Pearl Global Industries (PGIL) Q3 25/26 earnings summary

Executive summary

• Achieved consolidated nine-month revenue of INR 3,711 crore (13.2% year-over-year growth) and EBITDA of INR 333 crore (14% year-over-year growth), with adjusted EBITDA margin at 10.1% excluding tariff and ramp-up costs.

• Q3 FY26 revenue reached INR 1,170 crore, the highest in five years for this quarter, with adjusted EBITDA at INR 97 crore and margin at 8.3%.

• PAT for nine months grew 14% year-over-year to INR 189 crore; Q3 PAT rose 6.8% year-over-year to INR 52 crore.

• Growth driven by high value-added product sales in Vietnam and Indonesia, with strong order books and capacity expansion underway.

• India operations are set to benefit from the removal of U.S. tariffs and new FTAs with the US, EU, and UK, positioning for accelerated growth.

Financial highlights

• Standalone nine-month revenue at INR 777 crore; adjusted EBITDA at INR 43 crore, up 64% year-over-year, with margin at 5.5%.

• Standalone PAT at INR 55 crore, up 72.6% year-over-year.

• Q3 standalone revenue at INR 246 crore, adjusted EBITDA at INR 12.6 crore, margin at 5.1%.

• Dividend income of ~INR 43 crore received from Bangladesh and Hong Kong subsidiaries.

• Tariff-related and ramp-up costs totaled INR 42 crore for nine months, expected to decline from FY 2027.

Outlook and guidance

• Expects higher volumes and growth in India operations from FY 2027, leveraging new FTAs with US, UK, and EU.

• Group targets 12%-14% revenue CAGR, with capacity and readiness to exceed INR 1,600 crore in India.

• Margin expansion anticipated as one-off costs subside and trade barriers are removed, aiming for double-digit EBITDA margin at group and standalone levels.

• Bangladesh capacity expansion on track for Q2 FY27 completion; Indonesia and Vietnam expected to maintain strong momentum.