Pearl Global Industries (PGIL) Q3 24/25 earnings summary

Executive summary

• Achieved highest-ever Q3 and nine-month consolidated revenue, Adjusted EBITDA, and profitability, with a 28.1% year-on-year increase in consolidated revenue for the nine months ended December 2024, driven by robust sales volume growth across geographies.

• Bangladesh operations maintained strong performance with all facilities at optimal capacity utilization and a healthy order book, despite political unrest.

• India expected to maintain sales growth momentum, supported by seasonal demand and ongoing capacity expansion in Bihar.

• Industry recovery supported by improved consumer sentiment, demand for casual/athleisure wear, and easing supply chain disruptions.

• The Board declared and paid an interim dividend of ₹5 per equity share during the quarter.

Financial highlights

• Q3 FY25 consolidated revenue: INR 1,022.5 crore (₹102,253 lakh), up 45.3% year-on-year; nine months revenue: INR 3,277.2 crore, up 28.1%.

• Q3 Adjusted EBITDA: INR 92.6 crore, up 35.1% year-on-year; margin at 9.1%. Nine months Adjusted EBITDA: INR 291.8 crore, up 25.5%, margin at 8.9%.

• Q3 PAT after minority interest: INR 56.3 crore, up 57.4% year-on-year; nine months PAT after minority interest: INR 180.1 crore, up 45.8%.

• EPS for Q3: INR 12.52 (vs. INR 8.25 last year); nine months EPS: INR 40.07 (vs. INR 28.47).

• Interim dividend of ₹5 per share paid during the quarter.

Outlook and guidance

• Confident of meeting top-line and bottom-line forecasts for FY25 and on track for FY28 strategic objectives, with double-digit EBITDA margin (10–12%) targeted by FY28 and focus on 15%+ annual top-line growth.

• Targeting installed capacity of 105–110 million pieces by FY26, 125–130 million by FY27, and 135 million by FY28.

• Strong order book and optimal capacity utilization support confidence in sustaining growth momentum; operational improvements expected in new Guatemala and Bihar operations next year.

• The company is monitoring the impact of the Code on Social Security, 2020, and will account for changes when effective.