Pearl Global Industries Limited (PGIL) AI Stock Analysis

• Market Cap: ₹68.68B
• Dividend Yield: 0.77%
• Average Volume (3M): 4.36K
• Price to Earnings (P/E): 34.8
• Beta (1Y): 1.60
• Revenue Growth: 24.93%
• EPS Growth: 20.57%
• Country: IN
• Employees: 9,116
• Sector: Consumer Defensive
• Sector Strength: 42
• Industry: Apparel - Manufacturers
• EPS (TTM): 11.45
• Shares Outstanding: 46,146,015
• 10 Day Avg. Volume: 1,886
• 30 Day Avg. Volume: 4,360
• PEG Ratio: 0.68
• Price to Book (P/B): 5.34
• Price to Sales (P/S): 1.37
• P/FCF Ratio: 109.57
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: ₹2,255.00
• Price Target Upside: 39.01% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): 56.93
• Revenue Forecast (FY): ₹49.98B

• Rating: 66 Neutral
• Price Target: ₹1,607.00 ▼(-0.94% Downside)
• Action: Reiterated Date: 11/13/25
• Date: Action: Reiterated 11/13/25

Pearl Global Industries' strong financial performance is the most significant factor, supported by robust revenue growth and improving profitability. However, technical indicators suggest caution due to overbought conditions, and the valuation appears stretched with a high P/E ratio. These factors combined result in a moderate overall stock score.

Positive Factors

Revenue Growth

Sustained double-digit revenue growth (~18.9%) reflects durable demand and successful scaling of export manufacturing. Continued top-line expansion supports fixed-cost absorption, funds capacity and product development investments, and underpins multi-quarter profitability if order flows remain stable.

Margin Sustainability

Consistently strong gross margins and improving net margins indicate effective cost management and pricing power in the supply chain. Healthy EBIT/EBITDA margins demonstrate operational efficiency in manufacturing, providing structural resilience to earnings versus peers in the apparel sector.

Cash Generation

Positive operating cash flow and solid conversion of earnings into cash give the company the ability to fund working capital, routine capex and reinvestment without immediate capital market dependency. This steady cash generation supports medium-term operational stability.

Negative Factors

Rising Leverage

An upward trend in debt, while currently manageable, reduces financial flexibility and raises interest and refinancing exposure. If volumes or margins weaken, higher leverage could strain free cash flow, limit investment capacity and impair the ability to withstand cyclical slowdowns.

Reliance on External Financing

Ongoing reliance on financing activities to support operations or capex increases refinancing and market-risk exposure. Persistent dependence on external funding can raise cost of capital, create timing risk in tighter markets, and constrain strategic choices over the medium term.

Export & Input-Cost Exposure

Heavy export orientation ties revenue to FX volatility and global retail demand cycles; input-cost swings (fabric, trims, freight, labor) can compress margins. These structural exposures make earnings and cash flow less predictable across economic and currency cycles.

Pearl Global Industries Limited Business Overview & Revenue Model

Company Description

Pearl Global Industries Limited, together with its subsidiaries, manufactures and exports readymade garments. The company offers knits, woven, and bottoms for men, women, and kids. It also provides supply chain solutions. The company offers its products through retailers in India, the United States, Bangladesh, Indonesia, Hong Kong, Vietnam, Spain, the United Kingdom, rest of Europe, and internationally. In addition, it is involved in the trading of garments through online. The company was formerly known as House of Pearl Fashions Limited. Pearl Global Industries Limited was founded in 1987 and is based in Gurugram, India.

How the Company Makes Money

PGIL primarily makes money by selling finished apparel (ready-made garments) to business customers (typically global brands, retailers, and fashion companies). Revenue is generated through purchase orders/contracts where PGIL manufactures garments to customer specifications (and, where applicable, provides supporting services such as product development, sampling, sourcing of fabrics/trims, and logistics coordination) and then invoices customers upon shipment/delivery under agreed commercial terms. Key revenue streams therefore include (1) manufacturing and sale of garments (core), and (2) value-added supply-chain services bundled into the order economics (e.g., design/product development and sourcing support) when provided as part of fulfilling customer orders. Earnings are driven by volumes shipped, product mix (types of garments and complexity), capacity utilization and operational efficiency at manufacturing units, input costs (fabric, trims, labor, freight), and foreign-exchange movements because sales are largely export-linked. Specific information on named partnerships/customers, segment-wise revenue breakdown, or the exact split between manufacturing vs. service components is null.

Pearl Global Industries Limited Financial Statement Overview

Summary

Pearl Global Industries demonstrates strong financial health with robust revenue growth and improving profitability. The balance sheet is stable, though rising debt levels should be monitored. Cash flows are positive, with strong operational cash generation, though variations in free cash flow and reliance on external financing necessitate careful financial management.

Income Statement

Pearl Global Industries has shown robust revenue growth, with a significant increase in total revenue from 2021 to 2025. The gross profit margin has remained strong, indicating effective cost management. The net profit margin has improved, reflecting enhanced profitability. EBIT and EBITDA margins are healthy, showcasing operational efficiency and solid earnings before interest and taxes. Overall, the income statement reflects a company on a positive growth trajectory with increasing profitability.

Balance Sheet

The company's balance sheet shows a stable financial position with a reasonable debt-to-equity ratio, suggesting manageable leverage levels. The return on equity has been improving, indicating effective use of shareholder funds. The equity ratio is solid, highlighting a good proportion of equity financing. However, the increasing debt levels warrant cautious monitoring to ensure they do not pose significant risk in the future.

Cash Flow

Operating cash flow remains positive, indicating strong cash generation from core business operations. The free cash flow has shown variability, reflecting fluctuating capital expenditures over the years. The ratio of operating cash flow to net income suggests effective conversion of earnings into cash. However, the cash flow from financing activities indicates a reliance on external financing, which could be a potential risk if not managed carefully.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	47.92B	45.06B	34.36B	31.58B	27.14B	14.91B
Gross Profit	22.50B	21.34B	5.78B	15.29B	9.00B	5.61B
EBITDA	4.65B	4.04B	3.17B	3.09B	1.95B	1.02B
Net Income	2.66B	2.48B	1.75B	1.49B	681.46M	172.71M
Balance Sheet
Total Assets	27.83B	25.96B	19.85B	17.81B	17.81B	12.94B
Cash, Cash Equivalents and Short-Term Investments	6.32B	5.66B	3.66B	3.00B	1.55B	1.24B
Total Debt	7.46B	7.73B	5.88B	5.58B	6.45B	4.40B
Total Liabilities	15.12B	14.49B	11.68B	10.38B	11.66B	7.64B
Stockholders Equity	12.88B	11.56B	8.02B	7.22B	5.99B	5.17B
Cash Flow
Free Cash Flow	2.08B	562.89M	2.23B	2.77B	-1.75B	628.15M
Operating Cash Flow	2.73B	1.76B	3.52B	3.65B	-914.98M	946.14M
Investing Cash Flow	-2.02B	-1.04B	-1.28B	-256.99M	-396.32M	-260.47M
Financing Cash Flow	-1.56B	1.01B	-1.52B	-2.00B	1.53B	-619.42M

Pearl Global Industries Limited Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 1622.20
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:PGIL, the sentiment is Neutral. The current price of 1622.2 is above the 20-day moving average (MA) of 1515.28, above the 50-day MA of 1546.18, and above the 200-day MA of 1471.21, indicating a neutral trend. The MACD of -25.23 indicates Positive momentum. The RSI at 45.85 is Neutral, neither overbought nor oversold. The STOCH value of 62.56 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IN:PGIL.

Pearl Global Industries Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ICIL	67 Neutral	₹46.07B	57.24	―	0.74%	10.86%	-47.15%
PGIL	66 Neutral	₹68.68B	34.81	―	0.77%	24.93%	20.57%
SANGAMIND	63 Neutral	₹21.72B	25.56	―	0.45%	13.88%	-0.56%
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
REDTAPE	61 Neutral	₹65.01B	16.39	―	0.60%	7.29%	14.72%
JINDWORLD	58 Neutral	₹21.48B	51.05	―	0.13%	12.93%	-17.47%
HIMATSEIDE	43 Neutral	₹9.92B	46.69	―	0.21%	-7.55%	-30.11%

Pearl Global Industries Limited Corporate Events

Pearl Global Opens Special Window for Transfer and Demat of Physical Shares

Pearl Global Industries Limited has notified the stock exchanges that it has published a newspaper advertisement in Business Standard’s English and Hindi editions. The notice informs shareholders about the opening of a special window for the transfer and dematerialisation of physical securities in accordance with a recent SEBI circular.

By publicising this special window, the company is facilitating the transition of investors from physical share certificates to dematerialised form. This move is expected to streamline share transfers, improve compliance with evolving market regulations, and enhance transparency and efficiency for shareholders and market participants.

Pearl Global Says Share Price Surge Driven by Market Forces, Denies Undisclosed News

Pearl Global Industries Limited has told the National Stock Exchange of India that it is unaware of any undisclosed price-sensitive information that could explain the recent significant movement in its share price. Responding to a regulatory query, the company said it has been complying with disclosure obligations under SEBI’s Listing Regulations and has promptly communicated all relevant events and information to the exchanges. Management stressed that the recent volatility in the stock is attributable solely to broader market dynamics beyond the company’s control, implying no internal operational or strategic developments are behind the price swing.