PDS Limited submitted an Investor Presentation to the National Stock Exchange of India Limited and BSE Limited pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, covering financial results for Q1 FY27 (quarter ended June 30, 2026).

Key Financial Highlights

  • GMV: ₹5,146 crore (US$543 million), up 11% YoY
  • Order Book (as of early July 2026): ₹6,095 crore (US$644 million), increased 23% YoY
  • Revenue: ₹3,444 crore (US$364 million), up 15% YoY
  • Gross Profit: ₹690 crore, up 18.5% YoY
  • Gross Margin: 20.0% (improved 63 bps from 19.4% in Q1 FY26)
  • EBITDA: ₹96 crore, up 90.2% YoY
  • EBITDA Margin: 2.8% (improved 111 bps from 1.7% in Q1 FY26)
  • PAT: ₹29 crore (US$3 million), up 42.7% YoY
  • PAT Margin: 0.8% (improved 16 bps from 0.7% in Q1 FY26)
  • Net Debt: Reduced to ₹29 crore (US$3 million), representing a 73% reduction from FY26 levels
  • Net Working Capital: Improved to 1 day (from 4 days as of March 31, 2026)
  • Cash Generated from Operations: ₹151 crore

Balance Sheet Position (as of June 30, 2026)

  • Total Assets: ₹5,271 crore
  • Non-Current Assets: ₹1,489 crore
  • Current Assets: ₹3,782 crore (including Inventories: ₹551 crore, Trade Receivables: ₹1,551 crore, Cash & Bank Balances: ₹1,065 crore)
  • Total Equity: ₹1,861 crore
  • Non-Current Liabilities: ₹236 crore (including Long Term Borrowings: ₹126 crore)
  • Current Liabilities: ₹3,173 crore (including Short Term Borrowings: ₹968 crore, Trade Payables: ₹1,745 crore)
  • Total Debt: ₹1,094 crore
  • Leverage Ratios: Net Debt/Equity: 0.02x, Net Debt/EBITDA: 0.07x
  • Return Ratios: Reported ROCE: 19%, ROCE (Adjusting New Verticals): 26%

Segmental Performance (Q1 FY27)

  • Sourcing Segment: Revenue ₹3,272 crore (US$346 million, +16% YoY), EBIT ₹58 crore (US$6 million, margin: 1.8%), Gross Capital Employed ₹1,491 crore (US$158 million, 50% of total)
  • Manufacturing Segment: Revenue ₹227 crore (US$24 million, +4% YoY), EBIT ₹15 crore (US$2 million, margin: 6.5%), Gross Capital Employed ₹943 crore (US$100 million, 32% of total)
  • PDS Ventures and Others: Revenue ₹(0.4) crore (US$(0.1) million), EBIT captured in Other Income, Gross Capital Employed ₹552 crore (US$55 million, 18% of total)

Strategic Business Updates

  • New Customer Wins: Won key mandates with Family Dollar, a leading French retailer, and Pentland Brands with annual business potential of US$330 million
  • Strategic Partnership: Partnered with Busana Apparel Group to augment manufacturing capabilities, especially customer portfolio management
  • New Verticals: Headed towards profitability with requisite rationalization executed
  • Digital Transformation: Begun implementing digital and AI transformation roadmap to improve productivity and operating leverage
  • Entity Simplification: ~15 legal entities closed/merged in the last 24 months

QIP Proceeds Utilization Update

  • Total QIP Proceeds: ₹430.0 crore
  • Utilized: ₹321.1 crore (including ₹279 crore for repayment of loans availed by subsidiaries and company, ₹24.2 crore for strategic acquisitions)
  • Unutilized: ₹108.9 crore (₹106.9 crore for pursuing strategic acquisitions and inorganic growth opportunities, ₹0.9 crore for general corporate purposes)
  • Balance: ₹110.5 crore invested in deposits, ₹0.1 crore balance in bank

Company Overview

  • Business: World's largest listed global apparel sourcing platform with asset-light model
  • GMV: $2.2+ billion
  • Revenue: $1.5 billion
  • Operations: 22+ countries, 90+ offices, 40+ business verticals
  • Production: 1.3+ million pieces/day handled
  • Workforce: 12,000+ people (4,500+ employees, 7,500+ factory associates)
  • Manufacturing: Facilities across India & Bangladesh with multi-category capability (knits, wovens, outerwear, value-added categories)

Management Commentary

Management stated that the year began with encouraging momentum across the platform, supported by broad-based growth in GMV, revenues, and a strong order book. They emphasized progress in strengthening the financial foundation through disciplined cash management and working capital controls, resulting in significantly stronger balance sheet. The digital and AI transformation initiatives are expected to improve productivity and reinforce sustainable, profitable growth.