PDS Ltd., a global manufacturing and sourcing platform, reported a strong topline performance for the first quarter of FY ’26, with its Gross Merchandise Value (GMV) rising by 19% year-on-year to Rs. 4,634 crore (US $ 530 million), up from Rs. 3,898 crore (US $ 445 million) in Q1 FY ’25. Revenue from operations grew 14% to Rs. 2,999 crore (US $ 343 million), compared to Rs. 2,621 crore (US $ 300 million) in the same quarter last year. Gross profit saw a more modest rise of 7%, reaching Rs. 582 crore (US $ 66.58 million).
However, profitability was under pressure during the quarter. EBITDA fell 31% to Rs. 51 crore (US $ 5.83 million), down from Rs. 73 crore (US $ 8.35 million) a year ago, while Profit After Tax (PAT) declined 36% to Rs. 20 crore (US $ 2.3 million), compared to Rs. 31 crore (US $ 3.54 million) in Q1 FY ’25.
Commenting on current market dynamics, Pallak Seth, Executive Vice Chairman of PDS, acknowledged that while Q1 FY ’26 showed a decline in profitability due to macroeconomic headwinds, the company remains firmly aligned with its long-term growth vision. Pallak also highlighted the significance of the recently signed India-UK Free Trade Agreement, calling it a pivotal development in boosting trade flows and strengthening partnerships—particularly given PDS’s strong presence in Europe and the UK. At the same time, Seth noted that the US tariff environment remains volatile and in need of stabilization to provide clearer direction.
Group CEO Sanjay Jain added that PDS is currently undergoing a strategic transformation aimed at creating a leaner, more agile organisation focused on long-term value creation. He pointed out that early results from the company’s cost optimisation programs are promising, reinforcing its focus on operational excellence and profitability. Jain noted that PDS has consolidated teams and improved execution agility across its platform. He also stated that by streamlining underperforming verticals and reallocating capital toward high-potential areas, the company remains committed to its financial guidance.
