Pearl Global Industries Limited (PGIL): India’s largest listed garment exporter, manufacturing from multiple sourcing regions in South Asia, South-East Asia and Central America has announced its unaudited financial results for the Quarter ended 31st December 2025.
Consolidated Financial Highlights for 9MFY26:
• Revenue stands at INR 3,711 crore, growth of 13.2% Y-o-Y, driven by high value-added product sales growth in Vietnam and Indonesia
• Adj. EBITDA (excl. ESOP expense) stands at INR 333 crore, grew by 14.0% Y-o-Y, EBITDA margin at ~9.0%
• Adj. EBITDA margin excluding reciprocal tariff impact of ~INR 31 crore and incremental ramping up cost of new operations of ~INR 11 crore, stands at ~10.1%
• PAT grew to INR 189 crore, up 14.0% Y-o-Y
Consolidated Financial Highlights for Q3FY26:
• Revenue stands at INR 1,170 crore, grew by 14.4% Y-o-Y
• Adj. EBITDA (excl. ESOP expense) came at INR 97 crore, up 4.4% Y-o-Y, with margin at 8.3%
• Adj. EBITDA margin excluding reciprocal tariff impact and incremental ramping up cost of new operations of ~INR 9 crore stands at ~9.1%
• PAT grew to INR 52 crore, up 6.8% Y-o-Y
Standalone Financial Highlights for 9MFY26:
• Revenue stands at INR 777 crore
• Adj. EBITDA (excl. ESOP expense) stands at INR 43 crore, grew by 63.7% Y-o-Y, EBITDA margin of 5.5%, improved by 220 BPS Y-o-Y, mainly due to cost restructuring
• Adj. EBITDA margin excluding reciprocal tariff cost of INR ~14 crore stands at ~7.3%
• PAT stands at INR 55 crore, compared to INR 32 crore in 9M FY25
Standalone Financial Highlights for Q3FY26:
• Revenue stands at INR 246 crore
• Adj. EBITDA stands at INR 13 crore, EBITDA margin at 5.1%, improved by 140 BPS Y-o-Y
• Adj. EBITDA margin excluding reciprocal tariff cost of INR ~5 crore stands at ~7.2%
• PAT stands at INR 14 crore, compared to INR 4 crore in Q3 FY25
Other Highlights:
• The Founder & Chairman, Dr. Deepak Seth, was honoured with the Global Leadership Award for building the world’s largest apparel supply chain company from India for FY23‑24 and FY24‑25, presented by C. P. Radhakrishnan, Hon’ble Vice President of India, at the AEPC Excellence Honours Ceremony in New Delhi
• The Company has achieved a notable improvement in its credit profile, with the long-term rating upgraded from [ICRA] BBB (Stable) in 2021 to [ICRA] A+ (Stable) in 2026. Concurrently, the short-term rating has advanced from [ICRA] A3+ to [ICRA] A1+, underscoring our robust liquidity and operational resilience despite a challenging macroeconomic environment
