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Exports garments for global apparel brands, manufacturing in India, Bangladesh, Vietnam and Indonesia.
Exports garments for global apparel brands, manufacturing in India, Bangladesh, Vietnam and Indonesia.
Makes garments to order for foreign retailers and brands, which supply the designs and specifications, so it earns a production fee rather than a brand premium. Its plants in several countries let customers shift orders between them when tariffs or labour costs change. Most output goes to the US and Europe.
Moat: narrow (scale, customer qualification). Multi-country manufacturing footprint diversifies tariff/labor risk, but garment contract manufacturing is thin-margin and competitive.
Headquarters: Gurugram, India · Founded: 1975 · Employees: 11,913
Size Pearl Global Industries (PGIL.NS) is an India Consumer Discretionary company (Apparel/Footwear) with a market value of $1.31B, the 516th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹2,278 on 6 Nov 2026.
Performance Over six months the shares gained 50.9%, against -8.4% for the median peer and 0.0% for the India market (cap-weighted) — highest of 21 in its peer set.
Growth Revenue grew 13.8% over the last twelve months (peer median +8.3%); the operating margin is 7.9% (peer median 8.1%).
Valuation It trades at 36.9× forward earnings against a peer median of 13.0× (6th most expensive of 18).
Price implies For today's price to make sense, revenue must grow about 25% a year for seven years (Req g). Recent delivered growth is +28%, so the hurdle is -2 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 9.9 points above its cost of capital (11.9% WACC).
Next results Next results expected around 5 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹53.2B | ₹50.2B | ₹45.1B | ₹34.4B | ₹31.6B |
| Revenue growth | — | +12% | +31% | +9% | — |
| Gross profit | ₹15.1B | ₹8.09B | ₹7.11B | ₹5.78B | ₹5.12B |
| EBITDA | ₹5.13B | ₹4.74B | ₹4.17B | ₹3.48B | ₹2.83B |
| Net income | ₹3.10B | ₹2.78B | ₹2.48B | ₹1.75B | ₹1.49B |
| Free cash flow | n/a | ₹1.49B | -₹167M | ₹1.63B | ₹2.28B |
| Capital expenditure | n/a | ₹1.91B | ₹1.22B | ₹1.31B | ₹882M |
| Total debt | n/a | ₹9.43B | ₹7.73B | ₹5.88B | ₹5.58B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Pearl Global Industries PGIL.NS | $1.31B | +51% | +14% | 8% | 36.9× | 25.0% |
| Gokaldas Exports GOKEX.NS | $529M | -6% | +8% | 4% | 20.5× | n/a |
| K.P.R. Mill KPRMILL.NS | $4.21B | +19% | +6% | 18% | 34.8× | 29.9% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | PGIL.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -6.5% | +0.7% | 8th lowest of 21 |
| 6-month return | +50.9% | -8.4% | highest of 21 |
| Distance from 52-week high | -10.3% | -35.1% | 2nd highest of 21 |
| Revenue growth (TTM) | +13.8% | +8.3% | 4th highest of 21 |
| Operating margin | 7.9% | 8.1% | 10th lowest of 21 |
| Forward P/E | 36.9× | 13.0× | 6th most expensive of 18 |
| Growth the price implies (Req g, 7 yrs) | 25.0% | -4.3% | 3rd most demanding of 15 |
| Growth delivered (Del g) | +27.5% | +6.9% | highest of 14 |
| Hurdle (Req g minus delivered) | -2.5 pp | -14.6 pp | 6th most demanding of 14 |
| ROIC minus cost of capital | +9.9 pp | +2.6 pp | 4th highest of 21 |
| EV / EBITDA | 24.2× | 7.8× | 3rd most expensive of 15 |
| Net debt / EBITDA | 0.4× | -0.8× | 4th most indebted of 15 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Pearl Global Industries PGIL.NS | India | $1.31B | +51% | +14% | 8% | 36.9× | 25.0% | +27.5% |
| 361 Degrees International 1361.HK | Hong Kong | $1.34B | -11% | +13% | 14% | 6.1× | -20.3% | +16.0% |
| G-III Apparel GIII | United States | $1.35B | -1% | -9% | 8% | 13.0× | -9.5% | +7.5% |
| Xtep International 1368.HK | Hong Kong | $1.27B | -16% | +10% | 10% | 7.7× | -10.3% | +10.8% |
| New Wave NEWA-B.ST | Sweden | $1.36B | +4% | +9% | 11% | 14.4× | n/a | n/a |
| Tayho Advanced Materials 002254.SZ | China | $1.26B | -13% | +6% | -2% | 70.6× | 10.1% | +8.1% |
| Salvatore Ferragamo SFER.MI | Italy | $1.22B | -19% | -2% | 3% | 202.8× | 22.5% | +2.2% |
| YoungoneHoldings 009970.KS | South Korea | $1.42B | -11% | +14% | 15% | 6.5× | n/a | n/a |
| Wacoal 3591.T | Japan | $1.21B | -21% | +2% | -1% | 36.5× | 35.7% | +2.4% |
| Toread 300005.SZ | China | $1.21B | -45% | +22% | -1% | 60.7× | n/a | n/a |
| Lancy 002612.SZ | China | $1.19B | +11% | +9% | 10% | 22.4× | -1.2% | +15.9% |
| Stella International 1836.HK | Hong Kong | $1.47B | -10% | +2% | 8% | 11.8× | -9.5% | +6.8% |
| JNBY Design 3306.HK | Hong Kong | $1.47B | +7% | +12% | 20% | 9.4× | -7.4% | +6.9% |
| Misto 081660.KS | South Korea | $1.51B | -5% | +8% | 13% | 6.4× | -13.9% | +7.4% |
| Guangdong Golden Dragon Development 000712.SZ | China | $1.12B | -20% | -3% | -20% | n/a | n/a | n/a |
| Lai Yih Footwear 6890.TW | Taiwan | $1.11B | -7% | -11% | 8% | 12.0× | n/a | n/a |
| Jihua 601718.SS | China | $1.10B | -43% | -22% | -10% | n/a | n/a | n/a |
| Human Made 456A.T | Japan | $1.10B | +39% | +27% | 30% | 45.5× | 7.7% | n/a |
| Makalot Industrial 1477.TW | Taiwan | $1.59B | +1% | -2% | 14% | 12.8× | -8.0% | +6.7% |
| Jiangsu Hongdou Industrial 600400.SS | China | $1.06B | +11% | +22% | -9% | 102.3× | 13.7% | -1.3% |
| Topscore Fashion 603608.SS | China | $1.05B | +28% | +9% | 4% | n/a | 51.6% | -9.4% |