PGIL
Micro CapPearl Global Industries Limited
Consumer
Pearl Global Industries Limited is an Indian apparel manufacturer with a multi-country presence across India, Bangladesh, Vietnam, Indonesia, and Guatemala. It specializes in woven, knit, denim, sleepwear, activewear, and outerwear, serving a diversified global customer base. The company achieved an installed capacity of over 100 million pieces per annum in FY26.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Investable fundamentals, management trust is supportive, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Average · 47/100margin compression · Rev +7% YoY · PAT +25% YoY · +12% QoQ · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,314 Cr | +6.9% | +12.3% |
| EBITDA | ₹134 Cr | +14.5% | +39.6% |
| Operating margin | 10.0% | +0 bps | +200 bps |
| PAT | ₹81 Cr | +24.6% | +55.8% |
| PAT margin | 6.2% | +87 bps | +172 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
PGIL reported resilient FY26 performance with consolidated revenue crossing Rs. 5,000 crore (up 11.5% YoY) and EBITDA up 14.0% YoY, despite geopolitical complexities and tariff disruptions. Installed capacity surpassed 100 million pieces, ahead of target.
The company demonstrated strong operational resilience by leveraging its diversified manufacturing base to offset tariff impacts on India operations, achieving double-digit growth and improved profitability. Strategic capacity expansion and a strong order book position it for continued momentum, though input cost pressures and geopolitical risks require monitoring.
Revenue by Product (FY26)
Latest issuer-disclosed distribution across 2 reported categories.
Diversified Manufacturing & Customer Base
Multi-country manufacturing presence and diversified customer base across geographies mitigate challenges and support growth.
Expanded & Existing Capacities
Well-positioned to sustain momentum supported by expanded and existing capacities, with installed capacity over 100 Mn pieces.
Favorable Tariffs & FTAs
Favorable tariff reductions and FTAs are expected to enable efficient scaling in coming years.
New Customer Additions & Order Book
Continuous addition of new customers and a strong order book reinforce ability to deliver sustainable long-term value.
Total Installed Capacity
Surpassed 100 million pieces per annum in FY26, reaching ~101 million pieces.
Bangladesh Capacity Expansion
Rs. 110 crore capex for 6 Mn pieces p.a. capacity enhancement, expected completion by early Q2 FY27.
India Capacity Expansion
Rs. 20 crore capex, increased capacity by 1.4 million pieces, expected completion by end of Q1 FY27.
Sustainable Laundry Capacity
Rs. 90 crore capex for in-house laundry, expected completion by end of Q1 FY27, aiming for 18-20% ROCE.
Tariff Reversal & FTAs
Reversal of tariff decisions and favorable FTAs are playing a positive role and are expected to support scaling.
Resilient USA Retail Sales
USA retail sales are showing good resilience and continue to beat estimates.
Demand from Other Markets
Company continues to see good demand trends from customers in other markets.
Geopolitical Backdrop & Tariffs
Complex geopolitical backdrop and tariff/penal duties imposed by the US impacted India operations.
Energy Cost Escalation
Changing geopolitics and Gulf conflicts foresee energy cost escalation.
Raw Material & Logistic Costs
Energy cost escalation is affecting raw material and logistic costs.
Geopolitical Instability
Management noted a "complex geopolitical backdrop" and "changing geopolitics and Gulf conflicts" as factors impacting costs.
Input Cost Inflation
Foreseen energy cost escalation is affecting raw material and logistic costs, requiring pricing adjustments.
Tariff-Related Disruptions
India operations were impacted by tariff and penal duties imposed by the US, though mitigated by diversified presence.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Management commentary explicitly emphasizes year-on-year growth for FY26, highlighting full-year achievements and sustained momentum over two consecutive years. Apparel manufacturing often has seasonal demand, making YoY comparisons more relevant for assessing underlying business health.
Volume Shipped
Shipped 78.1 million pieces in FY26, up from 74.3 million pieces in FY25.
Consolidated Gross Profit Margin
Stood at 47.6% in FY26, compared to 47.4% in FY25.
Blended Capacity Utilization
Achieved 77.0% blended utilization in FY26.
Input Cost Trends
Management foresees energy cost escalation affecting raw material and logistic costs due to changing geopolitics and Gulf conflicts.
FY27 Capital Commitment
Planning to outline capital commitment of Rs. 200-250 crore during FY27 to build capabilities and capacity.
Future Growth Foundation
New capacities and capabilities are expected to lay a strong foundation for future growth beyond the current horizon.
Sustained Momentum & Profitability
Company is well-positioned to sustain momentum, drive transformational growth, enhanced profitability, and long-term value.
Dividend Policy
Finalized a dividend policy to declare at least 20% of consolidated PAT as dividend annually.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Capacity Utilization (Blended) | 77.0% (FY26) | Ramp-up of new capacities, especially Bangladesh (6-7 Mn pieces) and India (1.4 Mn pieces), and overall utilization rates. |
| Consolidated Adjusted EBITDA Margin | 9.3% (FY26) | Impact of energy, raw material, and logistics cost escalations on margins, and effectiveness of pricing strategies. |
| Standalone Revenue Growth | -9.6% YoY (FY26) | Recovery in India operations following reversal of tariff decisions and mitigation of penal duties. |
| FY27 Capex Execution | Rs. 200-250 crore planned | Timely completion and commissioning of planned capacity expansions in Bangladesh and India. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
53NeutralSMA20 +3.6% / mo
Technical chart
PGILweekly · 3Y+62.6%Technical trend read
NeutralTrend is undirectional — long-term trend unclear. RSI 57.
- SMA20 rising (~3.5% over last month) — short-term momentum positive.
- RSI(14) at 57 — sideways, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 15% off 52W high · 43% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
UNDERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 3.2%.
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 64.1%.
Main drags
- Valuation is weaker at 15/30; verify the latest quarterly trend.
- Quality is weaker at 12/20; verify the latest quarterly trend.
- Balance sheet is weaker at 10/15; verify the latest quarterly trend.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 87th percentile of the scored universe and 87th percentile within Consumer. No major sub-score weakness stands out.
High Trust Lite: Promoter holding is 61.2%. Key concern: Promoter holding fell 1.6%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Consumer: 87th pctile, median 67 · Micro: 80th pctile, median 71
0 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 61.2%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1%.
- ▸6 years of positive FCF.
Trust risks
- ▸Promoter holding fell 1.6%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 27.00
- P/B
- 5.15
- EV/EBITDA
- 15.35
- Market Cap
- 7514.00Cr
Profitability
- ROE
- 21.30%
- ROCE
- 19.20%
- ROA
- 8.32%
- Dividend Y
- 0.89%
Growth (CAGR)
- Revenue 5Y
- 28.00%
- EPS 5Y
- 102.00%
- Revenue 3Y
- 17.00%
- EPS 3Y
- 26.00%
Balance Sheet
- Debt/Equity
- 0.65
- Interest Coverage
- 4.50×
- Altman Z
- 5.33
- Book Value
- 316.00
Cash Flow
- FCF Yield
- 3.19%
- FCF Positive Y
- 7/5
- OCF
- 398.00 Cr
- EPS TTM
- 60.17
Shareholding
- Promoter Hold
- 61.16%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 55%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Consumer — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.