Q2 2026 PDS Ltd Earnings Call Transcript
Key Points
- PDS Ltd (BOM:538730) reported an 8% year-over-year increase in gross merchandise value for H1 FY26, crossing the INR10,000 crore mark.
- The company's order book as of early October stands at INR5,300 crore, a 15% year-over-year increase, indicating strong business pipeline and customer trust.
- Net working capital days have significantly reduced from 17 days in March '25 to about six days at the end of September '25, releasing cash and improving cash flow.
- PDS Ltd's asset-light, demand-responsive business model continues to drive growth and manage market volatility effectively.
- The company declared an interim dividend of INR1.65 per share, consistent with the previous year, reflecting financial stability.
- PDS Ltd faced margin pressures in some top verticals, with profitability impacted by investments in new verticals.
- The company experienced a decline in profitability in its top two verticals, Poeticgem and Simple Approach, due to restructuring and market challenges.
- The European market saw a decline in revenue, primarily due to the bankruptcy of a major customer, Gerry Weber.
- The US market faces challenges due to tariff issues, impacting margins and requiring strategic adjustments in sourcing.
- Despite efforts to optimize costs, employee expenses remained flat, and other expenses increased due to license fees and marketing costs.
Ladies and gentlemen, good day, and welcome to PDS Limited quarter-two FY26 earnings conference call. (Operator Instructions) Please note that this conference is being recorded.
I now hand over the conference over to Reenah Joseph. Thank you, and over to you.
A warm welcome to all participants to PDS Limited Q2 FY26 and H1 FY26 earnings call. Our presentation and financial results are available on the company's website and stock exchanges. Please note that anything said on this call, which reflects our outlook for the future, or which may be construed as forward-looking statements must be viewed in conjunction with the risks that the company faces. The conference call is being recorded and the transcript, along with the audio will be available on the company website and stock exchanges.
Today, we have with us the management, which includes Mr. Pallak Seth, Executive Vice Chairman; Mr. Sanjay Jain, Group CEO; and Mr. Rahul Ahuja, Group CFO.
I now hand over the call to Mr.
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