Pearl Global Industries Ltd. has emerged as a standout performer in the global apparel manufacturing sector, achieving its best-ever financial results in FY25 while laying out a clear roadmap for accelerated growth. With record investments of ₹135 crore in FY25 and a planned capex of ₹250 crore in FY26, the company is strategically expanding its global production footprint, enhancing sustainable infrastructure, and reinforcing its supply chain agility. These moves reflect Pearl Global’s strong commitment to scale, sustainability, and operational excellence — positioning it to capture rising global demand and capitalize on new market opportunities driven by evolving trade dynamics and FTAs.
Record-Breaking Financial Performance in FY25
Pearl Global achieved its highest-ever consolidated revenue of ₹4,506 crore in FY25, marking a strong 31.1% YoY growth. Adjusted EBITDA for the year stood at ₹411 crore, up 29.8% YoY, with PAT after minority interest rising by a robust 42% to ₹248 crore.
Commenting on the Results, Mr. Pulkit Seth, Vice-Chairman & Non-Executive Director, said: “We are proud to report our best-ever consolidated performance for both Q4 and the full year of FY25, setting new records across all key financial indicators—revenue, adjusted EBITDA, and profit after tax. We have achieved Rs. 1,000 crore+ revenue for all quarters during the current financial year. Our Group turnover has crossed Rs. 4,500 crore and Group adjusted EBITDA has crossed Rs. 400 crore mark, reflecting sustained financial strength. We have also declared a second interim dividend of Rs. 6.50, taking the FY25 total to Rs. 11.50 per share, with a 22.9% payout ratio.
On the global front, despite early-year disruptions in Bangladesh, we maintained operational resilience, achieving our highest-ever shipment volumes without any delays. Our focus on execution, supply chain agility, and cost discipline has strengthened the core financial foundation of the company. With a healthy balance sheet, a diversified customer base across geographies, and our sustained commitment to creating operating efficiencies, we are well-positioned to deliver consistent earnings growth and long-term shareholder value.
The India-UK Free Trade Agreement (FTA) further solidify our cost competitiveness in a high-margin market. Our multi-country manufacturing presence combined with stable cash flows gives us confidence in surpassing our FY28 vision—anchored on profitability, scalability, and value creation.
As we embark on a new financial year, we are poised to sustain our momentum, strengthened by a solid customer base and an extensive global footprint. With confidence in our strategy and execution, we are ready to accelerate our objectives for FY28 and beyond, driving transformative growth with purpose and vision.”
Operational Strength and Supply Chain Resilience
Despite early-year disruptions in Bangladesh, Pearl Global showcased resilience and agility by shipping a record 74.3 million pieces in FY25, up from 56.9 million in FY24. With 16 owned and 9 partner manufacturing units across India, Bangladesh, Vietnam, Indonesia, and Guatemala, the company reached an annual production capacity of 93.1 million pieces with a blended utilization of 79.6%.
India’s standalone performance was equally impressive, with revenue of ₹1,196 crore (up 25.4% YoY) and adjusted EBITDA margin hitting 10.2% in Q4 FY25. The India business now reflects an annualized revenue potential of over ₹1,600 crore.
Mr. Pallab Banerjee, Managing Director said:
“We are delighted to share that FY25 has been a year of strong performance and continued growth momentum. Our India business, with existing capacities, now reflects an annualized revenue potential of over Rs. 1,600+ crore, well-positioned for accelerated expansion, supported by the UK FTA and other upcoming trade agreements.
In India (Standalone business excl. Bihar), we reached a key milestone by delivering double-digit Adjusted EBITDA margin of 10.2% in Q4 FY25, in line with the guidance on leverage playing out with volume. Excluding initial costs associated with Guatemala and Bihar, our consolidated Adjusted EBITDA margins for Q4 FY25 remained in the double-digit range, showcasing the underlying strength of our business. On the operations front, we shipped a record 74.3 million pieces in FY25 up from 56.9 million in FY24, reflecting deeper wallet share with existing clients and continued success in new client acquisitions.
The recently concluded India-UK FTA is a strategic breakthrough for us, eliminating earlier duty disadvantages of 10–12% and putting Indian manufacturers on equal footing with countries like Bangladesh, Cambodia, Vietnam, and Turkey. We see the UK as a significant growth opportunity, with the potential to double or even triple its current 5% contribution to our business within the next one to two years. Our established UK-based design and sales office, coupled with a strong customer base, further reinforces this trajectory. With our strategy to strengthen the order book for the full year and a strong focus on targeted operational efficiency, we remain optimistic about offsetting the impact of the tariff upcharge over the fiscal year. As competitiveness improves across geographies, we are confident in building a robust order book and accelerating our growth targets.”
Diversified Global Operations and Strategic Geography Mix
Pearl Global’s multi-country manufacturing model gives it a strategic edge in cost management, order execution, and risk mitigation. Bangladesh remains a high-productivity, cost-effective hub with favorable FTAs. Vietnam and Indonesia support premium and technical apparel production, including jackets, outerwear, and activewear. The company has also entered Guatemala to serve near-shoring needs of US clients. In FY25, 72% of revenues came from woven garments and 28% from knits, showcasing strong demand diversity.
Geographically, PGIL derives 70% of revenue from international operations and 30% from India. This strong export orientation positions the company to leverage upcoming trade agreements and shifting sourcing patterns.
Leveraging India-UK FTA and Emerging Global Trade Trends
One of the most significant growth levers for Pearl Global is the India-UK Free Trade Agreement (FTA), which eliminates the earlier 10–12% duty disadvantage for Indian exporters. This parity places PGIL on equal footing with Bangladesh, Vietnam, Cambodia, and Turkey in the lucrative UK market. The company already has a well-established UK-based design and sales office and a strong customer base in the region.
Currently, the UK accounts for approximately 5% of PGIL’s revenue. However, with the FTA in place and strong customer intent to double business, the company sees a clear opportunity to grow this share 2–3x in the next 1–2 years. With enhanced capacities in India and focused investments in Tier-2 cities, PGIL is primed to meet the rising demand from the UK and similar high-margin markets.
Technology Leadership and Sustainability Focus
Pearl Global’s technology investments are anchored in sustainability, efficiency, and value creation. In FY25, the company incurred a capex of ₹135 crore across greenfield expansion, laundry upgrades, land acquisition in Bangladesh, and facility enhancements in Vietnam. For FY26, it has lined up a ₹250 crore capex plan to increase production capacity by 8 million pieces and enhance sustainable laundry infrastructure, which is expected to generate a healthy ROCE of 18–20%.
Notably, ₹90 crore will be invested in laundry capacity that reduces washing costs and water consumption. A ₹5 crore investment in solar power reflects the company’s increasing push towards renewable energy use and lower carbon intensity.
Product Capabilities and Client Diversification
PGIL specializes in fashion-forward woven and knit apparel, including women’s tops and dresses, men’s and children’s wear, outerwear, jackets, uniforms, and more. Its factories are aligned to serve global retailers, with dedicated lines for specific categories and geographies. The product mix includes casualwear, occasion wear, loungewear, activewear, and performance clothing.
Its client base includes leading global retailers and fashion brands, and over 90% of its business is derived from repeat customers — a strong endorsement of the company’s consistency, quality, and reliability.
Capex-led Growth Strategy and FY28 Vision
Pearl Global’s FY28 roadmap is centered around scalability, profitability, and sustainable value creation. The company is committed to:
- Enhancing capacity across all key geographies.
- Increasing efficiencies via backward integration and technology upgrades.
- Strengthening its presence in high-potential markets like the UK, EU, and US.
- Expanding its footprint in domestic and export-focused Tier-2 city manufacturing hubs.
With continued investments in high-return, sustainability-driven infrastructure and a clear execution strategy, the company is on track to achieve its ambitious long-term goals.
Pearl Global Industries Ltd. is riding high on its best-ever performance in FY25 and entering FY26 with enhanced confidence and clarity. With strong fundamentals, a globally diversified manufacturing network, growing wallet share with marquee customers, and a clear capex-backed strategy, PGIL is well-positioned to deliver robust long-term value. The tailwinds from the India-UK FTA, potential future FTAs with the EU and US, and continued global demand for agile, compliant, and quality-centric manufacturing partners will further strengthen PGIL’s leadership in global apparel sourcing.