Pearl Global Industries Limited (PGIL) (BSE: 532808 | NSE: PGIL), India’s largest listed garment exporter with manufacturing operations across South Asia, South-East Asia and Central America, has announced its unaudited financial results for the quarter and nine months ended December 31, 2025. For the nine months ended FY26, the Company reported consolidated revenue of INR 3,711 crore, registering a year-on-year growth of 13.2%.
The growth was supported by strong performance in high value-added products, particularly from its Vietnam and Indonesia operations. Adjusted EBITDA, excluding ESOP expenses, stood at INR 333 crore, reflecting a 14.0% increase over the previous year, with EBITDA margins at approximately 9.0%.
After normalizing for reciprocal tariff impacts of around INR 31 crore and incremental ramp-up costs of new operations amounting to approximately INR 11 crore, adjusted EBITDA margins improved to about 10.1%. Profit after tax for the nine-month period increased to INR 189 crore, up 14.0% year-on-year.
During the third quarter of FY26, consolidated revenue reached INR 1,170 crore, reflecting a growth of 14.4% over the corresponding quarter of the previous year. Adjusted EBITDA for the quarter stood at INR 97 crore, marking a 4.4% year-on-year increase, with margins at 8.3%.
After excluding tariff impacts and ramp-up costs of approximately INR 9 crore, adjusted EBITDA margins stood at around 9.1%. Profit after tax for Q3 FY26 increased to INR 52 crore, compared to INR 49 crore in Q3 FY25.
On a standalone basis, the Company reported revenue of INR 777 crore for the nine months ended FY26. Adjusted EBITDA rose sharply to INR 43 crore, reflecting a year-on-year growth of 63.7%, driven primarily by cost restructuring initiatives. EBITDA margins improved to 5.5%, an expansion of 220 basis points over the previous year.
Excluding reciprocal tariff costs of approximately INR 14 crore, adjusted EBITDA margins stood at about 7.3%. Standalone profit after tax for the nine-month period increased to INR 55 crore, compared to INR 32 crore in the corresponding period last year.
For Q3 FY26, standalone revenue stood at INR 246 crore, with adjusted EBITDA of INR 13 crore and margins at 5.1%, improving by 140 basis points year-on-year. Profit after tax for the quarter increased to INR 14 crore from INR 4 crore in Q3 FY25.
Commenting on the performance, Pulkit Seth, Vice-Chairman and Non-Executive Director, said the Group delivered steady growth despite a challenging global macroeconomic and geopolitical environment. He highlighted that the reduction of U.S. tariffs to 18% is expected to significantly support India operations by improving profitability and accelerating growth. He further noted that recent trade agreements with the EU and the UK provide a strong platform for expansion, while capacity additions in Bangladesh and steady momentum in Vietnam and Indonesia position the Company well for sustained long-term growth.
Pallab Banerjee, Managing Director, stated that the Company’s diversified manufacturing footprint and disciplined execution enabled consistent performance across geographies. He added that the removal of U.S. tariffs will eliminate discount pressures faced during the year, leading to improved profitability going forward. With trade agreements now covering most major global markets and adequate capacity in place, Pearl Global is well positioned to capitalize on emerging opportunities and drive growth from FY27 onwards.
Founded in 1987, Pearl Global Industries Limited (PGIL) is among India’s largest listed apparel exporters, with manufacturing operations across India, Bangladesh, Vietnam, Indonesia and Guatemala. The Company offers end-to-end supply chain solutions and serves leading global fashion brands and retailers across the USA, EU, UK, Japan, Australia and Canada.
PGIL operates 25 manufacturing units with an annual capacity of over 93 million garments, including owned and outsourced facilities. Its product portfolio spans knits, woven garments, denim, outerwear, activewear and athleisure. With a diversified and de-risked manufacturing footprint, Pearl Global continues to be a preferred long-term sourcing partner for marquee global brands.
