Trading · Founded 2011 · www.pdsltd.com · BSE 538730 · NSE PDSL · ISIN INE111Q01021
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Business
PDS Ltd. is a global fashion infrastructure company that designs, develops, sources, manufactures, and distributes apparel and accessories for major brands and retailers worldwide. Its core business model revolves around acting as an end-to-end supply chain partner, offering services from design and product development to raw material sourcing, manufacturing management, quality assurance, and logistics. The company operates through a global network of design studios, sourcing hubs, and manufacturing facilities across Asia, Europe, and North America. PDS makes money primarily through the sale of goods (apparel and accessories) to its clients, effectively earning a margin on the value chain services it provides.
Revenue Mix
PDS primarily operates under two broad segments:
Sourcing & Manufacturing: This is the largest segment, comprising its core services of design, sourcing, manufacturing, and supply chain management for apparel and accessories. It includes direct sourcing (agency model) and manufacturing operations.
Brands (Private Labels/E-commerce): This segment involves developing and managing its own private labels or acquiring brands, often with a focus on direct-to-consumer (DTC) or e-commerce channels.
Geographically, PDS has a significant presence, with revenue derived from various regions including Europe, North America, and Asia. Specific revenue contributions often fluctuate but the majority typically comes from its sourcing and manufacturing operations catering to international markets.
Industry
PDS operates in the highly competitive global apparel and fashion supply chain industry, which is characterized by fragmented manufacturing, strong buyer power from large retailers, and increasing demand for speed, transparency, and ethical practices. The industry has been undergoing significant shifts due to geopolitical realignments, digitalization, and sustainability demands. PDS positions itself as a comprehensive, integrated platform offering end-to-end solutions, differentiating itself from pure-play manufacturers or traditional buying agents. Its global presence and network of operations across multiple sourcing geographies allow it to offer diversified sourcing options to its clients, positioning it as a strategic partner rather than just a vendor.
MOAT
PDS exhibits several potential competitive advantages:
Global Network & Scale: A widespread operational presence across key sourcing regions and client markets provides flexibility, risk diversification, and economies of scale in logistics and sourcing.
Integrated Platform: Offering an end-to-end solution (design to delivery) rather than isolated services can lead to stickier client relationships and deeper integration into client supply chains.
Client Relationships: Long-standing relationships with major global brands and retailers, built on trust and consistent delivery.
Operational Agility & Expertise: Deep expertise in managing complex global supply chains, including product development, compliance, and multi-country logistics, which is difficult to replicate quickly.
Growth Drivers
Shift in Global Supply Chains: Brands and retailers are increasingly looking to diversify sourcing beyond single geographies (e.g., China+1 strategy), benefiting companies with a multi-country manufacturing and sourcing footprint like PDS.
Outsourcing Trend: Fashion brands continue to outsource design, sourcing, and manufacturing functions to focus on core brand building and marketing, driving demand for integrated service providers.
Sustainability & Ethical Sourcing: Increasing consumer and regulatory demand for sustainable and ethically produced apparel pushes brands to partners with robust ESG frameworks, which PDS emphasizes.
E-commerce & Digitalization: Growth in online retail drives demand for agile supply chains, faster time-to-market, and efficient logistics, areas where PDS aims to add value.
M&A Opportunities: Strategic acquisitions can expand capabilities, client base, or geographic reach.
Risks
Fashion & Retail Cycles: Highly susceptible to the cyclical nature of the fashion industry and consumer spending patterns.
Geopolitical & Trade Risks: Trade wars, tariffs, and geopolitical instability in sourcing countries can disrupt supply chains and increase costs.
Currency Fluctuations: As a global entity, PDS is exposed to foreign exchange risks, which can impact profitability.
Client Concentration: Dependence on a few large clients could pose a risk if any major client reduces orders or switches suppliers.
Raw Material Price Volatility: Fluctuations in cotton, synthetic fibers, and other raw material prices can impact margins.
ESG Compliance: Failure to meet evolving environmental, social, and governance standards in its supply chain could damage reputation and lose clients.
Management & Ownership
PDS Ltd. is a promoter-driven company. The promoter group, led by Mr. Sanjay Jain, holds a significant stake and plays a key role in strategic direction. The company has a professional management team with experience in global apparel sourcing and manufacturing. Institutional investors and the public also hold substantial stakes, indicating broader market confidence and oversight.
Outlook
PDS is well-positioned to capitalize on evolving global supply chain dynamics, particularly the move towards diversified sourcing and increased demand for integrated, compliant, and sustainable solutions. Its global network and end-to-end capabilities offer a compelling value proposition to international brands and retailers. However, the company operates in a highly dynamic and competitive industry, subject to volatile fashion trends, geopolitical risks, and currency fluctuations. Sustained growth will depend on its ability to adapt to changing consumer preferences, navigate geopolitical complexities, manage operational efficiencies effectively, and continue to expand its global footprint and service offerings while mitigating inherent supply chain risks.
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| #(Fig in Cr.) | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 2580 | 3215 | 2621 | 3306 | 3125 | 3526 | 2999 | 3419 | 3172 | 3519 |
| Other Income | 16 | 6 | 20 | 12 | 9 | 9 | 40 | 27 | 5 | 28 |
| Total Income | 2595 | 3221 | 2641 | 3318 | 3134 | 3535 | 3039 | 3446 | 3177 | 3547 |
| Total Expenditure | 2505 | 3102 | 2548 | 3163 | 3026 | 3380 | 2949 | 3316 | 3063 | 3397 |
| Operating Profit | 90 | 119 | 93 | 155 | 108 | 155 | 90 | 130 | 114 | 151 |
| Interest | 31 | 28 | 33 | 34 | 30 | 29 | 34 | 43 | 36 | 34 |
| Depreciation | 23 | 26 | 23 | 25 | 27 | 36 | 30 | 33 | 32 | 36 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 36 | 65 | 37 | 96 | 51 | 90 | 27 | 55 | 46 | 80 |
| Provision for Tax | 11 | 4 | 5 | 7 | 5 | 11 | 7 | 7 | 7 | 6 |
| Profit After Tax | 26 | 61 | 32 | 88 | 46 | 79 | 20 | 47 | 38 | 74 |
| Adjustments | -11 | -15 | -12 | -21 | -18 | -34 | -7 | -17 | -19 | -25 |
| Profit After Adjustments | 15 | 46 | 20 | 67 | 28 | 46 | 13 | 30 | 20 | 49 |
| Adjusted Earnings Per Share | 1.1 | 3.5 | 1.5 | 4.8 | 2 | 3.2 | 0.9 | 2.1 | 1.4 | 3.5 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 3872 | 4277 | 4616 | 4924 | 6486 | 6648 | 6213 | 8828 | 10577 | 10373 | 12578 | 13109 |
| Other Income | 14 | 31 | 16 | 24 | 16 | 27 | 37 | 86 | 52 | 35 | 50 | 100 |
| Total Income | 3886 | 4308 | 4632 | 4948 | 6502 | 6675 | 6250 | 8914 | 10629 | 10407 | 12628 | 13209 |
| Total Expenditure | 3818 | 4235 | 4561 | 4886 | 6350 | 6437 | 5968 | 8494 | 10103 | 9960 | 12096 | 12725 |
| Operating Profit | 68 | 73 | 71 | 62 | 152 | 238 | 282 | 420 | 526 | 448 | 531 | 485 |
| Interest | 19 | 14 | 13 | 22 | 56 | 74 | 41 | 39 | 89 | 128 | 151 | 147 |
| Depreciation | 15 | 15 | 13 | 16 | 26 | 52 | 68 | 70 | 80 | 93 | 111 | 131 |
| Exceptional Income / Expenses | -1 | -0 | 0 | 0 | 0 | -14 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 34 | 44 | 45 | 24 | 69 | 97 | 174 | 310 | 357 | 232 | 268 | 208 |
| Provision for Tax | 5 | 1 | 5 | 3 | 0 | 9 | 22 | 17 | 30 | 30 | 27 | 27 |
| Profit After Tax | 29 | 43 | 40 | 21 | 69 | 88 | 152 | 293 | 327 | 203 | 241 | 179 |
| Adjustments | -7 | -15 | -26 | -29 | -25 | -42 | -68 | -44 | -62 | -58 | -84 | -68 |
| Profit After Adjustments | 22 | 28 | 14 | -8 | 44 | 46 | 84 | 248 | 265 | 144 | 157 | 112 |
| Adjusted Earnings Per Share | 1.7 | 2.1 | 1.1 | -0.6 | 3.4 | 3.5 | 6.5 | 19.1 | 20.3 | 10.9 | 11.1 | 7.9 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 21% | 13% | 14% | 13% |
| Operating Profit CAGR | 19% | 8% | 17% | 23% |
| PAT CAGR | 19% | -6% | 22% | 24% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -28% | -4% | 9% | 24% |
| ROE Average | 18% | 24% | 27% | 18% |
| ROCE Average | 17% | 22% | 22% | 14% |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 447 | 481 | 463 | 465 | 468 | 559 | 647 | 872 | 1054 | 1166 | 1650 |
| Minority's Interest | 51 | 64 | 77 | 79 | 31 | 52 | 69 | 64 | 59 | 79 | 66 |
| Borrowings | 55 | 13 | 38 | 60 | 10 | 5 | 2 | 0 | 2 | 45 | 119 |
| Other Non-Current Liabilities | 0 | -3 | 1 | 1 | 7 | 79 | 56 | 101 | 94 | 96 | 94 |
| Total Current Liabilities | 838 | 886 | 859 | 1055 | 1654 | 1649 | 1564 | 2350 | 1892 | 2664 | 2794 |
| Total Liabilities | 1391 | 1441 | 1437 | 1660 | 2170 | 2344 | 2337 | 3387 | 3101 | 4051 | 4722 |
| Fixed Assets | 192 | 195 | 72 | 273 | 354 | 479 | 464 | 418 | 459 | 479 | 672 |
| Other Non-Current Assets | 36 | 66 | 228 | 109 | 88 | 92 | 122 | 357 | 419 | 622 | 539 |
| Total Current Assets | 1162 | 1180 | 1137 | 1278 | 1728 | 1773 | 1752 | 2611 | 2223 | 2951 | 3512 |
| Total Assets | 1391 | 1441 | 1437 | 1660 | 2170 | 2344 | 2337 | 3387 | 3101 | 4051 | 4722 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 89 | 87 | 68 | 135 | 112 | 240 | 337 | 282 | 443 | 486 | 328 |
| Cash Flow from Operating Activities | -10 | 121 | 121 | 58 | 213 | 281 | 379 | 407 | 510 | 190 | -37 |
| Cash Flow from Investing Activities | 4 | -91 | -46 | -147 | -195 | -79 | -83 | -228 | -137 | -314 | -258 |
| Cash Flow from Financing Activities | 1 | -70 | -9 | 66 | 115 | -128 | -347 | -26 | -337 | -38 | 403 |
| Net Cash Inflow / Outflow | -5 | -40 | 66 | -23 | 133 | 74 | -50 | 153 | 36 | -163 | 108 |
| Closing Cash & Cash Equivalent | 87 | 68 | 135 | 112 | 240 | 337 | 282 | 443 | 486 | 328 | 428 |
| # | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 1.67 | 2.14 | 1.1 | -0.6 | 3.37 | 3.53 | 6.47 | 19.08 | 20.26 | 10.95 | 11.12 |
| CEPS(Rs) | 3.32 | 4.43 | 4.09 | 2.86 | 7.32 | 10.76 | 16.9 | 27.86 | 31.11 | 22.48 | 24.96 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 3.15 | 4.77 | 5.1 | 4.75 | 3.35 |
| Book NAV/Share(Rs) | 34.3 | 36.94 | 35.55 | 35.68 | 35.95 | 42.9 | 49.67 | 65.41 | 77.83 | 85.49 | 114.66 |
| Core EBITDA Margin(%) | 1.4 | 0.97 | 1.19 | 0.77 | 2.09 | 3.17 | 3.94 | 3.78 | 4.48 | 3.98 | 3.83 |
| EBIT Margin(%) | 1.36 | 1.35 | 1.27 | 0.93 | 1.93 | 2.58 | 3.45 | 3.96 | 4.22 | 3.48 | 3.33 |
| Pre Tax Margin(%) | 0.88 | 1.02 | 0.98 | 0.49 | 1.06 | 1.47 | 2.8 | 3.51 | 3.37 | 2.24 | 2.13 |
| PAT Margin (%) | 0.74 | 1.01 | 0.87 | 0.42 | 1.06 | 1.32 | 2.45 | 3.32 | 3.09 | 1.95 | 1.92 |
| Cash Profit Margin (%) | 1.11 | 1.35 | 1.15 | 0.76 | 1.47 | 2.11 | 3.54 | 4.11 | 3.85 | 2.85 | 2.8 |
| ROA(%) | 2.14 | 3.04 | 2.8 | 1.35 | 3.6 | 3.9 | 6.51 | 10.23 | 10.07 | 5.67 | 5.5 |
| ROE(%) | 6.96 | 9.28 | 8.54 | 4.49 | 14.78 | 17.13 | 25.27 | 39.08 | 34.95 | 18.9 | 17.59 |
| ROCE(%) | 5.91 | 6.13 | 6.18 | 4.7 | 11.48 | 13.89 | 17.55 | 26.55 | 28.31 | 19.16 | 17.22 |
| Receivable days | 61.19 | 63.6 | 59.45 | 56.01 | 50.97 | 51.09 | 51.18 | 48.19 | 41.41 | 46.72 | 51.32 |
| Inventory Days | 9.86 | 5.92 | 3.36 | 3.68 | 5.65 | 8.76 | 11.17 | 10.39 | 9.68 | 10.28 | 11.78 |
| Payable days | 35.64 | 35.07 | 33.59 | 36.76 | 40.45 | 48.56 | 57.06 | 60.67 | 55.78 | 58.07 | 54.7 |
| PER(x) | 18.05 | 16.91 | 30.72 | 0 | 15.87 | 15.96 | 20.7 | 18.2 | 16.39 | 43.1 | 39.05 |
| Price/Book(x) | 0.88 | 0.98 | 0.95 | 1.6 | 1.49 | 1.31 | 2.7 | 5.31 | 4.27 | 5.52 | 3.79 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 2.35 | 1.37 | 1.54 | 1.01 | 0.77 |
| EV/Net Sales(x) | 0.18 | 0.18 | 0.14 | 0.22 | 0.16 | 0.15 | 0.29 | 0.51 | 0.4 | 0.62 | 0.52 |
| EV/Core EBITDA(x) | 10.16 | 10.41 | 9.2 | 17.24 | 6.76 | 4.12 | 6.4 | 10.67 | 8.02 | 14.46 | 12.24 |
| Net Sales Growth(%) | 5.03 | 10.44 | 7.93 | 6.67 | 31.72 | 2.5 | -6.55 | 42.1 | 19.81 | -1.93 | 21.26 |
| EBIT Growth(%) | 21.6 | 9.69 | 1.07 | -21.81 | 174.1 | 37.02 | 24.77 | 63.02 | 27.57 | -19.13 | 16.33 |
| PAT Growth(%) | 20.09 | 50.91 | -6.35 | -48.34 | 230.87 | 27.61 | 73.16 | 92.22 | 11.59 | -37.97 | 19.09 |
| EPS Growth(%) | -99.77 | 28.06 | -48.64 | -154.71 | 658.93 | 4.99 | 83.22 | 194.66 | 6.19 | -45.96 | 1.56 |
| Debt/Equity(x) | 1.06 | 1.01 | 1 | 1.19 | 1.5 | 1.34 | 0.76 | 0.73 | 0.59 | 0.84 | 0.69 |
| Current Ratio(x) | 1.39 | 1.33 | 1.32 | 1.21 | 1.04 | 1.08 | 1.12 | 1.11 | 1.18 | 1.11 | 1.26 |
| Quick Ratio(x) | 1.28 | 1.28 | 1.28 | 1.15 | 0.96 | 0.96 | 0.99 | 0.98 | 1.04 | 0.98 | 1.08 |
| Interest Cover(x) | 2.8 | 4.09 | 4.47 | 2.11 | 2.23 | 2.31 | 5.29 | 8.87 | 5 | 2.81 | 2.78 |
| Total Debt/Mcap(x) | 1.21 | 1.03 | 1.06 | 0.74 | 1.01 | 1.02 | 0.28 | 0.14 | 0.14 | 0.15 | 0.18 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 65.84 | 65.81 | 65.73 | 61.69 | 61.52 | 61.42 | 61.41 | 61.41 | 61.4 | 61.37 |
| FII | 3.41 | 3.72 | 3.69 | 5.24 | 5.15 | 5 | 4.43 | 3.67 | 3.23 | 3.32 |
| DII | 0.64 | 0.85 | 0.91 | 5.29 | 5.74 | 5.74 | 5.92 | 5.66 | 5.78 | 5.77 |
| Public | 30.11 | 29.63 | 29.67 | 27.78 | 27.59 | 27.84 | 28.24 | 29.26 | 29.6 | 29.54 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 8.68 | 8.68 | 8.68 | 8.68 | 8.68 | 8.68 | 8.68 | 8.68 | 8.68 | 8.68 |
| FII | 0.45 | 0.49 | 0.49 | 0.74 | 0.73 | 0.71 | 0.63 | 0.52 | 0.46 | 0.47 |
| DII | 0.08 | 0.11 | 0.12 | 0.74 | 0.81 | 0.81 | 0.84 | 0.8 | 0.82 | 0.82 |
| Public | 3.97 | 3.91 | 3.92 | 3.91 | 3.89 | 3.93 | 3.99 | 4.14 | 4.18 | 4.18 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 13.18 | 13.19 | 13.21 | 14.07 | 14.11 | 14.13 | 14.13 | 14.13 | 14.14 | 14.14 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +21% | +13% | +14% | +13% |
| Operating Profit CAGR | +19% | +8% | +17% | +23% |
| PAT CAGR | +19% | -6% | +22% | +24% |
| Share Price CAGR | -28% | -4% | +9% | +24% |
| ROE Average | +18% | +24% | +27% | +18% |
| ROCE Average | +17% | +22% | +22% | +14% |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 65.84 | 65.81 | 65.73 | 61.69 | 61.52 | 61.42 | 61.41 | 61.41 | 61.4 | 61.37 |
| FII | 3.41 | 3.72 | 3.69 | 5.24 | 5.15 | 5 | 4.43 | 3.67 | 3.23 | 3.32 |
| DII | 0.64 | 0.85 | 0.91 | 5.29 | 5.74 | 5.74 | 5.92 | 5.66 | 5.78 | 5.77 |
| Public | 34.16 | 34.19 | 34.27 | 38.31 | 38.48 | 38.58 | 38.59 | 38.59 | 38.6 | 38.63 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 8.68 | 8.68 | 8.68 | 8.68 | 8.68 | 8.68 | 8.68 | 8.68 | 8.68 | 8.68 |
| FII | 0.45 | 0.49 | 0.49 | 0.74 | 0.73 | 0.71 | 0.63 | 0.52 | 0.46 | 0.47 |
| DII | 0.08 | 0.11 | 0.12 | 0.74 | 0.81 | 0.81 | 0.84 | 0.8 | 0.82 | 0.82 |
| Public | 4.5 | 4.51 | 4.53 | 5.39 | 5.43 | 5.45 | 5.45 | 5.46 | 5.46 | 5.46 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 13.18 | 13.19 | 13.21 | 14.07 | 14.11 | 14.13 | 14.13 | 14.13 | 14.14 | 14.14 |
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