PDS earnings calls.

PDS Limited delivered a mixed Q3 FY26 with 9-month revenue at ₹9,591 crore (+6% YoY) but Q3 growth slowing to ~1.5% due to macro headwinds and customer deferments. Gross margins hit multi-quarter highs with 236bps YoY expansion in Q3 driven by procurement efficiencies, better mix, and NIT Gallery's higher-margin manufacturing contribution. EBITDA grew 11% YoYCurrent reported value: EBITDA grew 11% YoY. No comparable prior figure is available in the source record. in Q3 with 28bps margin expansion, though PAT declined 18% to ₹37Current reported value: 37. No comparable prior figure is available in the source record. crore due to one-time costs. Excluding Gary Weber and Matalin disruptions, 9-month growth would have been 11.2%. Working capital improved sharply from 17 to 7 daysCurrent 7 days. Reported change: -10 days YoY. with operating cash flow of ₹644 crore; net debt reduced to ₹70 crore from ₹374 crore. Manufacturing segment achieved ~3.5-4% margin with NIT Gallery scaling to ₹250+ crore revenue. New customer wins (Walmart, Target, TJ Maxx) and tariff tailwinds (India's effective tariff reduced from 50% to 18%) provide medium-term visibility, though near-term caution persists with 6-7%Current 6-7%. Reported change: Down from 14-15%. order book growth. Risk includes customer creditworthiness (Gary Weber bankruptcy precedent) and Bangladesh concentration at 55-60%Current 55-60%. Reported change: Stable mix. of sourcing.