Pearl Global Industries Limited (PGIL), India’s largest listed garment exporter, reported consolidated revenue of INR 3,711 crore in 9M FY26, registering a 13.2% year-on-year growth, driven by higher value-added product sales and strong performance from Vietnam and Indonesia operations.
For the nine months ended December 31, 2025, adjusted EBITDA (excluding ESOP expenses) stood at INR 333 crore, up 14.0% YoY, with an EBITDA margin of around 9.0%. After adjusting for reciprocal tariff impact and ramp-up costs of new operations, the EBITDA margin improved to approximately 10.1%. Profit after tax (PAT) grew 14.0% YoY to INR 189 crore.
In Q3 FY26, PGIL reported revenue of INR 1,170 crore, up 14.4% YoY, while adjusted EBITDA reached INR 97 crore. PAT for the quarter stood at INR 52 crore, reflecting a growth of 6.8% YoY.
Standalone operations also showed significant improvement, with 9M FY26 EBITDA rising 63.7% YoY to INR 43 crore, supported by cost restructuring and margin expansion.
Commenting on the results, Mr. Pulkit Seth, Vice-Chairman & Non-Executive Director, highlighted that recent US tariff reductions to 18%, along with the India–EU and UK FTAs, are expected to accelerate growth in India operations and improve profitability from FY27 onwards. He also noted strong momentum across Bangladesh, Vietnam and Indonesia, supported by capacity readiness and optimal utilisation.
Mr. Pallab Banerjee, Managing Director, added that the company’s diversified multi-country manufacturing model and focus on higher value-added products have enabled consistent performance despite global macroeconomic challenges. The removal of US tariffs is expected to directly boost margins, while India’s expanded trade access across major global markets positions Pearl Global for sustained long-term growth.
Further strengthening its position, PGIL’s credit rating was upgraded to [ICRA] A+ (Stable), reflecting improved liquidity and operational resilience. The company also marked a leadership milestone as Dr. Deepak Seth, Founder & Chairman, received the Global Leadership Award at the AEPC Excellence Honours Ceremony.
