PDS Limited, the global supply chain solutions company providing customised services across product development, sourcing, manufacturing and brand management, has announced its consolidated financial results for the quarter and nine months ended 31st December 2025.
For the third quarter of FY ’26, Gross Merchandise Value (GMV) rose by 6% year-on-year to Rs. 4,660 crore (US $ 514 million), compared with Rs. 4,402 crore (US $ 486 million) in Q3 FY ’25. Revenue from operations increased by 2% to Rs. 3,173 crore (US $ 350 million), up from Rs. 3,125 crore (US $ 345 million) in the corresponding quarter last year. Gross profit grew by 13% to Rs. 720 crore (US $ 79.49 million) from Rs. 637 crore (US $ 70.33 million).
However, profitability metrics were under pressure during the quarter. EBITDA increased by 11% year-on-year to Rs. 109 crore (US $ 12.03 million) from Rs. 96 crore (US $ 10.59 million), but profit after tax declined by 18% to Rs. 37 crore (US $ 4.08 million), compared with Rs. 45 crore (US $ 4.96 million) in Q3 FY ’25.
For the nine-month period ended December 2025, GMV rose by 7% to Rs. 14,760 crore (US $ 1.62 billion), up from Rs. 13,737 crore (US $ 1.51 million) in the previous year. Revenue from operations increased by 6% to Rs. 9,591 crore (US $ 1.05 billion), compared with Rs. 9,052 crore (US $ 999 million) in 9M FY ’25. Gross profit improved by 8% to Rs. 1,982 crore (US $ 218 million) from Rs. 1,830 crore (US $ 202 million).
Despite topline growth, earnings moderated during the nine-month period. EBITDA declined by 16% year-on-year to Rs. 263 crore (US $ 29.03 million) from Rs. 312 crore (US $ 34.44 million), while profit after tax fell by 35% to Rs. 106 crore (US $ 11.70 million), compared with Rs. 162 crore (US $ 17.88 million) in the corresponding period last year.
Commenting on the performance, Executive Vice Chairman Pallak Seth said the global apparel landscape continues to be influenced by evolving trade dynamics, sourcing realignments and shifting customer priorities. He noted that demand trends were showing gradual and uneven stabilisation across key markets, with customer buying behaviour remaining cautious. He added that benefits arising from the EU trade agreement, the UK Free Trade Agreement and reduced US tariffs on India and Bangladesh are expected to materialise progressively. Seth stated that the acquisition of Knit Gallery and the company’s diversified sourcing operations position PDS to capitalise on emerging opportunities.
Group Chief Executive Officer Sanjay Jain said that, amid external volatility, the company remains focused on enhancing operational effectiveness. He stated that strategic measures have been implemented to optimise costs at both platform and business levels, reinforcing PDS’s commitment to building a resilient and cost-efficient organisation. Jain added that by prioritising high-impact areas and streamlining underperforming verticals, the company aims to drive sustainable growth and strengthen long-term profitability.
Bharat Tex Special Report 2026 
