Adjusted EBITDA( excluding ESOP expense) jumped 23.6% to Rs 122 crore, registering the growth of 23.6% compared with Rs 99 crore in Q2 FY25. EBITDA margin improved 108 bps year-on- year to 9.3% in Q2 FY26.

Cash and bank balance (excluding cash earmarked for LC payments) stood at Rs 416 crore, with an additional Rs 128 crore in mutual funds, totaling Rs 544 crore, as on 30th September 2025.

Networth as on 30th September 2025 stood at Rs 1,271 crore compared to Rs 1,146 crore as on 31st March 2025.

For first half of FY26, the company’s consolidated net profit jumped 13.98% to Rs 141.13 crore on 12.69% increase in revenue from operations to Rs 2,540.84 crore in H1 FY26 over H1 FY25.

Meanwhile, the company’s board declared first interim dividend of Rs 6 per equity share with a face value of Rs 5 each for FY26. Record date for the dividend has been fixed as Monday, 17 November 2025. The said dividend will be paid within 30 days from the date of declaration.

Pallab Banerjee, managing director, said: “We are pleased to share another quarter of strong financial performance, reflecting the resilience of our operations amid an evolving trade environment. In Q2FY26, Pearl Global achieved revenue of Rs 1,313 crore and improved profitability, demonstrating our ability to navigate trade complexities, including 50% US tariff on India. Adjusted EBITDA (excluding ESOP costs) of Rs 122 crore, with margins at 9.3%, improve by 108 BPS Y-o-Y. Excluding tariff cost/loss at new facilities (Guatemala & Bihar) stands at 10.1%, driven by improved product mix and higher realization from Vietnam and Indonesia.

USA contributes around 50% in our group revenue down from 86% in FY21. This was driven by strategy to reduce dependency on a single market. We have made notable progress in expanding our footprint across Australia, Japan, the UK and the EU and continue to scout for marquee client’s relationship in these geographies. Within India, we have accelerated onboarding of quality domestic customers to bolster near-term stability.

We continue to invest in India & Bangladesh and execute our capex plan of Rs 250 crore for capacity expansion, sustainability, and efficiency improvement. Expansion of 5-6 million pieces in Bangladesh, 2.5-3.5 million pieces in India and digitization of our supply chain are enhancing transparency, agility, and scalability across operations.”

Pulkit Seth, vice-chairman & non-executive director, said: “Our growth this quarter was led by sustained momentum in Vietnam and Indonesia, which delivered double-digit volume expansion and maintained strong operational performance. These hubs continue to validate our strategic foresight in building multi-hub production capabilities that balance scale with agility.

We are closely tracking developments in the US tariff landscape. We expect normalization in the coming quarters, we remain confident in our ability to adapt swiftly to changing requirement. Our diversified global footprint empowers us to recalibrate and readjust production and continue meeting demand across high-growth markets. With our diversified customer base across the US, UK, Japan, and Australia, and the ongoing talk of new FTAs, we remain well positioned to capture increased demand.”

Pearl Global Industries is one of India’s largest listed garment exporters, manufacturing from multiple sourcing regions South Asia (India, Bangladesh), South-East Asia (Vietnam, Indonesia) and Central America (Guatemala). Key global clientele includes Chicos, Kohl’s, Muji, Old Navy, Poligono, Primark, PVH, Ralph Lauren, Stylem, Target and other marquee names in the industry.