YoY to 56.5%, aided by stable input costs (cotton prices), while EBITDA margins saw an impressive 183 bps YoY improvement, fuelled by cost efficiencies, healthier inventory management, and gross margin gains.</li><li>Margins to remain stable: The management expects EBITDA margins to hold steady between 19-21%, supported by stable raw material prices and cost efficiencies. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Volume-led growth: Despite softer consumer sentiments, Page Industries reported a good set of numbers in Q2FY25, with revenue growing by ~11% YoY, as volume growth stood at 6.7% YoY to 5.52 Cr, driven by a stable operating environment and strong growth in E-com.Gross margins improved by 83 bps YoY to 56.5%, aided by stable input costs (cotton prices), while EBITDA margins saw an impressive 183 bps YoY improvement, fuelled by cost efficiencies, healthier inventory management, and gross margin gains.Margins to remain stable: The management expects EBITDA margins to hold steady between 19-21%, supported by stable raw material prices and cost efficiencies. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Page Industries Ltd - Volume Driven Growth; Maintain HOLD

<ul>
<li>Below our estimates: PAGE Q4FY24 results were below our estimates on continued demand pressure.</li>
<li>Revenue growth showed a moderate increase of 3%YoY (~6% volume growth) led by recovery in both innerwear and at leisure segment through new product launches and increased marketing efforts.</li>
<li>Despite subdued gross margin performance, EBITDA grew by 24.5% YoY while EBITDA margins stood at 16.8%, up 294bps YoY led stringent cost efficiency measures. </li>
</ul>
Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.


Below our estimates: PAGE Q4FY24 results were below our estimates on continued demand pressure.
Revenue growth showed a moderate increase of 3%YoY (~6% volume growth) led by recovery in both innerwear and at leisure segment through new product launches and increased marketing efforts.
Despite subdued gross margin performance, EBITDA grew by 24.5% YoY while EBITDA margins stood at 16.8%, up 294bps YoY led stringent cost efficiency measures. 

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Page Industries Ltd - Miss On All Front; Maintain HOLD

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Motilal Oswal's research report onPage Industries PAGE continues to experience a weakness in growth amid subdued demand in the apparel industry.</li><li>Weak demand has resulted in excess inventory at channel partners.</li><li>Management is taking several initiatives to optimize channel inventory.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Motilal Oswal's research report onPage Industries PAGE continues to experience a weakness in growth amid subdued demand in the apparel industry.Weak demand has resulted in excess inventory at channel partners.Management is taking several initiatives to optimize channel inventory.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Page Industries - All Eyes on Inventory Liquidation; the Moat Remains Unchanged

<ul><li>Q3FY24 results were slightly above our estimates. Revenue growth remained flat at 0.4% as the demand environment remained subdued.</li><li>Moreover, the athleisure segment remained subdued as sales volume continued to remain sluggish, hence there is an accumulation of excess inventory.</li><li>Gross margins stood at 53.1%, up 70bps YoY while EBITDA grew 19% YoY while EBITDA margins stood at 18.7%, up 293bps YoY on account of stringent cost efficiency measures. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Q3FY24 results were slightly above our estimates. Revenue growth remained flat at 0.4% as the demand environment remained subdued.Moreover, the athleisure segment remained subdued as sales volume continued to remain sluggish, hence there is an accumulation of excess inventory.Gross margins stood at 53.1%, up 70bps YoY while EBITDA grew 19% YoY while EBITDA margins stood at 18.7%, up 293bps YoY on account of stringent cost efficiency measures. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Page Industries Ltd - Cost Efficiency Measures Drive Profitability; Maintain HOLD

India

Page Industries Limited develops, produces, and distributes branded underwear for men, women, and children in India and Sri Lanka.

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Page Industries (PAG IN)

Top Ideas in Apparel & Fashion Retail

In this Insight, we present our top investment ideas in the Apparel & Fashion Retail Industry, We have a bearish stance on all except Page...

Pranav Bhavsar

Page Industries Ltd - Volume Driven Growth; Maintain HOLD

Despite softer consumer sentiments, Page Industries reported a good set of numbers in Q2FY25, with revenue growing by ~11% YoY

Axis Direct

Page Industries Ltd - Miss On All Front; Maintain HOLD

Revenue growth showed a moderate increase of 3%YoY (~6% volume growth) led by recovery in both innerwear and at leisure segment through new product...

Axis Direct

Page Industries - All Eyes on Inventory Liquidation; the Moat Remains Unchanged

Motilal Oswal's research report onPage Industries PAGE continues to experience a weakness in growth amid subdued demand in the apparel industry.

Motilal Oswal

Page Industries Ltd - Cost Efficiency Measures Drive Profitability; Maintain HOLD

Q3FY24 results were slightly above our estimates. Revenue growth remained flat at 0.4% as the demand environment remained subdued.

Axis Direct

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Top Ideas in Apparel & Fashion Retail

​In this Insight, we present our top investment ideas in the Apparel & Fashion Retail Industry, We have a bearish stance on all except Page...

Pranav Bhavsar

Page Industries Ltd - Volume Driven Growth; Maintain HOLD

Despite softer consumer sentiments, Page Industries reported a good set of numbers in Q2FY25, with revenue growing by ~11% YoY

Axis Direct

Page Industries Ltd - Miss On All Front; Maintain HOLD

Revenue growth showed a moderate increase of 3%YoY (~6% volume growth) led by recovery in both innerwear and at leisure segment through new product...

Axis Direct

Page Industries - All Eyes on Inventory Liquidation; the Moat Remains Unchanged

Motilal Oswal's research report onPage Industries PAGE continues to experience a weakness in growth amid subdued demand in the apparel industry.

Motilal Oswal

Page Industries Ltd - Cost Efficiency Measures Drive Profitability; Maintain HOLD

Q3FY24 results were slightly above our estimates. Revenue growth remained flat at 0.4% as the demand environment remained subdued.

Axis Direct

In this Insight, we present our top investment ideas in the Apparel & Fashion Retail Industry, We have a bearish stance on all except Page...