PDS Limited, the global supply chain solutions platform catering to international brands and retailers, reported modest top-line growth in the third quarter and nine months ended December 31, 2025, even as profitability remained under pressure amid continued global volatility.
For Q3 FY26, the company’s Gross Merchandise Value (GMV) rose 6 per cent year-on-year to Rs 4,660 crore, compared to Rs 4,402 crore in the same period last year. Revenue from operations grew 2 per cent to Rs 3,173 crore from ₹3,125 crore.
Gross profit increased 13 per cent to Rs 720 crore in Q3, reflecting improved margins at the gross level. EBITDA for the quarter stood at Rs 109 crore, up 11 per cent from Rs 96 crore a year ago. However, Profit After Tax (PAT) declined 18 per cent to Rs 37 crore, compared to Rs 45 crore in Q3 FY25.
For the nine-month period (9M FY26), GMV rose 7 per cent to Rs 14,760 crore, while revenue grew 6 per cent to Rs 9,591 crore. Gross profit increased 8 per cent to Rs 1,982 crore. However, EBITDA declined 16 per cent to Rs 263 crore from Rs 312 crore, and PAT fell 35 per cent to Rs 106 crore from Rs 162 crore in the corresponding period last year.
Commenting on the results, 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.”
Sanjay Jain, Group CEO, further added “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.”
The company reported significant improvement in working capital efficiency, with net working capital days reducing from approximately 17 days to around 7 days over the last nine months.
PDS generated Rs 644 crore in operating cash flow during 9M FY26 and reduced its net debt from Rs 374 crore in March 2025 to Rs 70 crore as of December 2025.
The company also expects to benefit from the recently signed EU-India trade deal, UK FTA, and US tariff reductions in India (including Knit Gallery) and Bangladesh.
PDS Limited operates as a global fashion infrastructure platform offering product development, sourcing, manufacturing and distribution services. The company handles over $2.2 billion in GMV and operates through a network of over 90 offices across 22 countries, supported by more than 4,500 employees and 6,000 factory associates worldwide. It had reported consolidated revenues of Rs 12,578 crore in FY25.
PDS is listed on the BSE and NSE.
