PDS Limited, a global supply chain solutions company providing end-to-end services including product development, sourcing, manufacturing, and brand management to international brands and retailers, has announced its consolidated financial results for the quarter and nine months ended 31 December 2025.
Despite continued volatility in the global apparel market, the company reported steady growth in Gross Merchandise Value and revenue, supported by its diversified sourcing model and operational focus.
Consolidated Financial Performance
(₹ in crore unless stated otherwise)
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Gross Merchandise Value rose to ₹4,660 crore in Q3 FY26, up 6 percent year-on-year, while nine-month GMV increased 7 percent to ₹14,760 crore.
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Revenue from operations stood at ₹3,173 crore for Q3 FY26, marking a 2 percent increase, with nine-month revenue growing 6 percent to ₹9,591 crore.
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Gross profit increased by 13 percent in Q3 FY26 to ₹720 crore, while nine-month gross profit grew 8 percent to ₹1,982 crore.
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EBITDA for the quarter improved 11 percent to ₹109 crore, though nine-month EBITDA declined to ₹263 crore.
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Profit after tax for Q3 FY26 was ₹37 crore, while nine-month PAT stood at ₹106 crore.
Commenting on the performance, Pallak Seth, Executive Vice Chairman, said,
“The global apparel landscape continues to be shaped by evolving trade dynamics, sourcing realignments and shifting customer priorities. Demand trends are exhibiting gradual and uneven stabilisation across key markets, with customer buying behaviour remaining cautious. Benefits from the EU trade agreement, UK FTA & reduced US tariffs on India & Bangladesh are expected to unfold progressively, the acquisition of Knit Gallery & our diversified sourcing operations position us well to capture these opportunities.”
Adding to this, Sanjay Jain, Group CEO, stated,
“In a period marked by external volatility, we remain focused on strengthening operational effectiveness across the organisation. We have undertaken strategic actions to optimise costs at both the platform and business levels, reinforcing our commitment to building a resilient and cost-efficient PDS. By concentrating on high-impact areas and streamlining underperforming verticals, we are enabling sustainable growth while building a stronger, future-ready organisation focused on enhancing long-term profitability.”
Key Highlights
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Net working capital improved significantly from approximately 17 days to around 7 days over the last nine months
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Operating cash flow of ₹644 crore generated during the nine-month period
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Net debt reduced sharply from ₹374 crore in March 2025 to ₹70 crore in December 2025
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Benefits anticipated from the recently signed EU-India trade agreement, UK FTA, and US tariff reductions in India through Knit Gallery operations and in Bangladesh
