Pearl Global Industries (PGIL IN) – Q1FY27 Result Update – Margin expansion driven by value-added products – ACCUMULATE
Published on 06 Aug 2026
Management expects current EBITDA margins to sustain going ahead inching closer to the targeted range of 10-12%. While the management refrained from guiding significant improvement in realizations we estimate realizations to improve by ~1.7% over FY26-28E considering the removal of tariff related discounts. Accordingly, we have revised our FY27/28 EPS estimates upward by 7.2%/2.6%. We expect PGIL IN’s revenue/EBITDA/PAT to grow 13%/23%/27% over FY26-28E and margins to reach 11.0% led by strong volume growth of 10.7%. Maintain ‘Accumulate’ with TP of INR2,333 valuing the same at 24x PE of FY28E.
