Pearl Global posts record H1 revenue of ₹3,330 crore; plans ₹725 crore investment by FY30

Pearl Global Industries Ltd, one of India's largest listed garment exporters, reported its highest-ever half-yearly revenue of ₹3,330 crore in the first half of FY27, with profit after tax (PAT) rising 63.6% year-on-year to ₹225 crore.

The company is planning capital investments of ₹675-725 crore between FY27 and FY30 as it looks to expand its manufacturing network, improve operational efficiencies and achieve its aspirational revenue target of ₹9,000-10,000 crore by FY30.

The company's consolidated revenue grew 31.1% year-on-year in H1FY27, while adjusted EBITDA, excluding ESOP expenses, increased 47.7% to ₹348 crore. EBITDA margin expanded by around 120 basis points to 10.5%, the highest the company has recorded in any first half.

The growth was even stronger in the July-September quarter. Revenue rose 37.2% year-on-year to ₹1,802 crore, marking the company's highest-ever quarterly revenue. Adjusted EBITDA increased 51.1% to ₹184 crore, while PAT surged 74.7% to ₹126 crore. EBITDA margin for the quarter stood at 10.2%, up around 90 basis points from a year earlier.

Expansion in Bangladesh, investment plans to support growth

A key part of Pearl Global's expansion strategy is strengthening its manufacturing footprint across sourcing markets. During the first half, the company inaugurated a new manufacturing facility in Bangladesh, which is expected to add around seven million pieces of annual capacity at optimum utilisation.

The company shipped 43.6 million pieces during H1FY27, compared with 37.1 million pieces in the corresponding period last year. It currently operates across India, Bangladesh, Vietnam, Indonesia and Guatemala, with 26 manufacturing units and an overall annual production capacity of around 108 million pieces, including owned and outsourced facilities.

"We have witnessed encouraging momentum across both existing and newly onboarded customer relationships. Several recently acquired customer programmes continued to scale during the period, contributing to revenue growth and providing additional visibility for future business expansion," said Pallab Banerjee, managing director, Pearl Global Industries.

The company is also looking to capitalise on changing trade dynamics. Banerjee said Pearl Global has started seeing positive customer interest following the conclusion of the India-UK Free Trade Agreement. He added that the proposed India-EU FTA could improve the competitiveness of Indian apparel manufacturers in one of the world's largest consumption markets.

However, the company remains mindful of external uncertainties, including geopolitical developments, which could influence global sourcing and trade flows.

Pulkit Seth, vice-chairman and non-executive director, said the planned investments would strengthen supply chain integration, improve operational efficiencies and support sustainable margin expansion. The company aims to use its diversified manufacturing network and customer relationships to scale its export business over the next four years.

On the balance sheet, Pearl Global's net worth stood at ₹1,634 crore as of September 30, 2026, compared with ₹1,438 crore at the end of March 2026. Its cash and bank balance, excluding funds earmarked for letter of credit payments, stood at ₹534 crore. Including mutual fund investments of ₹104 crore, its total cash and investment position was ₹638 crore.

Standalone performance for just the parent company was relatively more modest. Revenue grew 22.1% to ₹648 crore in H1FY27, while adjusted EBITDA stood at ₹32 crore, with a margin of 4.9%. Standalone PAT was ₹29 crore. In Q2, standalone revenue rose 16.8% to ₹308 crore, while adjusted EBITDA was ₹9 crore and PAT stood at ₹16 crore.

The board also declared an interim dividend of ₹5 per equity share, representing a payout ratio of around 20.6% of group PAT.