Pearl Global Industries is a garment manufacturer with 25 units across India, Bangladesh, Vietnam, Indonesia and Guatemala, supplying US, EU and other global markets. After a record Q1 FY27, the Q2 print will speak to whether the 10.7% adjusted EBITDA margin holds inside the guided 10-12% band as tariff discounts fade against a ~60% cotton yarn cost surge, and how the newly commissioned Bangladesh capacity ramps.
| Results date | November 05, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 1,528 Cr |
| Previous quarter PAT | Rs. 99 Cr |
| Previous quarter EBITDA margin | 10.7% |
| Market cap | Rs. 11,719.46 Cr |
| CMP | Rs. 1,267.1 |
The board of directors meets on November 05, 2026, to consider the Q2/H1 FY27 financial results and an interim dividend for FY 2026-27.
The Q2/H1 FY27 earnings call is scheduled for November 6, 2026, at 4:30 PM IST. It will be hosted by MD Pallab Banerjee and Group CFO Sanjay Gandhi.
The quarter tests whether Q1 FY27's record momentum — Rs. 1,528 Cr revenue, +24.5% YoY, 20.8 Mn pieces shipped and a 10.7% adjusted EBITDA margin — carries into Q2 against a live input-cost squeeze. Management guided better realizations in Q2-Q4 versus Q1's Rs. 735/piece as US-tariff discounts fade, with the Vice-Chairman noting that 'with the penalty now eliminated, that discount pressure disappears—directly boosting profitability from February onwards'.
Offsetting that tailwind, cotton yarn rose ~60% from ~Rs. 250/kg in early 2026 to ~Rs. 400/kg, and Brent averaged ~$102/b in September versus $84.5 in July, feeding the energy-cost escalation management flagged as hitting raw-material and logistics costs. Volume support comes from the Bangladesh unit commissioned Sep 22, 2026 (+~7 Mn pieces, taking group capacity to ~108 million pieces p.a.) and the second India shed due September-October, though US apparel imports fell 8.28% YoY to $41.835 bn in Jan-Jul 2026, so growth is running against a soft import tape.
The call is also expected to cover the pending 3-year vision/forecast platform management promised, alongside the FY27 interim dividend decided at the Nov 5 board meeting.
Performance vs guidance tracking: Management's stated targets and where each stands:
Margin, realization and volume trajectory
Capacity, capex and turnaround units
Trade policy and corporate actions
Management has said the Rs. 6,000 Cr target is 'easily achievable' and 'likely to be exceeded', and that it can be reached earlier than FY28. The 12-14% revenue CAGR guidance is also seeing traction described as 'much better than 12% to 14%'.
Management said Q2 FY26 revenue could have been ~15% higher had tariffs not been in place, with most US customers asking for ~14-15% discounts on FOB value to offset the 25% penalty tariff. Three sizable US customers were taking no discounts, and US-bound programs were shifted from India to Vietnam, Indonesia, Guatemala and Bangladesh.
Management has guided for Guatemala losses to reduce substantially from FY27 or reach breakeven in the next financial year. Guatemala will remain a small production center due to raw-material scarcity, with complete focus on stemming losses.
Q1 FY27's adjusted EBITDA margin of 10.7% was a record and already sits inside the guided 10-12% FY27 band. Management has also maintained an open-ended aspiration of a 12% EBITDA margin.
Disclaimer: This earnings preview is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.