Pearl Global Industries Limited (PGIL) (BSE: 532808) (NSE: PGIL), a global fashion and lifestyle company specialising in the design, manufacture, and distribution of apparel, has announced its audited financial results for the quarter and year ended 31st March 2025.

Consolidated Financial Highlights for FY25:

• Total Revenue reached Rs. 4,506 crores, a robust growth of 31.1% YoY. Company achieved sales value / volume growth across geographies.
• Adjusted EBITDA (excl. ESOP expense) stood at Rs. 411 crores, a growth of 29.8% YoY.  Adjusted EBITDA margins stood at 9.1% in FY25.
• PAT after Minority Interest stood at Rs. 248 crores, up by 42.0% YoY. 
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Consolidated Financial Highlights for Q4 FY25:

• Total Revenue stood at Rs. 1,229 crores, a growth of 40.1% YoY
• Adjusted EBITDA (excl. ESOP expense) came in at Rs. 119 crores, up by 41.7% YoY, with margin at 9.7%. Excluding for losses in operations at new facilities (Guatemala, Bihar etc.) adjusted EBITDA for Q4 FY25 stands at 10.5%.
• PAT after Minority Interest stood at Rs. 68 crores, marking a growth of 32.9% YoY.
• Successfully shipped 20+ million pieces in a single quarter. 
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Standalone Financial Highlights for FY25:

• Total Revenue stood at Rs. 1,196 crores, a growth of 25.4% YoY. The increase in revenue is due to growth in wallet share with key customers. 
• Adjusted EBITDA (excl. ESOP expense) reached Rs. 66 crores, a growth of 34.9% YoY, with 5.6% margin.
• PAT stood at Rs. 55 crores, a growth of 94.4% YoY.
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Standalone Financial Highlights for Q4 FY25:

• Total Revenue stood at Rs. 397 crores, reflecting a strong 24.2% YoY growth.
• Adjusted EBITDA (excl. ESOP expense) stood at Rs. 40 crores, a robust growth of 96.0% YoY with margin growth of 380 bps YoY to 10.2% in Q4FY25.
• PAT nearly doubled to Rs. 23 crores, marking 95.2% YoY increase.

• Balance Sheet Highlights:

• Networth as on 31stMarch 2025 stood at Rs. 1,146 crores compared to Rs. 817 crores as on 31st March 2024.
• Cash and Bank Balance (excluding cash earmarked for LC payments) stood at Rs. 513 crores as on 31stMarch 2025 compared to Rs. 285 crores as on 31st March 2024.
• Working Capital Days stood at 38 days as on 31stMarch 2025.
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Other Highlights - FY25:

• The Company shipped highest number of pieces, reaching 74.3 million in FY25, marking a significant increase from 56.9 million pieces shipped in FY24.
• Credit Rating upgrade:Long-term rating stands at ICRA A and short-term rating stands at ICRA A1.
• Enhanced Board Strengthwith the induction of two independent directors, Mr. Rahul Mehta Narendra and Ms. Jyoti Arora, reinforcing governance excellence and strategic oversight.
• Declared a second interim dividendof  6.50 per equity share for FY 2024-25. The total FY25 dividend stands at Rs. 11.50 per equity share, With payout of 22.9%.
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Commenting on the Results, 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, 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.”