Pearl Global Industries Ltd(PGIL)

NSE: PGILBSE: 532808

₹ 1,212.35-0.75%refreshed 26 Oct, 03:00 pm ISTMarket cap: ₹ 11,200 crWebsite: www.pearlglobal.comUpdated: 26 Oct 2026

About

Pearl Global Industries Ltd is an India-listed apparel manufacturer that designs, sources and exports garments across five geographies - India, Bangladesh, Vietnam, Indonesia and Guatemala - serving major US, EU and UK retailers and brands. In FY26 the group reported consolidated revenue of ₹5,025 crore and shipped 78.1 million pieces, making it one of India's larger multi-geography apparel exporters. In Q1 FY27 it recorded its highest-ever quarterly revenue of ₹1,528 crore and shipped 20.8 million pieces.^[1]

Business segments

Hong Kong (trading and sourcing) was the largest reported segment in FY26 at 48.1% of segment revenue (Rs 3,937.06 cr), with a 4.1% EBIT margin.^[2]
Bangladesh made up 20.7% of segment revenue in FY26 (Rs 1,691.51 cr), with a 7.1% EBIT margin.^[2]
India made up 13.4% of segment revenue in FY26 (Rs 1,094.46 cr); Vietnam 12.0% (Rs 984.44 cr, 9.2% EBIT margin); Others 5.8% (Rs 474.33 cr, EBIT margin of -1.9%).^[2]
Between FY18 and FY26, India's share of group revenue fell 20.6 percentage points and Hong Kong's share rose 12.7 pp.^[2]

Products and structure

PGIL manufactures, sources and trades ready-to-wear apparel in India and, through its overseas subsidiaries, abroad.^[3]
PGIL supplies about 7 apparel product categories, covering about 70-75% of a typical apparel store's range.^[4]
Knits made up 26% of the mix as of Q2 FY27. The company plans to raise this to as much as 35% and is adding a seventh category (dressy/suits) as well as athleisure.^[5]
Norp Knit Industries Limited, a 99.99%-owned subsidiary, runs one of the Bangladesh facilities. Pearl Global Industries FZCO, a wholly owned subsidiary, is the trading and sourcing arm in the UAE.^[3]

Manufacturing capacity and utilisation

The company has manufacturing facilities in India, Bangladesh, Indonesia, Vietnam and Guatemala, as of FY26.^[3]
Installed capacity rose from 101 mn to 108 mn pieces after two Bangladesh units (garment and value-added laundry) were inaugurated on 22 Sep 2026 (Q2 FY27).^[5]
Group capacity utilisation was 77-78% in FY26. The 26 mn-piece India capacity ran at 62%, which the company attributes to US tariffs.^[5]
In Q1 FY27, India factories ran at 65-70% utilisation and overseas locations at 75-80%.^[4]
Vietnam utilisation improved to 80%+ in FY26 from 63% in FY25. Indonesia rose to 47% in FY26 from 39% in FY25.^[1]

Key operating numbers

Pieces shipped: 20.8 million in Q1 FY27, up from 17.2 million in Q1 FY26. Full-year FY26 shipments were 78.1 million vs 74.3 million in FY25.^[4]
Average realisation was ₹735 per piece in Q1 FY27 vs ₹715 in Q1 FY26. For full-year FY26 it was ₹635-640 per piece.^[4]
Net working capital was 43-44 days in Q1 FY27 and 43 days in FY26.^[4]
Return on capital employed was 28% in FY26.^[1]

Customers and markets

Revenue from customers acquired in the previous five years rose to 48% in FY26 from 25% in FY23. The customer count rose to about 32 from 12-14.^[5]
In FY25, 90% of external revenue came from 8 customers.^[6]
The US accounts for 48-52% of revenue as of Q2 FY27. Geographic concentration was about 80% in FY21-22. The company targets a US share of about 40% by FY30.^[5]
The EU was about 17-20% of consolidated revenue in 9M FY26.^[7]
Vietnam serves fast-growing North American specialty brands. PGIL supplies MUJI in Japan.^[7]
Bangladesh revenue grew about 35% in the year of that country's unrest, as business moved to Pearl (Q2 FY27 call).^[5]

Expansion and capex

Capacity is planned to reach about 115-116 mn pieces by March 2027, from a Bangladesh knit garment plant (due Dec-26) and Bihar.^[5]
Total capacity targeted at 170-175 mn pieces by FY30: 128-131 mn owned and 42-44 mn through partnerships.^[5]
Capex of INR675-725 cr is planned through FY30: INR325-350 cr for capacity and INR350-375 cr for backward integration.^[5]
The board approved an INR350-375 cr knitting and processing unit in Bangladesh (40 tons/day), mainly for captive use, with implementation by Dec-2027.^[5]
INR100 cr of approved capex (20 India, 80 Bangladesh) is to be capitalised in FY27.^[5]
In-house laundry is to cut outsourced washing from 60% to 20-25%.^[5]
Vietnam: land acquisition completed (USD 2.5-3 million) and a greenfield factory is being evaluated.^[1]
A land parcel in Madhya Pradesh has been allocated for future India capacity.^[7]

Recent developments

22 Sep 2026: two Bangladesh units (garment and value-added laundry) inaugurated.^[5]
Internal restructuring (FY26 annual report): some customers and operations served through Hong Kong will move gradually to the UAE under PGFZCO, and their revenue booking will shift there.^[3]
Rajesh Kumar Singh (former SBI GM) was appointed independent director from 14 May 2026. Neha Khanna's term ended on 20 June 2026.^[3]
The India-UK Free Trade Agreement went live on 15 July 2026.^[4]
The board approved buying an additional 10% of PT Pinnacle Apparels Indonesia for USD 1.4 million, taking ownership to 99.92%.^[1]
Long-term credit rating is ICRA A+ Stable and short-term rating is ICRA A1+ (2026).^[7]
Haryana's 38% minimum wage revision was applied to all four India factories in Q1 FY27.^[4]
Promoter directors hold 42.04% of the listed company, as of FY26.^[3]

Market Cap

₹11,200 Cr

High / Low

₹1,357 / 630

Stock P/E

36.4

Price / Book

7.7

Book Value

₹158

EPS

₹30.1

No. of Shares

9.23 Cr

ROCE

19.4%

ROE

21.2%

OPM

8.2%

Debt / Equity

0.47

Sales

₹5,025 Cr

Net Profit

₹270 Cr

Promoter holding

59.9%

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Pearl Global Industries Ltd(PGIL)

About

Business segments

Products and structure

Manufacturing capacity and utilisation

Key operating numbers

Customers and markets

Expansion and capex

Recent developments

Signal history

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