Pearl Global Industries Limited (PGIL)
₹1,289.20 +2.05% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Pearl Global's revenue was ₹1,528 Cr (+24.5% year on year, +16.3% on the previous quarter), and net profit ₹99.2 Cr (+51.4% year on year); the operating margin was 10.7%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹1,528 | +24.5% | +16.3% |
| Operating profit | ₹164 | +45.7% | +21.8% |
| Net profit | ₹99.2 | +51.4% | +22.5% |
| EPS (₹) | 21.77 | +47.5% | +20.6% |
| Operating margin | 10.7% | — | — |
PGIL delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 38.39% of the PGIL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 41.07%. That is close to its usual level. Volume was 0.4 times its average, well below normal.
Delivery in the last 5 sessions: 35.0% · 45.6% · 55.3% · 36.3% · 38.4%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Pearl Global Industries Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate from the Registrar and Share Transfer Agent, MUFG Intime India Private Limited, confirms that securities received for dematerialisation were processed and confirmed within prescribed timelines. This is a standard quarterly administrative filing confirming depository compliance with zero impact on operational or financial metrics.
- Compliance certificate filed under Regulation 74(5) for the quarter ended September 30, 2026
- Certificate issued by Registrar and Share Transfer Agent MUFG Intime India Private Limited dated October 06, 2026
- Formal intimation dispatched to BSE and NSE on October 08, 2026
Pearl Global Industries Limited has commissioned a new garment manufacturing unit and expanded sustainable laundry capacity in Bangladesh. The new unit adds ~7 million pieces of annual garment capacity at optimum utilization, expanding total installed capacity across geographies to ~108 million pieces per annum (a ~6.9% capacity increase). Management expects the sustainable laundry capacity to reduce operational and washing costs, generating a ROCE of approximately 18–20%. The expansion builds on PGIL's global sourcing platform across India, Bangladesh, Vietnam, Indonesia, and Guatemala.
- Commissioned new manufacturing facility in Bangladesh adding ~7 million pieces of annual capacity at optimum utilization
- Total global installed manufacturing capacity reaches ~108 million pieces per annum across 25 units
- Expanded in-house sustainable laundry capacity targeting a ROCE of ~18–20%
- Capacity expansion represents an approximate 6.9% increase over pre-expansion installed capacity
Pearl Global Industries Limited has scheduled a physical group plant visit for analysts and institutional investors on September 22 and September 23, 2026. The visit will take place at the company's Bangladesh manufacturing facilities starting from 9:00 AM IST onwards. Management confirmed that discussions will rely strictly on publicly available information without sharing any unpublished price sensitive information (UPSI). With overseas facilities representing roughly 70% of manufacturing capacity, Bangladesh remains a central operational hub for the garment maker.
- Plant visit scheduled across 2 days on September 22 and September 23, 2026
- Session starts at 9:00 AM (IST) onwards in a physical group meeting format
- Location designated at the company's Bangladesh manufacturing plant
- Discussions strictly limited to publicly available information with no UPSI
Pearl Global Industries Limited has approved the allotment of 4,61,90,542 bonus equity shares of face value ₹5 each in a 1:1 ratio. The allotment was finalized on September 15, 2026, for eligible shareholders as of the record date of September 11, 2026. This doubles the company's total issued shares from 4.62 crore to 9.24 crore and expands the paid-up equity capital from ₹23.10 crore to ₹46.19 crore. The newly allotted shares will rank pari-passu with existing equity.
- Allotted 4,61,90,542 fully paid-up bonus equity shares of face value ₹5 each
- Bonus issue executed in a 1:1 ratio (1 bonus share for every 1 share held)
- Paid-up equity share capital doubled from ₹23,09,52,710 to ₹46,19,05,420
- Record date for determining eligible shareholders was Friday, September 11, 2026
Pearl Global Industries Limited has fixed Friday, September 11, 2026, as the record date for its 1:1 bonus equity share issue. Under the issue, the company will issue up to 4,61,90,542 bonus equity shares of face value Rs 5 each, doubling its paid-up share base to 9,23,81,084 shares. The deemed date of allotment is set for September 15, 2026, with trading expected to commence by September 16, 2026. A 1:1 bonus issue will mathematically halve the stock price and double the share count without changing underlying fundamentals.
- Bonus ratio fixed at 1:1 (1 bonus equity share for every 1 existing fully paid equity share of Rs 5 face value)
- Record date for bonus eligibility scheduled on Friday, September 11, 2026
- Issuance of up to 4,61,90,542 bonus shares, expanding total equity base to 9,23,81,084 shares
- Deemed allotment on September 15, 2026, with bonus shares slated for trading by September 16, 2026
Pearl Global Industries Limited announced the results of its postal ballot concluded on September 05, 2026. Shareholders approved all three ordinary resolutions with overwhelming majorities: the appointment of Major General Sandeep Vohra (Retd.) as Director (99.82% approval) and Whole-Time Director (99.86% approval), along with the issuance of bonus equity shares (99.41% approval). A total of ~86.3% of total eligible shares were voted across 35,750 registered shareholders.
- Shareholders approved the issuance of bonus equity shares with 99.41% votes in favour (3,96,28,155 votes)
- Appointment of Major General Sandeep Vohra (Retd.) as Whole-Time Director approved with 99.86% majority
- Overall voting participation reached 86.30% of total outstanding voting capital (4,61,90,542 shares base)
- Scrutinizer confirmed all resolutions passed as of September 05, 2026
Pearl Global Industries Limited has announced it will host its 'Investor Day 2026' on September 24, 2026, starting at 4:00 PM IST. The physical group meeting with institutional investors and analysts will take place in Mumbai. The company confirmed that presentation materials will be submitted to the exchanges prior to the event and no unpublished price sensitive information (UPSI) will be shared.
- Event: Hosting Investor Day 2026
- Scheduled Date & Time: September 24, 2026 at 4:00 PM (IST) onwards
- Format & Location: Physical group meeting in Mumbai with institutional investors/analysts
- Compliance: Investor presentation to be filed with stock exchanges before the event
Pearl Global Industries Limited's Nomination and Remuneration Committee approved the grant of 2,500 stock options under the ESOP 2022 scheme on August 21, 2026. Each option is convertible into one equity share of face value ₹5 at an exercise price of ₹300 per share. The options will vest between 1 to 2 years from the date of grant and can be exercised within a 4-year window post-vesting. The resulting dilution of 2,500 shares is immaterial relative to the company's equity base and market capitalization of ₹10,723 Cr.
- Grant of 2,500 stock options approved on August 21, 2026
- Each option convertible into 1 equity share of face value ₹5
- Exercise price fixed at ₹300 per option
- Vesting period set between 1 year and a maximum of 2 years from grant date
- Exercise window open for 4 years following vesting
Pearl Global Industries (PGIL) reported its highest-ever quarterly performance in Q1 FY27, with revenue growing 24.5% YoY to Rs 1,528 Cr. Profit After Tax (PAT) surged 51.4% to Rs 99 Cr, supported by a 140 bps expansion in EBITDA margins to 10.7%. The company shipped 20.8 million pieces during the quarter and announced a significant FY27 capex plan of Rs 200-250 Cr to expand capacity across geographies. Management highlighted positive tailwinds from the India-UK FTA and shifting Japanese sourcing trends away from China.
- Achieved record quarterly revenue of Rs 1,528 Cr, representing approximately 30% of the TTM revenue in a single quarter.
- Volume shipped increased to 20.8 million pieces in Q1 FY27, up from 17.2 million pieces in the same quarter last year.
- Planned FY27 capex of Rs 200-250 Cr represents roughly 34-43% of the company's current net worth of Rs 582 Cr.
- Total group installed capacity is projected to reach 108 million pieces following a 6-7 million piece expansion in Bangladesh.
- EBITDA margins improved to 10.7% from 9.3% YoY, driven by better product mix and operating leverage despite significant wage hikes in India.
Pearl Global Industries Limited (PGIL) has released the audio recording of its earnings call for the quarter ended June 30, 2026. This procedural filing follows the company's recent financial performance, where it reported a TTM revenue of 5,025 Cr and a PAT of 270 Cr. The call likely covers management's progress on its 400-500 Cr capacity expansion plan and its strategy to mitigate high client concentration (top 5 clients account for 60-65% of sales). A written transcript is expected to follow in due course.
- Audio recording of the Q1 FY27 earnings call made available on August 6, 2026.
- Company reported TTM revenue of 5,025 Cr with an operating margin of 9.2%.
- Management is pursuing a 400-500 Cr investment plan to expand capacity by FY27.
- Current manufacturing capacity stands at approximately 93 million pieces per annum.
Pearl Global Industries Limited (PGIL) has issued a postal ballot notice seeking shareholder approval for the appointment of Major General Sandeep Vohra (Retd.) as a Whole-Time Director for a three-year term. He will be responsible for managing Indian facilities and executing the company's planned Rs 400-500 Cr expansion projects, with a proposed remuneration of up to Rs 40 lakh per annum. Additionally, the company is seeking approval for a bonus issue of equity shares (face value Rs 5). The e-voting period for these resolutions ends on September 5, 2026, with results expected by September 8, 2026.
- Appointment of Major General Sandeep Vohra (Retd.) as Whole-Time Director for a 3-year tenure starting August 5, 2026.
- Proposed remuneration for the new WTD is capped at Rs 40.00 Lakh per annum plus benefits.
- WTD tasked with executing expansion projects totaling Rs 400-500 Cr, representing ~69-86% of current Net Worth.
- Approval sought for issuance of Bonus Equity Shares to existing shareholders.
- Remote e-voting period scheduled from August 7, 2026, to September 5, 2026.
Pearl Global Industries (PGIL) has clarified the appointment of Major General Sandeep Vohra (Retd.) as a Whole-Time Director for a three-year term effective August 05, 2026. The company is seeking shareholder approval via postal ballot for this appointment and the issuance of bonus equity shares. The appointee brings over 37 years of experience in strategic planning and infrastructure, which is relevant to PGIL's planned ₹400-500 Cr capacity expansion. This filing serves as a corrigendum to correct clerical errors in the initial board meeting outcome reported earlier the same day.
- Appointment of Major General Sandeep Vohra (Retd.) as Whole-Time Director for a 3-year term
- Appointee possesses 37+ years of experience in strategic planning and large-scale infrastructure development
- Postal ballot approved for shareholder consent on director appointment and bonus equity share issuance
- Company is currently pursuing a ₹400-500 Cr investment plan to expand manufacturing capacity by FY27
Pearl Global Industries Limited (PGIL) issued a corrigendum to its August 05, 2026, board meeting outcome to clarify the appointment of Major General Sandeep Vohra (Retd.) as a Whole-Time Director for a 3-year term. The company also confirmed that the upcoming Postal Ballot will seek shareholder approval for both this appointment and the issuance of bonus equity shares. Major General Vohra brings over 37 years of experience in logistics and infrastructure, which is relevant to PGIL's global manufacturing operations across five countries. While the bonus ratio was not detailed in this specific filing, the confirmation of the corporate action is a key takeaway for shareholders.
- Appointment of Major General Sandeep Vohra (Retd.) as Whole-Time Director for a 3-year term effective August 05, 2026.
- New appointee brings over 37 years of cross-functional experience in strategic planning and large-scale logistics.
- Approval of draft Postal Ballot notice for shareholder consent on the director appointment and bonus equity share issuance.
- Company maintains a TTM revenue of ₹5,025 Cr with a significant 70% of manufacturing capacity located overseas.
- Market capitalization stands at ₹9,419 Cr with a P/E ratio of 34.9 as of the announcement date.
Pearl Global Industries (PGIL) reported a strong Q1 FY27 with consolidated revenue of ₹1,528.26 cr, representing a 24.5% YoY growth. The Board has recommended a 1:1 bonus issue, which will double the share count to 9.23 crore shares, utilizing ₹23.09 cr from a robust reserve pool of ₹549.26 cr. In a significant leadership move, Major General Sandeep Vohra (Retd.) has been appointed as Whole-Time Director for three years to oversee strategic planning and logistics. The proposal for a stock split has been deferred for the time being.
- Consolidated Revenue for Q1 FY27 rose to ₹1,528.26 cr from ₹1,227.92 cr in Q1 FY26
- Net Profit (PAT) for the quarter increased by 51.3% YoY to ₹99.23 cr
- 1:1 Bonus Issue announced, doubling the total equity shares to 9,23,81,084
- Capitalization of ₹23.09 cr for bonus shares from total available reserves of ₹549.26 cr
- Appointment of Major General Sandeep Vohra (Retd.) as Whole-Time Director for a 3-year term
Pearl Global Industries Limited (PGIL) has released its Q1 FY27 investor presentation, reiterating a 31.1% revenue growth target. The company is executing a significant Rs 400-500 Cr capacity expansion plan aimed at completion by FY27, which represents approximately 69-86% of its current net worth (Rs 582 Cr). Current manufacturing capacity has already scaled to 93 million pieces per annum from 82 million in FY24. While growth is robust, investors should note high concentration risks, with the top 5 customers accounting for 60-65% of sales and the US market influencing up to 70% of revenue.
- Targeting a 31.10% revenue growth rate through a three-pronged expansion strategy
- Planned capacity expansion investment of Rs 400-500 Cr to be finalized by FY27
- Current manufacturing capacity stands at ~93 million pieces per annum, up from 82 million in FY24
- Top 5 customers (including GAP and Macy's) contribute 60-65% of consolidated sales
- Geographic concentration risk remains high with US discretionary spending impacting up to 70% of revenue
Financial Performance
Revenue Growth by Segment
Consolidated revenue grew 31.1% YoY to reach INR 4,506.3 Cr in FY25 compared to INR 3,436.2 Cr in FY24. Growth was driven by strong sales volumes across all operating regions and increased wallet share from existing customers. In Q1 FY26, revenue reached INR 1,227.9 Cr, representing a 15.6% increase over Q1 FY25 (INR 1,062.4 Cr).
Geographic Revenue Split
The US market is the primary revenue driver, accounting for 79% of standalone sales in FY24 and over 70% of consolidated revenues. Overseas operations (Bangladesh, Vietnam, Indonesia, Guatemala) contribute 65-70% of total revenue, exposing the company to regional geopolitical and economic shifts.
Profitability Margins
PAT margin improved to 5.1% in FY25 from 4.9% in FY24 and 4.8% in FY23. This steady improvement is attributed to better capacity utilization and a shift toward an asset-light expansion model. PAT for FY25 stood at INR 230.8 Cr, up 36.5% from INR 169.1 Cr in FY24.
EBITDA Margin
EBITDA margin stood at 9.1% in FY25 (INR 403.6 Cr), a slight increase from 9.0% in FY24 (INR 307.8 Cr). Margins are constrained by intense competition and rising labor costs, which caused a 40 bps moderation in operating margins during FY24.
Capital Expenditure
PGIL has planned a debt-funded capacity expansion of INR 400-500 Cr over the FY25-FY27 period. This follows a historical capex of INR 550-560 Cr undertaken in the last five years to consolidate and enhance manufacturing capacities across global locations.
Credit Rating & Borrowing
The company maintains a comfortable financial profile with Interest Coverage improving to 4.6x in H1 FY25 from 3.7x in FY24. Total Debt/OPBDIT was 1.8x in FY25. Borrowing costs are managed through a mix of internal accruals and debt, supported by a INR 149.5 Cr QIP raised in July 2024.
Operational Drivers
Raw Materials
Cotton is the primary raw material, accounting for 50-55% of the total cost of goods sold. Volatility in cotton prices directly impacts the cost structure and operating margins of the garment manufacturing process.
Import Sources
Sourced from India and other low-cost garment exporting countries where manufacturing hubs are located, including Bangladesh, Vietnam, and Indonesia.
Key Suppliers
Not specifically named in the documents, but the company operates through a mix of in-house manufacturing and nine partnership factories as of March 31, 2024.
Capacity Expansion
Current manufacturing capacity is ~93 million pieces of garments per annum, up from 82 million pieces in FY24. Planned expansion of INR 400-500 Cr aims to further increase this volume by FY27.
Raw Material Costs
Raw material costs represent 50-55% of COGS. Profitability is highly vulnerable to cotton price fluctuations because the company has limited bargaining power to pass on sudden cost spikes to global retailers.
Manufacturing Efficiency
Efficiency is driven by a geographically diversified base (India, Bangladesh, Vietnam, Indonesia, Guatemala), allowing the company to leverage low labor costs and duty-free access in specific regions.
Logistics & Distribution
Distribution is focused on reducing transit times to the US and Europe by utilizing manufacturing hubs with favorable geographic proximity and duty-free access.
Strategic Growth
Expected Growth Rate
31.10%
Growth Strategy
Growth will be achieved through a three-pronged strategy: (1) Capacity expansion via INR 400-500 Cr investment, (2) Capturing market share as global retailers shift procurement from China to India and Bangladesh, and (3) Increasing 'wallet share' from existing top-tier clients like GAP and Macy's.
Products & Services
Readymade garments across categories including knits, woven, denim, non-denim, and outerwear for men, women, and children.
Brand Portfolio
PGIL acts as a preferred vendor for global brands including GAP, Kohl’s, Macy’s, Tommy Hilfiger, and Ralph Lauren.
New Products/Services
Expansion into diverse garment segments (athleisure and casual wear) is expected to support the 31.1% revenue growth trend.
Market Expansion
Targeting increased presence in Indonesia and Guatemala to leverage low-cost labor and duty-free access to Western markets.
Market Share & Ranking
Not disclosed as a specific industry rank, but identified as a leading global apparel manufacturer with a 93 million piece annual capacity.
Strategic Alliances
Maintains nine partnership factories to support an asset-light manufacturing model.
External Factors
Industry Trends
The industry is seeing a 'China Plus One' shift, with large customers moving procurement to India and Bangladesh. The market is recovering with renewed demand for casual and athleisure wear, growing at a 31% clip for PGIL.
Competitive Landscape
Intense competition from textile exporters in India, China, and other low-cost hubs like Vietnam and Indonesia.
Competitive Moat
Moat is built on 30+ years of promoter experience and 'preferred vendor' status with global giants. This is sustainable due to the long-drawn, rigorous approval processes required for new vendors to enter the supply chains of brands like Ralph Lauren.
Macro Economic Sensitivity
Highly sensitive to US GDP and consumer sentiment, as over 70% of revenue is derived from US-based retailers.
Consumer Behavior
Shift toward athleisure and casual wear is driving volume growth; however, discretionary spending is vulnerable to inflation in key export markets.
Geopolitical Risks
Significant exposure to Bangladesh (where a large part of the 70% overseas capacity is located); political unrest in 2024 caused a 6-day operational halt.
Regulatory & Governance
Industry Regulations
Operations are highly dependent on export incentive structures in India; changes to these incentives could materially affect international competitiveness.
Environmental Compliance
The company faces risks related to conflicts with local communities and evolving environmental norms in manufacturing hubs.
Taxation Policy Impact
Effective tax rate is influenced by operations in multiple jurisdictions (India, Bangladesh, Vietnam).
Risk Analysis
Key Uncertainties
Geopolitical instability in Bangladesh and potential changes in US trade tariffs represent the highest uncertainties, with the potential to disrupt 65-70% of the production and 70% of the sales respectively.
Geographic Concentration Risk
79% of standalone sales are concentrated in the US region; 70% of manufacturing capacity is located outside India.
Third Party Dependencies
60-65% revenue dependency on the top 5 customers.
Technology Obsolescence Risk
Risk is moderate; focus is on manufacturing scale and efficiency rather than rapid technological shifts.
Credit & Counterparty Risk
Counterparty risk is mitigated by the strong credit profiles of global retail clients like GAP and Tommy Hilfiger.
