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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹1,314 Cr
verified against source
Revenue YoY
11.5%
reported change
EBITDA
₹468 Cr
latest reported figure
Source
nse announcements
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Pearl Global delivered a record FY26 with consolidated revenue of ₹5,025 crore (+11.5% YoY) and EBITDA of ₹468 crore (+14% YoY), despite US tariff headwinds. Q4 revenue hit ₹1,314 crore (+6.9% YoY) with EBITDA margin of 10.3% (10.9% ex-tariffs and startup losses), the highest ever quarterly margin. Growth was driven by volume and value-added products in Vietnam (capacity utilization 80%+ vs 63% last year) and Bangladesh. India revenue declined ~23% in Q4 due to US tariffs, but management expects recovery from FY27 with FTA tailwinds. Guidance: FY27 EBITDA margin of 10%+ (10-12% trajectory), FY28 revenue target of ₹6,000 crore (12-14% CAGR), and capacity expansion to 125-130 million pieces. Risk: US tariff uncertainty persists with 10% Section 122 tariff through July; any escalation could pressure margins.
Colored figures show movement against the previous available record.
Guidance to track
- Management confident of achieving at least 10% EBITDA margin for full year FY27, with trajectory to 10-12% in coming years.
- Revenue target of ₹6,000 crore by FY28, implying 12-14% CAGR, with potential upside from current trends.
- Installed capacity to reach 125-130 million pieces by FY28, with 6-7 million pieces added from Bangladesh capex in FY27.
- Planned capex of ₹200-250 crore for FY27 across geographies, including land acquisition in Vietnam.
Risks flagged
- 10% Section 122 tariff remains through July; any escalation could pressure margins and shift sourcing away from India.
- Guatemala operations still loss-making; break-even expected in FY27 but execution risk remains.
- Rising cotton and polyan prices due to energy crisis could compress margins if not passed through to customers.
- Top clients like Muji contribute significantly; loss of any key account could impact revenue.
Key quotes
- We continue to sustain our growth momentum in topline and bottom line despite the challenging and uncertain macro environment driven by our focused execution multilocation and the multilocation presence.
- We are pretty confident at this stage to really maintain 10% a bit for the full year as we start FI27.
- If our global leaders continue to be sensible, I think that's the kind of rate that we have planned for.
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