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Pearl Global Industries (PGIL) investor relations material
Pearl Global Industries Q2 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 25/26 earnings summary12 Nov, 2025
Executive summary
H1 FY 2026 consolidated revenue reached INR 2,541 crore, up 12.7% year-on-year, driven by strong growth in Vietnam and Indonesia and improved profitability despite global uncertainties and tariff headwinds.
Interim dividend of INR 6.00 per share declared for H1 FY 2026, representing a 20% payout ratio and 120% of face value.
Diversified revenue base with U.S. now contributing about 50% of group revenue, down from 86% in FY21, reflecting successful market diversification and increased focus on Japan, Australia, U.K., and EU.
Robust order book and strong customer relationships underpin confidence in sustaining growth.
Net profit for H1 FY 2026 was INR 138 crore, up 17% year-on-year, with improved margins and positive demand trends across key markets.
Financial highlights
H1 FY 2026 Adjusted EBITDA (excluding ESOP expenses) grew 18.4% year-on-year to INR 236 crore, with a margin of 9.3%; excluding tariff impact and new operations, margin stands at 10.6%.
Q2 FY 2026 consolidated revenue was INR 1,313 crore, with Adjusted EBITDA of INR 122 crore and margin of 9.3%.
Standalone H1 FY 2026 revenue at INR 531 crore, with Adjusted EBITDA at INR 30 crore, up 72.7% year-on-year, margin at 5.7%.
Gross margin improved by 375 bps to 29% in H1 FY 2026; consolidated ROCE at 29.0% and ROE at 21%.
Net worth as of 30th September 2025 stood at INR 1,271 crore; net debt/EBITDA at -0.04x, indicating net cash position.
Outlook and guidance
Confident in maintaining or slightly improving EBITDA margins for FY 2026, even if tariff situation persists.
Order book for H2 is robust, with growth expected, though not at last year’s high rate.
Targeting revenue of INR 6,000 crore by FY 2028, with capacity expansion plans and Rs. 250 crore capex for FY 2026 focused on sustainability and efficiency.
Aspiration to achieve 12% EBITDA margin remains, contingent on tariff resolution.
Management expects normalization in U.S. tariff environment and remains focused on sustainable, profitable growth and technology adoption.
India-US tariff impact on future business strategy
Sustain higher realization from product mix and regions
Capacity ramp-up to meet FY28 revenue target
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Next Pearl Global Industries earnings date
Q3 25/2611 Feb, 2026
Next Pearl Global Industries earnings date
Q3 25/2611 Feb, 2026
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