During the quarter, adjusted EBITDA stood at ₹97 crore, up 4.4 per cent YoY, with margins at 8.3 per cent. After excluding tariff-related costs and ramp-up expenses of around ₹9 crore, the adjusted EBITDA margin improved to about 9.1 per cent. Profit after tax (PAT) increased 6.8 per cent YoY to ₹52 crore.

Pearl Global Industries has posted strong Q3 FY26 results, with consolidated revenue rising 14.4 per cent to ₹1,170 crore (~$129.3 million) and PAT up 6.8 per cent.
9M revenue grew 13.2 per cent to ₹3,711 crore (~$410.5 million), supported by multi-country operations and higher value-added products.
Improved margins, rating upgrades and capacity expansion in Bangladesh strengthen its growth outlook.

Standalone performance also showed improvement. Q3 FY26 standalone revenue was ₹246 crore, with adjusted EBITDA of ₹13 crore and margins improving by 140 basis points YoY to 5.1 per cent. Excluding tariff costs of around ₹5 crore, margins stood at roughly 7.2 per cent. Standalone PAT rose sharply to ₹14 crore from ₹4 crore in Q3 FY25.

For the first nine months (9M) of FY26, PGIL reported consolidated revenue of ₹3,711 crore (~$410.5 million), registering a 13.2 per cent YoY increase, supported by its diversified multi-country manufacturing footprint and a higher value-added product mix. Adjusted EBITDA excluding ESOP expenses rose 14 per cent YoY to ₹333 crore, with margins of around 9 per cent.

After adjusting for reciprocal tariff costs of approximately ₹31 crore and incremental ramp-up expenses of about ₹11 crore, adjusted EBITDA margin improved to nearly 10.1 per cent. PAT for the period grew 14 per cent YoY to ₹189 crore, led by strong momentum in Vietnam and Indonesia.

On a standalone basis for 9M FY26, it reported revenue of ₹777 crore. Adjusted EBITDA surged 63.7 per cent YoY to ₹43 crore, with margins expanding to 5.5 per cent, an improvement of 220 basis points, largely due to cost restructuring. Excluding reciprocal tariff costs of around ₹14 crore, adjusted EBITDA margin stood at about 7.3 per cent. Standalone PAT increased to ₹55 crore from ₹32 crore a year earlier.

PGIL’s credit profile strengthened during the period, with ICRA upgrading its long-term rating from BBB (Stable) in 2021 to A+ (Stable) in 2026, and its short-term rating improving to A1+, reflecting strong liquidity and operational resilience.

The company said Bangladesh remains a key growth engine, with capacity expansion on track for completion by Q2 FY27. Indonesia and Vietnam continue to operate at optimal utilisation levels, positioning them well for future growth. PGIL added that recent trade agreements covering major global markets valued at over $250 billion, combined with existing capacity, place it in a strong position to accelerate revenue growth, improve profitability and create long-term value for stakeholders.

“We are delighted to report another quarter of encouraging performance in FY26 for the group amidst a challenging macroeconomic and geopolitical environment. Our 9M FY26 revenue grew by 13.2 per cent and EBITDA grew by 14 per cent YoY,” said Pulkit Seth, vice-chairman and non-executive director of PGIL. “Our India operations are expected to gain significant momentum following the reduction of US tariffs to 18 per cent. This trade agreement removes the burden of the additional 25 per cent duty, thereby enhancing profitability and supporting sustained top-line growth. Another positive industry development is India-EU Free Trade Agreement (FTA), which creates a level playing field for Indian exporters.”

“This agreement will accelerate growth in our India operations, allow us to leverage existing relationships with EU customers including those currently served from our other manufacturing locations. Further, the UK FTA opens new opportunities to expand India’s revenue contribution to the UK market. With capacity already in place, we are well-positioned to capitalise all these opportunities and continue to grow revenue and profitability,” added Seth.

“This performance underscores the strength of Pearl global’s diversified operating model and disciplined execution across geographies. Despite ongoing macroeconomic and trade-related challenges, we have delivered consistent growth, supported by a higher value-added product mix and operational efficiencies,” said Pallab Banerjee, managing director of the company.

“While Vietnam, Indonesia and Bangladesh continue to grow, our India operations were constrained by the high US tariff in FY26, however with the February deal with US and necessary capacity and capability in place, our India operations are also well positioned to regain growth trajectory from FY27 onwards,” added Banerjee.

Fibre2Fashion News Desk (SG)

Current situation and expectations also improved accordingly in the zone for the third time in a row. Therefore, the recession in the eurozone appears to have come to an end and upturn may have begun, Germany-based Sentix, which provides sentiment analyses in Europe, noted.

While private investors remain somewhat cautious, the institutional investors surveyed by Sentix are clearly shedding their bearish outlook. The expectations of professionals now stand at 24 points.

The Sentix economic indices in February are showing a silver lining for the eurozone economy.
Despite discussions about a gas shortage, the investors surveyed are also extremely confident about the German economy.
The Asian region remains the main driver of the global upturn.
Eastern Europe and Latin America also saw growth for the third time in a row, while the US economic engine is faltering somewhat.

Despite discussions about a gas shortage, the investors surveyed by Sentix are also extremely confident about the German economy.  

Germany remains an economic surprise package. Order intake for German industry recently took investors by surprise. Institutional investors there, in particular, are revising their stance significantly, resulting in a sharp rise in economic expectations.

In the headline index, this leads to a jump of almost 10 points to 16.3 points for Germany. This could mean the end of the recessionary phase of the German economy.

The German economy is also contributing to the encouraging development in the eurozone. The Sentix index values rose across the board to their highest level since July 2025. Expectations jumped by 10.8 points.

Globally, the Asian region remains the main driver of the current global upturn. The economic index for Asia excluding Japan rose for the sixth time in a row, reaching a level of 23.9 points. This is the best figure since July 2021. And these strong figures are only partly due to China. Rather, it is the other ‘Asian tigers’ that are contributing to the momentum.

Eastern Europe and Latin America also saw growth for the third time in a row. In contrast, the economic engine in the United States is faltering somewhat, with expectations falling by 1.5 points.

For the United States, Sentix measured a slight decline in the overall economic index of 0.5 points, which is completely contrary to the international trend and also contrary to the recent good figures from the ISM economic survey.

Investors appear to be reacting much more strongly to the latest data on developments in the US labour market. There has been an increase in job losses, which is likely to be attributable to the growing success of the artificial intelligence segment. This does not yet indicate an economic turnaround, but the greatest momentum is currently to be found in other regions.

Fibre2Fashion (DS)

Woven garment exports witnessed limited decline compared to knitted garment exports. Knitwear exports (Chapter **) declined by *.** per cent to $**.*** billion, compared with $**.*** billion in the same period of fiscal ****–**. Woven apparel exports (Chapter **) eased *.** per cent to $*.*** billion, down from $*.*** billion during July– December ****, EPB data showed.

Home textile exports (Chapter **, excluding ******) expanded, increasing by *.** per cent to $***.** million from $***.** million in the same period of the previous fiscal. Taken together, exports of woven and knitted apparel, clothing accessories, and home textiles accounted for **.** per cent of Bangladesh’s total exports, which stood at $**.*** billion during the period. Growth in home textiles was supported by firmer demand for niche value-added products, along with Bangladesh’s competitive pricing amid rising production costs in rival sourcing countries.