NSE: PDSL · BSE: 538730
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Sourcing (92%), Manufacturing (8%), Others (0%). Asset-light, labour-intensive global apparel sourcing platform with a smaller in-house manufacturing arm.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 8,828 | 10,577 | 10,373 | 12,578 | 13,110 |
| EBITDA (ex other income) | 323 | 459 | 398 | 457 | 385 |
| margin % | 3.7 | 4.3 | 3.8 | 3.6 | 2.9 |
| Owners' profit | 248 | 265 | 144 | 157 | 112 |
| EPS, as reported (₹) | 95.38 | 20.30 | 10.98 | 11.44 | 7.91 |
| ROE % · ROCE % | 31.3 · 32.3 | 29.4 · 35.4 | 16.3 · 24.3 | 14.1 · 20.4 | 9.6 · 16.7 |
| Debt / equity (x) | 0.67 | 0.54 | 0.76 | 0.65 | 0.61 |
| Cash from operations | 403 | 510 | 190 | (37) | 781 |
| Capex | (38) | (32) | (162) | (91) | (36) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3,306 | 3,125 | 3,526 | 2,999 | 3,419 | 3,172 | 3,519 | 3,444 |
| Profit before tax | 101 | 48 | 84 | 27 | 55 | 46 | 80 | 32 |
| Net profit | 93 | 42 | 75 | 20 | 48 | 37 | 72 | 29 |
| EPS (₹) | 5.32 | 1.77 | 2.86 | 0.92 | 2.13 | 1.39 | 3.47 | 1.33 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Sourcing | 12,399 | 92.3 |
| Manufacturing | 1,034 | 7.7 |
| Others | 1 | 0.0 |
| Total, before eliminations | 13,434 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| PDS LIMITED ◆ | 4,743 | 40.4 | 2.55 | 10.6 | 9.6 | 9.8 | 16.1 | 3.1 |
| LE MERITE EXPORTS LIMITED | 238 | 4.4 | 1.76 | 13.7 | 8.6 | 10.5 | — | (4.0) |
| BHILWARA TECHNICAL TEXT L | 210 | — | 1.30 | — | (7.0) | (6.5) | 32.8 | (128.6) |
| STANDARD INDUSTRIES LTD. | 108 | 1.7 | 0.94 | — | (16.9) | (15.8) | 23.6 | 45.1 |
| SPL INDUSTRIES LIMITED | 77 | 9.4 | 0.36 | — | 3.3 | 2.8 | — | 18.6 |
| Anand Rayons Limited | 58 | 5.3 | 0.56 | — | 7.1 | 9.4 | — | 3.1 |
| Vivaa Tradecom Limited | 51 | 36.3 | — | — | — | 3.6 | — | — |
| SANBLUE CORPORATION LTD. | 24 | 111.6 | 0.70 | — | 0.6 | 0.5 | — | (3.0) |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 40.4 | 9.4 | 6 of 7 | 17% |
| P/B | 2.5 | 1.1 | 8 of 8 | 0% |
| ROCE | 9.8 | 2.8 | 2 of 9 | 88% |
| ROE | 9.6 | 1.9 | 1 of 8 | 100% |
| Debt / Equity | 0.6 | 0.1 | 7 of 8 | 14% |
| EBITDA margin | 3.1 | 3.0 | 3 of 7 | 67% |
| Revenue growth | 14.8 | 25.8 | 7 of 9 | 25% |
| Profit growth | 42.7 | 76.5 | 6 of 8 | 29% |
| Market cap | 4743 | 68 | 1 of 10 | 100% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Board to review results and consider interim dividend | results | medium | — | — |
| 28 Oct 2026 · Board meeting set for November 4, 2026 results and dividend review | results | low | — | — |
| 21 Oct 2026 · PDS raises DBS Lifestyle Hong Kong ownership to 100% | strategic transactions | high | — | — |
| 20 Oct 2026 · PDS allots 18,750 shares under employee stock option plan | capital market events | low | — | — |
| 9 Oct 2026 · PDS divests UK step-down subsidiary Northern Brands for nominal GBP 1 | strategic transactions | high | — | — |
| 7 Oct 2026 · PDS submits quarterly compliance certificate on dematerialisation of securities | compliance | minimal | — | — |
| 6 Oct 2026 · Newspaper ad on special window for physical share transfer and demat | compliance | minimal | — | — |
| 28 Sept 2026 · Trading window closed from Oct 1 ahead of Q2 FY27 results | compliance | minimal | — | — |
| 22 Sept 2026 · Intimation of investors meet on September 28, 2026 | board shareholder meetings | low | — | — |
| 22 Sept 2026 · PDS sets up step-down subsidiary Design COE Canada in Ontario | business updates | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.