Pearl Global Industries received bullish analyst calls from JM Financial, PL Capital, ICICI Direct and Motilal Oswal, with JM Financial initiating coverage with a Buy rating and Rs 1,610 target, PL Capital upgrading to Buy with Rs 1,500 target, ICICI Direct upgrading to Buy with Rs 1,600 target, and Motilal Oswal reiterating Buy with Rs 1,500 target, citing its diversified manufacturing network, operating leverage and capacity ramp-up potential.

Pearl Global Industries rallied intraday and surged 10-36% over the past month with peers as Motilal Oswal Financial Services named Pearl Global Industries among its preferred apparel picks on improving demand and export outlook.

Pearl Global Industries Ltd opened its first manufacturing unit in Muzaffarpur, Bihar, with 450 machines, compared with about 6,500 machines across eight units in Bengaluru, Gurugram and Chennai, and is evaluating expansion in Bihar, Jharkhand, Odisha, Madhya Pradesh and West Bengal to access lower wages and state incentives and bring manufacturing costs closer to Bangladesh levels.