Pearl Global Industries Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Pearl Global Industries Ltd trades at ₹2,041, in a confirmed uptrend and 167 weeks into that stage. That is +27.2% against its own 200-day average. It sits at 95% of a 52-week range of ₹1,204 to ₹2,088. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 16 straight weeks.

Today the stock is in a confirmed uptrend — week 167 of stage 2, confirmed. At ₹2,041 it trades +27.2% versus its 200-day average and sits at 95% of its 52-week range (₹1,204–₹2,088).

Against the market, two honest reads. Cumulative: over the last 10.3 years the stock moved +1,725% while the NIFTY 500 moved +274% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 16 straight weeks — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 96th percentile of its own range.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Pearl Global Industries Ltd trades at 33.2× P/E, at the pricey end of its own range (96th percentile). Its long-run median P/E is 13.4×, measured across 10.4 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 33.2× is at the pricey end of its own range (96th percentile), against a long-run median of 13.4× measured over 10.4 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Why the multiple sits where it does: over the past year annual EPS moved +11.3% against a +30.4% price move — the price outran earnings, pushing the multiple UP its own range.

The price move, decomposed: over 5y, of the +71.4%/yr price move, ~+111.1%/yr came from earnings growth and ~−39.7 pp from the multiple (compressing); over 10y, of the +33.3%/yr price move, ~+20.5%/yr came from earnings growth and ~+12.8 pp from the multiple (expanding). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.

The PEG ratio and its quarterly curve, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 16% on reported income across 14 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

Stage: Mixed Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Pearl Global Industries Ltd reads as mixed on its fundamental arc. Mixed — no clean majority across the growth curves, ROCE holding at 20.0% — the per-curve reads carry the story. The read is built from 10 quarters across 3 curves, on partial evidence.

Why it matters: when the curves disagree, the per-curve reads above matter more than any single verdict.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

4-Factor Sector Score

58.4/100 — rank 5 of 26 in Textiles - Readymade Apparel · 79% evidence confidence

Pearl Global Industries Ltd scores 58.4 out of 100 against the 26 companies it is compared with in Textiles - Readymade Apparel, ranking 5. Price leads the evidence: RS versus the benchmark is 30.7%, but earnings trajectory is weak. Wait for revenue and profit confirmation.

The four contributions add to the total exactly: 16.1 + 15.9 + 7.5 + 18.9 = 58.4. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Pearl Global Industries Ltd reported ₹1,314 Cr of revenue in the Mar 26 quarter, +6.9% year on year. That is the 9th straight quarter of year-on-year growth. Over 10 years it has compounded at 13.7% a year. The last full year, FY26, came in at ₹5,025 Cr. The last four reported quarters add to ₹5,025 Cr.

Pearl Global Industries Ltd reported ₹1,314 Cr of revenue in the Mar 26 quarter, +6.9% year on year. That is the 9th straight quarter of year-on-year growth. Over 10 years it has compounded at 13.7% a year. The last full year, FY26, came in at ₹5,025 Cr. The last four reported quarters add to ₹5,025 Cr.

FY26 revenue came in at ₹5,025 Cr (+11.5% on the year), capping 10 years at 13.7% compound. The latest quarter (Mar 26) printed ₹1,314 Cr, +6.9% year on year — the 9th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +11.8% growth against the decade's 13.7% — the current year is running slower than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +11.5% over the last 4 quarters against +20.9%/yr over the last 8 — rolling over; TTM profit +17.3% vs +26.6%/yr — rolling over.

→ Revenue grew — did margins hold as it scaled? Next: 10.0% this quarter (+0.0 pp YoY).

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Pearl Global Industries Ltd's operating margin is 10.0% in the Mar 26 quarter, +0.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 13 fiscal years the operating margin has ranged 1.0% to 10.0%. The current quarter sits inside that band.

Pearl Global Industries Ltd's operating margin is 10.0% in the Mar 26 quarter, +0.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 13 fiscal years the operating margin has ranged 1.0% to 10.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 10.0%, +0.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 1.0%–10.0%, and FY26's 10.0% is the top of that band — a record year.

Why the margin moved: operating margin went +0.7 pp year on year while gross margin went +1.6 pp — the gain came mostly from the gross line: input costs and pricing.

Worth repeating from the valuation section: cheap against its own history on record margins is not the same thing as cheap — a record margin flatters every ratio built on top of it.

→ Margins held — did that reach the bottom line? Next: profit +24.6% in the latest quarter.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Pearl Global Industries Ltd earned ₹81.0 Cr of net profit in the Mar 26 quarter, +24.6% year on year. It is the 8th consecutive quarter of growth. Full-year FY26 profit was ₹270 Cr. The 10-year compound rate is 22.0%. That is 6.2% of the quarter's revenue. The same quarter a year earlier earned ₹65.0 Cr.

Pearl Global Industries Ltd earned ₹81.0 Cr of net profit in the Mar 26 quarter, +24.6% year on year. It is the 8th consecutive quarter of growth. Full-year FY26 profit was ₹270 Cr. The 10-year compound rate is 22.0%. That is 6.2% of the quarter's revenue. The same quarter a year earlier earned ₹65.0 Cr.

Mar 26 profit was ₹81.0 Cr, +24.6% year on year — the 8th consecutive quarter of growth. On the full year, FY26 printed ₹270 Cr (+16.9%), and the 10-year compound rate is 22.0%.

Why profit moved: revenue contributed +6.9% and the margin +0.0 pp — the quarter was revenue-led, with the margin roughly flat.

Pace comparison, last four quarters: profit +17.0% vs revenue +11.8%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.

→ Profit rose — but did the cash follow? Next: 138% of the last 3 years' profit arrived as cash.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 138% of Pearl Global Industries Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹398 Cr of operating cash against ₹270 Cr of profit. After ₹247 Cr of capital spending, ₹151 Cr was left as free cash.

FY26: operating cash of ₹398 Cr against reported profit of ₹270 Cr, leaving free cash of ₹151 Cr after ₹247 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 138% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Why conversion sits at 138%: the cash cycle tightened 21 days between FY21 and FY26 — cash that used to wait in the cycle now reaches the bank sooner.

Router verdict: the bigger cash user is investment — capital spending ran 2.8× depreciation over three years, so the next section's job is to check what that build-out is buying.

→ So follow the cash to where it goes. Next: ₹624 Cr of building over 3 years.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Pearl Global Industries Ltd's cash conversion cycle runs 55 days in FY26, down from 76 days in FY21. Capital spending ran ₹624 Cr over the last 3 years. At FY26 sales of ₹5,025 Cr each day of that cycle holds about ₹13.8 Cr, so roughly ₹757 Cr sits inside the business at any moment.

FY26: debtors at 30 days, inventory at 122 days — roughly 4.0 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 55 days, tighter than FY21's 76.

The full loop: cash goes out to suppliers and production on day 0; stock waits 122 days to sell; customers pay about 30 days after that; and suppliers themselves are paid at 97 days — netting out to the 55-day cycle.

In money terms: at FY26 sales of ₹5,025 Cr, each day of the cycle holds about ₹13.8 Cr — so the 55-day loop keeps roughly ₹757 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹624 Cr over the last 3 fiscal years against ₹226 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹113 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

→ Does all this activity actually earn its cost of capital? Next: ROCE is 20%.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Pearl Global Industries Ltd earns a ROCE of 20% in FY26. That is up from a trough of 5% in FY21. A return-on-invested-capital spread against the cost of capital is not computable from what is held here. The wiring behind it is 5.4% net margin on 1.55× asset turns.

FY26 ROCE is 20%, recovered from a FY21 trough of 5% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 5.4% net margin × 1.55× asset turns × 2.22× balance-sheet leverage ≈ 18.6% on equity. Margin does its share; leverage is a meaningful part of the equation.

The quarterly return curves and the return-on-invested-capital overlay, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 16% on reported income across 14 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.65.

Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.

Pearl Global Industries Ltd carries ₹943 Cr of borrowings against ₹1,460 Cr of equity in FY26, a debt-to-equity of 0.65. Operating profit covers the interest bill 4×. Over 5 years borrowings went from ₹440 Cr to ₹943 Cr. Capital spending ran ₹624 Cr across the last 3 of those years.

FY26: borrowings of ₹943 Cr against equity of ₹1,460 Cr — a debt-to-equity of 0.65. Operating profit covers the interest bill 4×. Over 5 years borrowings went from ₹440 Cr to ₹943 Cr while capital spending ran ₹624 Cr in just the last 3 — part of the build-out is riding on borrowed money.

The total-debt and debt-to-equity series, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 16% on reported income across 14 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

→ Who owns this, and are they adding or leaving? Next: Domestic institutions added 18.6 points over 8 quarters.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Domestic institutions added 18.6 points of Pearl Global Industries Ltd over 8 quarters, the biggest move on the register. That takes domestic institutions to 19.2% of the company. Promoters moved −5.1 points over the same window, to 61.1%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Domestic institutions: +18.6 points over 8 quarters to 19.2%; Promoters: −5.1 points over 8 quarters to 61.1%; Foreign institutions: +1.4 points over 8 quarters to 6.8%.

Why the register moved: domestic institutions drove it (+18.6 points), absorbed on the other side by promoters (−5.1 points) — steady accumulation by institutions reading the same numbers this page reads.

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Pearl Global Industries Ltd: the Z-score is withheld — it comes from the second data source this page could not reconcile, and a solvency score is not worth printing on a number two sources dispute. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure.

The safety line in one sentence: the Z-score is withheld — it comes from the second data source this page could not reconcile, and a solvency score is not worth printing on a number two sources dispute.

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