World's largest listed asset-light global apparel sourcing platform, spanning design, sourcing and brand management.
Reported
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 39.6 | −17.2% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 2.7 | −0.4 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 1.2 | −68.5% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
| Return on equity | 6.95 | −4.7 pts | Trailing twelve months | TTM to Jun 2026 | Adjusted profit attributable to owners ÷ average owners’ equity. |
| Free cash flow margin | 5.48 | +6.9 pts | Fiscal year | FY ending Mar 2026 | (Operating cash flow − fixed-asset purchases + disposals) ÷ revenue. |
| Revenue growth (YoY) | 4.62 | −17.0 pts | Trailing twelve months | TTM to Jun 2026 | Revenue change against the same period one year earlier. |
Guidance
5 of 13 judged targets kept · 13 open · verdicts reflect calls analysed to Q1 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| FY25 PAT Growth | 25-30% | Q2 FY25 | Historical promise, resolved in FY25. | Achieved* |
| PAT Margin | 3% PAT by FY27 | Q3 FY25 | 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. | Ghosted |
| GMV and PAT Margin | $5 billion GMV and 5% PAT in 5 years (by FY29) | Q3 FY25 | 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. | At Risk |
8 of PDS's 26 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 23 more targets are in the full ledger.
Claimed
Qualified
Price
1Y: ₹336.15 on 24 Oct 2025 → ₹332.05. High ₹407.4 (20 Nov 2025), low ₹253.85 (23 Mar 2026).
Overview
Based on the company's own presentations, annual report and earnings calls.
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
close before → close after
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.
Guidance
5 of 13 judged targets kept · 13 open · verdicts reflect calls analysed to Q1 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| FY25 PAT Growth | 25-30% | Q2 FY25 | Historical promise, resolved in FY25. | Achieved* |
| PAT Margin | 3% PAT by FY27 | Q3 FY25 | 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. | Ghosted |
| GMV and PAT Margin | $5 billion GMV and 5% PAT in 5 years (by FY29) | Q3 FY25 | 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. | At Risk |
Claimed
Qualified
The full ledger
A free account opens 5 company ledgers a month. All 26 tracked commitments, with each call’s wording and source.
Call summaries
PDS Q1 FY27
PDS reported a strong Q1 FY27, with significant revenue and profit growth driven by robust performance in North America and improved operating efficiency. The company demonstrated enhanced capital discipline, reducing net debt and improving working capital. Strategic focus remains on scaling capabilities, digital transformation, and diversifying sourcing, while addressing challenges like Ted Baker losses.
Read the full callPDS Q4 FY26
PDS Limited navigated a challenging FY26 with a 5% GMV growth to ₹19,666 crores and 4% revenue growth to ₹13,110 crores, supported by a 48 basis point improvement in gross margins to 20.6%. The company significantly strengthened its balance sheet by reducing net debt from ₹374 crores to ₹100 crores and generating ₹781 crores in operating cash flow. However, EBITDA saw a decline year-on-year, and the New Lobster business continued to pose challenges, with ongoing efforts for resolution.
Read the full callPDS Q3 FY26
PDS reported a disciplined Q3 FY26 performance amidst a volatile global apparel market. The company achieved 6% revenue growth for 9M FY26, with significant margin expansion and robust cash flow generation. Strategic initiatives like the Knit Gallery acquisition and cost optimization led to substantial debt reduction and improved working capital. However, PAT declined due to specific vendor impacts and deferred sales, while sequential employee costs rose due to one-off factors. Management remains cautious but sees structural tailwinds and strong growth visibility for key clients and new contra
Read the full callEvery analysed call
Fundamentals
Current values with the period they cover; the trend reads across the 6 fiscal years held (Mar 2021 to Mar 2026).
Financials
Net profit, year on year: −69% (quarter to jun 2026 against jun 2025).
| Line item | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 111 | 122 | 122 | 48 | 65 | 73 | 71 | 40 |
| Expenses | 109 | 119 | 127 | 46 | 66 | 75 | 83 | 39 |
| Operating profit | 2 | 3 | -6 | 1 | -0 | -2 | -12 | 1 |
| Operating margin | 2.2% | 2.8% | −4.6% | 3.1% | −0.5% | −3.2% | −16.6% | 2.7% |
| Other income | 4 | 6 | 24 | 6 | 5 | 6 | 42 | 4 |
| Interest | 2 | 2 | 2 | 1 | 2 | 2 | 2 | 1 |
| Depreciation | 1 | 1 | 2 | 2 | 2 | 2 | 2 | 2 |
| Profit before tax | 3 | 7 | 16 | 5 | 1 | 0 | 27 | 2 |
| Tax rate | 27.8% | 21.8% | 0.7% | 25.0% | 31.3% | 18.4% | −2.6% | 25.5% |
| Net profit | 2 | 5 | 15 | 4 | 1 | 0 | 27 | 1 |
| EPS (₹ per share) | 0.16 | 0.37 | 1.09 | 0.27 | 0.05 | 0.02 | 1.93 | 0.08 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Sales | 8,034 | 625 | 451 | 257 |
| Expenses | 7,700 | 608 | 445 | 270 |
| Operating profit | 334 | 18 | 6 | -13 |
| Other income | 83 | 76 | 83 | 59 |
| Interest | 45 | 5 | 7 | 6 |
| Depreciation | 60 | 7 | 6 | 7 |
| Profit before tax | 312 | 82 | 76 | 33 |
| Net profit | 290 | 79 | 72 | 32 |
| Line item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 26 | 26 | 26 | 28 | 28 | 28 |
| Reserves | 176 | 190 | 239 | 683 | 1,671 | 670 |
| Borrowings | 12 | 15 | 65 | 52 | 1,229 | 53 |
| Other liabilities | 43 | 186 | 176 | 123 | 1,977 | 88 |
| Total liabilities | 256 | 417 | 507 | 886 | 4,906 | 840 |
| Fixed assets | 36 | 43 | 41 | 47 | 842 | 49 |
| Capital work in progress | 0 | 0 | 0 | 0 | 1 | 0 |
| Investments | 122 | 162 | 183 | 516 | 525 | 506 |
| Other assets | 99 | 212 | 283 | 322 | 3,538 | 285 |
| Total assets | 256 | 417 | 507 | 886 | 4,906 | 840 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Cash from operations | 9 | 13 | 87 | -30 | -29 | 16 |
| Cash from investing | 43 | 3 | 45 | 19 | -227 | 33 |
| Cash from financing | -9 | -43 | -91 | 5 | 343 | -56 |
| Net cash flow | 43 | -26 | 41 | -6 | 87 | -7 |
| Free cash flow | 9 | 9 | 79 | -36 | -37 | 14 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor days | 38 | 90 | 84 | 83 | 98 | 115 |
| Inventory days | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash conversion cycle | 38 | 90 | 84 | 83 | 98 | 115 |
| Working capital days | -158 | -37 | -59 | -22 | 8 | 17 |
| Return on capital employed | 33.0% | 38.0% | 43.0% | 31.0% | 15.0% | 5.0% |
| Dividend payout | 92.0% | 93.0% | 39.0% | 52.0% | 33.0% | 73.0% |
The businesses behind the company’s reported revenue.
Sourcing contributes 93.5% of reported segment revenue.
Quarter ended 30 Jun 2026 · Consolidated
₹3,271.90 crore
₹227.32 crore
₹0.00 crore
₹0.00 crore
₹0.00 crore
₹0.00 crore
| Business segment | Revenue · ₹ crore | Share |
|---|---|---|
| Sourcing | 3,271.90 | 93.5% |
| Manufacturing | 227.32 | 6.5% |
| Share of profit/ (loss) of associates and joint ventures | 0.00 | 0.0% |
| Others | 0.00 | 0.0% |
| Less: Tax expenses (including deferred tax) | 0.00 | 0.0% |
| Less: Inter segment Loss | 0.00 | 0.0% |
Share = segment revenue ÷ total segment revenue, before intersegment adjustments.
Intersegment transactions are between the company’s own businesses. Net segment revenue can differ from income-statement revenue because reporting definitions differ.
Source: FinEdge · Last checked 19 Sept 2026. Reported segment names are kept as supplied.
Each segment’s share of reported revenue, quarter by quarter.
| Segment | Jun 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Sourcing | 93% | 95% | — | 93% | 93% | 92% | 91% | 94% | +15.9% |
| Manufacturing | 7% | 5% | 7% | 7% | 7% | 8% | 9% | 6% | +3.8% |
| Share of profit/ (loss) of associates and joint ventures | — | — | 0% | 0% | 0% | 0% | 0% | 0% | — |
| Others | <1% | <1% | <1% | 0% | <1% | <1% | <1% | 0% | — |
| Less: Tax expenses (including deferred tax) | — | — | 0% | 0% | 0% | 0% | 0% | 0% | — |
| Less: Inter segment Loss | — | — | — | — | 0% | 0% | 0% | 0% | — |
Share of reported segment revenue by quarter, consolidated basis, as filed. A quarter the company did not report is left blank, never carried forward.
See how segments are shifting across companies → Segment Shift
Ownership
Promoters hold 61.36% as of Sept 2026; institutions cut 0.05 pts since Jun 2026.
since Jun 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 1 off the list — both are in the register beside this.
Named in the Sep 2026 filing
Every holder of PDS above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| 49.22% | unchanged | |
| 11.15% | unchanged | |
| 5.37% | unchanged | |
| 2.68% | newly disclosed | |
| 2.38% | unchanged | |
| 1.48% | unchanged | |
| 1.23% | unchanged | |
| FPI fund | 1.20% | unchanged |
| 0.99% | unchanged | |
| Mutual fund | — | off the list |
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.
Your own record
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