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PL Capital Report
Pearl Global Industries Ltd. has received a rating upgrade from PL Capital, which raised its recommendation on the garment exporter to 'Buy' from 'Accumulate' and increased the target price to Rs 1,500 from Rs 1,167, citing stronger growth visibility and ambitious expansion plans.
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The brokerage's positive stance follows the company's analyst meet, where management outlined fresh FY30 growth targets and highlighted progress against goals set in 2024.
According to PL Capital, Pearl Global is on track to achieve its earlier revenue target of Rs 6,000 crore ahead of FY28, supported by capacity expansion, improving margins and backward integration initiatives.
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Bangladesh remains the key growth hub, where it recently inaugurated a new ~7 million pieces capacity, to take capacity to ~108 million. The company also expects improved performance in India, while Vietnam continues to focus on highvalue products and future expansion.
For FY30, management targets Rs 9,000- 10,000 crore revenue and ~Rs 11,000-14,000 croroe adjusted Ebitda, implying 16-18% and 23-32% CAGR, respectively.
The brokerage rolls forward its estimates to FY29E while factoring the newly announced growth plans. Motilal Oswal expects revenue/Ebitda/PAT to grow 17%/31%/35% over FY26-29E. Ebitda margins are estimated to reach 12.8%, driven by operating leverage and backward integration.
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