Pearl Global Industries (PGIL) Q1 25/26 earnings summary

Executive summary

• Consolidated Q1 FY26 revenue reached INR 1,228 crore (₹122,791.71 lakh), up 16.6% year-over-year, marking the fifth consecutive quarter above INR 1,000 crore.

• Adjusted EBITDA grew 13.4% year-over-year to INR 114 crore, with a margin of 9.3%; excluding new facility losses and tariff costs, margin was 10.7%.

• PAT rose to INR 68 crore, up 5.9% year-over-year; excluding exceptional items, PAT grew 13.5%.

• Strong performance driven by Vietnam and Indonesia, with robust order books and healthy sales volumes despite tariff uncertainties.

• The Board declared and paid a second interim dividend of ₹6.50 per equity share during the quarter.

Financial highlights

• Standalone revenue for Q1 FY26 was INR 267 crore, down 3.4% year-over-year; standalone Adjusted EBITDA rose 47.2% to INR 20 crore.

• Standalone PAT grew 62.6% year-over-year to INR 26 crore.

• 17.2 million pieces shipped in Q1 FY26, up from 16.7 million year-over-year.

• Dividend income of ~INR 18 crore received from Bangladesh and Hong Kong subsidiaries.

• Basic EPS for the quarter was ₹14.76, compared to ₹14.99 in Q1FY25.

Outlook and guidance

• Management maintains 12%-14% volume CAGR guidance for FY26, expecting a combination of volume and realization growth.

• Company is recalibrating its US market strategy due to new reciprocal tariffs, shifting production to Vietnam, Indonesia, Bangladesh, and Guatemala.

• India will focus on leveraging FTAs with the UK, Japan, and Australia while US tariffs persist.

• CapEx in Bangladesh for 5-6 million additional pieces is ongoing; no new CapEx committed this quarter due to tariff uncertainty.