PDS Limited has informed the stock exchange regarding the Earnings Call Transcript.
PDSL · price
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PDS Limited delivered 5% GMV growth to ₹19,666 crores and 4% revenue growth to ₹13,110 crores for FY 2026, while gross margins improved 48 bps to 20.6%. However, EBITDA declined to ₹385 crores from ₹457 crores and PAT fell to ₹178 crores from ₹241 crores, reflecting challenging global apparel market conditions, restructuring costs, and one-off charges. Net debt was sharply reduced to ₹105 crores from ₹374 crores, and working capital days improved from 17 to 4 days. Management guided for 40-50 bps gross margin improvement annually and 50-75 bps EBITDA margin improvement, targeting mid-single-digit revenue growth and ~10% PAT growth for FY 2027. The order book stood at ₹5,074 crores (+11%), with North America up ~30%, driven by new sourcing-as-a-service mandates. A BCG-led cost transformation program (Project PULSE) is being institutionalised to drive structural efficiency.
PDS demonstrated operational discipline with massive balance sheet improvement (net debt down 72%) but faces profit pressure from legacy investments and macro headwinds. Management's explicit margin improvement guidance and portfolio rationalisation signal a recovery path, though the 26% PAT decline in FY 2026 remains a near-term concern for shareholders.