PDS financials and balance sheet

NSE: PDSLBSE: 538730Textiles & ApparelsSmall Cap

Formerly PDS Multinational Fashions

₹341.90₹9.30 (2.80%)BSE ₹338.45

Share price at the NSE close on 23 Oct 2026. Previous close ₹332.60.

52-week range of traded prices to 23 Oct 2026

₹246.05Low, 23 Mar 2026₹418.50High, 14 Jul 2026

Market cap: ₹4,837 Cr826th largest listed
P/E: 41.2
P/B: 2.7
Dividend yield: 0.97%
ROE: 6.9%
ROCE: 9.8%
Debt to equity: 0.61
Volume, NSE: 1,73,52930.4% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.PDS annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Peak revenue ₹13,110 Cr, year to Mar 2026

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 7.9% of operating profit in the first full year.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue13,110
Materials and goods−10,410
Employee costs−1,317
Other expenses−998
Operating profit385
Depreciation−131
Other income+100
One-off items0.0
Finance costs−146
Profit before tax207
Tax−28
Joint ventures−1.8
Net profit178

What the company owns

Plant, investments and other assets₹2,026 Cr
Receivables₹1,647 Cr
Cash and bank₹1,036 Cr
Inventory₹557 Cr
Current investments₹0 Cr

What pays for it: net worth and liabilities

Net worth₹1,859 Cr
Owed to suppliers₹1,740 Cr
Borrowings₹1,141 Cr
Other liabilities₹526 Cr

PDS business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them.PDS segment results by quarter

Revenue by segment

₹13,434 CrTotal

Sourcing₹12,399 Cr92.3% of total
Manufacturing₹1,034 Cr7.7% of total
Others₹1 Cr0.0% of total

Profit by segment

Sourcing₹141 Cr70.8% of total
Manufacturing₹38 Cr19.2% of total
Others₹20 Cr9.9% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Sourcing
Revenue, ₹ crore
6,248
6,304
6,073
8,507
10,105
10,080
12,399
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
156
201
283
288
298
230
141
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Manufacturing
Revenue, ₹ crore
245
310
285
547
703
597
788
1,034
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−44
−47
−104
−19
24
15
33
38
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Others
Revenue, ₹ crore
103
98
−2
2
4
6
6
1
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
15
−7
0
42
31
−10
0
20
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	6,595	6,712	6,358	9,056	10,812	10,682	795	13,434
Company revenue, as in its results	6,486	6,648	6,213	8,828	10,577	10,373	12,578	13,110
Revenue	6,248	6,304	6,073	8,507	10,105	10,080	–	12,399
Revenue growth	–	0.9%	−3.7%	40.1%	18.8%	−0.2%	–	–
Profit	156	201	283	288	298	230	–	141
Profit growth	–	28.6%	40.7%	1.6%	3.7%	−22.8%	–	–
Margin	2.5%	3.2%	4.7%	3.4%	3.0%	2.3%	–	1.1%
Return on capital	43.3%	58.9%	86.1%	78.8%	72.9%	40.2%	–	16.0%
Assets	1,748	1,742	1,676	2,620	2,219	3,172	–	3,956
Liabilities	1,387	1,401	1,348	2,255	1,810	2,598	–	3,075
Capital employed	361	341	328	365	409	573	–	881
Revenue	245	310	285	547	703	597	788	1,034
Revenue growth	–	26.8%	−8.2%	92.2%	28.5%	−15.1%	32.1%	31.2%
Profit	−44	−47	−104	−19	24	15	33	38
Profit growth	–	–	–	–	–	−38.3%	123.4%	17.3%
Margin	−18.1%	−15.0%	−36.4%	−3.5%	3.4%	2.4%	4.1%	3.7%
Return on capital	−40.6%	−27.1%	−46.7%	−6.4%	7.7%	4.6%	7.8%	7.5%
Assets	274	476	420	478	460	467	535	785
Liabilities	164	304	197	181	153	150	120	276
Capital employed	109	172	222	297	307	316	415	509
Revenue	103	98	−2	2	4	6	6	1
Revenue growth	–	−5.0%	–	–	–	–	–	–
Profit	15	−7	0	42	31	−10	0	20
Margin	15.0%	−6.7%	–	1,896.0%	722.0%	−189.2%	−7.2%	1,669.1%
Return on capital	15.7%	−6.7%	−0.1%	15.4%	7.8%	−2.9%	−0.1%	4.2%
Assets	208	162	251	300	430	424	464	524
Liabilities	109	64	85	26	33	68	27	56
Capital employed	98	98	165	274	397	356	437	468
	–	–	–	–	–	0	0	0
Profit	–	–	–	–	–	−30	−27	−28
Assets	–	–	–	–	–	0	0	0
Liabilities	–	–	–	–	–	0	0	0
	–	–	–	–	–	0	0	0
Profit	–	–	–	–	–	6	−1	−2
Assets	–	–	–	–	–	0	0	0
Liabilities	–	–	–	–	–	0	0	0
	–	–	–	–	–	–	–	0
Profit	–	–	–	–	–	–	–	9
Assets	–	–	–	–	–	–	–	0
Liabilities	–	–	–	–	–	–	–	0
Revenue	–	–	−143	−228	−235	0	0	–
Profit	–	–	−5	0	4	−8	−6	–
Assets	–	–	0	0	0	0	0	–
Liabilities	–	–	0	0	0	0	0	–
	0	0	–	–	–	–	–	–
Profit	−15	−1	–	–	–	–	–	–
Assets	0	0	–	–	–	–	–	–
Liabilities	0	0	–	–	–	–	–	–

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.PDS quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 7 Jun	Mar 2020Filed 13 Jul	Mar 2021Filed 28 May	Mar 2022Filed 20 May	Mar 2023Filed 18 May	Mar 2024Filed 16 May	Mar 2025Filed 10 Jun	Mar 2026Filed 15 May
Revenue from operations	4,616	4,924	6,486	6,648	6,213	8,828	10,577	10,373	12,578	13,110
	4,561	4,886	6,363	6,462	5,983	8,506	10,118	9,981	12,121	12,725
Materials and goods bought	4,004	4,249	5,538	5,549	5,185	7,396	8,806	8,262	10,047	10,410
Employee costs	260	306	368	436	414	621	761	979	1,211	1,317
Other expenses	297	330	457	477	383	489	551	739	863	998
Operating profit before depreciation	55	38	123	186	230	323	459	392	457	385
Operating margin	1.2%	0.8%	1.9%	2.8%	3.7%	3.7%	4.3%	3.8%	3.6%	2.9%
Materials, % of revenue	86.7%	86.3%	85.4%	83.5%	83.5%	83.8%	83.3%	79.6%	79.9%	79.4%
Employee costs, % of revenue	5.6%	6.2%	5.7%	6.6%	6.7%	7.0%	7.2%	9.4%	9.6%	10.0%
Other expenses, % of revenue	6.4%	6.7%	7.0%	7.2%	6.2%	5.5%	5.2%	7.1%	6.9%	7.6%
Depreciation and amortisation	13	16	26	52	68	70	80	93	111	131
Operating profit after depreciation	42	21	97	134	162	253	379	299	346	254
Other income	14	24	16	27	37	86	52	35	50	100
Finance costs	13	22	32	49	26	28	74	107	127	146
Profit before one-off items and tax	44	24	80	111	174	311	356	226	269	207
One-off items	0	0	0	−14	0	0	0	6	0	0
Profit before tax	44	24	80	97	174	311	356	232	269	207
	5	3	0	9	22	17	30	30	27	28
Current tax	1	3	1	8	25	18	31	33	32	54
Deferred tax	4	1	−1	1	−3	−1	−1	−3	−4	−27
Share of profit of joint ventures and associates	–	–	−1	−7	−4	−1	0	–	−1	−2
	14	20	79	81	148	293	327	203	241	178
Belonging to the company's shareholders	14	–	53	46	84	248	265	144	157	112
Belonging to outside owners of subsidiaries	–	–	26	35	64	44	62	58	84	66
Other comprehensive income	–	–	−11	53	8	34	27	71	−71	139
Total comprehensive income	–	–	68	134	156	326	354	273	170	317
Net margin	0.3%	0.4%	1.2%	1.2%	2.4%	3.3%	3.1%	2.0%	1.9%	1.4%
Net margin without joint ventures and associates	–	–	1.2%	1.3%	2.5%	3.3%	3.1%	–	1.9%	1.4%

Belonging to the company's shareholders is left blank for the year to Mar 2018: the filing states no share of its profit for the other owners of the company's subsidiaries while the periods beside it do, and has no earnings per share and share count to tell the owners' share apart. Share of profit of joint ventures and associates is left blank for the year to Mar 2024: the filing states 0 for this share both for the period and for the year so far, which the form also writes for a line it does not fill, while the company's other filings for the same year show it was not 0 over those months.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 7 Jun	Mar 2020Filed 13 Jul	Mar 2021Filed 28 May	Mar 2022Filed 20 May	Mar 2023Filed 18 May	Mar 2024Filed 16 May	Mar 2025Filed 10 Jun	Mar 2026Filed 15 May
	568	611	716	936	1,113	1,246	1,716	1,859
	528	559	647	872	1,054	1,166	1,650	1,764
Share capital	26	26	26	26	26	26	28	28
Reserves	502	533	621	846	1,028	1,140	1,622	1,735
Belonging to outside owners of subsidiaries	41	52	69	64	59	79	66	95
	700	747	487	623	601	943	1,111	1,141
Repayable after a year	73	1	2	0	2	45	119	154
Repayable within a year	627	746	485	623	599	897	993	987
	1,579	1,689	1,564	2,350	1,892	2,664	2,794	3,148
Trade payables	748	579	892	1,566	1,125	1,504	1,507	1,740
Other financial liabilities	0	21	114	93	82	83	56	218
Other liabilities	194	321	36	24	33	115	164	95
Provisions	0	12	15	17	15	17	23	29
Tax owed	10	9	22	27	38	49	52	80
	82	80	66	112	105	152	228	258
Other financial liabilities	1	66	48	91	79	76	2	67
Other liabilities	5	1	1	1	1	2	74	0
Provisions	4	12	14	17	22	28	34	37
Deferred tax	0	1	1	3	–	–	0	0
Total assets	2,229	2,380	2,346	3,398	3,109	4,062	4,738	5,266
	501	571	594	787	886	1,111	1,226	1,492
Plant in use, after depreciation	175	326	309	359	350	344	496	559
Plant being built	14	21	5	3	4	115	1	0
Intangible assets	91	6	4	7	29	30	67	70
Goodwill	0	51	50	52	80	104	109	200
Intangible assets being developed	0	0	0	0	3	–	0	0
Property held to earn rent	141	96	100	45	25	26	29	28
Investments	66	65	97	281	268	333	352	402
Stakes in joint ventures and associates	0	–	–	–	98	110	112	121
Other financial assets	1	0	17	11	2	10	7	4
Deferred tax	1	1	9	11	8	11	16	55
Other assets	10	5	4	16	19	28	37	51
	1,728	1,809	1,752	2,611	2,223	2,951	3,512	3,773
Inventories	136	183	197	305	256	329	483	557
Trade receivables	1,029	832	910	1,421	978	1,677	1,860	1,647
Cash and cash equivalents	241	350	293	460	511	461	435	760
Other bank balances	130	152	137	205	218	223	302	276
Current investments	17	24	57	38	53	14	38	0
Other financial assets	8	63	60	71	86	95	135	174
Other assets	168	205	97	111	120	152	258	360
Net debt	312	221	−1	−80	−181	245	336	105

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 28 May	Mar 2022Filed 20 May	Mar 2023Filed 18 May	Mar 2024Filed 16 May	Mar 2025Filed 10 Jun	Mar 2026Filed 15 May
	379	403	510	190	−37	781
	392	427	536	235	18	840
	120	27	49	−221	−495	393
Receivables	−83	−512	552	−570	−147	458
Inventories	−14	−108	58	54	−151	11
Payables	161	653	−558	315	−56	−36
Other working capital	56	−6	−4	−19	−140	−40
Tax paid	−13	−24	−26	−30	−35	−41
Capital spending	25	38	32	162	91	36
Free cash flow	354	365	478	27	−128	745
	−83	−228	−164	−314	−258	−32
Plant and property sold	0	0	0	0	0	0
Companies bought	0	0	−72	−158	−6	−51
Interest received	2	1	3	13	20	17
Dividends received	0	1	1	2	1	1
	−347	−21	−310	−38	403	−500
Borrowings raised	0	129	2	242	278	−197
Borrowings repaid	−252	−2	−75	−2	−4	−11
Interest paid	−22	−27	−75	−107	−126	−146
Lease payments	0	−25	−30	−40	−40	−56
Dividends paid	0	96	162	145	135	93
Shares bought back	0	1	3	0	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	−50	154	36	−163	108	249

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.PDS dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 7 Jun	Mar 2020Filed 13 Jul	Mar 2021Filed 28 May	Mar 2022Filed 20 May	Mar 2023Filed 18 May	Mar 2024Filed 16 May	Mar 2025Filed 10 Jun	Mar 2026Filed 15 May
	₹1.10	–	₹4.06	₹3.53	₹6.47	₹19.08	₹20.30	₹10.98	₹11.44	₹7.91
As stated that year	₹5.49	–	₹20.29	₹17.67	₹32.37	₹95.38	₹20.30	₹10.98	₹11.44	₹7.91
	₹1.10	–	₹4.06	₹3.53	₹6.47	₹18.86	₹19.93	₹10.77	₹11.28	₹7.87
As stated that year	₹5.49	–	₹20.29	₹17.67	₹32.37	₹94.28	₹19.93	₹10.77	₹11.28	₹7.87
	–	–	–	–	₹3.15	₹4.77	₹5.10	₹4.75	₹3.35	₹3.30
As declared that year	–	–	–	–	₹15.75	₹23.85	₹5.10	₹4.75	₹3.35	₹3.30
	–	–	₹40.52	₹42.90	₹49.67	₹67.00	₹80.48	₹88.55	₹116.79	₹124.88
On that year's share count	–	–	₹202.60	₹214.49	₹248.36	₹334.99	₹80.48	₹88.55	₹116.79	₹124.88
Dividend payout	–	–	–	–	48.7%	25.0%	25.2%	43.4%	30.2%	41.7%
Shareholder yield	–	–	–	–	0.0%	2.1%	3.8%	2.3%	2.2%	2.5%
Market cap at the year end (₹ crore)	440	740	695	735	1,725	4,550	4,344	6,241	6,152	3,699

Every year is restated for later splits and bonuses, so they do not break the line. The figure the company stated that year is under each line it differs from.

Ratios

Consolidated, years to March.PDS PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 7 Jun	Mar 2020Filed 13 Jul	Mar 2021Filed 28 May	Mar 2022Filed 20 May	Mar 2023Filed 18 May	Mar 2024Filed 16 May	Mar 2025Filed 10 Jun	Mar 2026Filed 15 May
Revenue growth	7.9%	6.7%	31.7%	2.5%	−6.5%	42.1%	19.8%	−1.9%	21.3%	4.2%
Operating profit growth	32.9%	−31.6%	225.1%	51.4%	23.6%	40.3%	42.4%	−14.6%	16.6%	−15.8%
Net profit growth	−48.7%	36.6%	305.4%	2.4%	83.1%	97.3%	11.6%	−38.0%	19.1%	−26.4%
Earnings per share growth	−48.7%	–	–	−12.9%	83.2%	194.7%	6.4%	−45.9%	4.2%	−30.9%
	–	–	10.0%	8.5%	14.0%	32.7%	27.5%	13.0%	11.1%	6.5%
	–	–	–	−1.5 pts	5.5 pts	18.7 pts	−5.2 pts	−14.5 pts	−1.9 pts	−4.6 pts
From the net margin	–	–	–	−1.5 pts	8.1 pts	15.0 pts	−3.6 pts	−12.2 pts	−1.3 pts	−3.5 pts
From asset turnover	–	–	–	−0.1 pts	−1.5 pts	4.9 pts	1.7 pts	−1.7 pts	−0.1 pts	−0.6 pts
From borrowing	–	–	–	0.0 pts	−1.2 pts	−1.2 pts	−3.3 pts	−0.6 pts	−0.4 pts	−0.4 pts
Return on capital employed	–	–	7.6%	9.8%	13.5%	16.2%	22.1%	13.6%	12.3%	8.5%
Cash conversion	–	–	–	–	255.6%	137.5%	156.0%	93.5%	−15.1%	439.6%
Interest cover	3.2	1.0	3.0	2.7	6.3	9.0	5.1	2.8	2.7	1.7
Debt to equity	–	–	1.23	1.22	0.68	0.67	0.54	0.76	0.65	0.61
Receivable days	–	–	58	46	53	59	34	59	54	46
Inventory days	–	–	9	12	14	15	11	15	18	20
Payable days	–	–	49	38	63	77	47	66	55	61
Cash conversion cycle, days	–	–	18	20	5	−3	−2	7	17	4
Working capital days	–	–	22	19	11	8	5	17	27	16
Asset turnover	–	–	2.91	2.88	2.63	3.07	3.25	2.89	2.86	2.62
Assets per rupee of net worth	–	–	4.22	4.24	3.92	3.78	3.38	3.23	3.12	2.93
Sales per rupee of plant	–	–	37.06	20.39	20.08	24.57	30.22	30.14	25.38	23.44
Capital spending to depreciation	–	–	–	–	0.37	0.54	0.40	1.73	0.82	0.28
Plant being built, % of plant in use	–	–	8.3%	6.3%	1.5%	0.9%	1.2%	33.3%	0.3%	0.1%

No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 2.2%
Cash from operations against operating profit: 202.8%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	11.9%	16.1%	7.4%
Profit growth, yearly rate	14.9%	5.8%	−25.0%
Return on equity, average	–	18.2%	10.2%
Return on capital employed, average	–	14.5%	11.5%
Operating margin, average	2.9%	3.7%	3.4%
Net margin, average	1.7%	2.3%	1.7%
Asset turnover, average	–	2.94	2.79
Cash conversion cycle, days, average	–	4	9
Interest cover, average	3.8	4.3	2.4
Debt to equity, average	–	0.64	0.67

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	1,846	934	781
Cash from investing	−998	−605	−32
Cash from financing	−466	−136	−500
Capital spending	359	289	36
Dividends paid	631	373	93
Shares bought back	4	0	0
Shares issued for cash	0	0	0
Borrowings repaid	94	17	11

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	7	7	5	4	2	4
Altman Z-scorePublished threshold 1.81	–	–	3.72	3.62	4.03	4.48	5.76	4.64	4.81	3.97
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.78	−2.32	−2.57	−1.90	−2.15	−3.03
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−6.25	4.11	−0.57	9.14	12.19	−11.42
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	1.68	1.34	0.86	1.50
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−21.58	15.84	14.13	−50.97	73.34	−10.36	−15.70
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	34.41	14.27	12.21	−35.27	34.68	25.49	11.59
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	1.37	−1.78	0.28	0.24	0.39	1.16	1.07
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.10	0.09	0.03	0.06	1.31	0.01	0.00
Effective tax ratePublished threshold 17.16 per cent	11.65	13.24	0.16	9.71	12.38	5.56	8.41	12.79	10.06	13.43
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	−2.19	1.02	−0.02	−3.08	−6.47

A threshold marked as ours has no published figure; it is the line we read the check against.