New Delhi: Pearl Global Industries Ltd (PGIL), India’s largest listed garment exporter, reported a 13.2% year-on-year growth in consolidated revenue to ₹3,711 crore for the nine months ended December 31, 2025, driven by higher value-added product sales and strong traction across overseas manufacturing hubs.
For Q3 FY26, the company posted consolidated revenue of ₹1,170 crore, up 14.4% YoY, reflecting steady demand from global apparel buyers amid a volatile macro and trade environment.
Profitability improves despite tariff headwinds
Adjusted EBITDA (excluding ESOP costs) for 9M FY26 rose 14% YoY to ₹333 crore, with margins at around 9%. Excluding the impact of reciprocal tariffs and ramp-up costs at new facilities, EBITDA margins stood at ~10.1%, underscoring operational efficiencies across geographies. Consolidated PAT for the nine-month period increased 14% YoY to ₹189 crore.
In Q3 FY26, adjusted EBITDA came in at ₹97 crore, up 4.4% YoY, while PAT rose 6.8% to ₹52 crore.
Overseas operations lead growth
Growth during the period was led by Vietnam and Indonesia, where factories operated at optimal utilisation, supported by a higher share of value-added products. Bangladesh also remained a key growth market, with capacity expansion on track for completion by Q2 FY27, positioning the company for further scale-up.
India operations, while relatively muted during FY26 due to elevated US tariffs, are expected to regain momentum following the reduction of US tariffs to 18%, along with favourable developments such as the India–EU and India–UK Free Trade Agreements, which improve competitiveness for Indian apparel exporters.
On a standalone basis, PGIL reported ₹777 crore revenue in 9M FY26, with adjusted EBITDA rising 64% YoY to ₹43 crore, aided by cost restructuring. Standalone PAT improved to ₹55 crore, compared to ₹32 crore a year earlier.
Balance sheet and credit profile strengthen
During the period, Pearl Global’s long-term credit rating was upgraded to ICRA A+ (Stable), reflecting stronger liquidity and operational resilience.
With diversified manufacturing across South Asia, Southeast Asia and Central America, and improving trade tailwinds, the company remains well-positioned to capitalise on global sourcing shifts and rising demand for reliable, scalable apparel supply chains.
