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: PDS delivered 14% sequential revenue growth in Q2 and 8% YoY growth for H1, with Q2 revenue reaching INR 3,419 crores.
Order Book Strength: The order book as of early October stands at about INR 5,300 crores, up 15% YoY, signaling strong customer engagement.
Gross Margin Expansion: Gross margin improved sequentially to 19.9% in Q2, up from 19.4% in Q1 and 19.6% in Q2 last year.
Cash Flow Turnaround: The company generated INR 593 crores in cash flow from operations in H1, reversing last year’s outflow, driven by a sharp reduction in net working capital days from 17 to 6.
Profitability Mixed: Q2 PAT rose 142% over Q1 to INR 48 crores, but H1 PAT of INR 68 crores declined 41% YoY, reflecting ongoing investment and one-off impacts.
Cost & Investment Discipline: Structural cost initiatives and stricter investment guardrails have been enacted, with a target to reduce P&L investments by INR 40 crores this year.
Geographic Trends: U.K. and U.S. markets showed strong growth (U.K. up 31% YoY, U.S. sales up 36% in H1), while Europe saw a decline due to the loss of a major customer.
Positive Outlook: Management expects margin and profitability improvements in H2 and FY '27, supported by new large customer wins and digital/process initiatives.
