A billion-dollar dream: Pearl Global bets on global markets

PGIL posted ₹4,506 crore in revenue and 42% profit growth in FY25, but trades at lower valuation than peers

- Gaurav Laghate

Despite operating across five countries, catering to some of the biggest global fashion brands, and posting robust revenue and profit growth in FY25, Pearl Global Industries Ltd (PGIL) remains modestly valued by the market.

Chief executive officer Pallab Banerjee, who took over its reins in 2019, says it's not the numbers that are lagging, but the narrative. "We built a professional, globally diversified firm over the last five years, but our active market engagement only began post-covid," Banerjee said. "So, maybe the Street is still catching up."

PGIL ended 2024-25 with ₹4,506 crore in consolidated revenue, up 31% year-on-year, and profit growth of 42% to ₹248 crore. Operating margins improved to 9.5%. Yet, it continues to trade at a discount to smaller, single-market peers such as Gokaldas Exports.