Pearl Global Industries Continues Growth Momentum in H1FY26

Growth momentum was led by our Vietnam and Indonesia hubs, which continued double-digit volume expansion.

Pearl Global Industries, one of India’s largest listed garment exporters with manufacturing operations across South Asia, Southeast Asia, and Central America, announced its unaudited financial results for the quarter and half year ended September 30, 2025 (H1FY26).

Consolidated financial highlights – H1FY26

• Revenue crossed the Rs 25 billion milestone, reaching Rs 25.41 billion, up 12.7 per cent YoY, driven by high-value product sales from Vietnam and Indonesia.
• Adjusted EBITDA stood at Rs 2.36 billion, up 18.4 per cent YoY, with margins improving 45 bps YoY to 9.3 per cent.
• Excluding tariff costs (~Rs 210 million) and start-up losses at new facilities (Guatemala & Bihar), EBITDA margin stood at 10.6 per cent.
• PAT for H1FY26 rose to Rs 1.38 billion, a 17 per cent YoY increase.

Consolidated financial highlights – Q2FY26

• Revenue: Rs 13.13 billion, up 9.2 per cent YoY.
• Adjusted EBITDA (ex-ESOP): Rs 1.22 billion, up 23.6 per cent YoY, with a 9.3 per cent margin (+108 bps YoY).
• EBITDA margin (ex-tariff/new facility losses): 10.1 per cent.
• PAT: Rs 720 million, up 29.4 per cent YoY.

Standalone financial highlights – H1FY26

• Revenue: Rs 5.31 billion.
• Adjusted EBITDA: Rs 300 million, up 72.7 per cent YoY, with margins improving to 5.7 per cent (+258 bps YoY).
• Excluding tariff impact (~Rs 80 million), EBITDA margin stood at 7.2 per cent.
• PAT: Rs 410 million, up from Rs 270 million in H1FY25.

Pulkit Seth, Vice-Chairman & Non-Executive Director, said, “We are delighted to deliver another strong performance in Q2FY26 despite global macro uncertainties. Revenue for H1FY26 crossed Rs 25 billion — a testament to our diversified, multi-country manufacturing model. The Board has approved an interim dividend of Rs 6 per equity share, representing a 20 per cent payout ratio and 120 per cent of face value.

Growth momentum was led by our Vietnam and Indonesia hubs, which continued double-digit volume expansion. Our diversified global footprint allows us to stay agile amid tariff changes, while our expanding presence in the US, UK, Japan, and Australia positions us well for future opportunities. As we move into H2, our focus remains on sustainable, profitable growth anchored in agility, technology, and long-term stakeholder value.”

Pallab Banerjee, Managing Director, added, “Q2FY26 reflects our strong operational resilience. Revenue stood at Rs 13.13 billion with margins improving to 9.3 per cent, despite headwinds such as the 50 per cent US tariff on India. Excluding tariff and new facility impact, margins stood at 10.1 per cent.

The US share in group revenue has reduced to ~50 per cent from 86 per cent in FY21, underscoring our success in diversification. We continue expanding in Australia, Japan, the UK, and the EU, while building domestic client relationships for stability.

We are investing Rs 2.50 billion in capex for capacity expansion, sustainability, and digital transformation — adding 5–6 million pieces in Bangladesh and 2.5–3.5 million in India. Backed by a strong order book, diversified markets, and disciplined execution, Pearl Global is poised for long-term sustainable growth.