NSE: PGIL · BSE: 532808
PEARL GLOBAL IND LIMITED
Manufactures and exports ready-made garments from production hubs in Asia to global apparel brands and retailers in the U.S., EU and U.K. FY26 topline was ₹5,025 crore (up 11.5% year-on-year), with PAT of ₹270 crore. Hong Kong contributes the largest share of segment revenue at 48.1%, followed by Bangladesh at 20.7%, India at 13.4%, Vietnam at 12.0% and Others at 5.8%. Installed garment-making capacity crossed 101 million pieces in FY26, against a stated FY28 target of 125-130 million pieces. Materials are the biggest cost line at 42.7% of revenue, followed by employees at 19.0% and other operating expenses at 19.3%; capex was 3.7% of revenue in FY26. The board has approved a stock split and bonus issue, subject to shareholder approval. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Hong Kong (48%), Bangladesh (21%), India (13%), Vietnam (12%), Others (6%). Cyclical, labour-intensive global garment manufacturing
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2,714 | 3,158 | 3,436 | 4,506 | 5,025 |
| EBITDA (ex other income) | 147 | 269 | 307 | 408 | 463 |
| margin % | 5.4 | 8.5 | 8.9 | 9.1 | 9.2 |
| Owners' profit | 68 | 149 | 175 | 248 | 278 |
| EPS, as reported (₹) | 31.46 | 68.90 | 40.26 | 54.96 | 60.34 |
| ROE % · ROCE % | 11.4 · 15.2 | 20.6 · 25.0 | 20.7 · 25.0 | 20.1 · 24.8 | 18.8 · 22.3 |
| Debt / equity (x) | 0.92 | 0.60 | 0.54 | 0.48 | 0.48 |
| Cash from operations | (91) | 365 | 352 | 176 | 398 |
| Capex | (83) | (68) | (124) | (118) | (187) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,202 | 1,023 | 1,229 | 1,228 | 1,313 | 1,170 | 1,314 | 1,528 |
| Profit before tax | 63 | 54 | 78 | 76 | 79 | 59 | 95 | 120 |
| Net profit | 56 | 48 | 65 | 66 | 72 | 52 | 81 | 99 |
| EPS (₹) | 12.90 | 12.52 | 15.10 | 14.76 | 15.95 | 11.57 | 18.05 | 21.77 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Hong Kong | 3,937 | 48.1 |
| India | 1,094 | 13.4 |
| Bangladesh | 1,692 | 20.7 |
| Vietnam | 984 | 12.0 |
| Others | 474 | 5.8 |
| Total, before eliminations | 8,182 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| PAGE INDUSTRIES LTD | 37,812 | 50.0 | 25.16 | — | 50.8 | 58.6 | — | 21.1 |
| ARVIND LIMITED | 13,369 | 32.3 | 3.23 | 14.1 | 10.3 | 11.9 | 12.9 | 9.4 |
| PEARL GLOBAL IND LIMITED ◆ | 5,588 | 18.0 | 3.89 | 11.2 | 18.8 | 16.8 | 27.5 | 11.2 |
| GOKALDAS EXPORTS LTD. | 4,744 | 46.0 | 2.20 | 12.9 | 4.6 | 6.0 | 26.9 | 12.1 |
| LUX INDUSTRIES LIMITED | 3,496 | 32.8 | 1.92 | 19.4 | 5.8 | 7.3 | 8.4 | 8.2 |
| SBC EXPORTS LIMITED | 3,114 | 76.9 | 38.83 | 70.5 | 31.5 | 28.3 | — | 13.9 |
| KEWAL KIRAN CLOTHING LTD | 2,631 | 17.8 | 2.35 | 9.6 | 13.6 | 16.6 | 32.0 | 24.0 |
| KITEX GARMENTS LTD | 2,250 | — | 1.82 | 34.0 | (1.1) | 0.3 | 7.9 | 11.3 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 18.0 | 16.2 | 21 of 37 | 44% |
| P/B | 3.9 | 1.5 | 29 of 35 | 18% |
| ROCE | 16.8 | 8.4 | 8 of 44 | 84% |
| ROE | 18.8 | 5.8 | 4 of 35 | 91% |
| Debt / Equity | 0.5 | 0.3 | 29 of 35 | 18% |
| EBITDA margin | 11.2 | 10.4 | 16 of 35 | 56% |
| Revenue growth | 24.5 | 7.9 | 11 of 37 | 72% |
| Profit growth | 51.4 | 6.8 | 10 of 37 | 75% |
| Market cap | 5588 | 146 | 3 of 44 | 95% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · 109,300 shares allotted under employee stock option plan | capital market events | low | — | — |
| 21 Oct 2026 · Vietnam garment subsidiary incorporated with USD 1.2 million investment | strategic transactions | medium | — | — |
| 9 Oct 2026 · Newspaper ad on SEBI special window for physical share demat | compliance | minimal | — | — |
| 8 Oct 2026 · Compliance Certificate under SEBI Regulation 74(5) for Q2 FY27 | compliance | minimal | — | — |
| 1 Oct 2026 · Investor Day 2026 transcript uploaded on company website | investor communications | medium | — | — |
| 28 Sept 2026 · Trading Window Closure for Q2 FY26-27 Results | compliance | minimal | — | — |
| 24 Sept 2026 · Audio recording of Investor Day 2026 uploaded on company website | investor communications | low | — | — |
| 24 Sept 2026 · Pearl Global Industries uploads Investor Day 2026 presentation | investor communications | medium | — | — |
| 22 Sept 2026 · Pearl Global commissions new Bangladesh facility, capacity reaches 108 million pieces | capex operations | high | — | — |
| 16 Sept 2026 · Analyst and investor plant visit scheduled for September 22-23, 2026 | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
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| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
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Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.