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US tariff uncertainty
View Risks →Pearl Global Industries Limited — Q4 FY26
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.
bullish
high
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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.
पर्ल ग्लोबल ने वित्त वर्ष 26 में शानदार प्रदर्शन किया। कंपनी की कुल कमाई ₹5,025 करोड़ रही, जो पिछले साल से 11.5% ज़्यादा है। मुनाफा (EBITDA) ₹468 करोड़ रहा, जो 14% बढ़ा। यह अमेरिकी टैरिफ (आयात शुल्क) की मुश्किलों के बावजूद हुआ। चौथी तिमाही में कमाई ₹1,314 करोड़ रही। मुनाफे की दर (EBITDA मार्जिन) 10.3% थी, जो अब तक की सबसे अच्छी है। कंपनी ने वियतनाम और बांग्लादेश में ज़्यादा उत्पादन किया। भारत में कमाई 23% गिरी, लेकिन अगले साल से सुधार की उम्मीद है। अगले साल मुनाफे की दर 10% से ज़्यादा रहने का अनुमान है। कंपनी का लक्ष्य ₹6,000 करोड़ कमाई और 12-14% सालाना वृद्धि का है। जोखिम: अमेरिकी टैरिफ अनिश्चितता बनी हुई है।
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Read Transcript →Quarter Snapshot
Installed capacity
101 million pieces
+26% YoY
Crossed 100 million pieces milestone ahead of H1 FY27 target; capacity expansion ongoing.
Vietnam capacity utilization
80%+
+17pp YoY
Improved from 63% last year; Vietnam becoming key hub for US market.
Indonesia capacity utilization
47%
+8pp YoY
Ramped up from 39% last year; expected to deliver topline and bottom line from FY27.
Working capital days
43 days
flat YoY
Efficient working capital management; cash balance at ₹634 crore.
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Guidance and risk preview
Management confident of achieving at least 10% EBITDA margin for full year FY27, with trajectory to 10-12% in coming years.
10% Section 122 tariff remains through July; any escalation could pressure margins and shift sourcing away from India.
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