Here is the financial summary: **1. Financial Highlights:** Pearl Global's Q1FY26 consolidated revenue hit Rs. 1,228 Cr (+16.6% YoY), marking its fifth consecutive quarter over Rs. 1,000 Cr.

Adjusted EBITDA was Rs. 114 Cr (+13.4% YoY) with a 9.3% margin (~10.7% excluding certain costs). PAT after Minority Interest was Rs. 68 Cr.

Standalone PAT surged 62.6% YoY to Rs. 26 Cr, boosted by ~Rs. 18 Cr subsidiary dividends. **2. Strategic Initiatives & Growth Drivers:** Growth largely stemmed from Vietnam and Indonesia via strong order books and resolved tariffs.

Due to 50% US tariffs, India's US production is shifting to other hubs.

India will now target UK FTA and existing FTA markets (Japan, Australia). Bangladesh capex continues. **3. Business Developments:** Recent US reciprocal tariffs (19-20%) on garment countries are creating positive momentum for Vietnam, Indonesia, Bangladesh, and Guatemala (net 10% baseline tariff). **4. Market Position & Competitive Advantage:** The company benefits from its diversified global presence and agility.

Its robust non-US business (~50% of topline) shows steady growth, underscoring adaptability. **5. Investor Implications:** Strategic shifts in India's US business (16-18% of group revenue) aim to retain customer wallet share and maintain profitability, indicating positive growth potential.

Management remains confident.