PDS Limited, a global supply chain solutions company serving leading brands and retailers through product development, sourcing, manufacturing and brand management, has reported a strong performance for the first quarter of FY2026-27. The company delivered double-digit growth across key financial metrics, supported by higher merchandise value, an expanding order book and improved profitability.
PDS recorded a Gross Merchandise Value (GMV) of ₹5,146 crore in Q1 FY27, representing an 11.1% year-on-year increase from ₹4,634 crore in Q1 FY26. Revenue from operations grew 14.8% YoY to ₹3,444 crore, compared with ₹2,999 crore in the corresponding quarter last year.
Profitability also strengthened significantly during the quarter. EBITDA increased 90.2% YoY to ₹96 crore from ₹51 crore, while the EBITDA margin improved to 2.8%, up 111 basis points from 1.7% in Q1 FY26. Profit After Tax (PAT) rose 42.7% YoY to ₹29 crore from ₹20 crore.
Stronger Order Book and Financial Position
PDS continued to build visibility for the coming quarters, with its order book increasing 23% year-on-year to ₹6,095 crore. The company said the growth reflects continued customer confidence and a stronger pipeline across its global supply chain platform.
The company also made further progress in strengthening its balance sheet. Net working capital improved to just one day, while net debt declined 73% to ₹29 crore. The improvement reflects disciplined cash management and tighter working capital controls.
Strategic Portfolio Expansion
During the quarter, PDS continued to optimize its portfolio, with new investment verticals moving closer to profitability and strategic rationalization progressing as planned. The company is also expanding its global manufacturing and sourcing capabilities through new customer relationships and strategic partnerships.
PDS secured marquee mandates from Family Dollar, a leading French retailer and Pentland Brands, with the combined annual business potential estimated at US$330 million. The company also partnered with Busana Apparel Group to further strengthen its manufacturing capabilities.
Management Commentary
Pallak Seth, Executive Vice Chairman, PDS Limited, said:
“The year has begun with encouraging momentum, with broad-based growth across our platform reflected in higher GMV, revenue growth and a healthy order book that provides strong visibility for the quarters ahead. Beyond the financial performance, we continued to strengthen our strategic positioning through marquee customer wins and our partnerships, further expanding the scale and resilience of our global manufacturing network. As global sourcing continues to evolve, PDS remains uniquely positioned to help customers build more agile, diversified and resilient supply chains while creating sustainable long-term value for all stakeholders.”
Sanjay Jain, Group CEO, PDS Limited, said:
“The quarter marks another important step in strengthening PDS’ financial foundation. Disciplined cash management and tighter working capital controls enabled us to improve net working capital to 1 day and reduce net debt by 73%, significantly strengthening our balance sheet. We continue to advance our new investments towards profitability; the necessary portfolio rationalization is progressing on track. At the same time, we have embarked on our digital and AI transformation journey, which we believe will fundamentally enhance productivity, capital efficiency and operating leverage, positioning PDS for sustainable, profitable long-term growth.”
