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Pearl Global Industries
Pearl Global Industries (PGIL) investor relations material
Pearl Global Industries Q2 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 25/26 earnings summary12 Nov, 2025
Executive summary
H1 FY26 consolidated revenue reached INR 2,541 crore, up 12.7% year-on-year, with strong growth in Vietnam and Indonesia and improved profitability despite global uncertainties and tariff headwinds.
Adjusted EBITDA (excluding ESOP expenses) grew 18.4% year-on-year to INR 236 crore, with a margin of 9.3%.
PAT for H1 FY26 rose 17% year-on-year to INR 138 crore, with consolidated net profit at INR 141 crore and EPS improvement.
Diversified manufacturing and customer base across Vietnam, Indonesia, Bangladesh, India, Guatemala, and Hong Kong supported resilience.
U.S. revenue contribution reduced to about 50%, with increased focus on Japan, Australia, U.K., EU, and Hong Kong.
Financial highlights
H1 FY26 revenue: INR 2,541 crore (+12.7% YoY); Q2 revenue: INR 1,313 crore (+9.2% YoY).
Adjusted EBITDA (H1): INR 236 crore (+18.4% YoY, margin 9.3%); Q2: INR 122 crore (+43.6% YoY, margin 9.3%).
PAT (H1): INR 138 crore (+17% YoY); Q2: INR 72 crore (+29.4% YoY); consolidated PAT after minority interest at INR 141 crore (+14% YoY).
Gross margin improved by 375 bps to 29% in H1 FY26; consolidated gross margin at 45.4%.
Standalone India H1 revenue: INR 531 crore; Adjusted EBITDA: INR 30 crore (margin 5.7%).
Working capital days at 30 as of September 2025.
Outlook and guidance
Robust order book and diversified presence expected to sustain growth momentum.
CapEx plan targets capacity above 100 million pieces by mid-FY27, with further expansion to 130–135 million pieces by FY28; INR 250 crore capex for FY26.
Margin profile expected to remain stable or improve, even if tariff headwinds persist.
Revenue target of INR 6,000 crore by FY28 remains on track, with potential for upward revision.
Management expects normalization in US tariff environment and ongoing focus on sustainable, profitable growth.
India-US tariff impact on future business strategy
Sustain higher realization from product mix and regions
Capacity ramp-up to meet FY28 revenue target
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Record EBITA, strong cash flow, and organic growth across all segments despite market uncertainty.
Next Pearl Global Industries earnings date
Q3 25/267 Feb, 2026
Pearl Global Industries
Next Pearl Global Industries earnings date
Q3 25/267 Feb, 2026
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