Pearl Global Industries Reports Record Q1FY27 Revenue of INR 1,528 Crore
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Company posts 24.5% YoY revenue growth and 10.7% EBITDA margin as shipments reach a quarterly high
Pearl Global Industries Limited (PGIL) (BSE: 532808) (NSE: PGIL), India’s largest listed garment exporter, manufacturing from multiple sourcing regions in South Asia, South-East Asia and Central America, has announced its unaudited financial results for the quarter ended 30th June 2026.
Consolidated Financial Performance
For Q1FY27, PGIL reported:
- Revenue: INR 1,528 crore, up 24.5% YoY and the highest-ever quarterly revenue
- Adjusted EBITDA: INR 164 crore, excluding ESOP expense, up 44.1% YoY
- EBITDA margin: 10.7%, the highest-ever quarterly EBITDA margin and an expansion of 140 BPS YoY
- PAT: INR 99 crore, up 51.4% YoY
The company attributed the improvement in EBITDA margin to changes in product mix and operating leverage.
Standalone Financial Performance
On a standalone basis, revenue stood at INR 340 crore, representing 27.4% YoY growth.
Adjusted EBITDA, excluding ESOP expense, was INR 22 crore, with an EBITDA margin of 6.6%. Standalone PAT stood at INR 12 crore.
Quarterly Shipments Reach 20.8 Million Pieces
PGIL shipped 20.8 million pieces in Q1FY27, the highest volume recorded in its Q1 series, compared with 17.2 million pieces in Q1FY26.
During the quarter, PGIL, the holding company, received a total dividend of approximately INR 5 crore from Pearl Global (HK) Limited, its Hong Kong subsidiary, in line with the fungibility of cash across group entities.
The company has been consistently declaring dividends from subsidiary companies in Bangladesh and Hong Kong since FY22.
Pearl Global Highlights Diversified Manufacturing Footprint
Dr. Deepak Kumar Seth, Chairman & Non-Executive Director, said:
“The global business environment continues to evolve, shaped by geopolitical developments, shifting trade dynamics, and changing supply chain priorities. In such an environment, resilience, adaptability, and long-term thinking remain the defining attributes of successful businesses.
I am pleased to share that Pearl Global has commenced the new financial year on a strong footing. Our first-quarter performance reflects the strength of our diversified manufacturing platform, the trust of our global customers, and the disciplined execution of our teams. It is an encouraging start that reaffirms the resilience of our business model and the effectiveness of the strategy we have built over the years.
Beyond business performance, our commitment to responsible and sustainable growth remains unwavering. Strong corporate governance, investment in our people, community development, and environmental stewardship continue to be integral to the way we operate and create enduring value for all our stakeholders.
As we look ahead, we remain excited about the opportunities and mindful of the challenges presented by the evolving global landscape. Guided by a strong governance framework, an experienced leadership team, and the dedication of our employees across geographies, we remain confident in Pearl Global's ability to build on this positive momentum and strengthen its position as a trusted global apparel manufacturing partner.”
Diversified Sourcing Network Supports Growth
Mr. Pulkit Seth, Vice-Chairman & Non-Executive Director, said:
“We have started FY27 on a very strong note, delivering the best quarter in Pearl Global’s history. The quarter reinforces our ability to consistently deliver sustainable growth while strengthening our position as a preferred global apparel manufacturing partner capturing the strength of Pearl Global's diversified manufacturing platform, disciplined execution, and long-term strategic partnerships.
During the quarter, we delivered broad-based growth across our operating geographies, achieving the highest-ever quarterly revenue of INR 1,528 crore and a record EBITDA margin of 10.7% driven by healthy double-digit revenue growth and robust volume expansion across geographies.
Global brands continue to diversify and consolidate sourcing with partners that offer scale, flexibility, and multi-country manufacturing capabilities. With our presence across India, Bangladesh, Vietnam, Indonesia, and Guatemala, Pearl Global is well positioned to capitilise this opportunity while providing customers with a resilient and agile supply chain.
The long-term outlook for India's apparel exports remains encouraging, supported by supply chain diversification, the implementation of India–UK FTA and continued progress toward India–EU FTA. We continue to strengthen our group manufacturing ecosystem through capacity/capabilities expansion, technology investments, and enhanced operational capabilities to support our future growth.
Supported by healthy order visibility, improving customer engagement and a strong execution focus, we remain confident of delivering another year of profitable growth while creating long-term value for all our stakeholders.”
Capacity Expansion to Add Around 7 Million Pieces
Mr. Pallab Banerjee, Managing Director, said:
“Q1FY27 was a quarter of strong operational execution for Pearl Global, reflected in broad-based revenue growth across our manufacturing countries and improved profitability. We achieved Q1 FY27 revenue of INR 1,528 crores, grew by 24.5% Y-o-Y with EBITDA margin at ~10.7% improved by 140 BPS Y-o-Y. This improvement was driven by growth in order book across our diversified product mix, our manufacturing efficiencies and operating leverage.
Despite the uncertainties caused by Iran war, we witnessed healthy business across the markets we serve all through 1st quarter.
We continue to strengthen our customer relationships through design and product development support, consistent on-time execution, and improved supply-chain coordination. We remain focused on further diversifying our customer portfolio and expanding wallet share with our existing clients. Operationally, we continue to improve productivity, optimise manufacturing processes, and strengthen execution across our facilities.
Our ongoing capacity expansion initiatives in Bangladesh and our laundry operations are scheduled to be inaugurated in September. These expansions are expected to add ~7 million pieces of annual capacity, increasing the Group’s total installed capacity to ~108 million pieces.
While geopolitical developments, raw-material volatility, and evolving global trade flows require continued vigilance, our diversified manufacturing footprint, strong customer relationships, and disciplined approach to execution provide confidence in sustaining the current momentum.”