Pearl Global Industries Limited reported its highest-ever annual revenue for FY26 as the company continued its strong growth trajectory despite global geopolitical and tariff-related challenges. The company crossed the ₹5,000 crore revenue milestone for the first time while also expanding its installed manufacturing capacity beyond 100 million pieces annually.
The garment exporter reported consolidated revenue of ₹5,025 crore for FY26, registering an 11.5 per cent year-on-year growth driven by higher volumes and growth in value-added products across international markets. The company also delivered consistent profitability improvement during the year through operational discipline, diversified sourcing, and capacity expansion across geographies.
Adjusted EBITDA excluding ESOP expenses stood at ₹468 crore, reflecting a growth of nearly 14 per cent year-on-year, while EBITDA margins improved to 9.3 per cent. Excluding the impact of reciprocal tariffs and incremental losses in Bihar and Guatemala operations, adjusted EBITDA margin stood at approximately 10.3 per cent. Profit After Tax for FY26 rose 17 per cent year-on-year to ₹270 crore.
The company also reported its highest-ever quarterly revenue in Q4 FY26 at ₹1,314 crore, marking a 6.9 per cent increase over the corresponding period last year. Quarterly adjusted EBITDA excluding ESOP expenses grew 13.7 per cent to ₹135 crore, with EBITDA margin touching a record 10.3 per cent for any quarter. Quarterly PAT rose 24.6 per cent year-on-year to ₹81 crore.
Commenting on the performance, Pulkit Seth, Vice-Chairman and Non-Executive Director, said FY26 was another resilient year for the company despite a complex geopolitical environment and tariff disruptions impacting the global apparel sector. He stated that crossing the ₹5,000 crore revenue milestone and surpassing 100 million pieces in installed capacity represent two major achievements that reflect the company’s operational strength, global scale, and sustained growth momentum.
According to him, tariff and penal duties imposed by the United States affected India operations during the year. However, Pearl Global Industries successfully mitigated the impact through its diversified multi-country manufacturing presence spread across South Asia, Southeast Asia, and Central America.
He further said the company continues to strengthen its global customer base through new client additions while expanding manufacturing capabilities to support long-term growth. The company plans capital investments of ₹200–250 crore during FY27 to further enhance capacities and operational capabilities.
Managing Director Pallab Banerjee said the company achieved its second consecutive year of double-digit growth while maintaining steady improvement in profitability. He highlighted that Pearl Global shipped 78.1 million pieces during FY26 compared to 74.3 million pieces in FY25. He added that total installed capacity has now reached nearly 101 million pieces annually, with ongoing expansion projects in Bangladesh expected to add another 6–7 million pieces during FY27.
The company acknowledged that geopolitical tensions and Gulf conflicts could lead to rising energy, raw material, and logistics costs. However, management expressed confidence that Pearl Global remains well-positioned to navigate these challenges due to its diversified manufacturing footprint, strong customer relationships, and disciplined execution capabilities.
On the balance sheet front, the company reported a significant strengthening in financial position. Net worth increased to ₹1,438 crore as of March 31, 2026, compared to ₹1,146 crore a year earlier. Cash and bank balances rose to ₹634 crore, while working capital days improved to 43 days.
During the year, the company also witnessed an upgrade in its credit ratings from ICRA BBB (Stable) in 2021 to ICRA A+ (Stable) in 2026 for long-term facilities, while short-term ratings improved to ICRA A1+. The board declared a second interim dividend of ₹8.5 per equity share for FY26, taking the total dividend payout for the year to ₹14.5 per share, representing the company’s highest-ever payout ratio at nearly 25 per cent of FY26 Group PAT.
Founded in 1987, Pearl Global Industries is among India’s largest listed garment exporters with manufacturing operations across India, Bangladesh, Vietnam, Indonesia, and Guatemala. The company supplies fashion garments including knitwear, woven apparel, denim, outerwear, activewear, and athleisure products to leading global retailers and brands across the United States, Europe, the United Kingdom, Japan, Australia, and Canada.
