Pearl Global Industries Limited (PGIL) (BSE: 532808) (NSE: PGIL), India’s largest listed garment exporter with manufacturing hubs across South Asia, South-East Asia, and Central America, announced its unaudited financial results for the quarter and half year ended 30 September 2025. The company continued its growth momentum despite global uncertainties, supported by strong demand and a diversified sourcing strategy.
Consolidated Financial Performance
In H1FY26, PGIL crossed the INR 2,500 crore milestone, achieving revenue of INR 2,541 crore, up 12.7% Y-o-Y. This growth was driven by higher value-added product sales in Vietnam and Indonesia. Adjusted EBITDA rose to INR 236 crore, an 18.4% Y-o-Y increase, with margins improving to 9.3%. Excluding tariff costs and new facility losses, margins stood at 10.6%. PAT reached INR 138 crore, growing 17.0% Y-o-Y.
During Q2FY26, revenue grew 9.2% Y-o-Y to INR 1,313 crore. Adjusted EBITDA (excluding ESOP expenses) increased 23.6% Y-o-Y to INR 122 crore, with margins at 9.3%. PAT rose 29.4% Y-o-Y to INR 72 crore.
Standalone Performance
In H1FY26, standalone revenue was INR 531 crore. Adjusted EBITDA increased 72.7% Y-o-Y to INR 30 crore, with margins improving to 5.7%. Excluding tariff costs of ~INR 8 crore, margins stood at 7.2%. PAT reached INR 41 crore, compared to INR 27 crore in H1FY25.
For Q2FY26, standalone revenue stood at INR 264 crore. Adjusted EBITDA was INR 11 crore, with margins at 4.0%. PAT improved to INR 15 crore, compared to INR 12 crore in the same period last year.
Balance Sheet and Operational Highlights
As of 30 September 2025, net worth increased to INR 1,271 crore from INR 1,146 crore. Total liquidity reached INR 544 crore, including INR 416 crore in cash and bank balances and INR 128 crore in mutual funds. Working capital days remained steady at 33. ROCE improved to 29.0%, rising 375 BPS Y-o-Y.
The company shipped 19.9 million pieces in Q2FY26, its highest-ever Q2 volume. PGIL declared an interim dividend of INR 6.00 per share. It also received ~INR 32 crore in dividends from subsidiaries in Bangladesh and Hong Kong. Additionally, Bangladesh operations adopted eFlow Nanobubble technology, enabling significant reductions in water, power, and processing time.
Quote: Mr. Pulkit Seth, Vice-Chairman & Non-Executive Director
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“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 INR 2,500 crore milestone, reaching INR 2,541 crore, a growth of 12.7% Y-o-Y. 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 INR 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.”
Quote: Mr. Pallab Banerjee, Managing Director
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“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 INR 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 INR 122 crore, with margins at 9.3%, improve by 108 BPS Y-o-Y. 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 INR 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.”
