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Pearl Global Industries Results: Latest Quarterly Results & Analysis

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Pearl Global Industries Ltd. 11 Nov 2025 18:14 PM
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Q2FY26 Quarterly Result Announced for Pearl Global Industries Ltd.

Apparels & Accessories company Pearl Global Industries announced Q2FY26 results

  • Revenue stands at Rs 1,313 crore, grew by 9.2% YoY.
  • Adj. EBITDA (excl. ESOP expense) came in at Rs 122 crore, up by 23.6% YoY, with margin at 9.3%, improved by 108 BPS YoY.
  • Adj. EBITDA margin, excluding tariff cost/loss at new facilities (Guatemala & Bihar) stands at 10.1%.
  • PAT rose to Rs 72 crore, marking 29.4% YoY increase.
  • Networth as on 30th September 2025 stood at Rs 1,271 crore compared to Rs 1,146 crore as on 31st March 2025.
  • Cash and Bank Balance (excluding cash earmarked for LC payments) stood at Rs 416 crore, with an additional Rs 128 crore in Mutual funds, totaling Rs 544 crore, as on 30th September 2025 compared to Rs 513 crore as on 31st March 2025.
  • Working Capital Days stood at 33 days as on 30th September 2025.
  • ROCE improved by 375 BPS to 29.0% in H1FY26 from 25.2% in H1FY25

Pulkit Seth, Vice-Chairman & Non-Executive Director, said: “We are delighted to report another quarter of encouraging performance in Q2FY26 despite uncertain and volatile geo-political and macro environment. Consolidated revenue for H1FY26 crossed Rs 2,500 crore milestone, reaching Rs 2,541 crore, a growth of 12.7% YoY. This marks a significant achievement underscoring the strength of our diversified, multi-country manufacturing model. Reflecting our continued commitment to shareholder value, the board has declared an interim dividend of Rs 6.00 per equity share, representing a 20% payout ratio (wrt. Group PAT) and 120% of face value of share.

Our growth this quarter was led by sustained momentum in Vietnam and Indonesia, which delivered double-digit volume expansion and maintained strong operational performance. These hubs continue to validate our strategic foresight in building multi-hub production capabilities that balance scale with agility.

We are closely tracking developments in the US tariff landscape. We expect normalization in the coming quarters, we remain confident in our ability to adapt swiftly to changing requirement. Our diversified global footprint empowers us to recalibrate and readjust production and continue meeting demand across high-growth markets. With our diversified customer base across the US, UK, Japan, and Australia, and the ongoing talk of new FTAs, we remain well positioned to capture increased demand.

As we close the first half of FY26 on a strong footing, our focus remains on sustainable, profitable growth, anchored in agility, technology, and long-term stakeholder value creation.”

Pallab Banerjee, Managing Director, said: “We are pleased to share another quarter of strong financial performance, reflecting the resilience of our operations amid an evolving trade environment. In Q2FY26, Pearl Global achieved revenue of Rs 1,313 crore and improved profitability, demonstrating our ability to navigate trade complexities, including 50% US tariff on India. Adjusted EBITDA (excluding ESOP costs) of Rs 122 crore, with margins at 9.3%, improve by 108 BPS YoY. Excluding tariff cost/loss at new facilities (Guatemala & Bihar) stands at 10.1%, driven by improved product mix and higher realization from Vietnam and Indonesia.

USA contributes ~50% in our group revenue down from 86% in FY21. This was driven by strategy to reduce dependency on a single market. We have made notable progress in expanding our footprint across Australia, Japan, the UK and the EU and continue to scout for marquee client’s relationship in these geographies. Within India, we have accelerated onboarding of quality domestic customers to bolster near-term stability.

We continue to invest in India & Bangladesh and execute our capex plan of Rs 250 crore for capacity expansion, sustainability, and efficiency improvement. Expansion of 5-6 million pieces in Bangladesh, 2.5-3.5 million pieces in India and digitization of our supply chain are enhancing transparency, agility, and scalability across operations. Driven by prudent capex and a strong global network, Pearl Global is well-positioned for sustainable growth. Diversified market base, robust order book coupled with disciplined execution, reinforce our ability to deliver long-term value and maintain momentum.”

Result PDF

Result PDF

Apparels & Accessories company Pearl Global Industries announced Q1FY26 results

Q1FY26 Consolidated Financial Highlights:

  • Total Revenue stood at Rs 1,228 crore, a growth of 16.6% YoY, marking a fifth consecutive quarter of Rs 1,000 crore performance. This performance was led by sales growth in Vietnam and Indonesia due to strong order book and healthy growth in sales volume.
  • Adj. EBITDA came in at Rs 114 crore, up by 13.4% YoY with margin at 9.3%.
  • Adj. EBITDA margin excluding tariff cost/loss at new facilities (Guatemala & Bihar) in Q1FY26 stands at ~10.7%, continuing the trend of double-digit margin for the second consecutive quarter.
  • PAT in Q1FY26 grew to Rs 66 crore, a growth of 5.9% YoY basis. Excluding exceptional items in Q1FY25, PAT registered a YoY growth of 13.5%.

Q1FY26 Standalone Financial Highlights:

  • Total Revenue stood at Rs 267 crore, a marginal decline of 3.4% on YoY basis.
  • Adj. EBITDA stood at Rs 20 crore, up by 47.2% YoY.
  • Adjusted EBITDA margin witnessed a growth of 250bps YoY to 7.3% in Q1FY26 from 4.8% in Q1FY25 due to change in customer mix and product mix.
  • PAT grew to Rs 26 crore, a growth of 62.6% on a YoY basis.

Pulkit Seth, Vice-Chairman & Non-Executive Director, said: “We are pleased to report another quarter of resilient performance in Q1FY26, with revenue rising 16.6% YoY to Rs 1,228 crore, despite the challenges in global macro environment. This marks our fifth consecutive quarter delivering above Rs 1,000 crore, a milestone that underscores consistency, executional discipline, and market responsiveness. This growth was led by enhanced contributions from Vietnam and Indonesia fueled by strong order book and healthy sales volumes despite amid ongoing tariff-related uncertainties. These markets demonstrated robust momentum—highlighting the power of our diversified geographic presence. This is a testament of our multi geographical presence.

On the expansion front, we are carefully tracking market developments across all operating geographies. Any future investments will be undertaken in a measured manner, driven by sustained growth and stability in each target region. With a strong start to FY26, we are energized by the continued support of our customers and the depth of our global reach. Confident in our strategy and execution capabilities, we are well-positioned to accelerate progress toward our FY28 goals and beyond—driving transformative growth with clarity, purpose, and ambition."

Pallab Banerjee, Managing Director, said: “We are delighted to share that Pearl Global has once again delivered strong quarterly revenue. On profitability front, our adjusted EBITDA (excluding ESOPs) stood at Rs 114 crore at 9.3%. EBITDA margin grew by 13.4% YoY despite the external challenges, notably due to US reciprocal tariffs. Our adjusted EBITDA margin stands at ~10.7%, excluding the impact of operational losses at newly established facilities in Guatemala and Bihar, and tariff-related costs.

Looking ahead, the global landscape remains uncertain, with geopolitical tensions and evolving US tariff policies at play. We are seeing healthy growth in Indonesia and Vietnam, following the early resolution of tariff structures in these markets. Now that US has declared final reciprocal tariffs on all major garment manufacturing countries which are at 19%-20%. We are seeing positive momentum from US customers for our Vietnam, Indonesia, Bangladesh and Guatemala (which is net 10% baseline and NO MFN tariff).

With tariff imposed on India 50% (25% 25%), Pearl Global is therefore recalibrating its business strategy to adapt to these evolving trade dynamics. While production for the US market will be reassigned to more favourable hubs, India will continue to grow by tapping into new and advantageous partnerships—like the UK FTA—and will focus on other existing FTA markets of Japan and Australia until the US tariff issue is resolved. This approach reflects the company’s agility and long-term commitment to global value creation.

It is pertinent to note that US revenue from Indian entity in FY25 stands at 16%-18% of group revenue and profit from the same business is between 4%-5% of the group’s profit. We believe such recalibrations should help in retaining the customer wallet share and maintaining the profitability.

Our non-US business stands at ~50% of our topline is also witnessing steady growth, further underscoring the robustness of our diversified market.

We remain confident in our growth strategy and will continue with our capital expenditure plan in Bangladesh reinforcing our long-term commitment to operational excellence.”

Result PDF

Apparels & Accessories company Pearl Global Industries announced Q4FY25 & FY25 results

Consolidated Q4FY25 Financial Highlights:

  • Total Revenue stood at Rs 1,229 crore, a growth of 40.1% YoY
  • Adjusted EBITDA (excl. ESOP expense) came in at Rs 119 crore, up by 41.7% YoY, with margin at 9.7%. Excluding for losses in operations at new facilities (Guatemala, Bihar etc.) adjusted EBITDA for Q4FY25 stands at 10.5%
  • PAT after Minority Interest stood at Rs 68 crore, marking a growth of 32.9% YoY
  • Successfully shipped 20 million pieces in a single quarter

Consolidated FY25 Financial Highlights:

  • Total Revenue reached Rs 4,506 crore, a robust growth of 31.1% YoY. Company achieved sales value / volume growth across geographies
  • Adjusted EBITDA (excl. ESOP expense) stood at Rs 411 crore, a growth of 29.8% YoY. Adjusted EBITDA margins stood at 9.1% in FY25
  • PAT after Minority Interest stood at Rs 248 crore, up by 42.0% YoY

Standalone Q4FY25 Financial Highlights:

  • Total Revenue stood at Rs 397 crore, reflecting a strong 24.2% YoY growth
  • Adjusted EBITDA (excl. ESOP expense) stood at Rs 40 crore, a robust growth of 96.0% YoY with margin growth of 380 bps YoY to 10.2% in Q4FY25
  • PAT nearly doubled to Rs 23 crore, marking 95.2% YoY increase

Standalone FY25 Financial Highlights:

  • Total Revenue stood at Rs 1,196 crore, a growth of 25.4% YoY. The increase in revenue is due to growth in wallet share with key customers
  • Adjusted EBITDA (excl. ESOP expense) reached Rs 66 crore, a growth of 34.9% YoY, with 5.6% margin
  • PAT stood at Rs 55 crore, a growth of 94.4% YoY

Commenting on the Results, Pulkit Seth, Vice-Chairman & Non-Executive Director, said: “We are proud to report our best-ever consolidated performance for both Q4 and the full year of FY25, setting new records across all key financial indicators—revenue, adjusted EBITDA, and profit after tax. We have achieved Rs 1,000 crore revenue for all quarters during the current financial year. Our Group turnover has crossed Rs 4,500 crore and Group adjusted EBITDA has crossed Rs 400 crore mark, reflecting sustained financial strength. We have also declared a second interim dividend of Rs 6.50, taking the FY25 total to Rs 11.50 per share, with a 22.9% payout ratio.

On the global front, despite early-year disruptions in Bangladesh, we maintained operational resilience, achieving our highest-ever shipment volumes without any delays. Our focus on execution, supply chain agility, and cost discipline has strengthened the core financial foundation of the company. With a healthy balance sheet, a diversified customer base across geographies, and our sustained commitment to creating operating efficiencies, we are well-positioned to deliver consistent earnings growth and long-term shareholder value.

The India-UK Free Trade Agreement (FTA) further solidify our cost competitiveness in a high-margin market. Our multi-country manufacturing presence combined with stable cash flows gives us confidence in surpassing our FY28 vision—anchored on profitability, scalability, and value creation.

As we embark on a new financial year, we are poised to sustain our momentum, strengthened by a solid customer base and an extensive global footprint. With confidence in our strategy and execution, we are ready to accelerate our objectives for FY28 and beyond, driving transformative growth with purpose and vision."

Commenting on the Results, Pallab Banerjee, Managing Director said: “We are delighted to share that FY25 has been a year of strong performance and continued growth momentum. Our India business, with existing capacities, now reflects an annualized revenue potential of over Rs 1,600 crore, well-positioned for accelerated expansion, supported by the UK FTA and other upcoming trade agreements.

In India (Standalone business excl. Bihar), we reached a key milestone by delivering double-digit Adjusted EBITDA margin of 10.2% in Q4FY25, in line with the guidance on leverage playing out with volume. Excluding initial costs associated with Guatemala and Bihar, our consolidated Adjusted EBITDA margins for Q4FY25 remained in the double-digit range, showcasing the underlying strength of our business. On the operations front, we shipped a record 74.3 million pieces in FY25 up from 56.9 million in FY24, reflecting deeper wallet share with existing clients and continued success in new client acquisitions.

The recently concluded India-UK FTA is a strategic breakthrough for us, eliminating earlier duty disadvantages of 10–12% and putting Indian manufacturers on equal footing with countries like Bangladesh, Cambodia, Vietnam, and Turkey. We see the UK as a significant growth opportunity, with the potential to double or even triple its current ~5% contribution to our business within the next one to two yeaRs Our established UK-based design and sales office, coupled with a strong customer base, further reinforces this trajectory. With our strategy to strengthen the order book for the full year and a strong focus on targeted operational efficiency, we remain optimistic about offsetting the impact of the tariff upcharge over the fiscal year. As competitiveness improves across geographies, we are confident in building a robust order book and accelerating our growth targets.”

Result PDF

Apparels & Accessories company Pearl Global Industries announced FY24 results:

  • Revenue grew by 8.8% YoY to Rs 3,436.2 crore in FY24 driven by a 21% YoY increase in overseas revenue
  • Adjusted EBITDA (excl. ESOP expense) for FY24 stood at Rs 316.4 crore, an increase of 22.5% YoY
  • Enhancements in operational efficiency contributed to increased revenue in Bangladesh, leading to economies of scale and consequently improving the EBITDA margin from international operations
  • FY24 Adjusted EBITDA Margin stood at 9.2%, a growth 100 bps YoY. The growth was achieved on the back of:
    • Continues improvement based on better operational efficiency
    • Increased profitability due to improving efficiency in Bangladesh and Vietnam units
  • ROCE improved to 28.2% in FY24 from 24.2% in FY23, a growth 400 bps YoY. The growth was achieved on the back of:
    • Prudent capital allocation policy
    • Profitability at group level
    • Efficient working capital management
  • Working Capital Days declined to 30 days as on 31st March 2024 from 38 days as on 31st March 2023

Commenting on the Results, Pallab Banerjee, Managing Director said, “We are pleased to announce that our FY24 performance has witnessed strong growth year-over-year across all metrics. Our group level Adjusted EBITDA crossed Rs 300 crore mark on a full year basis. Increased profitability from our overseas operations, combined with a better product mix and enhanced operational efficiency, has boosted our EBIDTA margin (excluding ESOP expenses) by 100 basis points year-over-year. Our steadfast commitment to maintaining a multinational presence and implementing sustainable practices is crucial for successfully navigating today’s dynamic business environment. With our extensive geographic reach and strong relationships with esteemed clients, we are well-positioned to consistently deliver outstanding results.”

Result PDF

Other Apparels company Pearl Global Industries announced FY23 results:

  • Total Revenue stood at Rs 3,158.4 crore, a growth of 16% YoY
  • EBITDA stood at Rs 255.5 crore, a growth of 82% YoY
  • PAT stood at Rs 153 crore, a growth of 118% YoY
  • Declared an interim dividend of Rs. 5/share at the end of the year resulting in a total dividend of Rs. 7.5 (75% of FV) for FY23

Commenting on the performance Mr. Pulkit Seth, Vice-Chairman & Non-Executive Director, said, “Our outstanding performance in fiscal year 2023 is a testament to our robust global competitive advantage. We have skilfully leveraged our core strengths to achieve this sustained growth which was primarily driven by incremental orders from our existing customers and improved realizations from newly acquired customers.

Our presence across the global textile value chains in Asia has helped us cater to our global clients effectively, utilizing our global capacities and mitigating uncertainties by leveraging our facilities in different markets.

Some of our key new initiatives which are at different stages of implementation, such as exploring near shore manufacturing opportunities in Central America and setting up new division to build a licensing & branding division in North America will further propel our growth trajectory. These are new initiatives while we continue to target growth in all our key operating countries where we have strategic alignment with new clients.”

Commenting on the performance, Mr. Pallab Banerjee, Managing Director said, “I am pleased to announce that we have achieved record-breaking revenues accompanied by a healthy profit. The improved profitability is on account of the consistent improvement in operations and operating leverage playing out from the existing factories and the greenfield factories in Bangladesh.

While the business outlook continues to remain challenging amidst higher interest costs and higher inflation rates, we remain confident to sustain a 15-20% compounded annual growth rate over the next 3-4 years.

To navigate the challenges pertaining to the uncertain business environment, we are setting a stringent risk governance framework to hedge against sudden increase in raw material prices and interest costs. This shall help us in keeping our profitability intact.”

Result PDF

Apparels & Accessories firm Pearl Global Industries announced Q1FY23 Result :

  • Revenue Rs. 851.1 Crs up 95%
    • Highest ever Q1 revenue since inception on account of better product mix, increase in contribution from in house and partnership factory and improved capacity utilizations in Vietnam and Bangladesh.
    • Inhouse manufacturing increased by 30%
  • EBITDA improved by 370 bps to 7.9% in Q1FY23 from 4.2% in Q1FY22 due to:
    • Improved operating efficiency in Vietnam and Bangladesh
    • Operating leverage kicking in due to increase in volumes
  • Credit Rating improved to BBB stable from BBB stable
  • Partnership factory contribution to overall revenue increased from 2.8% in Q1FY22 to 21.3% in Q1FY23 translating to 1.9 million on a standalone basis
  • Revenue increased by 95% YoY:
    • Standalone revenue increased because of increased contribution from in house and partnership factory
    • In house manufacturing increased by 30%. Number of pieces shipped increased from 3.2 million pieces in Q1FY22 to 4.2 million pieces in Q1FY23
    • Partnership factory contribution to overall revenue increased from 2.8% in Q1FY22 to 21.3% in Q1FY23 translating to 1.9 million on a standalone basis
    • Vietnam/ Bangladesh average FOB has increased because of better product mix
    • Operating efficiency has improved in both the countries resulting into increase in number of pieces shipped from 7.5 million pieces in Q1FY22 to 9 million pieces in Q1FY23
  • Improved product mix, Operating leverage and operational efficiency largely lead to improvement in EBITDA margin
  • It includes rental income/ foreign exchange fluctuation gain and one time software design charges.

 

 

Result PDF

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