ALFA Finder| Revenue growth | Q2 revenue ₹4,432 Cr, +30% YoY, +29% QoQ; H1 +23%. |
|---|---|
| Margins | EBITDA margin 3.5% in Q2, +44 bps YoY; gross margin flat at 20%. |
| Order book | ₹5,670 Cr as of October, +13% YoY; no new mandate revenue yet. |
| Demand visibility | Order book ₹5,670 Cr, +13% YoY; US retail demand rising. |
| Management confidence | Balanced; explicitly cautious despite strong H1 execution. |
Growth
Q2 revenue +30% YoY and +29% QoQ; H1 +23%. EBITDA +49% YoY at 3.5% margin, helped by lower-cost mix. Q2 employee costs were inflated by incentive preponement.
Outlook
Targets 50-70 bps annual EBITDA margin expansion and ~3% PAT margin in 2-3 years. FY27 new-vertical P&L spend around ₹80 Cr.
Risks
Ted Baker still loss-making at 22% gross margin. Manufacturing revenue flat in H1. Minority interest ~39% of PAT. Other expenses +33% QoQ.
Last quarter's promises, checked
Delivered
- Q2 'same trend' as Q1 → Rev +30% YoY, PAT +44% (= BEAT)
- EBITDA margin up each quarter → 2.8% Q1 to 3.5% Q2 (= BEAT)
Partly delivered
- Ted Baker FY loss ≤$2-3M → Q1 ~$2M; Q2 still loss-making, $ undisclosed (= PARTIAL)
- Scale without adding costs → Opex +17-33% QoQ vs revenue +29% (= PARTIAL)
Missed
- $330M SaaS contracts profitable from Q1 → French mandate not yet in revenue (= MISS)
- Order book growth +23% YoY (₹6,095 Cr) → +13% YoY (₹5,670 Cr) (= MISS)
Earnings Call Transcript filed with BSE, NSE: PDSL. Summary written with AI assistance from the document.
PDS Ltd: key numbers
- Share price
- ₹416.10
- Market cap
- ₹5,887 Cr
- Revenue (annual)
- ₹13,110 Cr
- Net profit (annual)
- ₹111.7 Cr
- P/E (TTM)
- 45.3×Sector 48.2×
- Promoter holding
- 61.36%-0.01% QoQ
- FII holding
- 4.13%Current quarter
Reference market data from a third-party provider, updated daily. Not a valuation or a recommendation.
More from PDS Ltd
All →PDS Management Change
PDS Limited disclosed the resignation of Non-Executive Independent Director Bangalore Gangaiah Srinivas, effective November 4, 2026. The resignation cites pre-occupation and personal commitments, with no other material reason.
PDS Dividend
PDS Limited declared an interim dividend of Rs 2.2 per share for 2026-27 on November 4, 2026. Record date is November 11, 2026.
PDS Results Update
PDS Limited's press release reports record Q2 FY27 revenue of Rs 4,432 crore and PAT up 144% quarter-on-quarter. It also declares an interim dividend of Rs 2.20 per share.
PDS Other Announcement
PDS Limited submitted the CRISIL Ratings monitoring agency report for the quarter ended September 30, 2026. It confirms no deviation in the utilisation of its QIP proceeds.
PDS Investor Presentation: Key Takeaways
Record Q2 FY27 revenue ₹4,432cr (+30% YoY), EBITDA margin 3.5% (+44bps), PAT ₹70cr (+44%). H1 revenue ₹7,876cr (+23%); net cash ₹154cr.
PDS Q2 FY27 Results: Net Profit ₹69.9 Cr, Up 44.4% YoY
PDS Ltd reported revenue from operations of ₹4,432 Cr (+29.6% YoY) and net profit of ₹69.9 Cr (+44.4% YoY) for Q2 FY27.
- Key figure
- Net profit ₹69.9 Cr · +44.4% YoY