Multi-country operations drive 13% growth despite macro challenges.
Pearl Global Industries, India’s largest listed garment exporter with manufacturing operations across South Asia, South-East Asia and Central America, has reported strong financial performance for the nine months ended December 31, 2025 (9M FY26), supported by its diversified global footprint and higher value-added product mix.
On a consolidated basis, the company reported revenue of Rs 37.11 billion for 9M FY26, registering a year-on-year growth of 13.2 per cent. The growth was primarily driven by strong performance in Vietnam and Indonesia. Adjusted EBITDA (excluding ESOP expenses) stood at Rs 3.33 billion, up 14.0 per cent year-on-year, with an EBITDA margin of around 9.0 per cent. After adjusting for reciprocal tariff impact of approximately Rs 310 million and incremental ramp-up costs of new operations of about Rs 110 million, the adjusted EBITDA margin improved to nearly 10.1 per cent. Profit after tax (PAT) for the nine-month period rose to Rs 1.89 billion, an increase of 14.0 per cent year-on-year.
For Q3 FY26, consolidated revenue stood at Rs 11.70 billion, reflecting a growth of 14.4 per cent year-on-year. Adjusted EBITDA for the quarter was Rs 970 million, up 4.4 per cent, with a margin of 8.3 per cent. Excluding tariff impact and ramp-up costs of around Rs 90 million, the adjusted EBITDA margin improved to approximately 9.1 per cent. PAT for the quarter increased to Rs 520 million, up 6.8 per cent year-on-year.
On a standalone basis, Pearl Global reported revenue of Rs 7.77 billion for 9M FY26. Adjusted EBITDA rose sharply by 63.7 per cent year-on-year to Rs 430 million, with margins improving by 220 basis points to 5.5 per cent, largely driven by cost restructuring initiatives. PAT stood at Rs 550 million, compared to Rs 320 million in the corresponding period last year. For Q3 FY26, standalone revenue was Rs 2.46 billion, with adjusted EBITDA of Rs 130 million and PAT of Rs 140 million.
During the period, the company also recorded improvements in its credit profile, with its long-term rating upgraded from [ICRA] BBB (Stable) in 2021 to [ICRA] A+ (Stable) in 2026, and its short-term rating improving to [ICRA] A1+, reflecting stronger liquidity and operational resilience. Additionally, Founder and Chairman Dr. Deepak Seth was conferred the Global Leadership Award at the AEPC Excellence Honours Ceremony in New Delhi.
Commenting on the results, Pulkit Seth, Vice-Chairman and Non-Executive Director, Pearl Global Industries, said the company delivered encouraging performance despite a challenging macroeconomic environment, supported by growth across key geographies. He highlighted that recent tariff reductions and free trade agreements with the US, EU and UK are expected to significantly enhance India operations and profitability going forward.
Pallab Banerjee, Managing Director, Pearl Global Industries, said, “Revenue for the nine months ended FY26 stood at Rs 37.11 billion, reflecting a 13.2 per cent year-on-year growth, while EBITDA reached Rs 3.33 billion, up 14.0 per cent. This performance underscores the strength of Pearl Global’s diversified operating model and disciplined execution across geographies. With recent trade agreements and capacity readiness, the company is well positioned to accelerate growth and profitability from FY27 onwards.”