Sharescart Research Club logo

Key Financials Snapshot

TTM · Consolidated · ₹ in Cr
Market Cap
₹4275 Cr.
Stock P/E
17.7
P/B
2.4
Current Price
₹302.3
Book Value
₹ 124.7
Face Value
2
52W High
₹434.8
52W Low
₹ 246
Dividend Yield
1.09%

PDS Overview

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.

PDS Share Price

Live · BSE / NSE · Inception: 2011
| |
Volume
Price

Key Financials — Profit & Loss

₹ in Cr · Consolidated · annual

PDS Quarterly Results

#(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

PDS Profit & Loss

#(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

PDS Balance Sheet

#(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

PDS Cash Flow

#(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

PDS Ratios

# 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

Growth Rates

Compounded annual
# 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%

PDS Shareholding Pattern

Latest · Mar 2026
100% held
Promoters 61.37 %
FII 3.32 %
DII (MF + Insurance) 5.77 %
Public (retail) 38.63 %
# Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Promoter 65.8465.8165.7361.6961.5261.4261.4161.4161.461.37
FII 3.413.723.695.245.1554.433.673.233.32
DII 0.640.850.915.295.745.745.925.665.785.77
Public 34.1634.1934.2738.3138.4838.5838.5938.5938.638.63
Others 0000000000
Total 100100100100100100100100100100

PDS Peer Comparison

PDS Quarterly Price

10-year quarterly close · BSE
Show Value Show %

News & Updates

See more…

PDS Pros & Cons

Pros

  • Company has delivered good profit growth of 22% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 24%
  • Debtor days have improved from 58.07 to 54.7days.

Cons

Want to Start Investing in Top Unlisted Stocks?

Our experts help you choose the right stocks based on performance, risk, and growth potential.

whatsapp