PDSL

PDS share price & financials

Price
₹338.75
Market cap
₹5.2k Cr
Sector
Textiles
Calls analysed
8
Latest concall · Q1 FY27 · call held 10 Aug 2026

PDS Q1 FY27

Revenue ₹3,444 cr +15%EBITDA ₹96 cr +90%EBITDA Margin 2.8% PAT ₹29 cr +43%

What went well

  • Revenue grew 15% YoY to ₹3,444 crores, driven by strong North America performance (48% growth).
  • EBITDA increased 90% YoY to ₹96 crores, with EBITDA margin expanding by 111 bps to 2.8%.
  • Profit after tax grew 43% YoY to ₹29 crores.

What to watch

  • Ted Baker business incurred approximately $2 million in losses in Q1 FY27, with full-year losses expected not to exceed $2-3 million.
Read the full call →

What PDS does

PDS Limited operates an asset-light apparel sourcing platform that designs, sources and delivers finished garments and other apparel-adjacent products for global retailers and brands, taking minimal inventory or credit risk itself. It runs as a federation of entrepreneur-led sourcing verticals and agencies spread across multiple sourcing and consumption geographies, working with a network of compliant third-party factory partners rather than owning large-scale captive manufacturing. Beyond core sourcing, the group also holds a small manufacturing operation (including an acquired knitwear unit) and a portfolio of design-led and owned/licensed fashion brands under its Brand Management and PDS Ventures businesses.

Segments

  • Sourcing
  • Manufacturing
  • PDS Ventures and Others
Countries with operating presence
22+
Offices worldwide
90+
People strength (employees + factory associates)
12,000+ (4,500+ employees, 7,500+ factory associates)
Sourcing/business verticals
40+
In-house designers
250+
Compliant factory partners
600+
Founded 1999Headquarters Mumbai, Maharashtra, India

Guidance record · Q1 FY27

what the last two calls moved 26 tracked 5 delivered 8 missed 13 open
  • FY25 PAT Growth delivered, diluted said Q2 FY25 Promised: 25-30% Q1 FY27: Historical promise, resolved in FY25.
  • PAT Margin went quiet said Q3 FY25 Promised: 3% PAT by FY27 Q1 FY27: Q1 PAT margin was ~0.84%. Management continues to focus on EBITDA margin and overall profit growth, but the specific 3% PAT margin target for FY27 remains unaddressed and appears highly unlikely.
  • GMV and PAT Margin at risk said Q3 FY25 Promised: $5 billion GMV and 5% PAT in 5 years (by FY29) Q1 FY27: Q1 performance (15% revenue growth, 43% PAT growth) is a positive step, but PAT margin remains low at 0.84%. Management remains cautious, deferring guidance updates until after Q2.

All 26 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue down 17.2%, net profit down 68.5% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue111 122 122 48 65 −41%73 −40%71 −41%40 −17%
EBITDA2 3 -6 1 -0 −114%-2 −169%-12 −114%1 −28%
Net profit2 5 15 4 1 −71%0 −94%27 +77%1 −69%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance +4.4% 1Y

₹250₹300₹350₹400Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 28 Oct 2025Q3 FY26 — 11 Feb 2026Q4 FY26 — 18 May 2026Q1 FY27 — 10 Aug 2026

1Y: ₹333.65 on 10 Sept 2025 → ₹348.2. High ₹407.4 (20 Nov 2025), low ₹253.85 (23 Mar 2026).

How the price took the results

close before → close after

Q1 FY27
+5.6%
10 Aug
Q4 FY26
+6.0%
18 May
Q3 FY26
−3.5%
11 Feb
Q2 FY26
+0.1%
28 Oct

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue fell 68.2% a year over 3 years, FY23 to FY26. Operating margin narrowed to -5.1%.

Year endingFY23FY24FY25FY26
Revenue₹8.0k Cr₹625 Cr₹451 Cr₹257 Cr
Operating profit₹334 Cr₹18 Cr₹6 Cr₹-13 Cr
Operating margin4.2%2.9%1.3%-5.1%
Interest₹45 Cr₹5 Cr₹7 Cr₹6 Cr
Depreciation₹60 Cr₹7 Cr₹6 Cr₹7 Cr
Net profit₹290 Cr₹79 Cr₹72 Cr₹32 Cr
Net margin3.6%12.6%16.0%12.4%
Cash from operations₹87 Cr₹-30 Cr₹-29 Cr₹16 Cr
Free cash flow₹79 Cr₹-36 Cr₹-37 Cr₹14 Cr
ROCE43.0%31.0%15.0%5.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹26 Cr₹26 Cr₹26 Cr₹26 Cr₹28 Cr₹28 Cr
Reserves₹130 Cr₹176 Cr₹190 Cr₹239 Cr₹1.7k Cr₹670 Cr
Borrowings₹11 Cr₹12 Cr₹15 Cr₹65 Cr₹1.2k Cr₹53 Cr
Other liabilities₹26 Cr₹43 Cr₹186 Cr₹176 Cr₹2.0k Cr₹88 Cr
Total liabilities₹193 Cr₹256 Cr₹417 Cr₹507 Cr₹4.9k Cr₹840 Cr
Fixed assets₹36 Cr₹36 Cr₹43 Cr₹41 Cr₹842 Cr₹49 Cr
Capital work in progress₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹1 Cr₹0 Cr
Investments₹101 Cr₹122 Cr₹162 Cr₹183 Cr₹525 Cr₹506 Cr
Other assets₹56 Cr₹99 Cr₹212 Cr₹283 Cr₹3.5k Cr₹285 Cr
Total assets₹193 Cr₹256 Cr₹417 Cr₹507 Cr₹4.9k Cr₹840 Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, the public added +1.41 pp while DIIs trimmed −0.74 pp.

Promoters
61.4%
FIIs
3.8%
DIIs
5.2%
Public
29.5%
Others
0.2%

Since Jun 2025

  • Public +1.41 pp
  • DIIs −0.74 pp
  • FIIs −0.65 pp

How it drifted, 12 quarters

Over this window promoters fell from 66.0% to 61.4% — −4.6 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 66.0%, FIIs 3.0%, DIIs 0.7%, Public 30.2%, Others 0.1%.Dec '23: Promoters 65.8%, FIIs 3.4%, DIIs 0.6%, Public 30.0%, Others 0.1%.Mar '24: Promoters 65.8%, FIIs 3.7%, DIIs 0.8%, Public 29.5%, Others 0.1%.Jun '24: Promoters 65.7%, FIIs 3.7%, DIIs 0.9%, Public 29.5%, Others 0.2%.Sep '24: Promoters 61.7%, FIIs 5.2%, DIIs 5.3%, Public 27.6%, Others 0.2%.Dec '24: Promoters 61.5%, FIIs 5.2%, DIIs 5.7%, Public 27.4%, Others 0.2%.Mar '25: Promoters 61.4%, FIIs 5.0%, DIIs 5.7%, Public 27.7%, Others 0.2%.Jun '25: Promoters 61.4%, FIIs 4.4%, DIIs 5.9%, Public 28.1%, Others 0.2%.Sep '25: Promoters 61.4%, FIIs 3.7%, DIIs 5.7%, Public 29.1%, Others 0.2%.Dec '25: Promoters 61.4%, FIIs 3.2%, DIIs 5.8%, Public 29.4%, Others 0.2%.Mar '26: Promoters 61.4%, FIIs 3.3%, DIIs 5.8%, Public 29.4%, Others 0.2%.Jun '26: Promoters 61.4%, FIIs 3.8%, DIIs 5.2%, Public 29.5%, Others 0.2%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 0 holders trimming and 2 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of PDS above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Payel Seth 49.23%unchanged
Deepak Kumar Seth 11.16%unchanged
Sanjiv Dhireshbhai Shah 5.37%unchanged
ICICI Prudential Manufacturing Fund Mutual fund2.58%newly disclosed
Mukul Mahavir Agrawal 2.38%unchanged
Enam Investments Private Limited 1.48%unchanged
Vishal Rameshbhai Patel 1.21%unchanged
Unico Global Opportunities Fund Limited FPI fund1.20%newly disclosed
Pallak Seth 0.99%unchanged
Nim International Commerce LLP 0.00%unchanged
Pulkit Seth 0.00%unchanged
Shifalli Seth 0.00%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

All earnings calls (8)

Read the Q1 FY27 call →

Learn to analyse PDS

Guides on how to read this kind of business and the numbers that matter.