PGILPearl Global Industries Ltd.
Pearl Global Industries Q2 FY27 Results: Consolidated Net Profit ₹126 Crore on Total Income of ₹1,811 Crore
- Earnings
- Garments and apparel manufacturing
Reviewed byRachit TripathiBlacklitt Research
Pearl Global Industries (NSE: PGIL) reported consolidated total income of ₹1,811.38 crore and consolidated net profit of ₹125.76 crore for the quarter ended 30 Sep 2026, it said in a filing on 05 Nov 2026. Standalone total income was ₹333.13 crore and standalone net profit ₹16.13 crore.
Key highlights
Consolidated
Including its subsidiaries
- Total income: ₹1,811.38 crore, up 37.1% YoY and 17.7% QoQ
- Net profit and EPS: ₹125.76 crore, up 74.7% YoY; basic EPS ₹13.62
- Finance costs: ₹28.79 crore, up 5.0% YoY and 8.3% QoQ
Standalone
The company on its own, without its subsidiaries
- Total income: ₹333.13 crore, up 16.6% YoY and down 5.3% QoQ
- Net profit and EPS: ₹16.13 crore, up 9.4% YoY; basic EPS ₹1.75
- Other income: ₹24.76 crore, up 13.7% YoY
Summary
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 1,811.38 | 1,321.08 | +37.1% | 1,538.97 | +17.7% | |
| Revenue from operations | 1,801.53 | 1,312.93 | +37.2% | 1,528.26 | +17.9% |
| Other income | 9.85 | 8.15 | +20.9% | 10.71 | -8.1% |
| 125.76 | 71.97 | +74.7% | 99.23 | +26.7% | |
| Profit before tax | 134.77 | 79.37 | +69.8% | 119.57 | +12.7% |
| Finance costs | 28.79 | 27.43 | +5.0% | 26.58 | +8.3% |
| Depreciation | 26.30 | 22.39 | +17.5% | 25.67 | +2.4% |
| Tax expense | 9.01 | 7.40 | +21.7% | 20.33 | -55.7% |
| Net profit margin | 6.94% | 5.45% | +1.49 pp | 6.45% | +0.49 pp |
| EPS, basic (₹) | 13.62 | 7.98 | +70.7% | 10.89 | +25.1% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Consolidated net profit grew faster than total income, at 74.7% against 37.1%. Profit before tax rose 69.8% YoY, so the gap is mostly in profit before tax rather than in tax, which was ₹9.01 crore against ₹7.40 crore a year earlier.
Finance costs of ₹28.79 crore are 1.6% of total income this quarter, a small share for a group of this size. Other income of ₹9.85 crore is 7.3% of profit before tax of ₹134.77 crore. Exceptional items for the quarter were ₹1.63 crore (net), a loss on sale of property, plant and equipment and a property tax settlement with the Municipal Corporation.
The company reports five geographic segments: Hong Kong, Bangladesh, India, Vietnam and UAE. The filing does not give a reason for the rise in total income, though the UAE segment's revenue rose sharply in the quarter.
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 333.13 | 285.82 | +16.6% | 351.65 | -5.3% | |
| Revenue from operations | 308.37 | 264.04 | +16.8% | 339.61 | -9.2% |
| Other income | 24.76 | 21.78 | +13.7% | 12.04 | +105.7% |
| 16.13 | 14.74 | +9.4% | 12.44 | +29.6% | |
| Profit before tax | 16.04 | 14.99 | +7.0% | 17.32 | -7.4% |
| Finance costs | 7.56 | 8.66 | -12.7% | 7.38 | +2.6% |
| Depreciation | 6.95 | 7.88 | -11.8% | 6.94 | +0.1% |
| Tax expense | -0.08 | 0.25 | n/a | 4.88 | n/a |
| Net profit margin | 4.84% | 5.16% | -0.32 pp | 3.54% | +1.30 pp |
| EPS, basic (₹) | 1.75 | 1.61 | +8.7% | 1.35 | +29.6% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Standalone net profit rose 9.4% YoY, slower than total income of 16.6%, and profit before tax rose only 7.0%. Other income of ₹24.76 crore, 7.4% of total income, rose 13.7% YoY and up 105.7% QoQ.
Standalone tax was a credit of ₹0.08 crore, against an expense of ₹0.25 crore a year earlier. Half-year standalone other income of ₹36.80 crore includes dividend of ₹22.50 crore from the foreign subsidiaries Norp Knit Industries Limited and Pearl Global (HK) Limited. Standalone exceptional items were ₹1.66 crore (net) for the quarter.
Standalone net profit rose 29.6% QoQ while total income fell 5.3%, so the quarter-on-quarter change in profit is not in line with income.
Consolidated net profit of ₹125.76 crore is ₹109.63 crore higher than standalone net profit of ₹16.13 crore. Other filings in the period include a bonus issue of 1:1 allotted in the quarter, with a record date of 11 Sep 2026; prior-period EPS has been adjusted for it under Ind AS 33.
The auditors, S.R. Dinodia & Co. LLP, issued limited review reports on both sets of results without modification. Their consolidated report notes that several subsidiaries were reviewed by other auditors or certified by management rather than reviewed by the auditor.
Inference
The Board declared a first interim dividend of ₹5 per equity share, 100% of face value, for FY 2026-27, payable within 30 days of declaration, with a record date of Friday, 13 Nov 2026. The filing does not state the total dividend outflow.
Subsequent events include the incorporation of Great Pearl Vietnam Global Limited in Vietnam w.e.f. 20 Oct 2026 and the voluntary liquidation of Pearl Unlimited Inc. effective 16 Oct 2026. The filing does not say what business the new Vietnam subsidiary will carry on, or why Pearl Unlimited Inc. was liquidated.
Filed with BSE on . Reference: Original filing (PDF)
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