Apparels & Accessories company Pearl Global Industries announced Q2FY26 results Revenue stands at Rs 1,313 crore, grew by 9.2% YoY. Adj. EBITDA (excl. ESOP expense) came in at Rs 122 crore, up by 23.6% YoY, with margin at 9.3%, improved by 108 BPS YoY. Adj. EBITDA margin, excluding tariff cost/loss at new facilities (Guatemala & Bihar) stands at 10.1%. PAT rose to Rs 72 crore, marking 29.4% YoY increase. Networth as on 30th September 2025 stood at Rs 1,271 crore compared to Rs 1,146 crore as on 31st March 2025. 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 compared to Rs 513 crore as on 31st March 2025. Working Capital Days stood at 33 days as on 30th September 2025. ROCE improved by 375 BPS to 29.0% in H1FY26 from 25.2% in H1FY25 Pulkit Seth, Vice-Chairman & Non-Executive Director, said: “We are delighted to report another quarter of encouraging performance in Q2FY26 despite uncertain and volatile geo-political and macro environment. Consolidated revenue for H1FY26 crossed Rs 2,500 crore milestone, reaching Rs 2,541 crore, a growth of 12.7% YoY. This marks a significant achievement underscoring the strength of our diversified, multi-country manufacturing model. Reflecting our continued commitment to shareholder value, the board has declared an interim dividend of Rs 6.00 per equity share, representing a 20% payout ratio (wrt. Group PAT) and 120% of face value of share. 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. As we close the first half of FY26 on a strong footing, our focus remains on sustainable, profitable growth, anchored in agility, technology, and long-term stakeholder value creation.” 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 YoY. 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 ~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. Driven by prudent capex and a strong global network, Pearl Global is well-positioned for sustainable growth. Diversified market base, robust order book coupled with disciplined execution, reinforce our ability to deliver long-term value and maintain momentum.” Result PDF