Mukul Agrawal portfolio stocks: Pearl Global, Indo Count soar up to 14%

The signing of India-US trade deal remains key monitorable as any revision to the current tariff rates to below India's competitive peers would be positive for the textile sector, say analysts.

Share prices of Pearl Global Industries, Indo Count Industries

 

Shares of garments & apparels companies Pearl Global Industries and Indo Count Industries soared up to 14 per cent on the BSE in Wednesday’s intra-day trade amid heavy volumes on the back of positive management commentary post September quarter (Q2FY26) earnings.

 

Shares of Pearl Global Industries zoomed 14 per cent to ₹1,609.20 in intra-day trade. The stock was quoting close to its 52-week high of ₹1,718.05 touched on January 16, 2025. It has bounced back 82 per cent from its 52-week low of ₹884 hit on April 7, 2025.

 

 

Meanwhile, the share price of Indo Count Industries surged 12 per cent to ₹306.50 on the back of over 10-fold jump in trading volumes. The stock had hit a 52-week high of ₹423.40 on December 16, 2024. A combined 1.86 million equity shares of the company changed hands on the NSE and BSE till 12:57 PM. In comparison, the BSE Sensex was up 0.84 per cent at 84,573.

 

Mukul Agrawal held over 1% stake in Pearl Global, Indo Count Industries

 

Investor Mukul Mahavir Agrawal held over 1 per cent holding in Pearl Global Industries and Indo Count Industries at the end of September 2025 quarter, the shareholding pattern data shows.

 

In Pearl Global Industries, Mukul Agrawal holds 1.74 per cent or 800,000 equity shares, while in Indo Count Industries the ace investor owns around 2.5 million equity shares or 1.26 per cent equity stake, data shows. 

 

Pearl Global, Indo Count’s Q2 results, management commentary

 

In Q2FY26, Pearl Global achieved a revenue of ₹1,313 crore and improved profitability, demonstrating its ability to navigate trade complexities, including 50 per cent US tariff on India. Adjusted EBITDA (excluding ESOP costs) of ₹122 crore, with margins at 9.3 per cent, improved by 108 bps year-on-year (Y-o-Y). Excluding tariff cost/ loss at new facilities (Guatemala & Bihar) stands at 10.1 per cent, driven by improved product mix and higher realization from Vietnam and Indonesia.

 

The US contributes ~50 per cent in Pearl Global’s group revenue down from 86 per cent in FY21. This was driven by a strategy to reduce dependency on a single market. The company said it made notable progress in expanding footprint across Australia, Japan, the UK and the EU and continues to scout for marquee client’s relationship in these geographies.

 

The management said they are closely tracking developments in the US tariff landscape. It expects normalization in the coming quarters, and remains confident in ability to adapt swiftly to changing requirements. With the group’s diversified customer base across the US, UK, Japan, and Australia, and the ongoing talk of new FTAs, the management said the company remains well positioned to capture increased demand.  ALSO READ | HCL Tech, Avanti Feeds, Gokex: 5 stocks to buy if India, US ink trade deal

 

Despite challenging times, Indo Count said the company delivered volume growth on a quarter-on-quarter (QoQ) basis. In the short term, the company said it chose to share a portion of the additional tariff cost with customers on a case-by-case basis, which impacted margins this quarter. The management anticipates this situation to prevail until the tariff structure stabilizes. 

 

Indo Count’s EBITDA margins declined by 544 bps Y-o-Y to 9.8 per cent in Q2FY26 impacted by higher cost related to scale up of new business and flow through of low gross margins. Core business volumes witnessed a 9 per cent Y-o-Y dip to 25.2 million pieces while realisation declined by ~6 per cent Y-o-Y as sales were impacted by tariff led uncertainties.

 

According to ICICI Securities, core export business remains under pressure due to ongoing tariff uncertainties. The company took the hit of a higher tariff rate of 50 per cent by offering price discounts to the customers affecting the overall realisation growth during the quarter. 

 

The signing of the India-US trade deal remains a key monitorable situation as any revision to the current tariff rates to below India’s competitive peers such as Vietnam and Bangladesh would be positive for the textile sector. Favourable rate revisions could lead to India gaining incremental market share in the US in the upcoming period. The brokerage firm said it awaits the earnings call for further assessment of demand environment and tariff related impact on the upcoming quarterly performance.