Buy Page Industries Ltd for the Target Rs. 44,500 by Motilal Oswal Financial Services Ltd
* We expect ~6% YoY revenue growth, led by volume growth of 4.5% (rest by mix change). No price hike expected in 3Q.
* The growth trends were similar to the previous quarter, as no major pickup was seen in 3Q.
* Gross margin is expected to expand 280bp YoY to 59.1%, led by stable input prices.
* EBITDA margin is expected to contract 80bp YoY to 22.2% due to the increase in ad spending as well as a high margin base (23% in 3QFY25).

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