Pearl Global Industries Limited (PGIL), a garment exporter with manufacturing operations across South Asia, South-East Asia and Central America, has announced its unaudited consolidated financial results for the quarter ended 31st December 2025.
For the nine months ended FY ’26, the company reported consolidated revenue of Rs. 3,711 crore (US $ 409 million), representing year-on-year growth of 13.2%. The increase was driven primarily by strong sales of higher value-added products in Vietnam and Indonesia. Adjusted EBITDA (excluding ESOP expenses) rose 14.0% year-on-year to Rs. 333 crore (US $ 36.76 million), with an EBITDA margin of approximately 9.0%. Excluding the impact of reciprocal tariffs of around Rs. 31 crore (US $ 3.42 million) and incremental ramp-up costs of approximately Rs. 11 crore (US $ 1.21 million) related to new operations, the adjusted EBITDA margin stood at about 10.1%. Profit after tax for the period increased 14.0% year-on-year to Rs. 189 crore (US $ 20.86 million).
For the third quarter of FY ’26, PGIL recorded consolidated revenue of Rs. 1,170 crore (US $ 129 million), up 14.4% year-on-year. Adjusted EBITDA (excluding ESOP expenses) stood at Rs. 97 crore (US $ 10.71 million), an increase of 4.4% year-on-year, with a margin of 8.3%. Excluding reciprocal tariff impacts and incremental ramp-up costs of around Rs. 9 crore (US $ 993,000 million), the adjusted EBITDA margin for the quarter was approximately 9.1%. Profit after tax for the quarter rose 6.8% year-on-year to Rs. 52 crore (US $ 5.74 million).
Commenting on the results, Vice-Chairman and Non-Executive Director Pulkit Seth said the group had delivered another quarter of encouraging performance in FY ’26 despite a challenging macroeconomic and geopolitical environment. Seth added that the company’s India operations were expected to gain significant momentum following the reduction of US tariffs to 18%, which removed the burden of an additional 25% duty. He said this development was expected to enhance profitability and support sustained top-line growth. He also highlighted the India–EU Free Trade Agreement as a positive structural development for the industry, stating that it would create a level playing field for Indian exporters and accelerate growth in the company’s India operations by enabling it to leverage existing relationships with EU customers.
Managing Director Pallab Banerjee said the company had delivered another resilient performance in both the third quarter and the nine-month period of FY ’26, underscoring the strength of Pearl Global’s diversified operating model and disciplined execution across geographies. He said that, despite ongoing macroeconomic and trade-related challenges, the company achieved consistent growth supported by a higher value-added product mix and operational efficiencies.
Banerjee noted that the removal of US tariffs represented a significant advantage for both India and Pearl Global. He explained that, during the tariff period, the company had extended discounts to US clients to preserve customer relationships, and that the elimination of tariff-related penalties would remove this discount pressure, directly improving profitability from February onwards.
