Pearl Global Industries (PGIL), India’s largest listed garment exporter with manufacturing operations across South Asia, South-East Asia, and Central America, has announced its audited financial results for the quarter and financial year ended 31 March 2026, recording its highest-ever annual revenue.
The company’s consolidated revenue for FY26 crossed the INR 5,000 crore milestone, reaching INR 5,025 crore, reflecting an 11.5% year-on-year growth supported by higher shipment volumes and increasing contribution from value-added products in overseas markets.
Adjusted EBITDA (excluding ESOP expenses) stood at INR 468 crore, marking a growth of nearly 14% year-on-year, while EBITDA margin improved by 20 basis points to approximately 9.3%. Excluding the reciprocal tariff impact of around INR 36 crore and incremental losses from Bihar and Guatemala operations of nearly INR 13 crore, adjusted EBITDA margin stood at approximately 10.3%.
Profit after tax for FY26 rose 17% year-on-year to INR 270 crore.
For Q4FY26, the company recorded its highest-ever quarterly revenue at INR 1,314 crore, reflecting a 6.9% year-on-year increase. Adjusted EBITDA for the quarter rose 13.7% year-on-year to INR 135 crore, with EBITDA margin reaching a record quarterly high of 10.3%. Excluding tariff-related impact and incremental operational losses, adjusted EBITDA margin stood at approximately 10.9%. PAT for the quarter increased 24.6% year-on-year to INR 81 crore.
On a standalone basis, FY26 revenue stood at INR 1,081 crore, while adjusted EBITDA improved to INR 67 crore with EBITDA margin at 6.2%, supported by cost restructuring initiatives. Standalone PAT increased to INR 69 crore from INR 55 crore in FY25.
The company also strengthened its balance sheet during the year. Net worth increased to INR 1,438 crore as of 31 March 2026 compared to INR 1,146 crore a year earlier. Cash and bank balances rose to INR 634 crore, while working capital days improved to 43 days.
PGIL shipped its highest-ever volume during both Q4FY26 and FY26, with shipments reaching 22 million pieces and 78.1 million pieces respectively. Annual installed capacity also crossed 100 million pieces for the first time.
The company declared a second interim dividend of INR 8.5 per equity share for FY26, taking the total dividend payout for the year to INR 14.5 per equity share, representing the company’s highest-ever dividend payout ratio at approximately 25% of Group PAT.
Additionally, through its step-down subsidiary DSSP Global Limited, Hong Kong, the company will acquire an additional 10% stake in PT Pinnacle Apparels, Indonesia, increasing its holding to 99.92%.
Dr. Deepak Seth, Founder & Chairman of Pearl Global Industries, was also honoured with the Global Leadership Award by Shri C. P. Radhakrishnan, Hon’ble Vice President of India, during the AEPC Excellence Honours Ceremony in New Delhi.
Commenting on the Results, Mr. Pulkit Seth, Vice-Chairman & Non-Executive Director, said:
“In FY26, Group delivered another year of resilient performance against a complex geopolitical backdrop. Group achieved, among others, two major milestones this year: revenue crossed INR 5,000 crore mark and installed capacity surpassed 100 million pieces per annum. These achievements underscore the company’s scale, operational strength, and sustained growth momentum.
During FY26, the global apparel industry faced tariff-related disruptions. Our India operations were impacted by the tariff and penal duties imposed by the US. However, Pearl Global Industries leveraged its diversified, multi-country manufacturing presence to mitigate these challenges. This resilience enabled the Company to deliver double-digit Y-o-Y growth and continuous improvement in profitability.
With a diversified customer base across geographies & with continuous addition of new customers, we are on track to further solidify our business growth.
We continue to pursue our strategy of building capabilities and capacity across group, for which company is planning to outline capital commitment of INR 200-250 crore during FY27. We believe these capacities and capabilities will lay strong foundation to support our future growth beyond horizon.
In line with our stated dividend policy, the company has declared total dividend of INR 14.5 (290% of face value) per equity share for FY26 which represents highest ever dividend payout ratio i.e. ~25% of FY 26 Group PAT.
As we step into the new financial year, the Company is well-positioned to sustain its momentum, supported by both expanded and existing capacities, a strong customer base, and a global footprint.
With favorable tariff reductions, FTAs, and capacity readiness, we are well equipped to scale efficiently in the coming years and drive transformational growth, enhanced profitability, and long-term value for our stakeholders.”
Commenting on the Results, Mr. Pallab Banerjee, Managing Director, said:
“In FY26, we achieved second consecutive year of double-digit growth and improved profitability. Revenue for FY26 reached at INR 5,025 crore, highest ever reflecting a 11.5% year-on-year growth, while EBITDA reached INR 468 crore, up ~14.0% year-on-year. The EBITDA margin for FY26 stood at ~9.3%, (excluding incremental loss in Bihar/Guatemala and reciprocal tariff, adjusted EBITDA margin stood at 10.3%). This performance further solidifies the position of Pearl Global’s diversified operating model and disciplined execution across geographies.
During FY26, the company shipped 78.1 million pieces compared to 74.3 million pieces in FY25. Total installed capacity reached ~101 million pieces, with Bangladesh ongoing capex expected to be completed by H1 FY27, will further increase capacity by ~6-7 million pieces during FY27. With the backdrop of changing geopolitics and Gulf conflicts we foresee energy cost escalation. This is staring to affect raw material and logistic cost. Pearl Global is well prepared to face these headwinds and stride ahead with confidence. USA retail sales are showing good resilience till now and most of them continue to beat estimates. Reversal of tariff decisions is playing a positive role. We continue to see good demand trends from our customers in other markets as well. We are keeping a close watch for the second half of the year. Our customers are well aware of the increase in raw material prices and logistic costs, and these are being factored into the pricing strategies.
We will continue to build on the growth momentum established over the past two years, driven by enhanced capacity and a diversified manufacturing presence. Our broad market base, strong order book, and disciplined execution reinforce our ability to deliver sustainable long-term value while maintaining this momentum.”
