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Dolat Capital Report
Backed by a strong balance sheet (ICRA A+ (Stable) rating), healthy free cash flow generation and improving return ratios, the brokerage firm Dolat Capital has initiated coverage with a Buy rating and a target price of Rs 2,424, based on 25x FY28E EPS.
The brokerage believes Pearl Global is entering a multi-year growth phase, supported by structural tailwinds including China+1 sourcing, supplier consolidation towards large compliant manufacturers, and improving market access through the India–UK and India–EU FTAs.
Coupled with capacity expansion, premiumisation and rising contribution from non-US markets, the brokerage has forecasts revenue/Ebitda/PAT CAGR of 14%/26%/28% over FY26–28E, with Ebitda margin expanding to 11.2%.
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