PDS Limited
NSE:PDSL
PDS Limited
PDS Ltd. is a holding company, which engages in the trading of garments. The company is headquartered in Bangalore, Karnataka and currently employs 144 full-time employees. The company went IPO on 2014-10-20. The firm provides customized manufacturing and sourcing solutions to retailers and brands. The firm operates through three segments: Sourcing, Manufacturing, and PDS Venture Tech Investments. The firm's Sourcing segment provides a one-stop solution for in-house product development, design and sampling, through its designers located across London, Hong Kong, New York, Barcelona, Dusseldorf, New Delhi, Shanghai, Colombo, Santiago, and Brussels. The firm's Manufacturing segment operates in-house manufacturing facilities located across Bangladesh and Sri Lanka. These facilities have expertise in formal tailoring, blazers, school wear, shirts, softs and kids wear. The PDS Venture Tech Investments segment is engaged in funding ventures in the seed stage, or pre-series/early-stage ventures.
PDS Ltd. is a holding company, which engages in the trading of garments. The company is headquartered in Bangalore, Karnataka and currently employs 144 full-time employees. The company went IPO on 2014-10-20. The firm provides customized manufacturing and sourcing solutions to retailers and brands. The firm operates through three segments: Sourcing, Manufacturing, and PDS Venture Tech Investments. The firm's Sourcing segment provides a one-stop solution for in-house product development, design and sampling, through its designers located across London, Hong Kong, New York, Barcelona, Dusseldorf, New Delhi, Shanghai, Colombo, Santiago, and Brussels. The firm's Manufacturing segment operates in-house manufacturing facilities located across Bangladesh and Sri Lanka. These facilities have expertise in formal tailoring, blazers, school wear, shirts, softs and kids wear. The PDS Venture Tech Investments segment is engaged in funding ventures in the seed stage, or pre-series/early-stage ventures.
Revenue Growth: Revenue for the 9-month period reached INR 9,591 crores, up 6% year-on-year, impacted by specific customer issues but showing 11.2% growth when excluding Matalan and Gerry Weber.
Gross Margin Expansion: Gross margin rose 236 basis points in Q3 and 45 basis points over nine months, driven by procurement efficiencies, better mix, and the inclusion of Knit Gallery.
Profitability: EBITDA for Q3 increased 11% year-on-year with margin expansion; however, PAT declined 18% year-on-year to INR 37 crores due to higher costs.
Cost Control: Tight working capital management reduced net debt sharply from INR 374 crores in March '25 to INR 70 crores in December, with net working capital at 7 days.
Manufacturing Momentum: The Manufacturing segment showed strong growth, supported by the integration of Knit Gallery, and is targeting 40–50% growth next year.
Order Book & Outlook: Order book growth currently at 6–7%, with management expecting a recovery and improved visibility in 1–2 quarters. New large contracts are under negotiation.
Geographic Mix: 43% of revenue from the UK, 31% from Europe, 20% from Americas, and 7% from Asia/Middle East. Bangladesh accounts for 55–60% of sourcing.
