Pearl Global Industries Reports Record H1 FY27 Revenue of ₹3,330 Crore
EBITDA rises 47.7% and PAT grows 63.6% year-on-year
Pearl Global Industries Limited (PGIL), one of India’s largest listed garment exporters, has reported record revenue for the first half of FY2026-27. Its consolidated revenue reached ₹3,330 crore for the half year ended 30 September 2026. This marks a 31.1% rise over the same period last year.
The company serves global brands through its manufacturing and sourcing network. Its operations span South Asia, South-East Asia and Central America. The latest results show growth in revenue and profit, along with better margins across the business.
Consolidated Financial Performance
Record Revenue in H1 FY27
Pearl Global’s revenue for H1 FY27 stood at ₹3,330 crore, up 31.1% year-on-year. Adjusted EBITDA, excluding ESOP expenses, rose 47.7% to ₹348 crore.
The EBITDA margin reached 10.5%, the highest for any first half in the company’s history. It also improved by around 120 basis points year-on-year.
PAT increased 63.6% to ₹225 crore during the period.
Strong Q2 FY27 Results
The company also recorded its highest-ever quarterly revenue in Q2 FY27. Revenue reached ₹1,802 crore, registering 37.2% growth year-on-year.
Adjusted EBITDA increased 51.1% to ₹184 crore. Meanwhile, the EBITDA margin stood at 10.2%, the highest in the company’s Q2 series. This marked an improvement of around 90 basis points.
PAT reached a quarterly record of ₹126 crore, up 74.7% compared with the same quarter last year.
Standalone Financial Performance
On a standalone basis, Pearl Global reported revenue of ₹648 crore in H1 FY27, up 22.1% year-on-year. Adjusted EBITDA, excluding ESOP expenses, stood at ₹32 crore, with a margin of 4.9%. PAT reached ₹29 crore.
For Q2 FY27, standalone revenue grew 16.8% to ₹308 crore. Adjusted EBITDA stood at ₹9 crore, with a margin of 3%. PAT reached ₹16 crore.
Balance Sheet and Operational Highlights
Pearl Global strengthened its financial position during the first half. Its net worth stood at ₹1,634 crore as of 30 September 2026. This compares with ₹1,438 crore on 31 March 2026.
The company reported cash and bank balances of ₹534 crore. This excludes cash set aside for letter of credit payments. It also held mutual fund investments worth ₹104 crore. Together, these brought its cash and investment position to ₹638 crore.
Higher Shipments and New Manufacturing Capacity
Pearl Global shipped 43.6 million pieces in H1 FY27, compared with 37.1 million pieces in H1 FY26.
The company also opened a new manufacturing facility in Bangladesh. At full planned utilisation, the facility is expected to add around 7 million pieces of annual production capacity.
In addition, the Board declared an interim dividend of ₹5 per equity share. This represents a payout ratio of 20.6% of Group PAT and 100% of the share’s face value.
Pearl Global’s holding company also received dividends of around ₹22.5 crore during H1 FY27. These came from its subsidiaries, NorpKnit Industries Limited in Bangladesh and Pearl Global (HK) Limited in Hong Kong.
Management Commentary
Commenting on the results, Mr. Pulkit Seth, Vice-Chairman & Non-Executive Director, said:
“H1FY27 marks another significant milestone in Pearl Global’s growth journey, with the Company delivering its strongest-ever half-yearly and quarterly performance driven by robust revenue growth and improved profitability. For H1FY27, we achieved our highest-ever half- yearly revenue of INR 3,330 crore, while EBITDA and Profit After Tax grew by 47.7% and 63.6% respectively on a Y-o-Y basis.
A key milestone during the period was the inauguration of our new manufacturing facility in Bangladesh, which will add ~7 Mn pieces of annual capacity at optimum utilisation. This investment further strengthens our global sourcing platform and enhances our ability to offer customers greater flexibility, scalability, and supply chain resilience. With manufacturing operations across India, Bangladesh, Vietnam, Indonesia, and Guatemala, Pearl Global is uniquely positioned to address the evolving sourcing requirements of global brands.
To support our long-term vision, the Company plans to invest ~INR 675-725 crore between FY27 and FY30. These investments are expected to strengthen supply chain integration, improve operational efficiencies, support sustainable margin expansion, and create a strong foundation for achieving our aspirational revenue target of INR 9,000-10,000 crore by FY30. Reflecting our continued commitment to shareholder value, the board has declared an interim dividend of INR 5.0 per equity share, representing ~20.6% payout ratio (wrt. Group PAT) and 100% of face value of share.
We enter the second half of FY27 with a strong footing supported by robust order pipeline, an expanded manufacturing footprint, and deep partnerships with leading global brands. Supported by our strategic investments and strong execution capabilities, we remain confident in our ability to deliver sustainable growth and create long-term value for all stakeholders.”
Mr. Pallab Banerjee, Managing Director, added:
“The first half of FY27 reflects the strength of our execution-led growth strategy. During the period, we delivered broad-based growth across our business, resulting in our highest-ever quarterly revenue of INR 1,802 crore, while EBITDA and Profit After Tax grew by 51.1% and 74.7% respectively on a Y-o-Y basis. We achieved EBITDA margin of 10.2% improved by 90 bps Y-o-Y.
We witnessed encouraging momentum across both existing and newly onboarded customer relationships. Several recently acquired customer programs continued to scale during the period, contributing to revenue growth and providing additional visibility for future business expansion.
We are also encouraged by the evolving trade landscape, which is creating incremental opportunities for Indian apparel exporters. We have already started seeing positive customer interest following the conclusion of the India-UK Free Trade Agreement. In addition, the proposed India-EU Free Trade Agreement has the potential to significantly enhance the competitiveness of Indian apparel manufacturers in one of the world’s largest consumption markets. Backed by our proven execution capabilities, strong customer relationships, and established manufacturing base in India, we believe Pearl Global is well positioned to benefit from these structural tailwinds.
We continue to focus on timely and efficient execution, operational efficiency, and delivering superior value to our customers. While we remain mindful of external uncertainties, including geopolitical developments, we believe our diversified manufacturing network, strong customer franchise, and execution-focused culture position us well to continue creating value for all stakeholders.”
Investment Plans and Future Growth
Pearl Global plans to invest around ₹675-725 crore between FY27 and FY30. These investments will support better supply chain integration and more efficient operations. The company also aims to improve margins over time.
Its long-term revenue target stands at ₹9,000-10,000 crore by FY30.
New Customer Growth and Trade Opportunities
The company has seen growth from both existing and newly added customers. Several new customer programmes also continued to expand during the first half.
Management expects trade developments to create further opportunities for Indian garment exporters. The company has already seen positive customer interest following the conclusion of the India-UK Free Trade Agreement.
The proposed India-EU Free Trade Agreement could also improve the position of Indian apparel manufacturers in a major global market.
Pearl Global plans to focus on timely deliveries, efficient operations and customer service. Despite external challenges, including geopolitical uncertainty, the company expects its global manufacturing network and customer relationships to support its growth plans.
