Fifth consecutive Rs 1,000+ crore quarter driven by Vietnam and Indonesia growth amid global tariff challenges
Pearl Global Industries (PGIL), India’s largest listed garment exporter with operations across South Asia, South-East Asia and Central America, has reported a consolidated revenue of Rs 1,228 crore for Q1 FY26, up 16.6 per cent year-on-year, marking its fifth straight quarter crossing the Rs 1,000 crore mark. The growth was led by strong order books and robust sales volumes in Vietnam and Indonesia.
Adjusted Ebitda stood at Rs 114 crore, up 13.4 per cent YoY, with a margin of 9.3 per cent. Excluding tariff costs and losses from new facilities in Guatemala and Bihar, margins reached ~10.7 per cent, maintaining double-digit performance for the second consecutive quarter. PAT rose 5.9 per cent YoY to Rs 66 crore, and 13.5 per cent when excluding exceptional items in Q1 FY25.
On a standalone basis, revenue came in at Rs 267 crore, down 3.4 per cent YoY, but adjusted Ebitda grew 47.2 per cent to Rs 20 crore, with margins improving by 250 bps to 7.3 per cent due to a favourable product and customer mix. PAT surged 62.6 per cent YoY to Rs 26 crore.
The company shipped 17.2 million pieces during the quarter, up from 16.7 million a year earlier. PGIL also received Rs 18 crore in dividends from subsidiaries in Bangladesh and Hong Kong.
Vice-Chairman & Non-Executive Director Pulkit Seth said the results reflected “consistency, executional discipline, and market responsiveness” despite global macro headwinds, highlighting the strength of PGIL’s diversified presence. Managing Director Pallab Banerjee noted that the company is recalibrating its strategy in response to US reciprocal tariffs of up to 50 per cent on Indian garment exports, shifting US-focused production to favourable hubs like Vietnam, Indonesia, Bangladesh, and Guatemala, while pursuing opportunities in markets with FTAs such as the UK, Japan, and Australia.
Non-US markets now contribute around 50 per cent of PGIL’s topline and continue to grow steadily. The company reaffirmed its commitment to operational excellence, with ongoing capital investments in Bangladesh as part of its long-term expansion strategy.
