New Delhi, Feb 7:Pearl Global Industries Limited (PGIL), India’s largest listed garment exporter with manufacturing operations across South Asia, South-East Asia, and Central America, has announced its unaudited financial results for the quarter ended December 31, 2025.
Consolidated Financial Highlights – 9M FY26
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Revenue: INR 3,711 crore, up 13.2% YoY, driven by strong growth in high value-added products from Vietnam and Indonesia
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Adjusted EBITDA (excluding ESOP expense): INR 333 crore, up 14.0% YoY
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EBITDA margin: ~9.0%
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Adjusted EBITDA margin (excluding reciprocal tariff impact of ~INR 31 crore and ramp-up costs of ~INR 11 crore): ~10.1%
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PAT: INR 189 crore, up 14.0% YoY
Consolidated Financial Highlights – Q3 FY26
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Revenue: INR 1,170 crore, up 14.4% YoY
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Adjusted EBITDA: INR 97 crore, up 4.4% YoY
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EBITDA margin: 8.3%
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Adjusted EBITDA margin (excluding tariff impact and ramp-up costs of ~INR 9 crore): ~9.1%
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PAT: INR 52 crore, up 6.8% YoY
Standalone Financial Highlights – 9M FY26
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Revenue: INR 777 crore
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Adjusted EBITDA: INR 43 crore, up 63.7% YoY
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EBITDA margin: 5.5%, improvement of 220 bps YoY, driven by cost restructuring
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Adjusted EBITDA margin (excluding reciprocal tariff cost of ~INR 14 crore): ~7.3%
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PAT: INR 55 crore, compared to INR 32 crore in 9M FY25
Standalone Financial Highlights – Q3 FY26
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Revenue: INR 246 crore
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Adjusted EBITDA: INR 13 crore
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EBITDA margin: 5.1%, improvement of 140 bps YoY
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Adjusted EBITDA margin (excluding reciprocal tariff cost of ~INR 5 crore): ~7.2%
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PAT: INR 14 crore, compared to INR 4 crore in Q3 FY25
Other Highlights
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Leadership Recognition:
Founder & Chairman Dr. Deepak Seth was conferred the Global Leadership Award for building the world’s largest apparel supply chain company from India for FY23–24 and FY24–25. The award was presented by C. P. Radhakrishnan, Hon’ble Vice President of India, at the AEPC Excellence Honours Ceremony in New Delhi. -
Credit Rating Upgrade:
The Company recorded a significant improvement in its credit profile, with the long-term rating upgraded from [ICRA] BBB (Stable) in 2021 to [ICRA] A+ (Stable) in 2026, and the short-term rating upgraded from [ICRA] A3+ to [ICRA] A1+, reflecting strong liquidity, disciplined financial management, and operational resilience.
Management Commentary
Mr. Pulkit Seth, Vice-Chairman & Non-Executive Director,
“We are pleased to deliver another quarter of encouraging performance in FY26 despite a challenging macroeconomic and geopolitical environment. Our 9M FY26 revenue grew by 13.2% and EBITDA by 14.0% YoY.
India operations are expected to gain significant momentum following the reduction of U.S. tariffs to 18%, removing the burden of the additional 25% duty and enhancing profitability. The India–EU and UK FTAs further strengthen growth prospects by enabling us to leverage existing customer relationships.
Bangladesh’s capacity expansion remains on track for completion by Q2 FY27, while Indonesia and Vietnam continue to operate at optimal utilization levels. Supported by tariff relief, FTAs, and capacity readiness, we are well positioned to scale efficiently and deliver sustained long-term value.”
Mr. Pallab Banerjee, Managing Director,
“We delivered a resilient performance in Q3 and 9M FY26, with revenue of INR 3,711 crore and EBITDA of INR 333 crore. Adjusted EBITDA margins stood at ~10.1% after normalizing for tariffs and ramp-up costs, reflecting the strength of our diversified operating model and execution discipline.
The removal of U.S. tariffs eliminates discount pressure extended to customers during the tariff period, directly improving profitability from February onwards. With trade agreements now covering key global markets and capacity in place, Pearl Global is well positioned to regain momentum in India from FY27 and capitalize on broader global opportunities.”