PDS Limited Reports Strong Growth in FY26
PDS Limited, an Indian supply chain solutions provider, has posted notable gains in revenue and profit for the fiscal year 2026 (FY26), even amid global uncertainties in trade and demand.
The company reported a gross merchandise value (GMV) of ₹19,666 crore (approximately $2.04 billion), marking a 5% increase from the previous year. The consolidated revenue also grew by 4%, reaching ₹13,110 crore (around $1.36 billion). Notably, the gross margin improved by 48 basis points to 20.6%.
The profit after tax (PAT) for FY26 stood at ₹178 crore (about $18.49 million), contributing to a margin of 1.4%. PDS Limited successfully enhanced its cash flow and reduced its debt, showcasing resilience despite the challenges posed by global uncertainties, including changing U.S. tariffs and geopolitical issues.
Pallak Seth, Executive Vice Chairman of PDS, commented, “FY26 was a challenging year due to global uncertainties that affected consumer sentiment and demand visibility. However, our strong customer relationships and effective execution allowed us to maintain stable growth.”
As of early April, the company’s order book reached ₹5,074 crore, which is an 11% increase. Furthermore, the net working capital improved significantly, decreasing from approximately 17 days to nearly 4 days. The operating cash flow for FY26 was recorded at ₹781 crore, with net debt dropping from ₹374 crore in March 2025 to ₹105 crore in March 2026.
Seth emphasized that PDS is well-positioned to adapt to evolving global sourcing trends while deepening ties with both new and existing customers. The company recently secured a new sourcing-as-a-service agreement that has the potential to scale over $50 million.
Quarterly Performance Highlights
In the fourth quarter of FY26, PDS reported a consolidated topline of ₹3,519 crore (around $365.5 million), reflecting an 11% increase quarter-on-quarter. The GMV for the quarter also grew by 5% to ₹4,905 crore (approximately $509.4 million).
During this quarter, the company achieved an EBITDA of ₹122 crore, which is a 12% growth from the previous quarter. The EBITDA margin increased by 2 basis points to 3.5%. PAT surged by 95% quarter-on-quarter, reaching ₹72 crore, with a margin of 2%.
Seth concluded, “As global sourcing continues to evolve, PDS is strategically positioned to leverage new trade opportunities while further integrating technology and AI into our operations.”
