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Pearl Global Industries (PGIL) has outlined its FY30 roadmap at its Analyst Meet

ICICIdirect Research 25 Sep 2026 DISCLAIMER

News: Pearl Global Industries (PGIL) has outlined its FY30 roadmap at its Analyst Meet, targeting revenue of Rs9000-10000cr by FY30 from Rs5025cr in FY26, implying a 16-18% CAGR. Revenue growth will be driven by deeper customer relationships, higher wallet share, new customers and product expansion, with average FOB realisations targeted to increase from Rs640 to Rs660-670 by FY30. To support this growth, the company plans to scale its annual capacity from ~108mn pieces currently to 170-175mn pieces by FY30, with Rs325-350cr investment towards capacity expansion across geographies. It will also invest Rs350-375cr towards backward integration, including knitting and dyeing processing units, taking total capex to Rs675-725cr by FY30. On profitability, Pearl Global targets adjusted EBITDA of Rs1080-1400cr by FY30 vs Rs468cr in FY26, implying 23-32% CAGR, with adjusted EBITDA margin expected to improve from 9.3% to 12-14%, driven by capacity scaling, backward integration, in-house process capabilities and new product expansion. ROCE is targeted at 22-25%, supported by revenue growth and consistent margin expansion.

View: PGIL has increased its trajectory of growth guidance over FY26-30 considering the emerging opportunities in markets such as EU and UK and consistent increase in the capacities in key textile exporting countries such as Bangladesh, Vietnam and India. This will be supported by new product addition, entering into new categories and customer addition. This will result in mid-teen revenue growth in the near to medium term. Diversification strategy will help PGIL’s revenue share from US to reduce to ~40% by FY30E from current 58-60%. Increase in capacity utilisation of expanded capacity and backward integration projects will result in consistent improvement in the profitability in the coming years. Considering this we foresee a earning upside of 4-5% to our estimates for FY27E and FY28E.

Impact: Positive

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