Pearl Global Industries Reports Record H1FY27 Revenue of INR 3,330 Crore; EBITDA Rises 47.7% and PAT Grows 63.6%

The garment exporter records its highest-ever half-yearly and quarterly revenue, with consolidated Q2FY27 revenue reaching INR 1,802 crore. A new Bangladesh manufacturing facility is expected to add approximately 7 million pieces of annual capacity.

Pearl Global Industries Limited (PGIL) reported its unaudited financial results for the quarter and half year ended September 30, 2026, recording its highest-ever half-yearly consolidated revenue of INR 3,330 crore in H1FY27. Revenue increased 31.1% year-on-year, while adjusted EBITDA and Profit After Tax (PAT) grew by 47.7% and 63.6%, respectively. The company also reported record quarterly revenue of INR 1,802 crore in Q2FY27 and inaugurated a new manufacturing facility in Bangladesh.

Consolidated Financial Performance: H1FY27

Pearl Global recorded strong growth across its manufacturing locations during the first half of FY27. Its consolidated financial performance included:

• Revenue: INR 3,330 crore, up 31.1% year-on-year, marking the highest-ever half-yearly revenue.
• Adjusted EBITDA: INR 348 crore, excluding ESOP expenses, representing 47.7% growth year-on-year.
• EBITDA Margin: 10.5%, the highest margin recorded in any first half, with an expansion of approximately 120 basis points year-on-year.
• PAT: INR 225 crore, increasing 63.6% year-on-year.

Q2FY27 Consolidated Results

For the second quarter of FY27, Pearl Global reported its highest-ever quarterly revenue, supported by growth across all locations.

• Revenue: INR 1,802 crore, up 37.2% year-on-year.
• Adjusted EBITDA: INR 184 crore, excluding ESOP expenses, up 51.1%.
• EBITDA Margin: 10.2%, the highest recorded in the company's Q2 series, expanding approximately 90 basis points year-on-year.
• PAT: INR 126 crore, the highest quarterly PAT reported by the company, registering 74.7% growth year-on-year.

Standalone Financial Performance

The company's standalone results also recorded year-on-year revenue growth during H1FY27 and Q2FY27.

Balance Sheet and Liquidity Position

As of September 30, 2026, Pearl Global's net worth stood at INR 1,634 crore, compared with INR 1,438 crore as of March 31, 2026.

The company's cash and bank balance, excluding cash earmarked for LC payments, was INR 534 crore. It also held additional mutual fund investments of INR 104 crore, taking its combined cash, bank balance and mutual fund investments to INR 638 crore as of September 30, 2026.

Production Volumes, Dividend and Bangladesh Expansion

During H1FY27, Pearl Global shipped 43.6 million pieces, compared with 37.1 million pieces in H1FY26.

The company also announced an interim dividend of INR 5.0 per equity share, representing a 20.6% payout ratio with respect to Group PAT and 100% of the share's face value.

During the first half of FY27, Pearl Global Industries Limited, the holding company, received total dividends of approximately INR 22.5 crore from NorpKnit Industries Limited, its Bangladesh subsidiary, and Pearl Global (HK) Limited, its Hong Kong subsidiary. The dividend receipts were in line with the fungibility of cash across group entities.

Another development during the period was the inauguration of a new manufacturing facility in Bangladesh. At optimum utilisation, the facility is expected to contribute approximately 7 million pieces of additional annual production capacity.

Investment Plans and FY30 Revenue Target

Commenting on the financial results, Pulkit Seth, Vice-Chairman and Non-Executive Director of Pearl Global Industries, 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.”

Management Highlights Customer Growth and Trade Opportunities

Pallab Banerjee, Managing Director of Pearl Global Industries, said:

“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.”