Pearl Global Industries reports INR 3,711 crore revenue in 9M FY26

Pearl Global Industries Limited (PGIL) has announced its unaudited consolidated and standalone financial results for the quarter ended 31 December 2025. The company reported consolidated revenue of INR 3,711 crore for 9M FY26, reflecting year-on-year growth across multiple operating geographies.

Pearl Global Industries Limited (PGIL) (BSE: 532808) (NSE: PGIL) has released its unaudited financial results for the quarter ended 31 December 2025. The company operates manufacturing facilities across South Asia, South-East Asia and Central America.

Consolidated Financial Highlights for 9M FY26

Revenue stood at INR 3,711 crore, recording growth of 13.2% year-on-year, driven by higher value-added product sales in Vietnam and Indonesia.
Adjusted EBITDA (excluding ESOP expense) was INR 333 crore, reflecting growth of 14.0% year-on-year, with an EBITDA margin of approximately 9.0%.
Adjusted EBITDA margin, excluding reciprocal tariff impact of approximately INR 31 crore and incremental ramp-up costs of new operations of approximately INR 11 crore, stood at around 10.1%.
Profit after tax (PAT) increased to INR 189 crore, up 14.0% year-on-year.

Consolidated Financial Highlights for Q3 FY26

Revenue stood at INR 1,170 crore, up 14.4% year-on-year.
Adjusted EBITDA (excluding ESOP expense) was INR 97 crore, an increase of 4.4% year-on-year, with a margin of 8.3%.
Adjusted EBITDA margin, excluding reciprocal tariff impact and incremental ramp-up costs of new operations of approximately INR 9 crore, stood at around 9.1%.
PAT rose to INR 52 crore, an increase of 6.8% year-on-year.

Standalone Financial Highlights for 9M FY26

Revenue stood at INR 777 crore.
Adjusted EBITDA (excluding ESOP expense) was INR 43 crore, registering growth of 63.7% year-on-year, with an EBITDA margin of 5.5%, representing an improvement of 220 basis points year-on-year, mainly due to cost restructuring.
Adjusted EBITDA margin, excluding reciprocal tariff cost of approximately INR 14 crore, stood at around 7.3%.
PAT stood at INR 55 crore, compared to INR 32 crore in 9M FY25.

Standalone Financial Highlights for Q3 FY26

Revenue stood at INR 246 crore.
Adjusted EBITDA was INR 13 crore, with an EBITDA margin of 5.1%, representing an improvement of 140 basis points year-on-year.
Adjusted EBITDA margin, excluding reciprocal tariff cost of approximately INR 5 crore, stood at around 7.2%.
PAT stood at INR 14 crore, compared to INR 4 crore in Q3 FY25.

Other Highlights

Founder and Chairman Dr. Deepak Seth received the Global Leadership Award for FY23–24 and FY24–25 at the AEPC Excellence Honours Ceremony in New Delhi. The award was presented by C. P. Radhakrishnan, Hon’ble Vice President of India.
The company’s long-term credit rating was upgraded from [ICRA] BBB (Stable) in 2021 to [ICRA] A+ (Stable) in 2026. The short-term rating was revised from [ICRA] A3+ to [ICRA] A1+.

Commenting on the results, Mr. Pulkit Seth, Vice-Chairman & Non-Executive Director, said:
“We are delighted to report another quarter of encouraging performance in FY26 for the group amidst a challenging macroeconomic and geopolitical environment. Our 9M FY26 revenue grew by 13.2% and EBITDA grew by 14.0% Y-o-Y.

Our India operations are expected to gain significant momentum following the reduction of U.S. tariffs to 18%. This trade agreement removes the burden of the additional 25% duty, thereby enhancing profitability and supporting sustained top-line growth. Another positive industry development is India–EU Free Trade Agreement, which creates a level playing field for Indian exporters. This agreement will accelerate growth in our India operations, allow us to leverage existing relationships with EU customers including those currently served from our other manufacturing locations. Further, the UK FTA opens new opportunities to expand India’s revenue contribution to the UK market. With capacity already in place, we are well-positioned to capitalize all these opportunities and continue to grow revenue and profitability.

Bangladesh is poised for continued growth as our capacity expansion plan remains on track for completion by Q2 FY27, positioning us to scale further and deliver sustained value. Indonesia and Vietnam have demonstrated strong momentum in recent quarters, with factories operating at optimum utilization. These geographies are well-prepared for future growth.

In summary, momentum across key markets—supported by tariff reductions, FTAs, and capacity readiness positions us to scale efficiently and deliver sustained revenue growth, profitability and long-term stakeholders value creation in the years ahead.”

Commenting on the results, Mr. Pallab Banerjee, Managing Director, said:
“We are pleased to report another resilient performance for Q3 FY26 and 9M FY26. Revenue for the nine months ended FY26 stood at INR 3,711 crore, reflecting a 13.2% year-on-year growth, while EBITDA reached INR 333 crore, up 14.0% year-on-year. The EBITDA margin for 9M FY26 in ~9.0%, and after adjusting for tariff costs and incremental ramp-up expenses at new operations, stood at ~10.1%. This performance underscores the strength of Pearl Global’s diversified operating model and disciplined execution across geographies. Despite ongoing macroeconomic and trade-related challenges, we have delivered consistent growth, supported by a higher value-added product mix and operational efficiencies.

The removal of U.S. tariffs marks a significant advantage for both India and Pearl Global. To preserve customer relationships during the tariff period, we had extended discounts to our U.S. clients. With the penalty now eliminated, that discount pressure disappears—directly boosting profitability from February onwards.

While Vietnam, Indonesia and Bangladesh continue to grow, our India operations were constrained by the high U.S. tariff in FY 26, however with the February deal with US and necessary capacity and capability in place, our India operations are also well positioned to regain growth trajectory from FY27 onwards.

India’s recent trade agreements with US, EU and UK, in addition to earlier existing trade agreements with Japan & Australia covers all major markets now valued at $250+Bn. Pearl Global is strategically placed to accelerate growth, investor confidence for India potential, and capitalize on broader market opportunities from India as well.”