Indian apparel manufacturer Pearl Global Industries Limited (PGIL) reported strong growth in revenue and profitability in the first half of FY27, supported by expansion across its manufacturing locations and growing customer demand.
It reported record consolidated revenue of ₹3,330 crore (~$352 million) for H1FY27, up 31.1 per cent year-on-year, in unaudited results for the quarter and half year ended September 30, 2026.
Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) rose 47.7 per cent to ₹348 crore (~$36.8 million), while profit after tax (PAT) increased 63.6 per cent to ₹225 crore (~$23.8 million), the company said in a press release.
The H1FY27 EBITDA margin stood at 10.5 per cent, which PGIL said was its highest margin for any first half, with an expansion of about 120 basis points year-on-year. The company attributed the half-year revenue growth to expansion across all locations.
For Q2FY27, consolidated revenue reached ₹1,802 crore (~$191 million), which the company described as its highest quarterly revenue, and increased 37.2 per cent year-on-year. Adjusted EBITDA grew 51.1 per cent to ₹184 crore (~$19.5 million), while quarterly PAT rose 74.7 per cent to ₹126 crore (~$13.3 million). EBITDA margin for the quarter was 10.2 per cent, up about 90 basis points year-on-year, according to the company.
On a standalone basis, H1FY27 revenue was ₹648 crore (~$68.5 million), up 22.1 per cent year-on-year. Standalone adjusted EBITDA stood at ₹32 crore (~$3.4 million), with an EBITDA margin of 4.9 per cent, and PAT was ₹29 crore (~$3.1 million). Standalone Q2FY27 revenue rose 16.8 per cent year-on-year to ₹308 crore (~$32.6 million), while adjusted EBITDA stood at ₹9 crore (~$1 million), with a 3 per cent margin, and PAT was ₹16 crore (~$1.7 million).
PGIL’s net worth stood at ₹1,634 crore (~$173 million) as of September 30, 2026, compared with ₹1,438 crore (~$152 million) as of March 31, 2026. Cash and bank balance, excluding cash earmarked for LC payments, was ₹534 crore (~$56.5 million), with an additional ₹104 crore (~$11 million) in mutual fund investments, taking the total to ₹638 crore (~$67.5 million).
Pulkit Seth, vice-chairman and non-executive director, said the company plans to invest about ₹675-725 crore (~$71-77 million) between FY27 and FY30 to strengthen supply-chain integration, improve operational efficiency, support margin expansion and build towards an aspirational revenue target of ₹9,000-10,000 crore (~$952 million-$1.06 billion) by FY30.
He also said PGIL entered the second half of FY27 with a robust order pipeline, an expanded manufacturing footprint and partnerships with global brands.
Managing director Pallab Banerjee said the company saw momentum in existing and newly onboarded customer relationships, with recently acquired customer programmes scaling during the period.
He also said customer interest had improved after the conclusion of the India-UK Free Trade Agreement, while the proposed India-EU Free Trade Agreement could enhance the competitiveness of Indian apparel manufacturers. The company remained mindful of external uncertainties, including geopolitical developments, he added.
