Pearl Global Industries (PGIL) Q2 26/27 earnings summary

Executive summary

• H1 FY27 delivered record consolidated revenue of ₹3,330 crore, up 31.1% YoY; adjusted EBITDA rose 47.7% and PAT rose 63.6%.

• Management expects H2 growth to continue, citing a healthy Q3 order book, customer demand and diversified sourcing; no current demand slowdown was reported.

• Unaudited standalone and consolidated Q2 and H1 results were approved; statutory auditors issued limited review reports.

Financial highlights

• H1 revenue was ₹3,329.79 crore versus ₹2,540.85 crore; PBT was ₹254.34 crore versus ₹155.70 crore in H1 FY26.

• Q2 revenue reached a record ₹1,801.53 crore, up 37.2% YoY; adjusted EBITDA was ₹184 crore, up 51.1%.

• H1 adjusted EBITDA excluding ESOP expenses was ₹348 crore, up 47.7%; adjusted EBITDA margin was 10.5%, versus 9.3%.

• Consolidated H1 gross profit was ₹1,656 crore, up 43.6%; gross margin improved to 49.7% from 45.4%.

• H1 consolidated net profit was ₹224.99 crore; Q2 consolidated net profit was ₹125.76 crore.

Outlook and guidance

• FY27 revenue is expected to exceed ₹6,000 crore; Q3 order book is healthy, while Q4 bookings are still being built and piece volumes depend on knit/woven mix.

• Management expects H2 growth to continue but considers it too early to project whether FY28 can repeat current 30%+ growth.

• Long-term adjusted EBITDA margin ambition is 12%-14% over four years, supported by pricing, cost improvement and operating leverage.

• Management cited an aspirational FY30 revenue target of ₹9,000-10,000 crore, supported by the order pipeline and expanded manufacturing footprint.