Pearl Global Industries Posts ₹2,541 Cr Revenue in H1FY26

Diversified operations and strong performance in Vietnam and Indonesia drive sustained growth

Pearl Global Industries Limited (PGIL) (BSE: 532808 | NSE: PGIL), India’s leading listed garment exporter with a strong multi-country manufacturing presence across South Asia, South-East Asia, and Central America, announced its unaudited financial results for the quarter and half year ended September 30, 2025. The company continued its strong growth momentum, surpassing the ₹2,500 crore revenue milestone in H1FY26, supported by robust performance in its Vietnam and Indonesia units.

Financial Performance Highlights

Consolidated Results – H1FY26

Revenue reached ₹2,541 crore, up 12.7% YoY, led by higher value-added product sales from Vietnam and Indonesia.
Adjusted EBITDA rose 18.4% YoY to ₹236 crore, with margins improving by 45 bps to 9.3%.
Excluding tariff costs (~₹21 crore) and initial losses from new facilities in Guatemala and Bihar, margins stood at 10.6%.
PAT grew 17% YoY, reaching ₹138 crore.

Consolidated Results – Q2FY26

Quarterly revenue at ₹1,313 crore, marking 9.2% YoY growth.
Adjusted EBITDA (excl. ESOP expenses) surged 23.6% YoY to ₹122 crore, with margins improving to 9.3% (up 108 bps YoY).
Excluding tariff costs and startup losses, margins stood at 10.1%.
PAT rose 29.4% YoY to ₹72 crore.

Standalone Results – H1FY26

Revenue stood at ₹531 crore.
Adjusted EBITDA rose 72.7% YoY to ₹30 crore, with margins improving 258 bps to 5.7%.
Excluding tariff costs (~₹8 crore), margins were 7.2%.
PAT increased to ₹41 crore, up from ₹27 crore in H1FY25.

Standalone Results – Q2FY26

Revenue reached ₹264 crore, with Adjusted EBITDA at ₹11 crore and margins at 4.0%.
PAT improved to ₹15 crore, compared to ₹12 crore in Q2FY25.

Balance Sheet & Operational Highlights

Net worth grew to ₹1,271 crore as of September 30, 2025 (from ₹1,146 crore on March 31, 2025).
Cash and bank balances stood at ₹544 crore, including ₹128 crore in mutual funds.
Working capital days remained efficient at 33 days.
ROCE improved by 375 bps to 29.0% in H1FY26.
The company shipped 19.9 million pieces in Q2FY26 — its highest-ever second-quarter volume.
Declared an interim dividend of ₹6 per share, a 20% payout ratio and 120% of face value.
PGIL received ₹32 crore dividends from subsidiaries in Bangladesh and Hong Kong.
Introduced eFlow Nanobubble technology in Bangladesh, achieving 32% water savings, 9% lower power use, and 20% higher efficiency.

Leadership Commentary

Mr. Pulkit Seth, Vice-Chairman & Non-Executive Director, said:

“We are pleased to report another strong quarter despite global volatility. Achieving ₹2,541 crore revenue in H1FY26 reflects the strength of our multi-country manufacturing model. Our continued growth in Vietnam and Indonesia underscores our strategic foresight.
With a diversified global presence, we are well-prepared to adapt to trade changes, including the US tariff landscape, while capturing new opportunities across key markets such as the US, UK, Japan, and Australia. Our focus remains on sustainable and profitable growth driven by agility, technology, and long-term stakeholder value.”

Mr. Pallab Banerjee, Managing Director, added:

“Our Q2FY26 performance demonstrates operational resilience amid trade challenges. Revenue reached ₹1,313 crore with improved profitability, despite a 50% US tariff on Indian exports.
The US now contributes ~50% of revenue, down from 86% in FY21, reflecting our success in diversifying into markets like Australia, Japan, the UK, and the EU.
We are executing our ₹250 crore capex plan focused on capacity expansion, sustainability, and digitization across India and Bangladesh. With prudent investments and a robust order book, Pearl Global is well-positioned to sustain growth and deliver long-term value.”