{"id":183121,"date":"2026-05-15T06:47:16","date_gmt":"2026-05-15T10:47:16","guid":{"rendered":"https:\/\/alphastreet.com\/india\/pearl-global-industries-limited-pgil-q4-2026-earnings-call-transcript\/"},"modified":"2026-05-15T09:21:25","modified_gmt":"2026-05-15T13:21:25","slug":"pearl-global-industries-limited-pgil-q4-2026-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/pearl-global-industries-limited-pgil-q4-2026-earnings-call-transcript\/","title":{"rendered":"Pearl Global Industries Limited (PGIL) Q4 2026 Earnings Call Transcript"},"content":{"rendered":"

Pearl Global Industries Limited (NSE: PGIL) Q4 2026 Earnings Call dated May. 15, 2026<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Shishir Gahoi<\/strong> \u2014 Head of Investor Relations<\/em><\/p>\n

Pallab Banerjee<\/strong> \u2014 Managing Director<\/em><\/p>\n

Sanjay Gandhi<\/strong> \u2014 Group Chief Financial Officer<\/em><\/p>\n

Analysts:<\/h2>\n

Bharat Gulati<\/strong> \u2014 Analyst<\/em><\/p>\n

Kishore Kumar<\/strong> \u2014 Analyst<\/em><\/p>\n

Soham Samanta<\/strong> \u2014 Analyst<\/em><\/p>\n

Abhishek Shankar<\/strong> \u2014 Analyst<\/em><\/p>\n

Harsh Dubey<\/strong> \u2014 Analyst<\/em><\/p>\n

Bhavya Gandhi<\/strong> \u2014 Analyst<\/em><\/p>\n

Manjubhashini A.<\/strong> \u2014 Analyst<\/em><\/p>\n

Shirish Pardeshi<\/strong> \u2014 Analyst<\/em><\/p>\n

Presentation:<\/h2>\n

Operator<\/strong><\/p>\n

Ladies and gentlemen, good day and welcome to the Pearl Global Industries Limited Q4 and FY ’26 Earnings Conference Call. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing Star zero on your Touchstone phone. Please note that this conference is being recorded.<\/p>\n

I now hand the conference over to Mr. Shishir Gahoy, head of Investor Relations of Pearl Global Indices Ltd. Thank you. And over to you sir.<\/p>\n

Shishir Gahoi<\/strong> \u2014 Head of Investor Relations<\/em><\/p>\n

And I welcome you all to our earnings call for Q4, FY26 and financial year 26. I hope you all had an opportunity to review our press release and the investor presentation which are available under the investor section of our website. And the same are also uploaded on the BSE and NSE website.<\/p>\n

To discuss our results, we have with us our managing director Mr. Pallav Banerjee and our group CFO Mr. Sanjay Gandhi. They will take you through our results and business performance after which we will proceed for the question and answer session.<\/p>\n

Before we start, I just want to highlight that this call may include forward looking statements based on the company’s current views and expectations. Actual results could be different as future performance is uncertain and involves risks that are hard to predict.<\/p>\n

I will now hand over the call to our MD Mr. Pallap Energy. Over to you Pallap.<\/p>\n

Pallab Banerjee<\/strong> \u2014 Managing Director<\/em><\/p>\n

Thank you Shishir. Good afternoon everyone. I welcome you all to the full year of financial year 26 earnings call. We continue to sustain our growth momentum in top line and bottom line despite the challenging and uncertain macro environment driven by our focused execution, multi location and the multi location presence. In this year under review we crossed revenue of 5,000 crore and our EBITDA stood at 468 crore at 9.3%. Excluding the incremental loss at the new facilities of Bihar and Guatemala and the tariff cost that we bear this year stands at 10.3%.<\/p>\n

Our installed capacity reached 101 million pieces per annum. With the completion of financial year 26 we feel that we are solidly on track with our vision of FY28 shared with all of you earlier. And all this while, we continue to improve on our efficiencies, governance and rating. Now an update on the key positive developments in our industry during this year. As you all know that we all experienced A roller coaster ride with the US tariff in this year of 26, especially for India. First a 25% tariff was levied and on top of this another 25% penalty was put onto Indian goods.<\/p>\n

And both these are on top of the MFN duties already prevalent for us. Thus the total charges went up to the range of 65 to 69% of Indian made garments out of cotton fabric. After six months of this painful situation, a deal between US and India brought this IEEPA tariff down to 18%. And then of course the US Supreme Court declared the IEPA tariff as not legal. And now businesses in US are starting to file legal case for refunds. Though it may not be so easy as it sounds. And currently a 10% tariff under the section 122 is in place till the month of July for all countries exporting to us.<\/p>\n

Meanwhile, the US retailers got a big respite from the tariff and consumer sentiments have been very positive as seen in their results of the first quarter. Equally important for India would be the FTA which is signed between India and UK and and between India and eu. Although we still await the implementation date, customers have started visiting and are excited about this opportunity to diversify their sourcing into India more and from the over dependence on duty free countries like Bangladesh and Cambodia.<\/p>\n

Now with these agreements alongside earlier bilateral and free trade agreements that was already in place, India will have preferential access to all major global markets which are served by Pearl Global. Namely they are usa, European Union, United Kingdom, Japan and Australia. Meanwhile, other manufacturing hubs of ours such as Bangladesh, Vietnam, Indonesia already benefit from this duty free access, thus ensuring that Pearl Global’s diversified footprint remains highly competitive with a comprehensive market access across geographies.<\/p>\n

We believe Pearl Global is strongly positioned to continue its growth beyond financial year 28 while withstanding the potential shocks resulting from geopolitical conflicts and ever changing global macro environment. Now let me take you through the outlook across our geographies Starting with India FY26 profitability marginally improved despite the discounts which we extended to US clients during the tariff period to maintain the strong relationships that we already have which had a temporary impact on our margins.<\/p>\n

This improvement was driven by our cost restructuring with the removal of US tariffs along with the India EU FTA and the UK fta. We anticipate higher volumes, increased sourcing from India and renewed growth in our Indian operations from financial year 27 onwards which were impacted last year mainly because of US tariffs. We already have a very significant existing business with customers of European Union and United Kingdom who are keen to place business in India as well. By leveraging the expanded capacity and the enhanced capabilities that we have recently established in India, we are ready to play an important role in driving growth and delivering the improved profitability going forward.<\/p>\n

Moving on to Bangladesh as a country, this is on track since the new elected government, our operations that we have in Bangladesh are running smoothly. It is witnessing a strong growth in the government exports with shipments to key markets such as us, uk, eu, Spain of course Spain comes under EU only and Canada showing consistent momentum. The ongoing CAPEX project expected to be completed in first half of 2027. It will further expand the capacity by approximately 6 million pieces over the next two years of financial year 27 and financial year 28.<\/p>\n

Driven by recent customer additions, mature operations and upcoming capacity enhancements, our Bangladesh operations are well positioned to sustain growth momentum and strengthen our contribution to overall performance in Indonesia. We have been updating you about our ramping up on our recently commissioned factory. Indonesia capacity utilization has increased to 47% of its total established capacity that we have there in this year. Last year it was about 39%. Now this is being driven by the customer demand and continued focus on the premium clients.<\/p>\n

We are confident that our Indonesia operations will deliver both top line and bottom line from this year onwards. In Vietnam during this year we witnessed a strong growth momentum in our operations. Capacity utilizations improved to 80% plus in the current year compared to 63% of last year. Vietnam has proven to be an important manufacturing hub for the US market and continues to enhance our competitiveness across all other major geographies. Encouraged by the strong customer traction, we plan to have additional capacity in Vietnam which would further deepen the customer engagement and increase the wallet share. In Guatemala, we remain focused on improving efficiencies and reducing our losses with a positive outlook and further progress expected in the coming financial year.<\/p>\n

With that, let me hand over to Sanjay Gandhi, our group CFO to share the financial highlights. Sanjay, over to you.<\/p>\n

Sanjay Gandhi<\/strong> \u2014 Group Chief Financial Officer<\/em><\/p>\n

Thank you. Welcome all to our quarter four and full year FY26 earning call. I will now take you through our financial and operational performance. FY26 consolidated performance FY26 was a record year for us where we marked our highest ever consolidated revenue performance despite geopolitical uncertainty. Consolidated revenue grew to rupees 5025 crore up 11.5% year on year. This strong growth was driven by volume and high value added products. Growth in overseas business adjusted EBITDA excluding ESOP Expense stood at rupees 468 crore up by 14% in FY26 Adjusted EBITDA margin stood at 9.3% excluding tariff impact of 36 crore and incremental loss in Bihar and Guatemala Approximately 13 crore Adjusted EBITDA margin stand at 10.3% for the full year.<\/p>\n

PAT in FY26 stand at rupees 270 crore Strong growth of 17% on year on year basis Quarter 4 FY26 consolidated performance In Quarter 4 FY26 we achieved our highest ever quarterly revenue with total revenue standing at rupees 13. 14 crore approximately reflecting a growth of 6.9% year on year. Adjusted EBITDA excluding ESOP expenses at rupees 135 crore up by 13.7% year on year with the margin at 10.3% which has been the highest ever EBITDA margin in any quarter so far. Adjusted EBITDA margin excluding the reciprocal tariff impact of rupees 5 crore incremental loss in Bihar and Guatemala of rupees 3 crore adjusted EBITDA margins stands at 10.9%.<\/p>\n

At a group level PAT gross to 81 crore grew by 24.6% year on year. Now talking about standalone financial performance FY26 standalone performance in FY26 total revenue stood at rupees 10. 81 crore adjusted EBITDA excluding ESOP expense stand at rupees 67 crore with a margin at 6.2% up by 60 bip year on year mainly due to cost restructuring effort done in the organization. Adjusted EBITDA margin excluding tariff cost of rupees 19 crore stands at 8% for full year bat stand at 69 crore compared to 55 crore in FY25 Q4 standalone performance for quarter 4 FY26 total revenue stood at rupees 304 crore.<\/p>\n

Adjusted EBITDA excluding ESOP expense stand at rupees 24 crore EBITDA margin at 7.9% excluding tariff cost of rupees 5 crore Adjusted EBITDA margin stand at 9.6% pad stand at rupees 14 crore Balance Sheet Highlights Our strong performance at a group level is reflected in our strengthened balance sheet. Net worth as in 31-03-2026 stored at Rupees 1,438 crore compared to Rupees 1,146 cr as on 31-03-2025 cash and bank balance excluding cash earmark for LC Payments stood at Rupees 634crore as on 31st March 26th compared to Rupees 513crore as on 31st March 2025.<\/p>\n

Working capital day stood at 43 days as on 31st March 2026. Return on capital employees stood at 28% as on 31st March 2026. Other highlights in line with our stated dividend policy and commitment to shareholder return, the company declared a second interim dividend of rupees 8 rupees 50 paisa per share representing 170% of face value for financial year 2526. The total dividend for FY26 stand at INR14 rupees 50 paisa per share 290% of the face value. This is the highest ever dividend payout ratio by the company which represent 25% of the group PAT of FY26.<\/p>\n

We are happy to share that the company has achieved a notable improvement in its credit profile with the long term credit rating upgraded from BBB stable enough in 2021 to a stable for a long term in 2026. So we have been consistently improving our credit profile for last five years. Concurrently, the short term rating has advanced from ICRA A3 to A1 underscoring our robust liquidity and operational resilience despite a challenging macroeconomic environment. Our installed capacity has crossed 100 million pieces milestone significantly ahead of our earlier target of H1FY27 with Bangladesh ongoing capex expected to be completed by H1FY27.<\/p>\n

This will further increase capacity by 6 to 7 million pieces during FY27 only from this capex capex update for FY26 please refer to slide 8 of the investor presentation. A capex of two hundred and fifty crore has already been committed and is expected to be completed by H1FY27. This timeline is in line with what was declared at the beginning of the financial year capex planning for FY27 we continue to build capacity and capability across group and we are in the process of outlining capex commitment of rupees 200250 crore for FY27 across geographies.<\/p>\n

We’ll update you further on detailed capex plan in the coming quarters. Couple of commitment which has already been approved by the Board in quarter one are as follows. The company through its step down subsidiary company DSSP Global Ltd. Hong Kong will be acquiring an additional 10% stake from minority shareholder in PT Pinnacle Apparel Indonesia for a consideration of $1.4 million post the acquisition. The company through its step down Saprty will hold 99.92% stake in PT Pinnacle Apparel Indonesia.<\/p>\n

We have also identified a land parcel in Vietnam and are in advanced stage of concluding the purchase. The purchase consideration could be in the range of 2.5 to $3 million. In summary, we have sustained the growth momentum built in earlier years. FY26 performance testament to the strength of the Pearl global diversified business model which has enabled us to sustain growth even in uncertain geopolitical environment.<\/p>\n

With this, I now hand over to the moderator to open the floor for questions and answers.<\/p>\n

Questions and Answers:<\/h2>\n

Operator<\/strong><\/p>\n

Thank you very much. We’ll now begin the question and answer session. Anyone who wishes to ask a question may press Star and one on their touchtone phone. If you wish to remove yourself from the question queue, you may press Star and two participants are requested to use their handset while asking a question. Ladies and gentlemen will wait for a moment while the question queue assembles.<\/p>\n

The first question is from the line of Bharat Gulati from Dalal and Rocha. Please go.<\/p>\n

Bharat Gulati<\/strong><\/p>\n

Yeah hi sir, thank you for the opportunity and congratulations on a great set of numbers. I just had a question regarding growth that has come in. In this quarter India has seen a sharp degrowth of about 23% and which predominantly is an India heavy quarter and its overall contribution last quarter from 32 has dropped to 23. Whereas the other segment that we report in our audited results that has shot up significantly on a QoQ and YOY basis to 220, 214 crores which I predominantly understand is Guatemala. So could you explain where that spike came in? And also we’ve achieved profitability in that segment. So just wanted to understand the sustainability of that EBIT going forward.<\/p>\n

Pallab Banerjee<\/strong><\/p>\n

Okay, I will start and then Sanjay can add to it. See what happened in India was we were under the very high tariff from US market of almost 50%. So most of our retailers were pushing us to take out as much as goods from India and manufacturing the other countries. But still like we certain customers like which we are serving only from India, we continue to pay the discounts and still continue to have the goods in India. So that’s the reason you are seeing that the India total number has come down for this quarter.<\/p>\n

Now why in this particular quarter? Because Since August of 2025 this tariff was levied and whatever was the existing order that we already had at that point of time were shipped out by mostly by about December and Jan. So that net impact of the U.S. Tariff or the reduction of business specifically in India came in this period of time. Other markets continued and similarly like most of these us gain that we have in terms of the customers wallet share and other thing that we took their advantage from the other locations of ours in terms of numbers.<\/p>\n

Sanjay, you want to give.<\/p>\n

Sanjay Gandhi<\/strong><\/p>\n

Yeah, thanks. So the first there are two, three points which you mentioned in your queries. First is the growth in overseas business. Growth in overseas business is coming from the volume and the value added product from primarily from, you know, Vietnam, Bangladesh and Indonesia. So that’s the first part of the question, you know, which is there. Second is I think you mentioned about sustainability of EBIT margin which has been achieved, how sustainable it will be. So given that we have mentioned earlier in our earlier earning calls as well that inherently if you look at the business capability once we exclude the reciprocal tariff and the initial ramp up or set up cost in operation like Bihar, we have been consistently maintaining on delivering that 10% double digit EBITDA margin.<\/p>\n

Now having delivered now 10%, having achieved a 10% EBITDA margin for this quarter after looking at all the strength and addressing the inefficiency which is there in some pockets which we mentioned about the losses in Guatemala and Bihar, we are pretty confident at this stage to really maintain 10% EBITDA for the full year as we start FY27. Third question was about the gross margin. The gross margin is largely a function of of the product mix. So given the product mix we have, it’s also a seasonal, you know, on a quarter four if you are really referring to that is something as a combination of the product mix, customer mix.<\/p>\n

So given the same consistency of the product and customer mix we believe that profile will also continue for the same quarter. You know every quarter is a different quarter because of seasonal seasons, seasonality in our business. So that will continue. And I guess these were the three points which were to be cleared. I hope I have addressed all of them.<\/p>\n

Bharat Gulati<\/strong><\/p>\n

So it was more specifically related towards the other segment that we report which is primarily Guatemala to my understanding that has seen a huge spike up this quarter. So is that going to be sustainable on the top line and bottom line? Because we’ve delivered about 85 million in EBIT in that section and about 214 crore in terms of top line. So is that run rate is going to be sustainable going forward even as India business and everything comes back? Just trying to understand that.<\/p>\n

Sanjay Gandhi<\/strong><\/p>\n

Yeah. So I would just like to correct here in our segment reporting we mentioned Hong Kong, India, Bangladesh, Vietnam and others. So what happened? Guatemala is part of our other segment where we have Indonesia as well, we have Dubai Entity as well. We have US entity as well. Well, so it’s not Guatemala which is bringing the quarter 4 growth. It’s as I mentioned, the growth is coming largely because of the high value and the volume which has been driven in Bangladesh, Vietnam and Indonesia. That has been the last cause of driving. And as I mentioned that these growth and these number are sustainable number on a year, on year basis in the same quarter by quarter.<\/p>\n

Bharat Gulati<\/strong><\/p>\n

So sir, it would be fair to say that this quarter has been a huge spike up in Indonesia revenue which has aided for the loss in revenues from India. That would be the right understanding.<\/p>\n

Pallab Banerjee<\/strong><\/p>\n

All three.<\/p>\n

Sanjay Gandhi<\/strong><\/p>\n

All three as I mentioned, you know, see we had, we follow a build to shift to model. So the Dubai, US and Hong Kong, sorry, Dubai, US and Indonesia, Guatemala all will be combined in that other segment. So there is a growth of transaction in all these three geography. And that billing which happens to us and Dubai happened for all the Bangladesh operation, also Vietnam operation and Indonesia operation. So largely it is, it is a combination of three entity which is really pushing the sale up and we believe that, you know, this will be sustainable.<\/p>\n

Bharat Gulati<\/strong><\/p>\n

Yeah. Got that. Got that. And in terms of Guatemala, are we still in losses in Guatemala and that? Do we achieve the break even in the start of FY27 or will that take some time to achieve that break even?<\/p>\n

Sanjay Gandhi<\/strong><\/p>\n

Yes. So Guatemala operations, we have reworked on the strategy of operations in Guatemala and given that strategy, you know, as in the first quarter of FY27, I seen that it is working out and we should be able to have breakeven in FY27. We’ll keep you updating as progress happened during the quarter, but our estimate and our strategy with the way it is devised is to really definitely achieve a break even in this year.<\/p>\n

Bharat Gulati<\/strong><\/p>\n

Got that sir, got that. And just in terms of EBITDA margins for India, you know, excluding tariffs, we’ve achieved the 9.6% EBITDA in India. Can we expect this EBITDA to go to group levels by FY28? And just on where do we see this number going forward given that with such significant degrowth and top line and deleverage, we still managed to get this margin in.<\/p>\n

Sanjay Gandhi<\/strong><\/p>\n

Yeah. So as a part of so quarter four for India, if you see the last year we had 10.2% EBITDA. So seasonality wise, if you look at India, the quarter four has always been the robust and will continue to be the robust. And we are pretty confident that India also should generate definitely quarter four. Specifically, if I have to mention in FY27 as well double digit EBITDA and our effort is to have high single digit EBITDA for the full year. And for sure, you know, as we accomplish that number, you know, in standalone result that will get reflected in the group result as well on the higher side. It will, it should show improvement there.<\/p>\n

Bharat Gulati<\/strong><\/p>\n

Got it, Got it sir. And just on you know the, that we set out for FY28 to have a built out capacity of 125 to 130 million odd pieces. Just trying to understand how much of that capacity that we add going forward from here which is roughly some 2530 million odd capacity would be utilizable in FY28.<\/p>\n

Pallab Banerjee<\/strong><\/p>\n

So if you see like we continue to expand our capacity already we have given you the details of the Bangladesh expansion which started and I think those factories, the two units that we are setting up, one for washing and one for stitching garments so both will be ready in the second half of this year. And that I think ramp up will continue to happen within this year and the next year in terms of the output production. And similarly like you know, as you just heard that we are also looking at Vietnam expansion because there is a good opportunity of business out there and so we are buying a land and building up greenfield project there as well.<\/p>\n

So all the details of that, what size of capex and all will be told to you as we go through all the details in the next few quarters. In terms of India also like we had started the Bihar factory, now it’s in the ramping up phase. So all these things if you look at it today as I speak on 31st of looking at 31st of March where we were, we were at 101 million pieces of our established capacity. Now all of the factories are not running on full capacity or we haven’t hired all the people as yet because it’s in the ramp up mode.<\/p>\n

And as you know in garments like you know we go line by line. Once the production establishes in one line profitability then we go into the next. So that’s the kind of, you know, you will always see that we are putting more and more capacity. So by 2028 what we had foreseen is that we should be having established capacity of anywhere between 125 to 130 million and we should be shipping around $100 million to 100 million pieces to get to that target of 6,000 crore that we spoke about.<\/p>\n

Bharat Gulati<\/strong><\/p>\n

Got it, got it. And just on realizations, if I can squeeze in one last question, the tariff impact once it goes out of our business. How much realization gain will that bring us? If you can just clarify that.<\/p>\n

Pallab Banerjee<\/strong><\/p>\n

So there will be gain but very difficult to quantify from the point of view of how much the tariff cost will actually translate because every season will start a fresh negotiation and the discussion and the fresh cost structure. So ideally speaking, you know, if you look at your number, there will be a definitely improvement. And that’s what is giving us a confidence that, you know, in the full year basis we should be achieving a 10% EBITDA margin which really factor into, you know, some of the cost which incurred in FY26 will not be there in FY27 and the operational improvement which we just mentioned in your earlier question regarding Guatemala. So I think these two factors which we really analyzed it and looked at, it gives us a good confidence of, you know, having achieving a 10% EBITDA on a full year basis.<\/p>\n

Bharat Gulati<\/strong><\/p>\n

So would it be fair to say that realization from here would improve, at least not go down?<\/p>\n

Sanjay Gandhi<\/strong><\/p>\n

That’s the target realization. We are already at 635, 640 rupees per garment and I think it should continue<\/p>\n

Pallab Banerjee<\/strong><\/p>\n

Per unit. It also depends on what kind of ratio that we are ending up between knits and wovens like if you are doing and the customer base. So that will be always, you know, depending on where the need is, who, what kind of demand that we are seeing from which segment of the customer base. So if it is more of the primarks and other people like where the fobs are less, so then that will swing the number to a little bit. So that’s something very difficult to predict. But yes, our Overall goal is 600 plus, as Sanjay mentioned, 630 and all.<\/p>\n

Operator<\/strong><\/p>\n

Sorry, sorry to interrupt. Mr. Gulati, please join the queue for more questions. The next question is from the line of Kishore Kumar from Unifi Capital. Please go ahead.<\/p>\n

Kishore Kumar<\/strong><\/p>\n

Yeah. Greetings and first of all, congrats to the team for delivering such a resilient performance in Q4 and in FY26. Sir, I’d like to start with your comments on energy consumption and its impact on the raw materials and the right cost that you have mentioned in the investor presentation. So as you know, the cotton prices and the polystyrene prices have increased a lot since the start of the war. And how is Pearl Global managing this? And is the current pricing negotiation that we are actually doing with our customers reflecting the increase plus given the increasing inflation all around the globe, particularly in the U.S. What are you hearing from your customers? And how do you see the demand trend panning out in the coming quarters?<\/p>\n

Pallab Banerjee<\/strong><\/p>\n

Yeah, so if I go one by one, first of all, the energy impact, two parts to it, like whatever is the raw material cost increase that is coming because of this is visible to us as well as our customers. So when we negotiate normally, we give that visibility. Okay, this is the raw material cost and this is our additional value addition that we are doing. So generally that impact is suddenly like, you know, if you book the business and after that some increase happens, then it impacts us otherwise that also at a maximum of about one to two months.<\/p>\n

So that’s how like our industry, the impact should be less. But yes, because of energy impact, if manpower is missing or if something happens on that regard, then it will be another problem for us. What we see as of now, both these things are workable and manageable in terms of demand trend that you’re talking about in US because of the current inflation, inflationary environment that US is undergoing. Surprisingly like, you know, the resilience that we are seeing from the consumers and the buying pattern.<\/p>\n

So that definitely is quite good at this point of time. If you see, like if you compare with 2022, when the oil prices were in the similar range of 110 that time we saw that there’s a huge drop in the consumer sentiments. So we have not seen that in US so far. Yes, the experts are talking about in the second half of us there could be a little bit of more inflation and more slowdowns. But let’s see, as of now we are not seeing that trend.<\/p>\n

Kishore Kumar<\/strong><\/p>\n

Got it, sir. So just a follow up. So when we actually book a new order, we simultaneously place fabrics from without.<\/p>\n

Pallab Banerjee<\/strong><\/p>\n

Yes. So as soon as the order is coming to us. Yeah. Immediately we place the business and then the raw material costs are already fixed with the supplier.<\/p>\n

Kishore Kumar<\/strong><\/p>\n

Yeah, correct. Got it, got it, Got it, sir. Also you spoke about the incremental capacity that we are actually bringing in India and in Bangladesh and the EU and UK FDA being the business which actually will come in the coming quarters. But given this actually the tariff cost, we actually moved some of the business from India to the other regions. Do you see that coming back to India, which actually can aid in the capacity utilization in the interim?<\/p>\n

Pallab Banerjee<\/strong><\/p>\n

Yeah, I think both are applicable. One, because of these FTAs, we are seeing a lot of interest, especially from the UK and EU customers like who were earlier. If you see, if you study these customers, they were heavily penetrated in countries like Bangladesh, Cambodia and all where because of their LDC status, there Was no tariff. Now that today like if India opens up as a much more stable country, much larger country, definitely their preference would be to have a bigger presence in India. So that trend is already started.<\/p>\n

Most of these customers, we were already doing business in Bangladesh. They are in fact engaging with us to grab some additional capacity in India. So that’s one thing that we can see already happening. Whether these business of us which was shifted to other countries will come back to India. Yes, for the ones that the raw material is easily available in India and is more competitive than the other countries, definitely it makes sense to produce those kind of goods in India. So we will continue to take that call. In terms of our capacity. Yes, what we are seeing is today the order book that we have and the capacity that we have in India, that’s perfectly. Matching<\/p>\n

Kishore Kumar<\/strong><\/p>\n

Industries are pretty clear. Also sir, we were actually keeping a target of 6,000 crore top line in FY28 and that translates to a 9% CAGR over the next two years. Is that the minimum that you are targeting or should be keen? Actually 12 percentage to 14% that we are guiding for the last year.<\/p>\n

Pallab Banerjee<\/strong><\/p>\n

So 12 to 14% is something like we have been talking about as a CAGR that we have planned. Of course there are certain years where we get more opportunity to grow the business. Like it happened last year we had a reasonable growth in Bangladesh and all. So that’s something like compared to that like this year because of tariff from us with all the global, all countries of sourcing.<\/p>\n

So there was definitely some kind of. That growth pattern was slowed a little bit. But I think yes, if more opportunity comes then we should be growing at a faster rate. At least we are ready in terms of our capacity. Otherwise like you know, the goal of 6000 crore as you said is achievable even with a modest growth of 9% in the years. So yes, we are quite confident that we should be hitting that target and maybe more.<\/p>\n

Kishore Kumar<\/strong><\/p>\n

Got it sir. Lastly, a bookkeeping question. Given the incremental capacity that we are adding in India, next to how much incremental startup cost should we actually factor in the 10 percentage that we are guiding for FY27, does it include the incremental cost and what is the incremental depreciation that should be that we should key in?<\/p>\n

Sanjay Gandhi<\/strong><\/p>\n

Yes, so it does factor into the incremental costs which will be incurred during the stabilization phase. In terms of the depreciation, if you look at our balance sheet, the capital work in progress is at 110crore rupees. This is Largely pertaining to the Bangladesh factory expansion plan. There will be addition or you know there are some commitment already done. Some work is in progress in H1 of this year which you said, you know by that time the entire factory should be be ready. So we should have another 4050 crore adding to that capitalization.<\/p>\n

So around 150 will be there as we see it as of now on account of the ongoing capex. Now if during the year as we are under, as we are evaluating the capital commitment across geographies there can be a further addition which will update you in the maybe in the next quarter or you know if we have call anytime before the depreciation will come around on that.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Sorry for interrupting. Mr. Kumar, please rejoin the queue for more questions. A reminder to all the participants, please restrict yourself for three questions per participants. The next question is from the line of Soham Samantha from Motival Oswal. Please go ahead.<\/p>\n

Soham Samanta<\/strong><\/p>\n

Yeah, thank you sir for the opportunity. So just wanted to check one thing when it was saying 6,000 crore target for FY28 and on the other hand we are saying our realization is 660, 630 now and we are saying 100 million shipping target by 28. So things are not matching do we look a realization declining for next couple of year.<\/p>\n

Pallab Banerjee<\/strong><\/p>\n

So let me answer that 6,000 crore is something that we talked about in 2023.<\/p>\n

Soham Samanta<\/strong><\/p>\n

Three.<\/p>\n

Pallab Banerjee<\/strong><\/p>\n

So that’s the time that we gave ourselves this target. And so naturally what you are seeing today in the last few years like we have been ahead of that and if this trend continues like which we as of now we are quite confident what we are seeing in this particular year. So naturally it should be like you know, more quite more than 6,000 crore.<\/p>\n

Soham Samanta<\/strong><\/p>\n

Is it fair to assume 12 to 13% is achievable by looking the current trend?<\/p>\n

Pallab Banerjee<\/strong><\/p>\n

Yeah, if our global leaders continue to be sensible. I think that’s the kind of you know rate that we have planned for.<\/p>\n

Soham Samanta<\/strong><\/p>\n

Okay. And in that case, if it is continuing that case what will driver like? Is it fair to assume that Bangladesh could be the largest driver in that business?<\/p>\n

Pallab Banerjee<\/strong><\/p>\n

So we tend to Bangladesh is always in this period of last three to four years you have seen Bangladesh was contributing a major part of our total turnover. So at the same time we have been investing in the other market. For example this year if you look at overall growth I think Vietnam is more than the Bangladesh the rate of growth that we have seen. So that’s with that keeping in mind we are continuing to invest in Vietnam, Bangladesh and India because India, despite the problems, we have not stopped increasing our capacity because we think these are temporary and at some point of time it will be better. So that’s something like we are encashing upon at this point of time as this demand is coming back. So we are investing in all the region, not specifically only to Bangladesh,<\/p>\n

Soham Samanta<\/strong><\/p>\n

But if we to chase the number 12 to 13 in that case Bangladesh could be more than 20% growth. Are we looking for next couple of years?<\/p>\n

Sanjay Gandhi<\/strong><\/p>\n

I think we look at a group level. We mentioned that 12 to 14% CAGR is something we are working upon. And given that trajectory, you know in one year one origin will contribute more. In second year the other origin will contribute because the capacity commercialization and is, you know, has a lag. So it will keep on happening and you know the every country will contribute significantly. So overall at a group level we are looking at 20 to 14% growth to continue.<\/p>\n

Soham Samanta<\/strong><\/p>\n

Got it. And the last from my side that you said that double digit, lower double digit margin will continue. So we expect that similar like 10 to 11% margin will continue for full year. Right. For 27.<\/p>\n

Pallab Banerjee<\/strong><\/p>\n

I Lost your voice in the. Your question is about the margin. Yeah, so I mean, so our trajectory is definitely 10 to 12%. So 10% is our first big milestone from you know, the company perspective given that, you know the expansion which has been taking place. So yeah, I mean we are looking at a age of 10 to 12% in coming years starting with FY27.<\/p>\n

Soham Samanta<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. A reminder to all the participants. Please risk yourself to three questions per participant. The next question is from the line of Abhishek Shankar from ICICI directly. Please go ahead.<\/p>\n

Abhishek Shankar<\/strong><\/p>\n

Thank you for taking my question and congrats on a good set of results. So my question was basically when I see the inventory days it is, you know, moved up a bit. And is it fair to assume that this inventory days movement is basically because of lower shipments in quarter four or maybe in the second half of the year because of the second half of the quarter because there was a lot of issues relating to the shipments.<\/p>\n

Pallab Banerjee<\/strong><\/p>\n

So I would. So that’s also one way of looking at it. The second way of looking is that it also depict the higher shipment which is expected in quarter one.<\/p>\n

Abhishek Shankar<\/strong><\/p>\n

Okay. Okay. Okay. Yeah, so yeah, thanks. That, that was the only question I have. If I have anything, I’ll just join back to the queue. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Harsh Dubey from LFC Securities. Please go ahead.<\/p>\n

Harsh Dubey<\/strong><\/p>\n

I said congratulations on good set of numbers and very Happy with the results? Just having one or two questions. So first is when we, when we talk about Muji, I just wanted to understand we do have numbers for the contribution from our top three clients. From the perspective of how much as a vendor we contribute, just from the movie perspective, since it’s going to move from a tactical segment to a top tier. What is an expectation of Muji contributing to our revenue and then how much do we currently contribute to their vendor contribution, the supply that we do to them?<\/p>\n

Pallab Banerjee<\/strong><\/p>\n

So Muji is a Japanese brand, as you know. So they have been working with us for some time. Once the confidence get built up, then they grew more rapidly in the last two to three years. We will continue to grow with them. We are, you know, at this point of time, we are in discussion with them to grow further. So both India and Bangladesh are the two countries that we are servicing from and they are looking, looking at the other country of origin as well, potentially as a source. So in terms of total turnover from Muji, we had already crossed about, I think $65 million. Yeah. So that will continue to grow. That’s why, like, you know, maybe your question is in the top six. Yes, it is figuring in the top six. And we expect it to grow, continue to be there.<\/p>\n

Harsh Dubey<\/strong><\/p>\n

Perfect. So just on this, so just when, when Moji has, like, let’s suppose when they are, when they are taking, you know, they have lot of vendors, so how much as a vendor we contribute to their sourcing is one of the questions that I wanted to understand.<\/p>\n

Pallab Banerjee<\/strong><\/p>\n

So unfortunately, that’s not visible to me as yet as we become more and more important to them. And when I get that visibility, I can definitely share with them. Like for some of the US customers, I have already said that, okay, we are at number one position or number two position or number three position. But yeah, with Japanese, it might take a little bit more time to get to that level.<\/p>\n

Harsh Dubey<\/strong><\/p>\n

Sure.<\/p>\n

Pallab Banerjee<\/strong><\/p>\n

Of transparency.<\/p>\n

Harsh Dubey<\/strong><\/p>\n

Perfect. Just on this, when we say that we have Muji as a Japanese client, what I wanted to also understand is we said that we are also looking for other Japanese players to be onboarded as our client. Just as an example, is there a plan further to go with Uniqlo, which is one of the brands, Japanese brand, since they’re already working with Muji.<\/p>\n

Pallab Banerjee<\/strong><\/p>\n

So, yes, Japanese as a market we are looking at more seriously. And what are the opportunities are there specifically? If you’re talking about Uniqlo, that’s not on the priority because these two brands compete with each other to a certain extent. So that’s why there are many other brands or maybe fast retail has got a couple of more brands. So yes, all those are in the scope and we will be putting all the effort to have a couple of more customers out of Japan.<\/p>\n

Harsh Dubey<\/strong><\/p>\n

Perfect sir, on this, just another question. So this will be having three parts. First is that we were saying that we are expecting to add, you know, new client in India. So any update on that as of now? And also the second part to the question is we do say that we are expecting approximately 12 to 14% growth now as per my understanding, all the brands that we do cater to have a growth rate right now of approximately 7 to 8%. So the other extra 4% increment, will that be majorly through the vendor consolidation and specifically how much is Pearl Global expected to benefit from this vendor consolidation that is happening?<\/p>\n

Pallab Banerjee<\/strong><\/p>\n

So the addition of new clients? Yes, as a group we continue to add new clients. We go as per the need of the clients, which country of origin they are looking at and what kind of product they are looking at. So yes, anybody, any, once we identify, okay, these are the two or three clients that we should be working with as I said earlier also like, you know, what we do is we look at the growth of the client, their position in the market and their financial, how confident we are about their financial.<\/p>\n

So these three things are the ones like what we consider while adding a client. So specifically for India and other countries, I think that would be too immature for me to say at this point of time. But yes, we are continuously adding clients. Sorry, this second part of your question was in terms of 12 to 14% growth, what specifically can you just repeat?<\/p>\n

Harsh Dubey<\/strong><\/p>\n

So my question was we say that 12 to 14% is the revenue growth that we expect. But major of our clients that we serve to have 7 to 8% of the growth. So are we expecting another 4% to 5% growth coming from the vendor consolidation happening and how probably we are going to experience that vendor consolidation<\/p>\n

Pallab Banerjee<\/strong><\/p>\n

That’s like, you know, gaining more and more wallet share of that particular customer by working very closely with them, giving them best of the services, best of designs. So it’s a variety of factors and you know, as per Global, what the strength that they see is definitely a multi location and multi category. So both these factors also plays as we gain more and more wallet share from the same customer. So that’s why like you know, our growth rate, we expect at least to be better than theirs.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Mr. Dubey, I would request you to join the queue for more questions. The next question is from the line of Bhavya Gandhi from Bajaj Alternative Investments Ltd. Please go ahead.<\/p>\n

Bhavya Gandhi<\/strong><\/p>\n

Yeah. Hi. Thanks for the opportunity and congratulations on good set of numbers. My first question is regarding the entire 250 crore capex that will. Will it be enough to do capacity addition of 25 to 30 million pieces or will have to spend beyond 250 crores.<\/p>\n

Sanjay Gandhi<\/strong><\/p>\n

This 250 crore will see the addition of the capacity. First of all let me break this question into two parts. The addition of capacity has always been a and will always remain a combination of in house facility plus the partnership facility. Both are under under discussion at this point in time as we really speak. Part of it is factored in the capex program which we just mentioned. About 252 crore for the next financial year.<\/p>\n

The one which is Underway should add 6 to 7 million pieces from 200. So we should be at 107 plus additional 2020 million pieces that will be CapEx plus the additional partnership facility. There may be more capex beyond 250 crore as well which is outlined for FY27. But this we as we mentioned that we are evaluating it. This is a ballpark number G given the the number of actual capex, maybe more than that as well. So. Yes, that’s the intent.<\/p>\n

Bhavya Gandhi<\/strong><\/p>\n

Okay, got it. Fair enough. And so last two three years you’ve taken various steps to increase the margins. I believe those have played out also going forward. Are there any further room for margin improvement? All these steps like something like a laundry that you had established in Bangladesh and there were various other margin levers that you were predicting. You know, I mean that would lead to margin expansion over the years. So are there still room for margin expansion going forward?<\/p>\n

Sanjay Gandhi<\/strong><\/p>\n

Yes. So babe, very appropriately you captured that point of laundry capex so that will not have an impact on the top line but it will improve the EBITDA margin. So there is a improvement coming from that as well. The 10% EBITDA which we are confident for FY27 is largely operational EBITDA which we think we should achieve it given that you know the way the business capability as of now has been established and demonstrated across the last four quarter and continue to be so therefore we stay that you know journey of 10 to 12% will be a combination of all these capital expenditures like laundry and there may be other K fish as well which will improve the margin profile of the company. And while we continue to work on the various customer and product profile to really bring more enhanced and evaluation in overall margin profile of the company<\/p>\n

Bhavya Gandhi<\/strong><\/p>\n

Got it sir. And for this 25 and 30, 25 to 30 million piece edition pieces addition have we already locked customers or are we seeing any visibility from the customers or next maybe couple years or some. Have we engaged with the customers for this new capacity addition that we are planning from a demand standpoint.<\/p>\n

Pallab Banerjee<\/strong><\/p>\n

So yes, what we are saying is that we continue to grow with the existing customer and then we also bring in the customer. So whether a customer has committed a number to us for this extra additional 25% to 30 million over the next two years. I had mentioned this earlier also in our other calls that we do have certain strategic discussion with these customers where we get some amount of visibility. So whether everything is perfect and goes as per band, it’s not a long term order that they’re placing with us.<\/p>\n

So we do strategize with the customers which category they are buying from us and what are the additional categories they will be buying from us in future. What is their size and requirement? So that discussion continues to happen as we do it with our existing customer as well as when we add a new customer we look for the opportunity what is their requirement first and once we get them on board then we try to increase our wallet share with them by offering multi location, multi category of products.<\/p>\n

Operator<\/strong><\/p>\n

Thank you Mr. Gandhi. Please rejoin the queue for more questions. The next question is from the line of Manjubhasani from ask well Advisors Ltd. Please go ahead.<\/p>\n

Manjubhashini A.<\/strong><\/p>\n

On the top line trend now that the current situation has eased out and and we have also increased the capacity and fairly the capacity in India has also ramped up in the last few quarters. So in this context how are the discussions with the clients happening now? What is it that the clients are looking for now? Is there any improvement in the timeline of orders being placed with us and is there some sense of utilization rate improvement that we have over a number of what we have achieved. I know Indonesia, Vietnam etc have had a very good improvement in utilization this financial year. But from here on what is the sense of visibility we have on the volume pickup? Sir, because I think the previous participants question was also trying to address on the same lines this capacity is coming up. How quickly do we think we can build the production lines also?<\/p>\n

Pallab Banerjee<\/strong><\/p>\n

Yeah, so first part of it like whether what’s the trend that we are seeing in India Because I think India is the country which got affected with the tariff.<\/p>\n

Operator<\/strong><\/p>\n

Sorry to interrupt sir, there’s a background noise going on.<\/p>\n

Pallab Banerjee<\/strong><\/p>\n

Yeah Manju, if you can mute yourself, I think there’s some kind of disturbance Coming from your side? Yeah. Thank you. So yeah, so talking about India like that’s where like we had this 50% tariff and rest of the other countries as we had noticed that all were in the similar range of 20% or around. So yes, with this tariff moving away from India, definitely we are seeing a positive response from the customers. And also added to that are the other European Union and UK customers interest because of the potential FTA implementation in the next few quarters or a year.<\/p>\n

So that’s keeping that in mind, we are seeing a good traction in the order books of India so far. Whatever we are seeing, I think that’s specifically that you are asking for like how this Indian capacity is looking at and if you are talking about the global capacity, that’s something as I mentioned, like we continue to plan and discuss with our customers what product, what category that they’re looking at. So that’s the ongoing process that continues.<\/p>\n

Manjubhashini A.<\/strong><\/p>\n

Vietnam is already at 80% utilization. And on the existing capacity you also talked about how you’re looking for land banks to increase subway capacity there, etc. But there’s 80% to what extent what could be the optimal utilization level? So is 80 itself an optimal level or you think it can stretch up to another 10 percentage points? Close to 90% of the optimal level when you will really look for additional capacity to garner higher?<\/p>\n

Pallab Banerjee<\/strong><\/p>\n

Yeah. So as you have been talking to us for some time, so you have must have noticed that we try to keep a ratio of about 85, 15 or 80, 20 kind of, you know, how much we do in house and how much we have do it through a partner factories. So in Vietnam the situation is that okay, we have got a good growth of all the capacity that we had over to the customer offer to the customer. Now what we are seeing is that a majority part of it is being, you know, on the partners capacity. So this is a good time to invest there and get in house capacities.<\/p>\n

So that’s the process that we are undergoing. So whenever we publish our capacity, especially from India, from Bangladesh and Vietnam, where we do actively work with partner factories and when we see that the proportion is going high in the partner factory, that’s the time, the right time to put our own investment and capex. Does it answer your question?<\/p>\n

Manjubhashini A.<\/strong><\/p>\n

Yes, yes, that is helpful. So you’re saying incrementally you look to add more capacity to partners facilities rather than give away any business for the lack of capacity?<\/p>\n

Pallab Banerjee<\/strong><\/p>\n

Yeah, yeah, because if we are doing like 90% of the order from partner factory and 10% that’s like a very skewed up ratio like the control becomes less. So it should be a balance that has to be maintained.<\/p>\n

Manjubhashini A.<\/strong><\/p>\n

Understood.<\/p>\n

Pallab Banerjee<\/strong><\/p>\n

That’s how we take the decision.<\/p>\n

Manjubhashini A.<\/strong><\/p>\n

Just one last question from my answer this year we had called out for 36 from the one off impact from Paris. And so in a sense then the adjusted ebitda what will become the base for the next year Growth from that perspective if you see it will be somewhere in the range of 514, 550 knot growth. Is that the correct reading there or, or is there any change to that number?<\/p>\n

Pallab Banerjee<\/strong><\/p>\n

I think you’re calculating 430, 468 plus 36. That’s the kind of number that you’re talking about.<\/p>\n

Manjubhashini A.<\/strong><\/p>\n

Yeah.<\/p>\n

Pallab Banerjee<\/strong><\/p>\n

So if that’s the case like let me just explain this breakup of this there are two for all other countries the tariff was at a lower level and for India the tariff was at a much higher level. So to most of our customers they came back and say that okay, what kind of burden share that you are doing with us? And specifically for India they wanted to have that 25% of penalty to be borne by us. So naturally from India we had to give more discounts compared to the other countries. So some of these tariff is still continuing at 10% level as of now. So there are some burden shares that we’ll continue to do. So then maybe the 36 number will come down significantly. May not be zero with us specifically.<\/p>\n

Manjubhashini A.<\/strong><\/p>\n

Is it right if we put a number of let’s say 5 to 8 odd crores could continue to be the tariff related cost which we may have to there is that right understanding? I’m just looking for some quantification.<\/p>\n

Sanjay Gandhi<\/strong><\/p>\n

I mentioned earlier as well you see the there will be definitely some, some flow. Since the cost will not be there. So that should lead to improvement in the, in the, in the margin and every season is new costing, new product. And since the tariff is not there that will not be part of the costing. So we hope that that will certainly result into some gain at a margin profile also.<\/p>\n

Operator<\/strong><\/p>\n

Sorry for interrupting ma’. Am. Please rejoin the queue for more questions. The next question is from the line of Shirish Pari from Motilal Oswan. Please go ahead.<\/p>\n

Shirish Pardeshi<\/strong><\/p>\n

Hi Pala. Mr. Gandhi, thank you for the opportunity. I have just one question on the design and marketing. Generally the design is one of the. One of the pillar of attracting new clients. So what number of people, what number of designs we would have churned in last one year and how this segment will scale up over next 23 years. I mean, I understand capacity expansion will happen, but winning the customer trust will be based on the designs,<\/p>\n

Pallab Banerjee<\/strong><\/p>\n

Design and capability both. So what we do is if you, if you follow, then we have been investing in the design stuff and also in the country of where the sales are happening. So that means whether it is European countries like Spain and all where we have a significant exposure. Similarly for us, for uk, these are the places like we have invested in the design team who work very closely with the customers. What kind of trend, what are the requirements that they have? So that’s definitely plays in our favor. Exactly. From how much of number and all of samples? Yes, the numbers are quite significant always, but I do not have a exact number to be shared with you as of now.<\/p>\n

Shirish Pardeshi<\/strong><\/p>\n

So what is the employee base we had in 25 and what is in 26 and what is it that you’re looking for next two, three years?<\/p>\n

Pallab Banerjee<\/strong><\/p>\n

Yeah, design stuff. If you talk about. Yeah, we are almost like, you know, we used to be in the range of 70, 75. Now, now it’s almost crossing 100. So that continues to grow like as we get more clients depending on their needs, their handwriting, we have to continue to invest in the design stuff. And we do that. And also the second part is more than the design stuff is the technology of design. So there are a lot of technical advantage that is coming through. Like for example the 3D designs, then AI rendering on those 3D designs which improves the sales and adoption. So those are also playing an important role so that both these investments go hand in hand.<\/p>\n

Shirish Pardeshi<\/strong><\/p>\n

And same question on the marketing investments in terms of front end staff. In terms of business development, what is the number in 25 and 26?<\/p>\n

Pallab Banerjee<\/strong><\/p>\n

So every region we have leaders, the CEOs who are working. So what we do at the leadership level, we front end couple of customers. So some would be done by me, some would be done by my Vietnam counterpart or like the Bangladesh. So that how the leadership position goes. And then depending on any customer that we are acquiring or adding, and if it’s a sizeable number. So definitely then we try to give them more dedicated service.<\/p>\n

So most of the customers we built up dedicated teams and that’s how this game gets played. If you want to the details, there are a lot of details out there. There would be some maybe design stuff, there will be merchandising stuff, sourcing stuff sometimes like, you know, all the approvals that they allow us to do, technical approvals and all. So those kind of stuff. So we built it up continuously as we acquire the Customers.<\/p>\n

Shirish Pardeshi<\/strong><\/p>\n

I got that. What I wanted to check with you that is there any target that we are looking for, adding two or three or four customer in every quarter? There’s a lot of work which will happen starting from design capability, showing them how sustainable, how technological advanced we are. But is there any number you can share?<\/p>\n

Pallab Banerjee<\/strong><\/p>\n

That particular part. Yeah, yeah. So you see, like we already have that, you know, the core stuff which is generating the new designs and the new which can be shown to every customer or all even the new customers also. So then that part remains constant as the new customer gets on board. Then we start investing in terms of more people dedicated to that particular customer. We are in conversation with all the ones that we have targeted where we feel that they are doing very well and they are growing and we should be with them.<\/p>\n

So that kind of list is always there. Now, how many of them will be converted in which quarter? That means like how many will place new orders to us or new clients ordering to us in every quarter? That’s more difficult to predict because sometimes this onboarding takes maybe years. A marquee customer, like we recently added, we have been added at it for more than two years. So when that opportunity comes, when they need something different or they need a different, you know, location or a different product, that’s the time where they would be entertaining us to start placing the business.<\/p>\n

Before that, it’s more of a conversation what we can do, what we can’t do, what is their requirement. So, yeah, so it’s very. To put a number would be difficult, but that’s a continuous process that we have. So what we do is that we generally publish like, you know, the new addition that has happened, happened in the last five years. What is the contribution to our total top line? So that will continue to do.<\/p>\n

Shirish Pardeshi<\/strong><\/p>\n

Okay. All right, thank you.<\/p>\n

Pallab Banerjee<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. In the interest of time, that was the last question for the day. I now hand the conference over to Mr. Sanjay Gandhi for closing comments.<\/p>\n

Sanjay Gandhi<\/strong><\/p>\n

Thank you to all participants with positive industry development in the future given the tariff and the reciprocal tariff and the penalty is not there. And we across the geographies are feeling a referl group a lot of optimism as we step into the new financial year. Of course there are challenges across which we are navigating well. And with the diversified manufacturing base, new capacity additions, ongoing expansion plan and a strong relationship with global retailers, Pearl Global is entering FY27 well positioned for continued profitable growth.<\/p>\n

We remain confident of sustaining this momentum beyond FY27 as well. Driven by our expanded footprints, strengthen capabilities and deeper customer engagement enabling long term value creation. I hope we have been able to address all your queries. For any further information, kindly get in touch with Shisher, our head of Investor Relations or Strategy Growth Advisor. Our Investor Relations Advisor. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you on behalf of Pearl Global Industries Ltd. That concludes this conference. Thank you for joining us and you may now disconnect your lines.<\/p>\n","protected":false},"excerpt":{"rendered":"

Pearl Global Industries Limited (NSE: PGIL) Q4 2026 Earnings Call dated May. 15, 2026 Corporate Participants: Shishir Gahoi \u2014 Head of Investor Relations Pallab Banerjee \u2014 Managing Director Sanjay Gandhi \u2014 Group Chief Financial Officer Analysts: Bharat Gulati \u2014 Analyst Kishore Kumar \u2014 Analyst Soham Samanta \u2014 Analyst Abhishek Shankar \u2014 Analyst Harsh Dubey \u2014 […]<\/p>\n","protected":false},"author":2377,"featured_media":147581,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6349],"tags":[10169,9175,9104,9092,14492,10089],"class_list":["post-183121","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-transcripts","tag-earnings","tag-earnings-call","tag-earnings-conference","tag-earnings-transcripts","tag-financial-results","tag-quarterly-earnings"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":133754,"url":"https:\/\/alphastreet.com\/india\/pearl-global-industries-limited-q1-fy23-earnings-conference-call-insights\/","url_meta":{"origin":183121,"position":0},"title":"Pearl Global Industries Limited Q1 FY23 Earnings Conference Call Insights","author":"Praveen","date":"September 8, 2022","format":false,"excerpt":"https:\/\/youtu.be\/svQVX13KZjo Key highlights from Pearl Global Industries Limited (PGIL) Q1 FY23 Earnings Concall Management Update: PGIL said it reported the highest ever Q1 performance since inception. Q&A Highlights: Keshav Kumar of RakSan Investors asked if PGIL\u2019s partnership model is similar to what the related party PDS is doing with the\u2026","rel":"","context":"In "Concall Highlights"","block_context":{"text":"Concall Highlights","link":"https:\/\/alphastreet.com\/india\/category\/earnings-call-highlights\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":109778,"url":"https:\/\/alphastreet.com\/india\/infosys-limited-infy-q4-2021-earnings-call\/","url_meta":{"origin":183121,"position":1},"title":"Infosys Limited (INFY) Q4 2021 Earnings Call","author":"Sahil Anand","date":"April 21, 2021","format":false,"excerpt":"Infosys Limited (NYSE: INFY) Q4 2021 earnings call dated\u00a0Apr. 14, 2021 Corporate Participants: Sandeep Mahindroo\u00a0\u2014\u00a0Vice President, Financial Controller & Head \u2013 Investor Relations Salil Parekh\u00a0\u2014\u00a0Chief Executive Officer and Managing Director Pravin Rao\u00a0\u2014\u00a0Chief Operating Officer and Whole-time Director Nilanjan Roy\u00a0\u2014\u00a0Chief Financial Officer Analysts: Ankur Rudra\u00a0\u2014\u00a0JPMorgan \u2014 Analyst Diviya Nagarajan\u00a0\u2014\u00a0UBS \u2014 Analyst\u2026","rel":"","context":"In "Earnings"","block_context":{"text":"Earnings","link":"https:\/\/alphastreet.com\/india\/category\/earnings\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":156976,"url":"https:\/\/alphastreet.com\/india\/pearl-global-industries-ltd-q2fy24-50-rise-in-profits\/","url_meta":{"origin":183121,"position":2},"title":"Pearl Global Industries Ltd Q2FY24; 50% rise in Profits","author":"Chirag Gupta","date":"November 30, 2023","format":false,"excerpt":"Pearl Global Industries Ltd. incorporated in 1987. 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