PDS LIMITED

Operates a global apparel sourcing and supply chain platform, connecting fashion retailers and brands with garment factories across multiple manufacturing countries. Sourcing — managing textile and apparel procurement on behalf of retailers — made up 92.3% of FY26 segment revenue at ₹12,398.8 crore, while own Manufacturing contributed 7.7% at ₹1,034.1 crore. The Manufacturing segment grew 31% YoY in FY26 with an EBIT margin of 5.5%. The FY26 order book stood at ₹5,074 crores, up 11% YoY, with the North America portion up roughly 30%, providing FY27 revenue visibility. A new multi-year sourcing-as-a-service mandate with a leading French-headquartered supermarket involves apparel sourcing of over US$250 million in FOB volume annually across Bangladesh, Pakistan, India, Sri Lanka and Turkey, starting November 2026. Employee cost is the largest expense line at 10.0% of revenue, with materials at 4.9% and other opex at 7.6%, reflecting the asset-light, labour-intensive nature of the sourcing model. The group handled over US$2.2 billion in GMV in FY26 across roughly 22 countries.