Pearl Global Industries (PGIL) Q4 24/25 earnings summary

Executive summary

• Achieved record consolidated performance in Q4 and FY25, with all-time highs in revenue, adjusted EBITDA, and profit after tax, driven by operational efficiencies and cost optimization.

• Maintained focus on ESG initiatives, resilience to macro shocks, and disciplined dividend policy with a payout ratio of 22.8–22.9% for FY25.

• Shipped a record 74.3 million pieces in FY25, up from 56.9 million in FY24, reflecting deeper client engagement and new client acquisitions.

• India-UK FTA eliminated previous duty disadvantages, enhancing competitiveness and opening significant growth opportunities in the UK market.

• Recognized as Vendor of the Year by a top U.S. retailer, highlighting execution excellence and customer preference.

Financial highlights

• FY25 consolidated revenue reached INR 4,506 crore, up 31.1% year-on-year; Q4 revenue at INR 1,229 crore, up 40.1%.

• Adjusted EBITDA for FY25 at INR 411 crore, up 29.8% year-on-year; Q4 adjusted EBITDA at INR 119 crore, margin 9.7%.

• PAT after minority interest for FY25 at INR 248 crore, up 42%; Q4 PAT at INR 68 crore, up 32.9%.

• EPS for FY25 at INR 54.96, up from INR 40.26 in FY24; Q4 EPS at INR 15.1.

• Highest-ever shipment volume of 74.3 million pieces in FY25, up from 56.9 million in FY24.

Outlook and guidance

• Confident in accelerating strategic milestones for FY28, targeting 100 million pieces shipped and 130 million capacity.

• Positioned to leverage the India-UK FTA for accelerated growth, aiming to double or triple UK revenue contribution in 1-2 years.

• Medium-term EBITDA margin guidance of 10–12% as new facilities stabilize and operating leverage improves.

• FY26 CapEx plan of INR 250 crore, with major investments in Bangladesh and India for capacity and sustainability.

• Management remains attentive to regulatory changes, such as the Code on Social Security, 2020, and will adjust accounting treatment as required.