HSBC cuts TP, earnings estimate on India's Page Industries; shares slide

HSBC cuts target price on India's Page Industries PAGE.NS to 41,040 rupees from 41,070 rupees; re-iterates "reduce" rating

PAGE falls 2.2%

New TP implies a 9.5% downside on last close

Brokerage says PAGE's launch of JKY Groove, which targets younger consumers through athleisure wear, is not expected to turn around co's structural growth concerns

Expects co's margins to moderate as employee costs, IT investment, ad spends and production are set to rise

Says PAGE will see only 0.5% positive impact of GST cut in 1,000-2,500 rupees apparel bracket, as it only accounts for 10% of its sales

Cuts FY26 revenue/PAT growth estimates by 1% and 3%, respectively

PAGE is rated "hold" on avg, median PT at 45,000 rupees - data compiled by LSEG

Stock down ~7% YTD