PL Capital upgrades Pearl Global to Buy, lifts target price to ₹1,500

The Zara, Ralph Lauren and Calvin Klein supplier is targeting ₹60 billion in revenue before FY28 and garment capacity of more than 115 million pieces by FY27. PL Capital projects FY26–FY29 revenue, EBITDA and PAT CAGRs of 17%, 31% and 35%, respectively.

— Source publishedFri, 25 Sept, 2026, 17:51 IST·First seen Fri, 25 Sept, 2026, 17:56 IST·Source Mint · Markets

What happened

PL Capital upgraded Indian apparel exporter Pearl Global Industries to Buy, raising its target to ₹1,500. The Zara, Ralph Lauren and Calvin Klein supplier

Key facts

  • Target price: ₹1,500 per share
  • Previous target price: ₹1,167
  • FY26-29E revenue CAGR: 17%
  • FY26-29E EBITDA CAGR: 31%
  • FY26-29E PAT CAGR: 35%

What changed

PL Capital upgraded Indian apparel exporter Pearl Global Industries to Buy, raising its target to ₹1,500. The Zara, Ralph Lauren and Calvin Klein supplier outlined FY30 growth plans, targeting ₹60 billion revenue before FY28 and capacity above 115 million garments by FY27.

Why this matters

PL Capital’s Buy upgrade and ₹1,500 target reflect confidence that Pearl Global can deliver strong FY26–FY29 growth, with projected revenue, EBITDA and PAT CAGRs of 17%, 31% and 35%.

What to watch

  • Quarterly revenue growth versus the implied 17% FY26-FY29 CAGR.
  • EBITDA margin progression and evidence of operating leverage from new capacity.
  • Capacity installed, utilization rates and commissioning timelines toward more than 115 million pieces by FY27.
  • Order-book commentary, new customer additions and repeat-order trends from major global brands.
  • US and European apparel retail inventories, consumer demand and customer destocking signals.

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