Pearl Global Industries Ltd
Pearl Global Industries Ltd. incorporated in 1987. [1] Pearl Global Industries Limited (PGIL) is a garment exporter, manufacturing from multiple sourcing regions within India and countries within South Asia. The product range includes knits, woven, and bottoms across men, women, and kids' wear segments. [2]
- Market Cap ₹ 7,088 Cr.
- Current Price ₹ 1,535
- High / Low ₹ 1,993 / 907
- Stock P/E 93.4
- Book Value ₹ 124
- Dividend Yield 0.74 %
- ROCE 11.2 %
- ROE 9.54 %
- Face Value ₹ 5.00
Pros
- Company has delivered good profit growth of 61.3% CAGR over last 5 years
- Company has been maintaining a healthy dividend payout of 132%
Cons
- Stock is trading at 12.5 times its book value
- Promoter holding has decreased over last quarter: -1.51%
- The company has delivered a poor sales growth of 7.70% over past five years.
- Tax rate seems low
- Company has a low return on equity of 9.68% over last 3 years.
- Earnings include an other income of Rs.72.2 Cr.
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 663 | 624 | 768 | 858 | 711 | 840 | 825 | 771 | 934 | 1,104 | 954 | 1,196 | 1,174 | |
| 639 | 605 | 751 | 852 | 712 | 799 | 803 | 773 | 886 | 1,028 | 907 | 1,132 | 1,095 | |
| Operating Profit | 24 | 19 | 17 | 6 | -2 | 41 | 22 | -2 | 48 | 76 | 46 | 64 | 79 |
| OPM % | 4% | 3% | 2% | 1% | -0% | 5% | 3% | -0% | 5% | 7% | 5% | 5% | 7% |
| 20 | 27 | 32 | 45 | 47 | 29 | 35 | 37 | 35 | 39 | 41 | 60 | 72 | |
| Interest | 21 | 21 | 20 | 23 | 26 | 26 | 28 | 26 | 29 | 34 | 32 | 34 | 35 |
| Depreciation | 8 | 10 | 10 | 11 | 13 | 13 | 18 | 18 | 18 | 19 | 24 | 27 | 28 |
| Profit before tax | 15 | 15 | 19 | 18 | 7 | 32 | 11 | -9 | 36 | 62 | 30 | 63 | 88 |
| Tax % | 5% | 33% | 29% | 6% | 61% | 33% | 54% | -108% | 25% | 13% | 7% | 13% | |
| 15 | 10 | 13 | 17 | 3 | 22 | 5 | 1 | 27 | 54 | 28 | 55 | 78 | |
| EPS in Rs | 3.40 | 2.36 | 3.08 | 3.93 | 0.61 | 4.97 | 1.16 | 0.18 | 6.27 | 12.43 | 6.48 | 11.95 | 16.94 |
| Dividend Payout % | 29% | 48% | 49% | 38% | 163% | 30% | 0% | 0% | 40% | 30% | 270% | 96% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | 7% |
| 5 Years: | 8% |
| 3 Years: | 9% |
| TTM: | 5% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | 15% |
| 5 Years: | 61% |
| 3 Years: | 22% |
| TTM: | 76% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | 30% |
| 5 Years: | 74% |
| 3 Years: | 95% |
| 1 Year: | 58% |
| Return on Equity | |
|---|---|
| 10 Years: | 5% |
| 5 Years: | 7% |
| 3 Years: | 10% |
| Last Year: | 10% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 22 | 22 | 22 | 22 | 22 | 22 | 22 | 22 | 22 | 22 | 22 | 23 | 23 |
| Reserves | 260 | 266 | 267 | 283 | 277 | 295 | 284 | 292 | 322 | 359 | 352 | 539 | 547 |
| 111 | 119 | 144 | 183 | 231 | 203 | 253 | 247 | 285 | 242 | 270 | 314 | 287 | |
| 129 | 142 | 150 | 201 | 123 | 170 | 155 | 216 | 235 | 159 | 195 | 224 | 209 | |
| Total Liabilities | 521 | 548 | 582 | 688 | 653 | 689 | 714 | 777 | 863 | 782 | 840 | 1,099 | 1,066 |
| 145 | 168 | 168 | 209 | 202 | 207 | 233 | 219 | 206 | 217 | 244 | 264 | 287 | |
| CWIP | 13 | 0 | 4 | 3 | 1 | 2 | 2 | 0 | 0 | 7 | 14 | 1 | 3 |
| Investments | 56 | 65 | 107 | 129 | 138 | 119 | 126 | 127 | 132 | 132 | 125 | 164 | 293 |
| 307 | 316 | 304 | 347 | 313 | 362 | 353 | 431 | 526 | 425 | 457 | 670 | 484 | |
| Total Assets | 521 | 548 | 582 | 688 | 653 | 689 | 714 | 777 | 863 | 782 | 840 | 1,099 | 1,066 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 62 | 31 | 32 | 4 | -33 | 27 | 12 | 41 | -23 | 91 | 62 | 43 | |
| -27 | -11 | -20 | -38 | 7 | 23 | -32 | 15 | 7 | 37 | -12 | -28 | |
| -24 | -14 | -1 | 23 | 24 | -48 | 19 | -31 | 14 | -104 | -56 | 115 | |
| Net Cash Flow | 11 | 6 | 12 | -11 | -2 | 2 | -2 | 25 | -3 | 24 | -6 | 130 |
| Free Cash Flow | 20 | 8 | 17 | -39 | -29 | 25 | -32 | 42 | -31 | 110 | 14 | 40 |
| CFO/OP | 262% | 185% | 217% | 121% | 1,766% | 82% | 93% | -2,112% | -40% | 129% | 146% | 76% |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 28 | 31 | 31 | 38 | 45 | 48 | 43 | 69 | 45 | 37 | 48 | 44 |
| Inventory Days | 108 | 119 | 87 | 115 | 126 | 118 | 135 | 102 | 189 | 91 | 133 | 116 |
| Days Payable | 70 | 80 | 74 | 107 | 74 | 92 | 83 | 125 | 152 | 85 | 141 | 111 |
| Cash Conversion Cycle | 66 | 70 | 43 | 46 | 96 | 75 | 95 | 46 | 82 | 43 | 40 | 48 |
| Working Capital Days | 6 | 3 | -14 | -16 | 2 | 3 | 8 | 19 | 30 | 7 | -3 | -3 |
| ROCE % | 9% | 9% | 9% | 8% | 6% | 10% | 7% | 1% | 10% | 14% | 10% | 11% |
Insights
In beta| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| Number of Manufacturing Units/Factories Units |
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| Total Installed Capacity (Annual) Million Pieces |
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| Total Pieces Shipped (Annual) Million Pieces |
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| Installed Capacity - Geographical Breakdown Million Pieces |
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| Revenue Realization per Piece Inr |
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Documents
Announcements
- Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018 17h
- Newspaper Publication For Second 100 Days Campaign - 'Saksham Niveshak' 3 Apr
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Intimation Regarding Second 100 Days Campaign - ''Saksham Niveshak''.
2 Apr - Company launches Saksham Niveshak campaign from April 1 to July 9, 2026 for unpaid dividends and KYC updates.
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Announcement under Regulation 30 (LODR)-Acquisition
27 Mar - Pearl Global Fashion Singapore Pte Limited incorporated in Singapore on March 27, 2026; wholly-owned step-down subsidiary.
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Closure of Trading Window
24 Mar - Trading window closed from April 1, 2026 until 48 hours after audited results for quarter/year ending March 31, 2026.
Annual reports
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Financial Year 2025
from bse
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Financial Year 2024
from bse
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Financial Year 2023
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Financial Year 2022
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Financial Year 2021
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Financial Year 2020
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Financial Year 2019
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Financial Year 2018
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Financial Year 2017
from bse
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Financial Year 2016
from bse
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Financial Year 2015
from bse
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Financial Year 2014
from bse
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Financial Year 2013
from bse
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Financial Year 2011
from nse
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Financial Year 2011
from bse
Concalls
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Feb 2026Transcript PPT REC
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Nov 2025Transcript PPT
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Aug 2025Transcript PPT
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May 2025Transcript PPT REC
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Feb 2025Transcript PPT REC
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Nov 2024Transcript PPT
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Aug 2024Transcript PPT
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Jun 2024Transcript PPT
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May 2024TranscriptAI SummaryPPT
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Mar 2024Transcript PPT
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Feb 2024Transcript PPT
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Feb 2024TranscriptAI SummaryPPT
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Nov 2023Transcript PPT
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Aug 2023Transcript PPT
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May 2023Transcript PPT
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Feb 2023Transcript PPT
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Nov 2022Transcript PPT
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Aug 2022Transcript PPT
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May 2022TranscriptAI SummaryPPT
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Nov 2019TranscriptAI SummaryPPT
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Nov 2016TranscriptAI SummaryPPT
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Sep 2016TranscriptAI SummaryPPT
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Aug 2016TranscriptAI SummaryPPT
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May 2016TranscriptAI SummaryPPT
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Jul 2015TranscriptAI SummaryPPT
Business Profile[1]
Pearl Global Industries is a global apparel manufacturing and export company, offering solutions including design, manufacturing, and supply chain management. It caters to top global fashion retailers through multi-country manufacturing facilities and strategic design and sales offices. The company focuses on women’s fashion, men’s wear, and kids' wear.