Pearl Global Share Price Hits Upper Circuit, Here’s Why?

Pearl Global Industries Limited announced its consolidated unaudited financial results for the quarter and half-year ended September 30, 2025. The apparel manufacturing and export company demonstrated improved profitability despite navigating trade complexities, including a 50% US tariff on India, driven by geographical diversification, enhanced product mix and operational efficiencies across its global manufacturing footprint.

Pearl Global Q2 FY26 Earnings Results

For the quarter ended September 30, 2025, Pearl Global achieved consolidated revenue from operations of ₹1,313 crore, registering growth of 9% YoY and 7% QoQ. Total income stood at ₹1,321 crore, up 9% YoY and 7% QoQ compared to the respective periods.

Profit before tax reached ₹79.37 crore, marking an exceptional expansion of 27% YoY and 4% QoQ. Profit after tax stood at ₹71.97 crore, demonstrating strong growth of 29.37% YoY and 9.78% QoQ. Adjusted EBITDA excluding ESOP costs stood at ₹122 crore with margins at 9.3%, improved by 108 basis points year on year. Basic earnings per share were ₹15.95 for the quarter.

Pearl Global Half-Year FY26 Earnings Results

For the half year ended September 30, 2025, consolidated revenue from operations reached ₹2,541 crore, up 13% from ₹2,255 crore in H1 FY25. Total income totalled ₹2,560 crore, reflecting 12% growth year on year.

Half-year PBT stood at ₹155.70 crore, growing 15% from ₹135.84 crore previously. PAT attributable to owners came to ₹141.14 crore, up 14% from ₹123.82 crore in H1 FY25. Earnings per share for the half year were ₹30.72, up 12% YoY.

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Geographical Diversification Strategy

Hong Kong operations contributed ₹1,081 crore, representing 51% of segment revenue in Q2 FY26. Bangladesh delivered ₹440 crore at 21% while Vietnam recorded ₹263 crore at 12%. India operations contributed ₹265 crore, representing 12% of total revenue. The US now contributes approximately 50% of group revenue, down from 86% in FY21, reflecting a successful geographical diversification strategy.

Excluding tariff costs and losses at new facilities in Guatemala and Bihar, EBITDA margins stand at 10.1%, driven by improved product mix and higher realisations from Vietnam and Indonesia operations. The company made notable progress in expanding its footprint across Australia, Japan, the UK and the EU markets.

Interim Dividend Declaration

The Board declared the 1st interim dividend of ₹6 per equity share, representing 120% on the face value of ₹5 each for FY 2026. The dividend will be paid within 30 days to members entitled. The record date is fixed as November 17, 2025, for determining entitlement.

Capital Expenditure and Capacity Expansion

The company invested ₹64.91 crore in property, plant and equipment, including capital work in progress, during H1 FY26. Total assets increased to ₹2,783 crore from ₹2,596 crore as at March 31, 2025, reflecting ongoing capacity expansion initiatives across manufacturing locations.

Pearl Global Industries Share Price Performance

On November 12, 2025, Pearl Global Industries share price opened at ₹1,440.00 on NSE, above the previous close of ₹1,411.40. During the day, it surged to ₹1,693.60 and dipped to ₹1,404.10. The stock is trading at ₹1,693.60, hitting the upper circuit as of 3:02 PM. The stock registered a significant gain of 19.99%.

Over the past week, it has moved up by 30.54%, over the past month, it has moved up by 29.16%, and over the past 3 months, it has moved up by 35.21%.

Conclusion

Pearl Global demonstrated strong consolidated performance in Q2 and H1 FY26 with PAT growing 29% YoY and revenue expanding 9% YoY, strengthened by successful geographical diversification, reducing US dependency, improved EBITDA margins, strategic capacity additions across Vietnam and Guatemala, and sustained focus on marquee client relationships in developed markets.

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