Pearl Global Industries Limited (PGIL) (BSE: 532808; NSE: PGIL), one of India’s leading listed garment exporters with a strong global manufacturing footprint, has reported solid financial performance for the first half of FY26, achieving consolidated revenue of ₹2,541 crore, a 12.7% year-on-year increase. The company’s results reflect strong growth momentum driven by value-added product sales and continued expansion across key sourcing regions including Vietnam and Indonesia.
For the quarter ended September 30, 2025, PGIL recorded consolidated revenue of ₹1,313 crore, up 9.2% year-on-year, while adjusted EBITDA (excluding ESOP expenses) rose 23.6% to ₹122 crore, with margins improving to 9.3%. Net profit for the quarter grew 29.4% year-on-year, reaching ₹72 crore. For the first half of FY26, adjusted EBITDA stood at ₹236 crore, up 18.4% year-on-year, with net profit increasing to ₹138 crore, a growth of 17%.
Commenting on the results, Pulkit Seth, Vice-Chairman and Non-Executive Director, PGIL, said, “Despite a challenging macroeconomic environment, Pearl Global has maintained its growth trajectory and delivered another strong quarter. Crossing the ₹2,500 crore revenue mark is a significant milestone that demonstrates the strength of our multi-country manufacturing model. Our operations in Vietnam and Indonesia continue to drive double-digit volume growth, underscoring our diversified strategy. We remain focused on delivering sustainable growth, with technology, agility, and shareholder value at the core of our strategy.”
He added, “The interim dividend of ₹6 per equity share—representing a 20% payout ratio—reflects our continued commitment to rewarding shareholders. Our strategy of building production hubs across multiple regions continues to validate itself in today’s dynamic trade landscape.”
Pallab Banerjee, Managing Director, PGIL, said, “In Q2 FY26, we achieved revenue of ₹1,313 crore and maintained profitability despite global trade volatility and U.S. tariff pressures. Excluding tariff costs and new facility ramp-up losses, EBITDA margins stood at 10.1%, highlighting improved operational efficiency and a richer product mix from Vietnam and Indonesia. The U.S. now contributes around 50% of group revenue, down from 86% in FY21, as we continue to diversify into markets such as Australia, Japan, the U.K., and the EU.”
Mr Banerjee further noted that the company is investing ₹250 crore in capacity expansion and sustainability initiatives across India and Bangladesh, including the addition of up to 6 million pieces in Bangladesh and 3 million pieces in India. The adoption of eFlow Nanobubble technology in Bangladesh has enabled a 32% reduction in water use, a 9% decrease in power consumption, and a 20% improvement in production time efficiency, further reinforcing PGIL’s focus on responsible manufacturing.
As of September 30, 2025, the company’s net worth stood at ₹1,271 crore, with total cash and bank balances (including mutual funds) at ₹544 crore. Return on Capital Employed (ROCE) improved by 375 basis points to 29%, while working capital days were maintained at an efficient 33 days.
With a presence across India, Bangladesh, Vietnam, Indonesia, and Guatemala, PGIL continues to strengthen its position as a trusted manufacturing partner for some of the world’s leading fashion and retail brands. The company’s balanced, multi-country production network, strong order book, and disciplined execution provide a solid foundation for long-term, sustainable growth.
Established in 1987, Pearl Global Industries Limited (PGIL) is one of India’s largest listed garment exporters with manufacturing operations across South Asia, South-East Asia, and Central America. The company produces a wide range of apparel including knits, wovens, denim, outerwear, activewear, and athleisure for major global brands such as Ralph Lauren, Primark, PVH, Target, Old Navy, and Kohl’s. With 25 manufacturing units and an annual production capacity exceeding 93 million pieces, PGIL provides end-to-end supply chain solutions to leading fashion retailers across the U.S., U.K., Europe, Japan, and Australia. Its commitment to sustainable manufacturing, technological advancement, and diversified market presence continues to drive consistent performance and global growth.
