Pearl Global FY26 PAT up 17%, revenue hits ₹5,025 crore

Pearl Global Industries has reported audited results for the quarter and year ended March 31, 2026, with the apparel exporter crossing the ₹5,000 crore revenue milestone for the first time. The company said consolidated revenue for FY26 rose 11.5% year-on-year to ₹5,025 crore, while profit after tax (PAT) increased 17% to ₹270 crore.

For the March quarter (Q4 FY26), revenue grew 6.9% year-on-year to ₹1,314 crore and PAT rose 24.6% to ₹81 crore. The board approved the results on May 14, 2026.

Key takeaways from the FY26 print

Pearl Global’s FY26 numbers were led by higher volumes and growth in value-added products in its overseas business, as described in its earnings commentary. Adjusted EBITDA for FY26 came in at ₹468 crore, up 13.9% from ₹411 crore in FY25. The adjusted EBITDA margin for the year was reported at 9.3%.

In Q4 FY26, adjusted EBITDA was ₹135 crore compared with ₹119 crore in Q4 FY25. The company also reported a quarterly adjusted EBITDA margin of 10.3%, which it described as its highest ever quarterly EBITDA margin.

Consolidated performance: quarter and full year

In the March quarter, the company reported a higher gross profit and an expansion in gross margin. Gross profit rose 10.7% year-on-year to ₹642 crore from ₹580 crore. Gross profit margin improved to 48.9% from 47.2% a year ago.

Profit before tax in Q4 FY26 stood at ₹95 crore, up 21.8% from ₹78 crore in Q4 FY25. The company’s basic EPS for Q4 FY26 was ₹18.05, compared with ₹15.10 in Q4 FY25.

Pearl Global’s audited statement also reported total income from operations (a statutory line item) at ₹5,061.7 crore for FY26 versus ₹4,539.8 crore in FY25.

Management commentary and what drove growth

In its earnings call commentary included in the source text, Pearl Global said FY26 was a record year despite geopolitical uncertainty. It attributed growth to volume and higher value-added products in overseas business.

The company also discussed tariff impacts and losses in certain geographies in its profitability walk-through. It stated that excluding a reciprocal tariff impact of around ₹36 crore and incremental losses in Bihar and Guatemala of nearly ₹13 crore, the adjusted EBITDA margin for the full year would stand at around 10.3%.

For Q4 FY26, it said that excluding a reciprocal tariff impact of around ₹5 crore and incremental losses in Bihar and Guatemala of nearly ₹3 crore, the adjusted EBITDA margin would be around 10.9%.

Standalone results: margin improvement on restructuring

On a standalone basis, Pearl Global reported FY26 turnover of ₹1,081 crore. Adjusted EBITDA was ₹67 crore with a margin of 6.2%, which the company said was an improvement of 60 basis points year-on-year, driven by cost restructuring.

Standalone PAT for FY26 was ₹69 crore compared with ₹55 crore in FY25. For Q4 FY26, standalone turnover was ₹304 crore and PAT was ₹14 crore.

The company also referenced tariff costs on the standalone side, stating that excluding tariff cost of ₹19 crore, the adjusted EBITDA margin would stand at 8% for the full year.

Dividend update and credit rating action

Pearl Global declared a second interim dividend of ₹8.5 per equity share for FY26. With this, the total dividend for FY26 stands at ₹14.50 per equity share.

The source summary also states the company upgraded its credit rating to A+ with a stable outlook.

Indonesia stake purchase: what the filing said

Pearl Global said it will acquire an additional nearly 10% stake in PT Pinnacle Apparels, Indonesia, from minority shareholders. The consideration is $1.4 million and the transaction will be executed through its step-down subsidiary, DSSP Global Limited, Hong Kong.

Following the acquisition, the company said it will hold a 99.92% stake in PT Pinnacle Apparels through its step-down subsidiary.

Stock reaction and longer-term returns

Following the Q4 results, Pearl Global Industries shares rose 14% intraday to a three-month high of ₹1,740, according to the market update in the provided text. Another market note in the same compilation mentioned the stock surged 9.8% after the earnings update.

The historical returns table provided shows mixed medium-term performance but strong long-term gains.

Why the FY26 numbers matter for investors

Crossing ₹5,000 crore in annual revenue marks a scale milestone for the company, particularly as Q4 FY26 also delivered the highest quarterly revenue (₹1,314 crore) referenced in the text. Profitability improved year-on-year across key lines, with Q4 PAT up 24.6% and FY26 PAT up 17%.

The earnings commentary also highlights how investors may parse reported margins versus “adjusted” margins that exclude tariff impacts and incremental losses in Bihar and Guatemala. Separately, the standalone margin improvement, attributed to cost restructuring, provides another datapoint on cost control efforts at the parent entity level.

Timeline of reported events and upcoming touchpoints

The board approved the audited results on May 14, 2026. A separate disclosure referenced an investor meet scheduled for May 20, 2026, to be held in virtual mode.

The wider news compilation also flags Bangladesh as a key manufacturing hub amid political instability, alongside a question on contingency strategies to mitigate concentration risk in that geography. No specific contingency plan details were provided in the text shared.

Conclusion

Pearl Global’s FY26 results show record consolidated revenue of ₹5,025 crore and PAT of ₹270 crore, alongside a record quarterly EBITDA margin of 10.3% in Q4. The company has also announced a total FY26 dividend of ₹14.50 per share and outlined a plan to raise its stake in PT Pinnacle Apparels, Indonesia, to 99.92%. Investors will likely watch for further updates through the scheduled investor interaction and subsequent regulatory filings.