Pearl Global Industries Limited posts record Rs 3,330 crore H1 revenue

PGIL reported record consolidated H1FY27 revenue of Rs 3,330 crore, up 31.1% year on year, and profit after tax of Rs 225 crore, up 63.6%, for the half year ended September 30, 2026. Adjusted EBITDA margin expanded by about 120 basis points to a record 10.5% for a first half.

How did PGIL perform in H1FY27?

PGIL delivered its highest-ever half-yearly consolidated revenue in H1FY27 at Rs 3,330 crore, driven by growth across all locations, according to the November 5, 2026 release. Adjusted earnings before interest, tax, depreciation and amortisation, or EBITDA, excluding employee stock option plan, or ESOP, expense, rose 47.7% year on year to Rs 348 crore. Profit after tax, or PAT, increased 63.6% to Rs 225 crore.

The company reported adjusted EBITDA margin of 10.5% for H1FY27, its highest margin in any first half, versus a level about 120 basis points lower a year earlier. A basis point is one-hundredth of a percentage point. EBITDA growth of 47.7% exceeded revenue growth of 31.1%, while PAT growth of 63.6% was faster than both measures; the release did not disclose absolute H1FY26 revenue, EBITDA or PAT figures.

What were PGIL's Q2FY27 results?

PGIL recorded consolidated revenue of Rs 1,802 crore in Q2FY27, its highest quarterly revenue, up 37.2% year on year for the quarter ended September 30, 2026. That growth rate was 6.1 percentage points above the 31.1% H1FY27 revenue growth rate. Adjusted EBITDA rose 51.1% year on year to Rs 184 crore, again with growth reported across all locations.

Quarterly PAT reached a record Rs 126 crore, an increase of 74.7% year on year, while adjusted EBITDA margin was 10.2%, the highest in PGIL's Q2 series and 90 basis points above the previous year. The Q2 margin was 30 basis points below the 10.5% H1FY27 margin. Q2 PAT of Rs 126 crore accounted for more than half of the Rs 225 crore reported for the six-month period.

How did PGIL's standalone results compare with its consolidated results?

PGIL's standalone H1FY27 revenue was Rs 648 crore, up 22.1% year on year, compared with consolidated revenue of Rs 3,330 crore and 31.1% growth. Standalone adjusted EBITDA was Rs 32 crore, producing a 4.9% margin, and standalone PAT was Rs 29 crore. The release presents these standalone figures separately from the group's consolidated financial results.

In Q2FY27, standalone revenue was Rs 308 crore, up 16.8% year on year, with adjusted EBITDA of Rs 9 crore and a 3.0% margin. Standalone PAT was Rs 16 crore for the quarter. PGIL also said its holding company received about Rs 22.5 crore of dividends in H1FY27 from NorpKnit Industries Limited, its Bangladesh subsidiary, and Pearl Global (HK) Limited, its Hong Kong subsidiary.

What did PGIL disclose on volumes, capacity and financial position?

PGIL shipped 43.6 million pieces in H1FY27, compared with 37.1 million pieces in H1FY26, an increase of 6.5 million pieces. During the half year, it inaugurated a manufacturing facility in Bangladesh that is expected to add about 7 million pieces of annual capacity at optimum utilisation. Management said PGIL has manufacturing operations in India, Bangladesh, Vietnam, Indonesia and Guatemala.

Net worth stood at Rs 1,634 crore on September 30, 2026, compared with Rs 1,438 crore on March 31, 2026, a rise of Rs 196 crore. Cash and bank balances, excluding cash earmarked for letter-of-credit payments, were Rs 534 crore. PGIL also held Rs 104 crore in mutual funds, taking the stated combined total to Rs 638 crore.

What dividend and expansion plans did PGIL announce?

PGIL declared an interim dividend of Rs 5 per equity share, representing 100% of face value and a 20.6% payout ratio relative to group PAT. The dividend was announced alongside the unaudited results for the quarter and half year ended September 30, 2026. The company did not state a payment date in the release.

Vice-Chairman and Non-Executive Director Pulkit Seth said PGIL plans to invest about Rs 675 crore to Rs 725 crore between FY27 and FY30. Management said the investment is intended to strengthen supply-chain integration, improve operational efficiency and support margin expansion. It linked that plan to an aspirational FY30 revenue target of Rs 9,000 crore to Rs 10,000 crore.

Conclusion

PGIL's H1FY27 results combined record revenue of Rs 3,330 crore with faster growth in adjusted EBITDA and PAT, which rose 47.7% and 63.6%, respectively. The 10.5% adjusted EBITDA margin, up about 120 basis points, and shipments of 43.6 million pieces compared with 37.1 million pieces a year earlier show that reported sales growth was accompanied by higher operating profitability and volume.

The next disclosed milestone is execution of management's planned Rs 675 crore to Rs 725 crore investment between FY27 and FY30, including the Bangladesh facility expected to add about 7 million pieces of annual capacity at optimum utilisation. Management's aspirational revenue target is Rs 9,000 crore to Rs 10,000 crore by FY30, while it also cited an expanded footprint and order pipeline entering the second half of FY27.