PGIL
Pearl Global Industries share price & financials
- Price
- ₹1,793.5
- Market cap
- ₹11.0k Cr
- Sector
- Textiles
- Calls analysed
- 5
Pearl Global Ind Q4 FY26
What went well
- Consolidated revenue for FY26 grew to ₹5,025 crores, up 11.5% year-on-year, driven by volume and high value-added products in overseas business.
- Adjusted EBITDA for FY26 stood at ₹468 crores, up 14% year-on-year, with a margin of 9.3% (10.3% excluding tariff impact and new facility losses).
- Q4 FY26 saw the highest ever quarterly revenue of ₹1,314 crores (up 6.9% YoY) and highest ever EBITDA margin of 10.3% (10.9% excluding specific impacts).
What to watch
- India segment experienced a sharp degrowth of about 23% in Q4 FY26 due to US tariffs, impacting profitability and shifting business to other countries.
- Incremental losses were incurred at new facilities in Bihar and Guatemala, though efforts are underway to improve efficiencies and achieve breakeven in Guatemala by FY27.
What Pearl Global Industries Limited does
Pearl Global Industries is an India-headquartered multinational offering end-to-end apparel manufacturing solutions - design, product development and manufacturing - for global fashion brands and retailers across the US, Europe, UK, Japan, Canada and Australia. It designs and manufactures womenswear, menswear, children's wear, denim, sportswear, sleepwear, activewear/athleisure, outerwear and performance apparel through manufacturing units in India, Bangladesh, Vietnam, Indonesia and Guatemala. It earns revenue as a contract/private-label manufacturer for brand customers rather than by selling its own branded apparel.
Segments
- Woven
- Knits
- Manufacturing units
- 25 units across 5 countries (India, Bangladesh, Vietnam, Indonesia, Guatemala)
- Installed annual capacity
- 100.8 million pieces per annum
- Total workforce
- 30,200+ employees, ~55% women
- Design network
- 100+ designers across 10 global locations
- Brands/retailers served
- 30+ global apparel brands and retailers
- Countries with commercial presence
- 10 countries
Guidance record · Q4 FY26
what the last two calls moved 16 tracked 2 delivered 1 missed 13 open- FY26 Capital Expenditure delivered said Q4 FY25 Promised: INR 250 crores for the year Q4 FY26: Management confirmed that 'A capex of INR250 crores has already been committed and is expected to be completed by H1 FY '27.' The commitment for the fiscal year has been met.
- FY26 Volume Growth missed said Q4 FY25 Promised: 12% to 14% volume growth even in this current financial year FY '26 Q4 FY26: FY26 is complete. While FY26 revenue grew 11.5%, this included price/mix changes. Given H1 volume growth was only 3-3.5% and the India segment saw sharp degrowth in Q4, the 12-14% volume growth target was not met. Management focus has shifted to a long-term CAGR.
- Long-term Revenue CAGR revised down said Q3 FY26 Promised: compounded growth of anywhere between 12% to 15% Q4 FY26: Management revised the guidance slightly downwards, stating '12% to 14% CAGR is something we are working upon.'
All 16 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 24.4%, net profit up 50.0% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,202 | 1,023 | 1,229 | 1,228 | 1,313 +9% | 1,170 +14% | 1,314 +7% | 1,528 +24% |
| EBITDA | 97 | 91 | 117 | 112 | 121 +25% | 96 +5% | 134 +15% | 164 +46% |
| Net profit | 56 | 48 | 65 | 66 | 72 +29% | 52 +8% | 81 +25% | 99 +50% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −15.1% 1Y
1Y: ₹1,399.7 on 10 Sept 2025 → ₹1,187.7. High ₹2,480.4 (12 Aug 2026), low ₹1,187.7 (11 Sept 2026).
How the price took the results
close before → close after
- Q4 FY26
- +9.3%
- 15 May
- Q3 FY26
- −2.1%
- 7 Feb
- Q2 FY26
- +20.0%
- 12 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 16.7% a year over 3 years, FY23 to FY26. Operating margin widened to 9.2%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹3.2k Cr | ₹3.4k Cr | ₹4.5k Cr | ₹5.0k Cr |
| Operating profit | ₹255 Cr | ₹306 Cr | ₹403 Cr | ₹463 Cr |
| Operating margin | 8.1% | 8.9% | 8.9% | 9.2% |
| Interest | ₹66 Cr | ₹83 Cr | ₹99 Cr | ₹102 Cr |
| Depreciation | ₹51 Cr | ₹65 Cr | ₹75 Cr | ₹87 Cr |
| Net profit | ₹152 Cr | ₹169 Cr | ₹231 Cr | ₹271 Cr |
| Net margin | 4.8% | 4.9% | 5.1% | 5.4% |
| Cash from operations | ₹365 Cr | ₹352 Cr | ₹176 Cr | ₹398 Cr |
| Free cash flow | ₹325 Cr | ₹229 Cr | ₹81 Cr | ₹208 Cr |
| ROCE | 19.0% | 21.0% | 22.0% | 20.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹22 Cr | ₹22 Cr | ₹22 Cr | ₹22 Cr | ₹23 Cr | ₹23 Cr |
| Reserves | ₹496 Cr | ₹577 Cr | ₹701 Cr | ₹780 Cr | ₹1.3k Cr | ₹1.4k Cr |
| Borrowings | ₹440 Cr | ₹645 Cr | ₹558 Cr | ₹588 Cr | ₹746 Cr | ₹943 Cr |
| Other liabilities | ₹339 Cr | ₹538 Cr | ₹501 Cr | ₹595 Cr | ₹750 Cr | ₹842 Cr |
| Total liabilities | ₹1.3k Cr | ₹1.8k Cr | ₹1.8k Cr | ₹2.0k Cr | ₹2.8k Cr | ₹3.2k Cr |
| Fixed assets | ₹390 Cr | ₹448 Cr | ₹500 Cr | ₹612 Cr | ₹783 Cr | ₹818 Cr |
| Capital work in progress | ₹47 Cr | ₹15 Cr | ₹33 Cr | ₹35 Cr | ₹53 Cr | ₹113 Cr |
| Investments | ₹55 Cr | ₹55 Cr | ₹60 Cr | ₹30 Cr | ₹161 Cr | ₹36 Cr |
| Other assets | ₹804 Cr | ₹1.3k Cr | ₹1.2k Cr | ₹1.3k Cr | ₹1.8k Cr | ₹2.3k Cr |
| Total assets | ₹1.3k Cr | ₹1.8k Cr | ₹1.8k Cr | ₹2.0k Cr | ₹2.8k Cr | ₹3.2k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, DIIs added +6.39 pp while the public trimmed −4.74 pp. The shareholder count grew 18% to 30,518.
- Promoters
- 61.1%
- FIIs
- 6.8%
- DIIs
- 19.2%
- Public
- 12.9%
Since Jun 2025
- DIIs +6.39 pp
- Public −4.74 pp
- Promoters −1.67 pp
How it drifted, 12 quarters
Over this window DIIs went from 0.5% to 19.2% — +18.7 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 66.6%, FIIs 5.3%, DIIs 0.5%, Public 27.6%.Dec '23: Promoters 66.2%, FIIs 5.3%, DIIs 0.4%, Public 28.1%.Mar '24: Promoters 66.2%, FIIs 5.5%, DIIs 0.5%, Public 27.9%.Jun '24: Promoters 66.2%, FIIs 5.4%, DIIs 0.6%, Public 27.8%.Sep '24: Promoters 62.9%, FIIs 4.6%, DIIs 9.3%, Public 23.2%.Dec '24: Promoters 62.8%, FIIs 5.2%, DIIs 11.2%, Public 20.8%.Mar '25: Promoters 62.8%, FIIs 7.4%, DIIs 11.6%, Public 18.2%.Jun '25: Promoters 62.8%, FIIs 6.8%, DIIs 12.8%, Public 17.6%.Sep '25: Promoters 62.8%, FIIs 6.5%, DIIs 14.0%, Public 16.7%.Dec '25: Promoters 61.2%, FIIs 6.3%, DIIs 16.8%, Public 15.7%.Mar '26: Promoters 61.2%, FIIs 6.5%, DIIs 18.8%, Public 13.6%.Jun '26: Promoters 61.1%, FIIs 6.8%, DIIs 19.2%, Public 12.9%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- SBI Flexicap Fund Mutual fund +0.43 pp 3.70% held
- HDFC Small Cap Fund Mutual fund +0.05 pp 8.32% held
The same filing shows 1 holder trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Pearl Global Industries Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Pulkit Seth | 30.09% | unchanged |
| Payel Seth | 19.11% | unchanged |
| Deepak Kumar Seth | 11.04% | unchanged |
| HDFC Small Cap Fund Mutual fund | 8.32% | +0.05 pp |
| SBI Flexicap Fund Mutual fund | 3.70% | +0.43 pp |
| HSBC mutual fund- HSBC value fund Mutual fund | 3.68% | unchanged |
| ICICI Prudential Flexicap Fund Mutual fund | 2.03% | unchanged |
| Goldman Sachs Funds - Goldman Sachs India Equity Portfolio Global fund house | 1.68% | −0.44 pp |
| Shifalli Seth | 0.87% | unchanged |
| Nim International Commerce LLP | 0.00% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in PGIL
Filings to Aug 2026
1 new, 1 added, 1 trimmed, 0 sold out — net +0.81 L shares (+1.5%).
- Held by funds
- ₹1.2k Cr
- 7 schemes
- Biggest holder
- HDFC Small Cap Fund
- ₹593 Cr · 1.4% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| HDFC Small Cap Fund HDFC Mutual Fund | ₹593 Cr | +0.76 L | Jul '24 |
| SBI Flexicap Fund SBI Mutual Fund | ₹349 Cr | held | Oct '25 |
| HDFC Manufacturing Fund HDFC Mutual Fund | ₹120 Cr | −0.70 L | Jul '24 |
| SBI Quality Fund SBI Mutual Fund | ₹73 Cr | held | Feb '26 |
| HDFC Business Cycle Fund HDFC Mutual Fund | ₹70 Cr | held | Aug '25 |
| HDFC Children's Fund HDFC Mutual Fund | ₹16 Cr | new | Jul '26 |
| HDFC MNC Fund HDFC Mutual Fund | ₹12 Cr | held | Jan '26 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
1 added, 1 trimmed — net +80,990 shares (+1.5%)
- Funds are sitting on
- +37%
- vs est. average cost
- Held by funds
- ₹1.2k Cr
- 7 schemes · ≈ 9.2% of the company
- Biggest holder
- HDFC Small Cap Fund
- ₹593 Cr · 1.4% of that fund
Shares held by these funds +181%
Jul '24 56.32 L shares Jul '26
All earnings calls (5)
Read the Q4 FY26 call →Learn to analyse Pearl Global Industries Limited
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