On consolidated basis
Quarter ended June 2025
compared with Quarter ended June 2024.
Net sales (including other operating income) of Pearl Global Industries has
increased 16.63% to Rs 1227.92 crore. Sales of Hong Kong segment
rose 7.55% to Rs 983.78 crore (accounting for 49.31% of total
sales). Sales of India segment has gone down 3.48% to Rs 266.66
crore (accounting for 13.36% of total sales). Sales of Bangladesh
segment has gone down 0.06% to Rs 330.45 crore (accounting for 16.56% of total
sales). Sales of Others segment has gone down 1.40% to Rs 77.63
crore (accounting for 3.89% of total sales). Sales of Vietnam
segment has gone up 89.16% to Rs 336.74 crore (accounting for 16.88% of total
sales). Inter-segment sales rose Rs 725.56 crore to Rs 767.35
crore.
Profit before interest,
tax and other unallocable items (PBIT) has jumped 7.60% to Rs 103.68
crore. PBIT of Hong Kong segment fell 1.28% to Rs 42.53 crore
(accounting for 41.02% of total PBIT). PBIT of India segment fell
30.84% to Rs 12.15 crore (accounting for 11.72% of total PBIT). PBIT
of Bangladesh segment rose 12.16% to Rs 19.13 crore (accounting for 18.45% of
total PBIT). PBIT of Others segment fell 158.97% to Rs -8.31 crore
(accounting for -8.01% of total PBIT). PBIT of Vietnam segment rose
74.65% to Rs 38.17 crore (accounting for 36.82% of total PBIT).
PBIT margin of Hong Kong
segment fell from 4.71% to 4.32%. PBIT margin of India segment fell
from 6.36% to 4.56%. PBIT margin of Bangladesh segment rose from
5.16% to 5.79%. PBIT margin of Others segment fell from negative
4.07% to negative 10.70%. PBIT margin of Vietnam segment fell from
12.28% to 11.34%. Overall PBIT margin fell from 5.42% to
5.20%.
Operating profit margin
has declined from 9.34% to 9.16%, leading to 14.36% rise in operating profit to
Rs 112.42 crore. Raw material cost as a % of total sales (net of
stock adjustments) increased from 39.31% to 43.20%. Purchase of
finished goods cost fell from 11.92% to 11.03%. Employee cost
decreased from 18.61% to 17.77%. Other expenses fell from 20.67% to
18.90%.
Other income rose 17.95%
to Rs 11.3 crore. PBIDT rose 14.68% to Rs 123.72
crore. Provision for interest rose 18.24% to Rs 27.35
crore.
PBDT rose 13.71% to Rs
96.37 crore. Provision for depreciation rose 15.39% to Rs 19.72
crore.
Profit before tax grew
13.29% to Rs 76.65 crore. Share of profit/loss were nil in both the
periods. Provision for tax was expense of Rs 10.77 crore, compared
to Rs 11.3 crore. Effective tax rate was 14.11% compared to 15.43%.
Minority interest
increased 33.92% to Rs -2.26 crore. Net profit attributable to
owners of the company increased 3.78% to Rs 67.82 crore.
Promoters’ stake was
62.78% as of 30 June 2025 ,compared to 66.17% as of 30 June 2024 .
Full year results
analysis.
Net sales (including other operating income) of Pearl Global Industries has
increased 31.14% to Rs 4506.29 crore. Sales of Hong Kong segment
rose 30.57% to Rs 3,602.94 crore (accounting for 49.42% of total
sales). Sales of India segment has gone up 25.02% to Rs 1,196.14
crore (accounting for 16.41% of total sales). Sales of Bangladesh
segment has gone up 6.88% to Rs 1,488.78 crore (accounting for 20.42% of total
sales). Sales of Others segment has gone up 66.71% to Rs 365.35
crore (accounting for 5.01% of total sales). Sales of Vietnam
segment has gone up 27.82% to Rs 636.95 crore (accounting for 8.74% of total
sales). Inter-segment sales rose Rs 2,390.34 crore to Rs 2,783.86
crore.
Profit before interest,
tax and other unallocable items (PBIT) has jumped 33.10% to Rs 366.52
crore. PBIT of Hong Kong segment rose 115.40% to Rs 176.88 crore
(accounting for 48.26% of total PBIT). PBIT of India segment rose
35.90% to Rs 65.06 crore (accounting for 17.75% of total PBIT). PBIT
of Bangladesh segment fell 3.96% to Rs 116.24 crore (accounting for 31.71% of
total PBIT). PBIT of Others segment fell 348.07% to Rs -38.40 crore
(accounting for -10.48% of total PBIT). PBIT of Vietnam segment rose
41.99% to Rs 46.74 crore (accounting for 12.75% of total PBIT).
PBIT margin of Hong Kong
segment rose from 2.98% to 4.91%. PBIT margin of India segment rose
from 5.00% to 5.44%. PBIT margin of Bangladesh segment fell from
8.69% to 7.81%. PBIT margin of Others segment fell from negative
3.91% to negative 10.51%. PBIT margin of Vietnam segment rose from
6.61% to 7.34%. Overall PBIT margin rose from 4.73% to
5.03%.
Operating profit margin
has declined from 8.96% to 8.96%, leading to 31.13% rise in operating profit to
Rs 403.63 crore. Raw material cost as a % of total sales (net of
stock adjustments) decreased from 44.85% to 40.60%. Purchase of
finished goods cost rose from 4.75% to 12.72%. Employee cost
decreased from 19.44% to 18.36%. Other expenses fell from 22.04% to
19.50%.
Other income rose 3.65%
to Rs 33.55 crore. PBIDT rose 28.52% to Rs 437.18
crore. Provision for interest rose 19.06% to Rs 99.19
crore. Loan funds rose to Rs 772.98 crore as of 31 March 2025 from
Rs 588.39 crore as of 31 March 2024. Inventories rose to Rs 705.13
crore as of 31 March 2025 from Rs 502.73 crore as of 31 March
2024. Sundry debtors were higher at Rs 324.40 crore as of 31 March
2025 compared to Rs 265.35 crore as of 31 March 2024. Cash and bank
balance rose to Rs 566.40 crore as of 31 March 2025 from Rs 366.50 crore as of
31 March 2024. Investments declined from Rs 29.97 crore as of 31
March 2024 to Rs 24.27 crore as of 31 March 2025.
PBDT rose 31.59% to Rs
337.99 crore. Provision for depreciation rose 17.17% to Rs 75.22
crore. Fixed assets increased to Rs 745.70 crore as of 31 March 2025
from Rs 624.55 crore as of 31 March 2024. Intangible assets
increased from Rs 21.89 crore to Rs 25.06 crore.
Profit before tax grew
36.39% to Rs 262.77 crore. Share of profit/loss were nil in both the
periods. Provision for tax was expense of Rs 36.56 crore, compared
to Rs 22.94 crore. Effective tax rate was 13.68% compared to 11.94%.
Minority interest
decreased 207.53% to Rs -17.56 crore. Net profit attributable to
owners of the company increased 42.04% to Rs 248.33 crore.
Equity capital increased
from Rs 21.79 crore as of 31 March 2024 to Rs 22.97 crore as of 31 March
2025. Per share face Value remained same at Rs 5.00.
Promoters’ stake was
62.81% as of 31 March 2025 ,compared to 66.19% as of 31 March 2024
.
Cash flow from operating
activities decreased to Rs 176.39 crore for year ended March 2025 from Rs
352.09 crore for year ended March 2024. Cash flow used in acquiring
fixed assets during the year ended March 2025 stood at Rs 119.11 crore,
compared to Rs 129.27 crore during the year ended March 2024.
Operational highlights:
The Company shipped 17.2 million
pieces in Q1FY26, up from 16.7 million pieces in Q1FY25 despite global
headwinds and tariff uncertainties.
Management Commentary:
Commenting on the Results, Mr. Pulkit Seth, Vice-Chairman
& Non-Executive Director, said , “We are pleased to report another quarter
of resilient performance in Q1FY26, with revenue rising 16.6% YoY to Rs. 1,228
crore, despite the challenges in global macro environment. This marks our fifth
consecutive quarter delivering above Rs. 1,000 crore, a milestone that
underscores consistency, executional discipline, and market responsiveness.
This growth was led by enhanced contributions from Vietnam and Indonesia fueled
by strong order book and healthy sales volumes despite amid ongoing tariff-related
uncertainties. These markets demonstrated robust momentum—highlighting the
power of our diversified geographic presence. This is a testament of our multi
geographical presence.
On the expansion front, we are carefully tracking market
developments across all operating geographies. Any future investments will be
undertaken in a measured manner, driven by sustained growth and stability in
each target region. With a strong start to FY26, we are energized by the continued
support of our customers and the depth of our global reach. Confident in our
strategy and execution capabilities, we are well-positioned to accelerate
progress toward our FY28 goals and beyond—driving transformative growth with
clarity, purpose, and ambition.”
Commenting on the Results, Mr. Pallab Banerjee, Managing
Director, said, “We are delighted to share that Pearl Global has once again
delivered strong quarterly revenue. On profitability front, our adjusted EBITDA
(excluding ESOPs) stood at Rs. 114 crore at 9.3%. EBITDA margin grew by 13.4%
Y-o-Y despite the external challenges, notably due to US reciprocal tariffs.
Our adjusted EBITDA margin stands at 10.7%, excluding the impact of operational
losses at newly established facilities in Guatemala and Bihar, and
tariff-related costs. Looking ahead, the global landscape remains uncertain,
with geopolitical tensions and evolving US tariff policies at play. We are
seeing healthy growth in Indonesia and Vietnam, following the early resolution
of tariff structures in these markets. Now that US has declared final
reciprocal tariffs on all major garment manufacturing countries which are at
19%-20%. We are seeing positive momentum from US customers for our Vietnam,
Indonesia, Bangladesh and Guatemala (which is net 10% baseline and NO MFN
tariff).
With tariff imposed on India 50% (25%+25%), Pearl Global is
therefore recalibrating its business strategy to adapt to these evolving trade
dynamics. While production for the US market will be reassigned to more
favourable hubs, India will continue to grow by tapping into new and
advantageous partnerships—like the UK FTA—and will focus on other existing FTA
markets of Japan and Australia until the US tariff issue is resolved. This
approach reflects the company’s agility and long-term commitment to global
value creation.
It is pertinent to note that US revenue from Indian entity
in FY24-25 stands at 16%-18% of group revenue and profit from the same business
is between 4%-5% of the group’s profit. We believe such re- calibrations should
help in retaining the customer wallet share and maintaining the profitability.
Our non-US business stands at ~50% of our topline is also
witnessing steady growth, further underscoring the robustness of our
diversified market.
We remain confident in our growth strategy and will continue
with our capital expenditure plan in Bangladesh reinforcing our long-term
commitment to operational excellence.”| Pearl Global Industries : Consolidated Results | | | Quarter ended | Year ended |
|---|
| Particulars | 202506 | 202406 | Var.(%) | 202503 | 202403 | Var.(%) |
|---|
| Net Sales (including other operating income) | 1,227.92 | 1,052.80 | 16.63 | 4,506.29 | 3,436.15 | 31.14 | | OPM (%) | 9.16 | 9.34 | -18 bps | 8.96 | 8.96 | 0 bps | | OP | 112.42 | 98.30 | 14.36 | 403.63 | 307.80 | 31.13 | | Other Inc. | 11.30 | 9.58 | 17.95 | 33.55 | 32.37 | 3.65 | | PBIDT | 123.72 | 107.88 | 14.68 | 437.18 | 340.17 | 28.52 | | Interest | 27.35 | 23.13 | 18.24 | 99.19 | 83.31 | 19.06 | | PBDT | 96.37 | 84.75 | 13.71 | 337.99 | 256.86 | 31.59 | | Depreciation | 19.72 | 17.09 | 15.39 | 75.22 | 64.2 | 17.17 | | PBT | 76.65 | 67.66 | 13.29 | 262.77 | 192.66 | 36.39 | | Share of Profit/(Loss) from Associates | 0 | 0 | - | 0 | 0 | - | | PBT before EO | 76.65 | 67.66 | 13.29 | 262.77 | 192.66 | 36.39 | | EO Income | -0.32 | 5.57 | PL | 4.56 | -0.6 | LP | | PBT after EO | 76.33 | 73.23 | 4.23 | 267.33 | 192.06 | 39.19 | | Taxation | 10.77 | 11.3 | -4.69 | 36.56 | 22.94 | 59.37 | | PAT | 65.56 | 61.93 | 5.86 | 230.77 | 169.12 | 36.45 | | Minority Interest (MI) | -2.26 | -3.42 | 33.92 | -17.56 | -5.71 | -207.53 | | Net profit | 67.82 | 65.35 | 3.78 | 248.33 | 174.83 | 42.04 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 67.82 | 65.35 | 3.78 | 248.33 | 174.83 | 42.04 | | EPS (Rs)* | 14.82 | 13.14 | 12.80 | 53.11 | 38.16 | 39.18 | | | * EPS is on current equity of Rs 22.98 crore, Face value of Rs 5, Excluding extraordinary items. | | # EPS is not annualised | | bps : Basis points | | EO : Extraordinary items | | Figures in Rs crore | | Source: Capitaline Corporate Database |
|
| Pearl Global Industries : Consolidated Segment Results | | | Quarter ended | Year ended |
|---|
| % of (Total) | 202506 | 202406 | Var.(%) | % of (Total) | 202503 | 202403 | Var.(%) |
|---|
| Sales | | United States | 0.00 | 0.00 | 0.00 | - | | United Kingdom | 0.00 | 0.00 | 0.00 | - | | Hong Kong | 49.31 | 983.78 | 914.68 | 7.55 | 49.42 | 3,602.94 | 2,759.38 | 30.57 | | India | 13.36 | 266.66 | 276.28 | -3.48 | 16.41 | 1,196.14 | 956.76 | 25.02 | | Bangladesh | 16.56 | 330.45 | 330.65 | -0.06 | 20.42 | 1,488.78 | 1,392.88 | 6.88 | | Others | 3.89 | 77.63 | 78.73 | -1.40 | 5.01 | 365.35 | 219.15 | 66.71 | | South Africa | 0.00 | 0.00 | 0.00 | - | | Vietnam | 16.88 | 336.74 | 178.02 | 89.16 | 8.74 | 636.95 | 498.33 | 27.82 | | Total Reported Sales | 100.00 | 1,995.27 | 1,778.36 | 12.20 | 100.00 | 7,290.15 | 5,826.49 | 25.12 | | Less: Inter segment revenues | | 767.35 | 725.56 | 5.76 | | 2,783.86 | 2,390.34 | 16.46 | | Net Sales | 100.00 | 1,227.92 | 1,052.80 | 16.63 | 100.00 | 4,506.29 | 3,436.15 | 31.14 | | PBIT | | United States | 0.00 | 0.00 | 0.00 | - | | United Kingdom | 0.00 | 0.00 | 0.00 | - | | Hong Kong | 41.02 | 42.53 | 43.08 | -1.28 | 48.26 | 176.88 | 82.12 | 115.40 | | India | 11.72 | 12.15 | 17.57 | -30.84 | 17.75 | 65.06 | 47.87 | 35.90 | | Bangladesh | 18.45 | 19.13 | 17.05 | 12.16 | 31.71 | 116.24 | 121.04 | -3.96 | | Others | -8.01 | -8.31 | -3.21 | -158.97 | -10.48 | -38.40 | -8.57 | -348.07 | | South Africa | 0.00 | 0.00 | 0.00 | - | | Vietnam | 36.82 | 38.17 | 21.86 | 74.65 | 12.75 | 46.74 | 32.92 | 41.99 | | Total PBIT | 100.00 | 103.68 | 96.36 | 7.60 | 100.00 | 366.52 | 275.37 | 33.10 | | Less : Interest | | 27.35 | 23.13 | 18.25 | | 99.19 | 83.31 | 19.05 | | Add: Other un-allcoable | | 0.00 | 0.00 | - | | 0.00 | 0.00 | - | | PBIT Margin(%) | | United States | | 0.00 | 0.00 | 0.00 | | United Kingdom | | 0.00 | 0.00 | 0.00 | | Hong Kong | | 4.32 | 4.71 | -38.68 | | 4.91 | 2.98 | 193.33 | | India | | 4.56 | 6.36 | -180.31 | | 5.44 | 5.00 | 43.56 | | Bangladesh | | 5.79 | 5.16 | 63.07 | | 7.81 | 8.69 | -88.19 | | Others | | -10.70 | -4.07 | -662.55 | | -10.51 | -3.91 | -659.97 | | South Africa | | 0.00 | 0.00 | 0.00 | | Vietnam | | 11.34 | 12.28 | -94.24 | | 7.34 | 6.61 | 73.22 | | PBT | 100.00 | 76.33 | 73.23 | 4.23 | 100.00 | 267.33 | 192.06 | 39.19 |
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