PDS Ltd is engaged in trading of garments, investment holding, design, development, marketing, sourcing and distribution of readymade garments of all kinds and other consumer products worldwide.
Q2 FY26 Earnings Results
Revenue from Operations: ₹3,419 crore, up 14% QoQ and 3.4% YoY from ₹3,306 crore in Q2 FY25.
Gross Merchandise Value (GMV): ₹5,467 crore, up 18% QoQ from ₹4,634 crore in Q1 FY26.
Gross Profit: ₹680 crore, up 17% QoQ.
EBITDA: ₹103 crore, up 104% QoQ but down 28% YoY due to margin compression and higher input costs.
EBITDA Margin: 3.01% (down from 4.35% YoY).
Profit After Tax (PAT): ₹48 crore, up 142% QoQ from ₹20 crore in Q1, but down 55% YoY from ₹67.5 crore.
PAT Margin: 1.42%, down from 2.69% a year ago.
Order Book: ₹5,308 crore as of early October (up 15% YoY).
Net Debt/EBITDA: 0.24x.
ROCE (Normalized): 28%.
Interim Dividend: ₹1.65 per share (same as previous year), record date notified.
Cash Flow from Operations: ₹593 crore generated during H1 FY26.
Net Working Capital Days: 6, down from 10 in the previous quarter.
Management Commentary & Strategic Decisions
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Executive Vice Chairman Pallak Seth emphasized that Q2 reflects sustainable growth through focus, efficiency, and disciplined execution.
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Management is not making new major investments, instead focusing on scaling existing businesses and leveraging global partnerships.
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Cost optimization efforts and process improvements (with support from BCG), digital transformation, and SOP standardization have yielded results in working capital and net debt reduction.
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Priorities now include optimizing underperforming verticals, deepening customer relationships, and driving profitability scaling across the organization.
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The company remains resilient despite global headwinds, with a future-ready approach and ongoing commitment to responsible and efficient growth.
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No major changes to accounting or corporate structure; focus is on execution improvement, cash generation, and shareholder returns.
Q1 FY26 Earnings Results
Revenue from Operations: ₹2,999 crore, up 14.5% YoY from ₹2,621 crore.
Gross Merchandise Value (GMV): ₹4,634 crore, up 19% YoY.
Gross Profit: ₹579 crore.
EBITDA: ₹41 crore, margin 1.69%.
Profit After Tax (PAT): ₹20 crore, down 36% YoY and 69% QoQ.
PAT Margin: 0.67%.
Standalone PAT: ₹47.2 crore vs consolidated ₹20 crore (subsidiaries in loss).
Earnings Per Share (EPS): ₹0.90 (down from ₹1.50 YoY).
Strategic Note: Company agreed to acquire 60% of GSC Link Limited (Hong Kong) for $1.2 million, strengthening its US growth platform
To view the company’s previous earnings and latest concall transcripts, click here to visit the Alphastreet India news channel.