Company Reports Improved Cash Flow, Lower Debt and Higher Order Book for FY26
PDS Limited announced its consolidated financial results for Q4 FY26 and the financial year ended 2025-26, reporting growth in revenue, operating performance, and cash flow despite global trade and supply chain challenges.
The company reported consolidated revenue from operations of ₹3,519 crore in Q4 FY26, reflecting an 11% quarter-on-quarter increase, while Profit After Tax (PAT) rose 95% QoQ to ₹72 crore.
Q4 FY26 Financial Performance
For Q4 FY26, PDS reported:
- Gross Merchandise Value (GMV) of ₹4,905 crore, up 5% QoQ
- Consolidated topline of ₹3,519 crore, up 11% QoQ
- EBITDA of ₹122 crore, registering 12% QoQ growth
- EBITDA margin at 3.5%, up 2 basis points
- PAT of ₹72 crore, up 95% QoQ
- PAT margin of 2%
FY26 Performance Highlights
For the full financial year FY26, the company recorded:
- GMV of ₹19,666 crore, up 5% year-on-year
- Consolidated topline of ₹13,110 crore, up 4% YoY
- Gross margin improvement of 48 basis points to 20.6%
- PAT of ₹178 crore with a margin of 1.4%
- Order book of ₹5,074 crore as of early April, up 11%
- Net Working Capital improvement from approximately 17 days to approximately 4 days
- Operating cash flow generation of ₹781 crore during FY26
- Net debt reduction from ₹374 crore in March 2025 to ₹105 crore in March 2026
The company also proposed a dividend of ₹3.30 per share for FY26, representing 165% of face value. Of this, ₹1.65 per share had already been paid in H1 FY26 as interim dividend. The payout ratio stood at 42%.
Financial Snapshot
| Particulars | Q4 FY26 | Q3 FY26 | Growth | FY26 | FY25 | Growth |
|---|---|---|---|---|---|---|
| Gross Merchandise Value | 4,905 | 4,660 | 5% | 19,666 | 18,744 | 5% |
| Revenue from Operations | 3,519 | 3,172 | 11% | 13,110 | 12,578 | 4% |
| PAT | 72 | 37 | 95% | 178 | 241 | (26%) |
| PAT Margin (%) | 2.0% | 1.2% | 88 bps | 1.4% | 1.9% | (56 bps) |
Management Commentary
Pallak Seth said:
“FY26 was a challenging year marked by heightened global uncertainties — from evolving U.S. tariff actions and geopolitical conflicts creating persistent trade and supply chain disruptions — all of which weighed on consumer sentiment and demand visibility. Against this backdrop, PDS demonstrated the resilience of its platform by delivering stable growth, supported by deep customer relationships & disciplined execution through our diversified sourcing network. We continued to strengthen our U.S. presence, secured a new sourcing-as-a-service mandate with a new value customer having a potential to scale over US$50 million, alongside deeper engagement with existing customers. As global sourcing corridors continue to evolve, PDS remains well positioned to benefit from emerging trade tailwinds, while simultaneously strengthening its competitive advantage through deeper integration of technology and AI across the value chain.”
