EBITDA rises 47.7% and net profit grows 63.6% amid strong global demand.
Pearl Global Industries (PGIL), one of India’s largest listed garment exporters, has reported its highest-ever half-yearly revenue of Rs 33.30 billion for H1 FY27, registering a 31.1 per cent year-on-year increase. Adjusted EBITDA, excluding employee stock option expenses, rose 47.7 per cent to Rs 3.48 billion, while profit after tax (PAT) increased 63.6 per cent to Rs 2.25 billion.
The company’s EBITDA margin improved by approximately 120 basis points to 10.5 per cent, marking its highest first-half margin. Growth was supported by strong performance across its manufacturing operations in India and international markets.
For Q2 FY27, PGIL recorded its highest-ever quarterly revenue of Rs 18.02 billion, up 37.2 per cent year-on-year. Adjusted EBITDA increased 51.1 per cent to Rs 1.84 billion, while PAT surged 74.7 per cent to Rs 1.26 billion. The quarterly EBITDA margin expanded by approximately 90 basis points to 10.2 per cent.
On a standalone basis, H1 FY27 revenue increased 22.1 per cent to Rs 6.48 billion, with adjusted EBITDA of Rs 320 million and PAT of Rs 290 million. For Q2 FY27, standalone revenue rose 16.8 per cent to Rs 3.08 billion, while adjusted EBITDA and PAT stood at Rs 90 million and Rs 160 million, respectively.
The company’s garment shipments increased to 43.6 million pieces during H1 FY27, compared with 37.1 million pieces in the corresponding period last year, reflecting higher production volumes and expanding customer demand.
PGIL also inaugurated a new manufacturing facility in Bangladesh, which is expected to add approximately seven million pieces of annual production capacity at optimum utilisation. The expansion strengthens its diversified manufacturing network across India, Bangladesh, Vietnam, Indonesia and Guatemala.
Pulkit Seth, Vice-Chairman and Non-Executive Director, PGIL, said the company’s record performance reflected strong revenue growth, improved profitability and continued investments in manufacturing capacity. He highlighted plans to invest approximately Rs 6.75-7.25 billion between FY27 and FY30 to strengthen supply chain integration, operational efficiency and production capabilities.
The company has set an aspirational revenue target of Rs 90-100 billion by FY30, supported by its international manufacturing footprint and partnerships with global apparel brands.
Pallab Banerjee, Managing Director, PGIL, said expanding relationships with existing and newly acquired customers contributed to the company’s performance. He also highlighted emerging opportunities for Indian apparel exporters following the conclusion of the India-UK Free Trade Agreement and the potential benefits of the proposed India-EU Free Trade Agreement.
As of September 30, 2026, PGIL’s net worth stood at Rs 16.34 billion, compared with Rs 14.38 billion at the end of March 2026. Cash and bank balances, excluding funds earmarked for letters of credit, stood at Rs 5.34 billion, alongside mutual fund investments of Rs 1.04 billion.
The board has declared an interim dividend of Rs 5 per equity share, representing a payout ratio of approximately 20.6 per cent of group PAT.
With 26 manufacturing facilities and an annual production capacity of approximately 108 million garments, including outsourced production, PGIL aims to strengthen its position in global apparel exports through capacity expansion, operational efficiency and diversified sourcing.