Consolidated Financial Performance H1FY27

  • Revenue: INR 3,330 crore (highest ever half yearly revenue), grew 31.1% YoY
  • Adj. EBITDA (excl. ESOP expense): INR 348 crore, up 47.7% YoY
  • EBITDA margin: 10.5% (highest ever EBITDA margin in any H1), expansion of ~120 BPS YoY
  • PAT: INR 225 crore, up 63.6% YoY

Consolidated Financial Performance Q2FY27

  • Revenue: INR 1,802 crore (highest ever quarterly revenue), grew 37.2% YoY
  • Adj. EBITDA (excl. ESOP expense): INR 184 crore, up 51.1% YoY
  • EBITDA margin: 10.2% (highest ever EBITDA margin in Q2 series), expansion of ~90 BPS YoY
  • PAT: INR 126 crore (highest ever PAT for quarter), up 74.7% YoY

Standalone Financial Performance H1FY27

  • Revenue: INR 648 crore, grew 22.1% YoY
  • Adj. EBITDA (excl. ESOP expense): INR 32 crore
  • EBITDA margin: 4.9%
  • PAT: INR 29 crore

Standalone Financial Performance Q2FY27

  • Revenue: INR 308 crore, grew 16.8% YoY
  • Adj. EBITDA (excl. ESOP expense): INR 9 crore
  • EBITDA margin: 3.0%
  • PAT: INR 16 crore

Balance Sheet Highlights

  • Networth as on 30th September 2026: INR 1,634 crore (vs INR 1,438 crore as on 31st March 2026)
  • Cash and Bank Balance (excluding cash earmarked for LC payments): INR 534 crore
  • Additional investments in Mutual funds: INR 104 crore
  • Total liquid resources: INR 638 crore as on 30th September 2026

Operational and Other Highlights

  • Shipped 43.6 million pieces in H1FY27 (vs 37.1 million pieces in H1FY26)
  • Declared interim dividend of INR 5.0 per equity share
  • Dividend payout ratio: 20.6% (wrt. Group PAT) and 100% of face value of share
  • Holding company received total dividend of ~INR 22.5 crore in H1FY27 from NorpKnit Industries Limited (Bangladesh Subsidiary) and Pearl Global (HK) Limited (Hong Kong Subsidiary)
  • Inaugurated new manufacturing facility in Bangladesh adding ~7 Mn pieces of annual capacity at optimum utilisation

Management Commentary - Mr. Pulkit Seth, Vice-Chairman & Non-Executive Director

  • H1FY27 marks significant milestone with strongest-ever half-yearly and quarterly performance
  • New Bangladesh facility strengthens global sourcing platform and enhances flexibility, scalability, and supply chain resilience
  • Manufacturing operations across India, Bangladesh, Vietnam, Indonesia, and Guatemala
  • Plans to invest ~INR 675-725 crore between FY27 and FY30
  • Investments expected to strengthen supply chain integration, improve operational efficiencies, support sustainable margin expansion
  • Aspirational revenue target of INR 9,000-10,000 crore by FY30
  • Strong order pipeline and expanded manufacturing footprint for H2FY27

Management Commentary - Mr. Pallab Banerjee, Managing Director

  • Execution-led growth strategy delivered broad-based growth
  • Encouraging momentum across both existing and newly onboarded customer relationships
  • Positive customer interest following conclusion of India-UK Free Trade Agreement
  • Proposed India-EU Free Trade Agreement has potential to significantly enhance competitiveness
  • Diversified manufacturing network across South Asia (India, Bangladesh), South-East Asia (Vietnam, Indonesia) and Central America (Guatemala)
  • Focus on timely execution, operational efficiency, and delivering superior customer value

Company Background

  • Established in 1987, India's largest listed garment exporter
  • 26 manufacturing units across India, Bangladesh, Vietnam, Indonesia, and Guatemala
  • Total capacity: ~108 million pieces per year at optimum utilisation (including own and outsourced facilities)
  • Product range: knits, woven, denim, outerwear, activewear and athleisure
  • Export markets: USA, EU, UK, Japan, Australia and Canada