12-14% volume growth for FY26
Management reiterated full-year volume growth target of 12-14%, expecting stronger H2 performance as realization mix normalizes and new capacity ramps up.
PGIL / guidance tracker
Keep management guidance in view.
Pearl Global Industries · forward-looking guidance across the available source record.
Research layer active
Guidance tracker
What management said would happen.
growth
Annual realization guidance of INR 625-650
Full-year average ASP guidance of INR 625-650 per piece, slightly higher than previously guided, as Vietnam's higher realization contribution continues into Q2.
Bangladesh capacity expansion on track
5-6 million piece capacity expansion in Bangladesh is under execution, with no new capex committed during Q1 due to tariff uncertainty; awaiting stabilization before pursuing additional investments.
India pivot to non-US markets
India operations to focus on Japan, Australia, UK, and EU markets given 50% US tariff; US orders will be fulfilled from Vietnam, Bangladesh, Indonesia, and Guatemala.
12-15% Revenue CAGR Target
Management maintains group-level guidance of 12-15% revenue growth with continuous efforts to beat this number, supported by FDA tailwinds across all major markets.
India Revenue to Scale to ₹1,600 cr
Current India run rate of ₹1,100 cr can scale to ₹1,600+ cr with existing in-house capacity; two partnership factories provide additional buffer for FY27+ acceleration.
Double-Digit EBITDA Margin Target
Targeting double-digit EBITDA margins at both standalone India and group level, with FDA implementation and operational efficiencies expected to drive improvement from FY27.
Tariff Impact to Subside from FY27
US tariff headwind of ₹31 cr (9-month) to reduce substantially from FY27; ramp-up costs in Bihar and Guatemala to decline in Q4 with significant reduction from next financial year.
FY27 EBITDA margin of 10%+
Management confident of achieving at least 10% EBITDA margin for full year FY27, with trajectory to 10-12% in coming years.
FY28 revenue target of ₹6,000 crore
Revenue target of ₹6,000 crore by FY28, implying 12-14% CAGR, with potential upside from current trends.
Capacity expansion to 125-130 million pieces by FY28
Installed capacity to reach 125-130 million pieces by FY28, with 6-7 million pieces added from Bangladesh capex in FY27.
Capex of ₹200-250 crore for FY27
Planned capex of ₹200-250 crore for FY27 across geographies, including land acquisition in Vietnam.