Pearl Global Ind Q2 FY27 Results (NSE: PGIL)
Signal: Margin expansion
The read
The trajectory remains positive at the consolidated level: revenue growth accelerated to 37.2% YoY from 24.4% in Q1FY27, EBITDA margin reached 9.0% versus 7.8% a year ago, and PAT grew 74.7%; however, gross margin compressed 697bps, so the earnings uplift depended on employee-cost intensity falling to 15.7% and lower relative finance costs rather than input-cost relief.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,801.53 Cr | +37.2% | +17.9% |
| EBIT | ₹136.6 Cr | +72.1% | |
| Net profit | ₹125.76 Cr | +74.7% | |
| EPS | ₹13.62 | +70.7% | |
| EBIT margin | 9.0% |
P&L walk
Consolidated revenue increased 37.2% YoY to 1,80,153.38 lakh, while EBITDA rose 60.1% to 16,289.98 lakh and PAT rose 74.7% to 12,575.85 lakh; the key offset was gross-margin compression as raw-material cost rose to 51.8% of revenue from 55.2% a year ago, with the filing not disclosing the driver.
Key positives
- Consolidated revenue rose 37.2% YoY to ₹1,80,153.38 lakh, accelerating from 24.4% YoY in Q1FY27.
- EBITDA grew 60.1% YoY to ₹16,289.98 lakh versus revenue growth of 37.2%, with EBITDA margin expanding 129bps to 9.0%.
- Employee cost grew 21.7% YoY versus revenue growth of 37.2%, reducing employee-cost intensity to 15.7% from 17.7%.
- PAT rose 74.7% YoY to ₹12,575.85 lakh and EPS rose 70.7% to ₹13.62.
Key concerns
- Gross margin compressed 697bps YoY to 48.2% as raw-material-related costs reached 51.8% of revenue; the filing does not disclose the cause.
- Consolidated trade receivables almost doubled to ₹79,545.57 lakh from ₹40,729.87 lakh at 31.03.2026, while cash declined to ₹54,966.07 lakh from ₹70,441.15 lakh.
- Standalone revenue fell 9.2% sequentially to ₹30,836.51 lakh and standalone PAT of ₹1,612.63 lakh was only 12.8% of consolidated PAT.
Research and educational content only. Not investment advice.