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Weaving Growth through Flux Expanding Presence , Sustained by Trust Pearl Global Industries Limited Investor Presentation August 2026 PEARL GLOBAL Exceeding Expectations . Always
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2 Safe Harbour This presentation has been prepared by and is the sole responsibility of Pearl Global Industries Limited (the “Company”). By accessing this presentation, you are agreeing to be bound by the trailing restrictions. This presentation does not constitute or form part of any offer or invitation or inducement to sell or issue, or any solicitation of any offer or recommendation to purchase or subscribe for, any securities of the Company, nor shall it or any part of it or the fact of its distribution form the basis of, or be relied on in connection with, any contract or commitment thereof. In particular, this presentation is not intended to be a prospectus or offer document under the applicable laws of any jurisdiction, including India. No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained in this presentation. Such information and opinions are in all events not current after the date of this presentation. There is no obligation to update, modify or amend this communication or to otherwise notify the recipient if the information, opinion, projection, forecast or estimate set forth herein, changes or subsequently becomes inaccurate. Certain statements contained in this presentation that are not statements of historical fact constitute “forward-looking statements.” You can generally identify forward looking statements by terminology such as “aim”, “anticipate”, “believe”, “continue”, “could”, “estimate”, “expect”, “intend”, “may”, “objective”, “goal”, “plan”, “potential”, “project”, “pursue”, “shall”, “should”, “will”, “would”, or other words or phrases of similar import. These forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause the Company’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or other projections. Important factors that could cause actual results, performance or achievements to differ materially include, among others: (a) our ability to successfully implement our strategy, (b) our growth and expansion plans, (c) changes in regulatory norms applicable to the Company, (d) technological changes, (e) investment income, (f) cash flow projections, and (g) other risks. This presentation is for general information purposes only, without regard to any specific objectives, financial situations or informational needs of any particular person. The Company may alter, modify or otherwise change in any manner the content of this presentation, without obligation to notify any person of such change or changes.
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3 Q1FY27 Business Highlights
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4 Commenting on the Results, Dr. Deepak Kumar Seth, Chairman & Non-Executive Director, said: “The global business environment continues to evolve, shaped by geopolitical developments, shifting trade dynamics, and changing supply chain priorities. In such an environment, resilience, adaptability, and long-term thinking remain the defining attributes of successful businesses. I am pleased to share that Pearl Global has commenced the new financial year on a strong footing. Our first-quarter performance reflects the strength of our diversified manufacturing platform, the trust of our global customers, and the disciplined execution of our teams. It is an encouraging start that reaffirms the resilience of our business model and the effectiveness of the strategy we have built over the years. Beyond business performance, our commitment to responsible and sustainable growth remains unwavering. Strong corporate governance, investment in our people, community development, and environmental stewardship continue to be integral to the way we operate and create enduring value for all our stakeholders. As we look ahead, we remain excited about the opportunities and mindful of the challenges presented by the evolving global landscape. Guided by a strong governance framework, an experienced leadership team, and the dedication of our employees across geographies, we remain confident in Pearl Global's ability to build on this positive momentum and strengthen its position as a trusted global apparel manufacturing partner.” Management Commentary Dr. Deepak Kumar Seth Chairman & Non-Executive Director
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5 Commenting on the Results, Mr. Pulkit Seth, Vice-Chairman & Non-Executive Director, said: “We have started FY27 on a very strong note, delivering the best quarter in Pearl Global’s history. The quarter reinforces our ability to consistently deliver sustainable growth while strengthening our position as a preferred global apparel manufacturing partner capturing the strength of Pearl Global's diversified manufacturing platform, disciplined execution, and long-term strategic partnerships. During the quarter, we delivered broad-based growth across our operating geographies, achieving the highest-ever quarterly revenue of Rs. 1,528 crore and a record EBITDA margin of 10.7% driven by healthy double-digit revenue growth and robust volume expansion across geographies. Global brands continue to diversify and consolidate sourcing with partners that offer scale, flexibility, and multi-country manufacturing capabilities. With our presence across India, Bangladesh, Vietnam, Indonesia, and Guatemala, Pearl Global is well positioned to capitilise this opportunity while providing customers with a resilient and agile supply chain. The long-term outlook for India's apparel exports remains encouraging, supported by supply chain diversification, the implementation of India–UK FTA and continued progress toward India–EU FTA. We continue to strengthen our group manufacturing ecosystem through capacity/capabilities expansion, technology investments, and enhanced operational capabilities to support our future growth. Supported by healthy order visibility, improving customer engagement and a strong execution focus, we remain confident of delivering another year of profitable growth while creating long-term value for all our stakeholders.” Management Commentary Mr. Pulkit Seth Vice-Chairman & Non-Executive Director
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6 Management Commentary Commenting on the Results, Mr. Pallab Banerjee, Managing Director said: “Q1FY27 was a quarter of strong operational execution for Pearl Global, reflected in broad-based revenue growth across our manufacturing countries and improved profitability. We achieved Q1 FY27 revenue of Rs. 1,528 crores, grew by 24.5% Y-o-Y with EBITDA margin at ~10.7% improved by 140 BPS Y-o-Y. This improvement was driven by growth in order book across our diversified product mix, our manufacturing efficiencies and operating leverage. Despite the uncertainties caused by Iran war, we witnessed healthy business across the markets we serve all through 1st quarter. We continue to strengthen our customer relationships through design and product development support, consistent on- time execution, and improved supply-chain coordination. We remain focused on further diversifying our customer portfolio and expanding wallet share with our existing clients. Operationally, we continue to improve productivity, optimise manufacturing processes, and strengthen execution across our facilities. Our ongoing capacity expansion initiatives in Bangladesh and our laundry operations are scheduled to be inaugurated in September. These expansions are expected to add ~7 million pieces of annual capacity, increasing the Group’s total installed capacity to ~108 million pieces. While geopolitical developments, raw-material volatility, and evolving global trade flows require continued vigilance, our diversified manufacturing footprint, strong customer relationship and disciplined approach to execution provide confidence in sustaining the current momentum.” Mr. Pallab Banerjee Managing Director
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7 Continued Growth Momentum; Achieved Quarterly Revenue Rs. 1,500+ Cr. • Recorded, Highest ever Quarterly revenue • Revenue increased by 24.5% Y-o-Y, led by growth across all locations • Adjusted EBITDA has improved by 140 bps on a Y-o-Y basis, from 9.3% in Q1FY26 to 10.7% in Q1FY27 due to improvement in product mix and operating leverage • India standalone revenue is increased by 27.4% on a Y-o-Y basis • Adjusted EBITDA margin is 6.6% in Q1FY27 as compared to 7.3% in Q1FY26. This decline is mainly due to increase in other expenses • The Company has been consistently declaring dividend from subsidiary companies to Parent company. PGIL (Parent Company) received a total dividend of ~Rs. 5 crore in Q1FY27 from Pearl Global (HK) Limited (Hong Kong Subsidiary) 13.7% Y-o-Y 6.9% Y-o-Y Consolidated Performance Revenue Adj. EBITDA Adj. EBITDA Margins Rs. 1,528 Crore Rs. 164 Crore 10.7% 24.5% YoY 44.1% YoY 140 BPS 13.7% Y-o-Y 6.9% Y-o-Y Standalone Performance Revenue Adj. EBITDA Adj. EBITDA Margins Rs. 340 Crore Rs. 22 Crore 6.6% 27.4% YoY 14.1% YoY 70 BPS 13.7% Y-o-Y 6.9% Y-o-Y Dividend Total Dividend of ~Rs. 5 Crore received from Pearl Global (HK) Limited (Hong Kong Subsidiary) Please note Adj. EBITDA excludes ESOP expenses Numbers are rounded off to nearest decimal
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8 Consolidated Financials
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9 Consolidated Group Performance – Q1FY27 851 894 1,053 1,228 1,528 Q1FY23 Q1FY24 Q1FY25 Q1FY26 Q1FY27 67 85 100 114 164 Q1FY23 Q1FY24 Q1FY25 Q1FY26 Q1FY27 44 58 73 76 120 Q1FY23 Q1FY24 Q1FY25 Q1FY26 Q1FY27 36 47 62 66 99 Q1FY23 Q1FY24 Q1FY25 Q1FY26 Q1FY27 5.1% 6.4% 7.0% 6.2% 7.8% 7.9% 9.4% 9.5% 9.3% 10.7% 4.3% 5.3% 5.9% 5.3% 6.5% In Rs. Crore *Adj. EBITDA excludes ESOP expenses Margin% Numbers are rounded off to nearest decimal Revenue Adj. EBITDA* PBT PAT
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10 Consolidated Performance Highlights – Q1FY27 2,055 2,482 3,310 3,944 1,188 1,104 954 1,196 1,081 340 FY23 FY24 FY25 FY26 Q1FY27 3,158 3,436 4,506 5,025 1,528 Rest Of The World India 17.2 20.8 Q1FY26 Q1FY27 55% 45% FY23 70% 30% FY24 72% 28% FY25 73% 27% FY26 74% 26% Q1FY27 Knits Woven Numbers are rounded off to nearest decimal Geographical Revenue (Export) Split No of Pieces Shipped Geographical Revenue (Export) Split In Rs. Crore In Mn Pieces In Value %
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11 Consolidated Profit and Loss Statement Particulars (In Rs. crore) Q1FY27 Q1FY26 Y-o-Y Revenue from Operations 1,528 1,228 24.5% Cost of Goods Sold 741 663 Gross Profit 787 565 39.3% Gross Profit Margin 51.5% 46.0% Employee Cost 271 218 Other Expenses 352 233 Adj. EBITDA* 164 114 44.1% Adj. EBITDA Margin 10.7% 9.3% ESOP Expenses 0 1 Depreciation 26 20 Other Income 11 11 EBIT 149 104 43.1% EBIT Margin 9.7% 8.5% Finance Cost 27 27 Adj Profit before Tax 122 77 59.6% Adj Profit before Tax Margin 8.0% 6.2% Exceptional Item (Gain) / Loss 3 0 Profit before Tax 120 76 56.6% Profit before Tax Margin 7.8% 6.2% Tax 20 11 Profit After Tax 99 66 51.4% Minority Interest -1 -2 PAT After Minority Interest 101 68 48.2% PAT after Minority Interest Margin 6.6% 5.5% EPS 21.77 14.76 Revenue Revenue increased by 24.5% Y-o-Y, led by growth across all locations. Adj. EBITDA and Margin Adjusted EBITDA has improved by 140 bps on a Y-o-Y basis, from 9.3% in Q1FY26 to 10.7% in Q1FY27 due to improvement in product mix and operating leverage. Expenses • Other Expenses: Other expenses as % of sales is at 23.1% in Q1FY27 compared to 19.0% in Q1FY26. The increase in on account of increase in manufacturing expense in line with volume growth. • Depreciation: Depreciation as % of sales is 1.7% in Q1FY27 compared to 1.6% in Q1FY26. Depreciation cost includes depreciation on tangible assets, Intangible assets and lease assets. • Finance Cost: Finance cost is as % of sales at 1.7% in Q1FY27, compared to 2.2% in Q1FY26. Finance cost includes Interest on term loan, working capital loan, factoring and interest on lease amortization. Effective Tax Rate The effective tax rate (ETR) was 17% in Q1FY27 versus 14% in Q1FY26. Of the total increase, 1.2% was attributable to a one-time asset reclassification in India, resulting in a higher deferred tax liability. Excluding this impact, the normalized ETR for Q1FY27 would have been 15.8%. Numbers are rounded off to nearest decimal *Adjusted EBITDA excludes ESOP expenses
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12 Standalone Financials
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13 Standalone Financial Performance – Q1FY27 328 258 276 267 340 Q1FY23 Q1FY24 Q1FY25 Q1FY26 Q1FY27 22 20 13 20 22 Q1FY23 Q1FY24 Q1FY25 Q1FY26 Q1FY27 22 15 20 28 17 Q1FY23 Q1FY24 Q1FY25 Q1FY26 Q1FY27 18 12 16 26 12 Q1FY23 Q1FY24 Q1FY25 Q1FY26 Q1FY27 6.6% 6.0% 7.3% 10.6% 5.1% 6.6% 7.9% 4.8% 7.3% 6.6% 5.5% 4.5% 5.8% 9.7% 3.7% In Rs. Crore *Adj. EBITDA excludes ESOP expenses Margin% Numbers are rounded off to nearest decimal Revenue Adj. EBITDA* PBT PAT The decline is largely attributable to higher other income in Q1 FY26, which included dividend income of ~ Rs. 14 crore.
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14 Standalone Profit and Loss Statement Particulars (In Rs. crore) Q1FY27 Q1FY26 Y-o-Y Revenue from Operations 340 267 27.4% Cost of Goods Sold 138 114 Gross Profit 201 152 32.0% Gross Profit Margin 59.3% 57.2% Employee Cost 77 65 Other Expenses 102 67 Adj. EBITDA* 22 20 14.1% Adj. EBITDA Margin 6.6% 7.3% ESOP Expenses 0 1 Depreciation 7 6 Other Income 12 26 EBIT 27 38 -28.2% EBIT Margin 8.0% 14.2% Finance Cost 7 9 Adj Profit before Tax 20 29 -30.3% Adj Profit before Tax Margin 5.9% 10.7% Exceptional Item (Gain) / Loss 3 0 Profit before Tax 17 28 -38.6% Profit before Tax Margin 5.1% 10.6% Tax 5 2 Profit After Tax 12 26 -51.9% PAT After Tax Margin 3.7% 9.7% EPS 2.69 5.63 Numbers are rounded off to nearest decimal Revenue India standalone revenue is increased by 27.4% on a Y-o-Y basis. Adj. EBITDA and Margin Adjusted EBITDA margin is 6.6% in Q1FY27 as compared to 7.3% in Q1FY26. This decline is mainly due to increase in other expenses. Expenses • Other Expenses: Other expenses as a % of sales is at 30.0% in Q1FY27 compared to 25.3% in Q1FY26. The increase in on account of increase in manufacturing expense in line with volume growth. • Depreciation: Depreciation expenses as % of sales remains same as last year. Depreciation cost includes depreciation on tangible assets, Intangible assets and lease assets. • Finance Cost: Finance cost is as % of sales decreased from 3.5% in Q1FY26 to 2.2% in Q1FY27, mainly due to decrease in factoring cost and lower utilization of working capital. Effective Tax Rate Effective tax rate (excluding dividend income) stood at ~28%, compared to 25% in the previous period. The increase was primarily due to asset reclassification in India, which resulted in a higher deferred tax liability. *Adjusted EBITDA excludes ESOP expenses PBT & PAT PBT & PAT is lower in Q1FY27 compared to Q1FY26, mainly due to higher other income which includes dividend income of ~Rs. 14 crore in Q1FY26.
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Thank You ! Company: Pearl Global Industries Limited CIN: L74899HR1989PLC140150 Mr. Sanjay Gandhi - Group CFO sanjay.gandhi@pearlglobal.com Mr. Shishir Gahoi – Head - Investor Relations shishir.gahoi@pearlglobal.com +91 99854 50022 www.pearlglobal.com Investor Relations: Strategic Growth Advisors Pvt. Ltd. CIN: U74140MH2010PTC204285 Ms. Dhresha Shah / Mr. Karan Thakker dhresha.shah@sgapl.net / karan.thakker@sgapl.net +91 98331 05108 / +91 81699 62562 www.sgapl.net