Pearl Global Industries Ltd
NSE:PGIL
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Pearl Global Industries Ltd
Pearl Global Industries Ltd. is a holding company, which engages in the manufacture, design, sourcing, and exporting of ready-made garments. The company is headquartered in Gurgaon, Haryana. The company went IPO on 2007-02-02. The firm is engaged in manufacturing, sourcing, distribution and export of ready-to-wear apparel through its domestic and global facilities and operations. The firm provides end-to-end supply chain solutions to brands across the globe. The firm provides complete apparel solutions to fashion brands across categories. Its product range includes knits, woven, denim, outerwear, activewear and athleisure, sleepwear and lounge, and childrenswear. The firm provides basic and complex designs across men, women and kids wear segments. The firm's geographical segments include Bangladesh, Hong Kong, India and Others. Its wholly owned subsidiaries include Pearl Apparel Fashions Limited, Pearl Global Kaushal Vikas Limited and Pearl Global Fareast Limited, Pearl Global (HK) Limited, Norp Knit Industries Limited and SBUYS E-Commerce Limited.
Pearl Global Industries Ltd. is a holding company, which engages in the manufacture, design, sourcing, and exporting of ready-made garments. The company is headquartered in Gurgaon, Haryana. The company went IPO on 2007-02-02. The firm is engaged in manufacturing, sourcing, distribution and export of ready-to-wear apparel through its domestic and global facilities and operations. The firm provides end-to-end supply chain solutions to brands across the globe. The firm provides complete apparel solutions to fashion brands across categories. Its product range includes knits, woven, denim, outerwear, activewear and athleisure, sleepwear and lounge, and childrenswear. The firm provides basic and complex designs across men, women and kids wear segments. The firm's geographical segments include Bangladesh, Hong Kong, India and Others. Its wholly owned subsidiaries include Pearl Apparel Fashions Limited, Pearl Global Kaushal Vikas Limited and Pearl Global Fareast Limited, Pearl Global (HK) Limited, Norp Knit Industries Limited and SBUYS E-Commerce Limited.
Revenue Growth: Pearl Global Industries reported H1 FY '26 revenue of INR 2,541 crores, up 12.7% year-on-year, driven by improved product mix and higher realization from Vietnam and Indonesia.
Margin Improvement: Adjusted EBITDA grew 18.4% year-on-year to INR 236 crores with a margin of 9.3%, and would have been 10.6% excluding tariff and new facility losses.
Tariff Headwinds: Ongoing U.S.-India reciprocal tariffs remain a margin headwind, with discounts given to U.S. customers to offset penalty tariffs, but management has reduced India’s U.S. exposure below 50%.
Geographical Diversification: The company continues expanding into Japan, Australia, the U.K., and Europe, with the U.S. share of business down to about 49%.
Strong Order Book: Management reports a healthy order book and expects continued growth in H2, though not as high as last year’s 30% volume growth.
Capacity Expansion: Group capacity stands at 93.6 million pieces and is on track to exceed 100 million pieces by mid FY '27, with major CapEx projects in Bangladesh and India.
Guidance: Management is confident of maintaining or slightly improving EBITDA margins for the full year, even if tariffs persist.
Dividend: Interim dividend of INR 6 per share declared, representing a 20% payout ratio.
