Pearl Global Industries Limited (PGIL), one of India’s largest listed garment exporters with manufacturing operations across South Asia, South-East Asia, and Central America, has announced its unaudited financial results for the quarter ended 30th June 2025.
PGIL reported consolidated revenue of Rs. 1,228 crore (US $ 140 million) for Q1 FY ’26, up 16.6% year-on-year, marking its fifth consecutive quarter of delivering over Rs. 1,000 crore (US $ 114 million) in revenue. The growth was driven by robust sales in Vietnam and Indonesia, supported by a strong order book and higher sales volumes.
Adjusted EBITDA stood at Rs. 114 crore (US $ 13.01 million), a 13.4% YoY increase, with a margin of 9.3%. Excluding tariff costs and operational losses from new facilities in Guatemala and Bihar, the margin stood at approximately 10.7%, sustaining double-digit levels for the second consecutive quarter.
Profit After Tax (PAT) rose 5.9% YoY to Rs. 66 crore (US $ 7.53 million). Adjusted for exceptional items in Q1 FY ’25, PAT growth was 13.5% YoY.
Standalone revenue came in at Rs. 267 crore (US $ 30.48 million), down 3.4% YoY. Adjusted EBITDA increased 47.2% YoY to Rs. 20 crore (US $ 2.28 million), with margins improving 250 basis points to 7.3%, aided by a shift in customer and product mix. Standalone PAT surged 62.6% YoY to Rs. 26 crore (US $ 2.96 million).
The company shipped 17.2 million pieces in Q1 FY ’26, up from 16.7 million pieces in the same period last year.
Vice-Chairman and Non-Executive Director Pulkit Seth said the company had delivered “another quarter of resilient performance” with revenue growth led by Vietnam and Indonesia despite global tariff uncertainties. He noted that this marked “a fifth consecutive quarter above Rs. 1,000 crore (US $ 114 million)”. Seth added that PGIL’s “diversified geographic presence” was a key factor in sustaining momentum and that any future expansion would be “measured and aligned with sustained growth and stability in target markets.”
Managing Director Pallab Banerjee stated that PGIL had maintained profitability despite “external challenges, notably US reciprocal tariffs.” Banerjee said the company was recalibrating its US strategy due to the 50% tariff on India, with production for the US market shifting to more favourable hubs such as Vietnam, Indonesia, Bangladesh, and Guatemala. He emphasised that India operations would focus on UK, Japan, and Australia markets under existing free trade agreements until the US tariff situation stabilises.
