On consolidated basis

Quarter ended March 2025 compared with Quarter ended March 2024.

Net sales (including other operating income) of Pearl Global Industries has increased 40.08% to Rs 1229.04 crore.  Sales of Hong Kong segment rose 28.08% to Rs 875.59 crore (accounting for 46.48% of total sales).  Sales of India segment has gone up 23.02% to Rs 397.45 crore (accounting for 21.10% of total sales).  Sales of Bangladesh segment has gone up 17.62% to Rs 408.24 crore (accounting for 21.67% of total sales).  Sales of Others segment has gone up 35.37% to Rs 99.17 crore (accounting for 5.26% of total sales).  Sales of Vietnam segment has gone up 120.68% to Rs 103.33 crore (accounting for 5.49% of total sales).  Inter-segment sales rose Rs 596.50 crore to Rs 654.73 crore.  

Profit before interest, tax and other unallocable items (PBIT) has jumped 36.83% to Rs 105.06 crore.  PBIT of Hong Kong segment rose 174.90% to Rs 47.14 crore (accounting for 44.87% of total PBIT).  PBIT of India segment rose 55.00% to Rs 37.14 crore (accounting for 35.36% of total PBIT).  PBIT of Bangladesh segment fell 14.26% to Rs 39.13 crore (accounting for 37.24% of total PBIT).  PBIT of Others segment fell 480.89% to Rs -17.48 crore (accounting for -16.64% of total PBIT).  PBIT of Vietnam segment rose 87.47% to Rs -0.87 crore (accounting for -0.83% of total PBIT).  

PBIT margin of Hong Kong segment rose from 2.51% to 5.38%.  PBIT margin of India segment rose from 7.42% to 9.35%.  PBIT margin of Bangladesh segment fell from 13.15% to 9.58%.  PBIT margin of Others segment fell from negative 4.11% to negative 17.63%.  PBIT margin of Vietnam segment rose from negative 14.85% to negative 0.84%.  Overall PBIT margin rose from 5.21% to 5.58%.  

Operating profit margin has jumped from 9.29% to 9.54%, leading to 43.92% rise in operating profit to Rs 117.25 crore.  Raw material cost as a % of total sales (net of stock adjustments) decreased from 41.02% to 38.69%.   Purchase of finished goods cost rose from 7.34% to 14.19%.   Employee cost decreased from 20.36% to 17.98%.   Other expenses fell from 22.32% to 19.62%.   

Other income fell 64.13% to Rs 5.32 crore.  PBIDT rose 27.28% to Rs 122.57 crore.  Provision for interest rose 21.85% to Rs 27.27 crore.  Loan funds rose to Rs 772.98 crore as of 31 March 2025 from Rs 588.39 crore as of 31 March 2024.  Inventories rose to Rs 705.13 crore as of 31 March 2025 from Rs 502.73 crore as of 31 March 2024.  Sundry debtors were higher at Rs 324.40 crore as of 31 March 2025 compared to Rs 265.35 crore as of 31 March 2024.  Cash and bank balance rose to Rs 566.40 crore as of 31 March 2025 from Rs 366.50 crore as of 31 March 2024.  Investments declined from Rs 29.97 crore as of 31 March 2024 to Rs 24.27 crore as of 31 March 2025.  

PBDT rose 28.92% to Rs 95.3 crore.  Provision for depreciation rose 9.48% to Rs 20.67 crore.  Fixed assets increased to Rs 748.44 crore as of 31 March 2025 from Rs 624.55 crore as of 31 March 2024.  Intangible assets increased from Rs 21.89 crore to Rs 22.32 crore.  

Profit before tax grew 35.59% to Rs 74.63 crore.  Share of profit/loss were nil in both the periods.  Provision for tax was expense of Rs 12.82 crore, compared to Rs 5.42 crore.  Effective tax rate was 16.48% compared to 9.96%.

Minority interest decreased 38.56% to Rs -3.27 crore.  Net profit attributable to owners of the company increased 32.89% to Rs 68.24 crore.  

Equity capital increased from Rs 21.79 crore as of 31 March 2024 to Rs 22.97 crore as of 31 March 2025.  Per share face Value remained same at Rs 5.00.  

Promoters' stake was 62.81% as of 31 March 2025 ,compared to 66.19% as of 31 March 2024 .  

Full year results analysis.

Net sales (including other operating income) of Pearl Global Industries has increased 31.14% to Rs 4506.29 crore.  Sales of Hong Kong segment rose 30.57% to Rs 3,602.94 crore (accounting for 49.42% of total sales).  Sales of India segment has gone up 25.02% to Rs 1,196.14 crore (accounting for 16.41% of total sales).  Sales of Bangladesh segment has gone up 6.88% to Rs 1,488.78 crore (accounting for 20.42% of total sales).  Sales of Others segment has gone up 66.71% to Rs 365.35 crore (accounting for 5.01% of total sales).  Sales of Vietnam segment has gone up 27.82% to Rs 636.95 crore (accounting for 8.74% of total sales).  Inter-segment sales rose Rs 2,390.34 crore to Rs 2,783.86 crore.  

Profit before interest, tax and other unallocable items (PBIT) has jumped 33.10% to Rs 366.52 crore.  PBIT of Hong Kong segment rose 115.40% to Rs 176.88 crore (accounting for 48.26% of total PBIT).  PBIT of India segment rose 35.90% to Rs 65.06 crore (accounting for 17.75% of total PBIT).  PBIT of Bangladesh segment fell 3.96% to Rs 116.24 crore (accounting for 31.71% of total PBIT).  PBIT of Others segment fell 348.07% to Rs -38.40 crore (accounting for -10.48% of total PBIT).  PBIT of Vietnam segment rose 41.99% to Rs 46.74 crore (accounting for 12.75% of total PBIT).  

PBIT margin of Hong Kong segment rose from 2.98% to 4.91%.  PBIT margin of India segment rose from 5.00% to 5.44%.  PBIT margin of Bangladesh segment fell from 8.69% to 7.81%.  PBIT margin of Others segment fell from negative 3.91% to negative 10.51%.  PBIT margin of Vietnam segment rose from 6.61% to 7.34%.  Overall PBIT margin rose from 4.73% to 5.03%.  

Operating profit margin has declined from 8.96% to 8.96%, leading to 31.13% rise in operating profit to Rs 403.63 crore.  Raw material cost as a % of total sales (net of stock adjustments) decreased from 44.85% to 40.60%.   Purchase of finished goods cost rose from 4.75% to 12.72%.   Employee cost decreased from 19.44% to 18.36%.   Other expenses fell from 22.04% to 19.50%.   

Other income rose 3.65% to Rs 33.55 crore.  PBIDT rose 28.52% to Rs 437.18 crore.  Provision for interest rose 19.06% to Rs 99.19 crore.  Loan funds rose to Rs 772.98 crore as of 31 March 2025 from Rs 588.39 crore as of 31 March 2024.  Inventories rose to Rs 705.13 crore as of 31 March 2025 from Rs 502.73 crore as of 31 March 2024.  Sundry debtors were higher at Rs 324.40 crore as of 31 March 2025 compared to Rs 265.35 crore as of 31 March 2024.  Cash and bank balance rose to Rs 566.40 crore as of 31 March 2025 from Rs 366.50 crore as of 31 March 2024.  Investments declined from Rs 29.97 crore as of 31 March 2024 to Rs 24.27 crore as of 31 March 2025.  

PBDT rose 31.59% to Rs 337.99 crore.  Provision for depreciation rose 17.17% to Rs 75.22 crore.  Fixed assets increased to Rs 748.44 crore as of 31 March 2025 from Rs 624.55 crore as of 31 March 2024.  Intangible assets increased from Rs 21.89 crore to Rs 22.32 crore.  

Profit before tax grew 36.39% to Rs 262.77 crore.  Share of profit/loss were nil in both the periods.  Provision for tax was expense of Rs 36.56 crore, compared to Rs 22.94 crore.  Effective tax rate was 13.68% compared to 11.94%.

Minority interest decreased 207.53% to Rs -17.56 crore.  Net profit attributable to owners of the company increased 42.04% to Rs 248.33 crore.  

Equity capital increased from Rs 21.79 crore as of 31 March 2024 to Rs 22.97 crore as of 31 March 2025.  Per share face Value remained same at Rs 5.00.  

Promoters' stake was 62.81% as of 31 March 2025 ,compared to 66.19% as of 31 March 2024 .  

Cash flow from operating activities decreased to Rs 176.39 crore for year ended March 2025 from Rs 352.09 crore for year ended March 2024.  Cash flow used in acquiring fixed assets during the year ended March 2025 stood at Rs 119.11 crore, compared to Rs 129.27 crore during the year ended March 2024.  

 

CAPEX: The company plans to incur CAPEX of Rs 250 crore in FY2026 of which Rs 110 crore and Rs 20 crore is towards capcity expansion in Bangladesh and India respectively, Rs 90 crore towards sustainable laundry capacity expansion, Rs 5 crore towards solar power installation and balance towards replacement and efficiency improvement.

Dividend:

The board has approved second interim dividend of Rs.6.50/- per equity share i.e. 130% on face value of Rs. 5/- each for the financial year 2024-25

Management Commentary:

Commenting on the Results, Mr. Pulkit Seth, Vice-Chairman & Non-Executive Director, said , 'We are proud to report our best-ever consolidated performance for both Q4 and the full year of FY25, setting new records across all key financial indicators'revenue, adjusted EBITDA, and profit after tax. We have achieved Rs. 1,000 crore+ revenue for all quarters during the current financial year. Our Group turnover has crossed Rs. 4,500 crore and Group adjusted EBITDA has crossed Rs. 400 crore mark, reflecting sustained financial strength. We have also declared a second interim dividend of Rs. 6.50, taking the FY25 total to Rs. 11.50 per share, with a 22.9% payout ratio.

On the global front, despite early-year disruptions in Bangladesh, we maintained operational resilience, achieving our highest-ever shipment volumes without any delays. Our focus on execution, supply chain agility, and cost discipline has strengthened the core financial foundation of the company. With a healthy balance sheet, a diversified customer base across geographies, and our sustained commitment to creating operating efficiencies, we are well-positioned to deliver consistent earnings growth and long-term shareholder value.

The India-UK Free Trade Agreement (FTA) further solidify our cost competitiveness in a high-margin market. Our multi-country manufacturing presence combined with stable cash flows gives us confidence in surpassing our FY28 vision'anchored on profitability, scalability, and value creation.

As we embark on a new financial year, we are poised to sustain our momentum, strengthened by a solid customer base and an extensive global footprint. With confidence in our strategy and execution, we are ready to accelerate our objectives for FY28 and beyond, driving transformative growth with purpose and vision.

 

Commenting on the Results, Mr. Pallab Banerjee, Managing Director, said, We are delighted to share that FY25 has been a year of strong performance and continued growth momentum. Our India business, with existing capacities, now reflects an annualized revenue potential of over Rs. 1,600+ crore, well-positioned for accelerated expansion, supported by the UK FTA and other upcoming trade agreements.

In India (Standalone business excl. Bihar), we reached a key milestone by delivering double-digit Adjusted EBITDA margin of 10.2% in Q4 FY25, in line with the guidance on leverage playing out with volume. Excluding initial costs associated with Guatemala and Bihar, our consolidated Adjusted EBITDA margins for Q4 FY25 remained in the double-digit range, showcasing the underlying strength of our business. On the operations front, we shipped a record 74.3 million pieces in FY25 up from 56.9 million in FY24, reflecting deeper wallet share with existing clients and continued success in new client acquisitions.

The recently concluded India-UK FTA is a strategic breakthrough for us, eliminating earlier duty disadvantages of 10'12% and putting Indian manufacturers on equal footing with countries like Bangladesh, Cambodia, Vietnam, and Turkey. We see the UK as a significant growth opportunity, with the potential to double or even triple its current ~5% contribution to our business within the next one to two years. Our established UK-based design and sales office, coupled with a strong customer base, further reinforces this trajectory. With our strategy to strengthen the order book for the full year and a strong focus on targeted operational efficiency, we remain optimistic about offsetting the impact of the tariff upcharge over the fiscal year. As competitiveness improves across geographies, we are confident in building a robust order book and accelerating our growth targets.'

Pearl Global Industries : Consolidated Results

Quarter ended Year ended Particulars 202503 202403 Var.(%) 202503 202403 Var.(%) Net Sales (including other operating income) 1,229.04 877.37 40.08 4,506.29 3,436.15 31.14 OPM (%) 9.54 9.29 25 bps 8.96 8.96 0 bps OP 117.25 81.47 43.92 403.63 307.80 31.13 Other Inc. 5.32 14.83 -64.13 33.55 32.37 3.65 PBIDT 122.57 96.30 27.28 437.18 340.17 28.52 Interest 27.27 22.38 21.85 99.19 83.31 19.06 PBDT 95.30 73.92 28.92 337.99 256.86 31.59 Depreciation 20.67 18.88 9.48 75.22 64.2 17.17 PBT 74.63 55.04 35.59 262.77 192.66 36.39 Share of Profit/(Loss) from Associates 0 0 - 0 0 - PBT before EO 74.63 55.04 35.59 262.77 192.66 36.39 EO Income 3.16 -0.63 LP 4.56 -0.6 LP PBT after EO 77.79 54.41 42.97 267.33 192.06 39.19 Taxation 12.82 5.42 136.53 36.56 22.94 59.37 PAT 64.97 48.99 32.62 230.77 169.12 36.45 Minority Interest (MI) -3.27 -2.36 -38.56 -17.56 -5.71 -207.53 Net profit 68.24 51.35 32.89 248.33 174.83 42.04 P/(L) from discontinued operations net of tax 0 0 - 0 0 - Net profit after discontinued operations 68.24 51.35 32.89 248.33 174.83 42.04 EPS (Rs)* 14.25 11.31 26.05 53.14 38.18 39.18 * EPS is on current equity of Rs 22.97 crore, Face value of Rs 5, Excluding extraordinary items. # EPS is not annualised bps : Basis points EO : Extraordinary items Figures in Rs crore Source: Capitaline Corporate Database

Pearl Global Industries : Consolidated Segment Results

Quarter ended Year ended % of (Total) 202503 202403 Var.(%) % of (Total) 202503 202403 Var.(%) Sales United States 0.00 0.00 0.00 - United Kingdom 0.00 0.00 0.00 - Hong Kong 46.48 875.59 683.62 28.08 49.42 3,602.94 2,759.38 30.57 India 21.10 397.45 323.08 23.02 16.41 1,196.14 956.76 25.02 Bangladesh 21.67 408.24 347.09 17.62 20.42 1,488.78 1,392.88 6.88 Others 5.26 99.17 73.26 35.37 5.01 365.35 219.15 66.71 South Africa 0.00 0.00 0.00 - Vietnam 5.49 103.33 46.82 120.68 8.74 636.95 498.33 27.82 Total Reported Sales 100.00 1,883.77 1,473.87 27.81 100.00 7,290.15 5,826.49 25.12 Less: Inter segment revenues   654.73 596.50 9.76   2,783.86 2,390.34 16.46 Net Sales 100.00 1,229.04 877.37 40.08 100.00 4,506.29 3,436.15 31.14 PBIT United States 0.00 0.00 0.00 - United Kingdom 0.00 0.00 0.00 - Hong Kong 44.87 47.14 17.15 174.90 48.26 176.88 82.12 115.40 India 35.36 37.14 23.96 55.00 17.75 65.06 47.87 35.90 Bangladesh 37.24 39.13 45.63 -14.26 31.71 116.24 121.04 -3.96 Others -16.64 -17.48 -3.01 -480.89 -10.48 -38.40 -8.57 -348.07 South Africa 0.00 0.00 0.00 - Vietnam -0.83 -0.87 -6.96 87.47 12.75 46.74 32.92 41.99 Total PBIT 100.00 105.06 76.78 36.83 100.00 366.52 275.37 33.10 Less : Interest 27.27 22.38 21.85 99.19 83.31 19.05 Add: Other un-allcoable 0.00 0.00 - 0.00 0.00 - PBIT Margin(%) United States   0.00 0.00 0.00 United Kingdom   0.00 0.00 0.00 Hong Kong   5.38 2.51 287.55   4.91 2.98 193.33 India   9.35 7.42 192.84   5.44 5.00 43.56 Bangladesh   9.58 13.15 -356.31   7.81 8.69 -88.19 Others   -17.63 -4.11 -1,352.11   -10.51 -3.91 -659.97 South Africa   0.00 0.00 0.00 Vietnam   -0.84 -14.85 1,401.06   7.34 6.61 73.22 PBT 100.00 77.79 54.40 42.99 100.00 267.33 192.06 39.19

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