Pearl Global Industries (PGIL) Q1 26/27 earnings summary

Executive summary

• Achieved highest-ever Q1 consolidated revenue of INR 1,528 crore (Rs. 152,826.11 lakh), up 24.5% year-over-year, with strong volume growth across all manufacturing locations and geographies.

• Adjusted EBITDA (excluding ESOP expenses) rose 44.1% YoY to INR 164 crore, with margins improving to 10.7%, up 140 bps YoY, driven by product mix and operating leverage.

• PAT reached INR 99 crore, a 51.4% YoY increase, with consolidated net profit for Q1 FY27 at Rs. 9,923.43 lakh.

• Board approved unaudited standalone and consolidated financial results for the quarter, recommended a 1:1 bonus equity share issue, and appointed Major General Sandeep Vohra (Retd.) as Whole-Time Director.

• Shipped 20.8 million pieces, highest ever for Q1, up from 17.2 million YoY, with ongoing capacity expansion in Bangladesh and India.

Financial highlights

• Standalone revenue grew 27.4% YoY to INR 340 crore; standalone EBITDA margin declined to 6.6% due to higher wage costs.

• Dividend of INR 5 crore received from Hong Kong subsidiary.

• Gross margin improved to 51.5% from 46% YoY, attributed to product mix and higher value-added products.

• Other expenses rose 51% YoY due to increased job work and outsourcing, reflecting higher production volumes.

• EPS (consolidated, basic) for Q1 FY27 was Rs. 21.77, up from Rs. 14.76 in Q1 FY26.

Outlook and guidance

• Confident of sustaining double-digit EBITDA margins for the full year and targeting 10-12% EBITDA margin by FY 2028.

• Revenue CAGR guidance of 12-14%, with potential to exceed based on current momentum.

• Capacity target of 125-130 million pieces by FY 2028, with 108 million expected by September/October 2027.

• Bonus shares to be credited within two months of Board approval, i.e., by October 4, 2026.

• Management remains confident of delivering another year of profitable growth, supported by healthy order visibility and strong execution.