PDS Ltd.

•

pdsltd.comBSE: 538730NSE: PDSL

Market Cap₹ 5,094 Cr.

Current Price

High / Low₹ 418 / 246

Stock P/E173.0

Book Value₹ 47

Price to Book5.52

Dividend Yield0.92 %

ROCE5.3 %

ROE4.8 %

Face Value₹ 2

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Sale of Goods: 60.3% • Service: 39.7%

AI Sector View

AI GENERATED

Oil Gas & Consumable Fuels

Reduce

Sector economics are clouded by input volatility and uneven volume trends. WPI fuel inflation is very high at 20.05% (Jul/26), crude oil output is -5.3% YoY (2026-07), natural gas is -3.7% YoY (2026-07), and natural gas consumption is -3.0% YoY (2026-06), although refinery products grew 2.7% YoY (2026-07) and coal was 7.6% YoY (2026-07). Heavy FPI outflows of INR -15293 crore over 3 months to 2026-08-31 and negative oil-linked news flow reinforce the underweight.

Confidence

78%

View full sector analysis →

PROS

Company is almost debt free
Company has delivered good sales growth of 41.0% CAGR over last 5 years
Company has a consistent dividend-paying track record

CONS

Company is loss-making at the operating / net level
A large part of profit comes from other income (178.0% of PBT)
Recent results are weak - TTM profit is down 71.3% versus prior year
Promoter holding has decreased over last 2 years: -4.4pp
Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -0.24x)
Operating cash flow has been negative in recent years

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Oil Gas & Consumable FuelsTradingTrading

Part ofSHI: Textiles & Apparels

S.No.	Name
1.	ADANIENT	2936.00	53.39	397452.96	0.04	-1461.54	-249.67	32923.98	49.92	13.30	15.57
2.	PREMIERENE	998.00	27.21	45304.36	0.10	471.92	53.32	2462.59	35.25	33.72	29.03
3.	AEGISLOG	1270.55	35.64	44596.31	0.68	544.84	210.70	2356.86	37.07	19.76	30.28
4.	CPPLUS	3705.90	91.86	43840.96	0.04	142.20	332.51	1402.42	89.51	29.48	14.52
5.	REDINGTON	371.40	17.07	29035.10	1.62	453.49	94.65	34922.47	34.57	18.96	2.03
6.	HONASA	470.75	61.67	15347.59	0.64	90.45	118.87	755.95	27.00	8.99	14.58
7.	LLOYDSENT	74.20	100.87	11327.02	0.20	109.98	-55.77	563.03	70.15	12.84	18.07
8.	SGMART	826.10	83.74	10411.77	0.00	455.80	1310.71	13085.70	1044.08	10.43	4.49
9.	MMTC	64.18	21.52	9627.00	0.00	104.24	135.52	0.68	-50.00	33.46	-1423.53
10.	ENTERO	1827.20	63.41	7952.54	0.00	52.05	72.17	1940.50	38.23	10.93	5.00
11.	CELLO	342.50	24.69	7724.69	0.44	73.40	-8.99	526.72	-0.43	17.15	18.80
12.	PDSL	360.10	43.34	5093.99	0.92	28.59	42.70	3443.72	14.81	13.49	2.85

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	132	166	134	194	96	111	122	122	48	65	73	71	40
	125	159	126	198	90	109	119	127	46	66	75	83	42
Operating Profit	7	7	8	-4	5	2	3	-6	1	-0	-2	-12	-2
OPM %	5.01%	4.15%	6.18%	-2.00%	5.68%	2.15%	2.76%	-4.56%	3.10%	-0.50%	-3.21%	-16.65%	-5.26%
	1	2	26	47	48	4	6	24	6	5	6	42	4
Interest	0	1	2	2	2	2	2	2	1	2	2	2	1
Depreciation	2	2	2	2	2	1	1	2	2	2	2	2	2
Profit before Tax	5	6	31	40	51	3	7	16	5	1	0	27	2
Tax %	26.10%	28.10%	4.85%	-4.38%	2.29%	27.76%	21.81%	0.71%	25.00%	31.58%	18.42%	-2.56%	25.88%
Net Profit	4	4	30	41	49	2	5	15	4	1	0	27	1
	0.30	0.31	2.27	3.13	3.75	0.17	0.37	0.37	0.27	0.05	0.02	1.93	0.08

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	13	18	39	41	46	116	463	625	455	257	249
	12	16	35	33	37	103	432	606	448	270	266
Operating Profit	2	2	4	8	9	13	31	19	7	-12	-17
OPM %	11.22%	12.00%	10.75%	18.74%	19.36%	11.07%	6.76%	3.03%	1.58%	-4.82%	-6.68%
	0	7	1	1	42	62	69	76	83	59	56
Interest	0	2	2	2	2	1	1	6	8	7	6
Depreciation	1	2	3	3	3	3	6	7	6	7	7
Profit before Tax	1	4	1	4	46	70	93	82	76	33	30
Tax %	31.44%	14.10%	-65.83%	35.91%	3.21%	4.81%	7.32%	3.39%	4.85%	2.87%	0.36%
Net Profit	1	4	1	3	45	67	86	79	73	32	29
EPS	0.00	0.00	0.00	0.00	17.17	5.07	6.50	6.00	5.15	2.27	—
Dividend Payout %	0.00%	0.00%	0.00%	0.00%	91.74%	93.00%	77.19%	79.13%	65.04%	145.50%	—

COMPOUNDED SALES GROWTH

10 Years:: 26%
5 Years:: 41%
3 Years:: -18%

COMPOUNDED PROFIT GROWTH

10 Years:: 72%
5 Years:: -6%
3 Years:: -28%

STOCK PRICE CAGR

10 Years:: 27%
5 Years:: 8%
3 Years:: -1%
1 Year:: 11%

RETURN ON EQUITY

10 Years:: 19%
5 Years:: 29%
3 Years:: 20%
Last Year:: 5%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	26	26	26	26	26	26	26	26	28	28
	77	81	82	85	130	155	154	199	650	639
	25	21	15	13	11	11	14	59	41	44
Trade Payables	2	2	3	3	5	19	127	135	90	59
	13	12	20	20	21	46	96	87	75	65
Total Liabilities	142	142	147	146	193	256	417	507	884	835
	4	38	37	36	36	12	18	16	18	21
Capital Work in Progress	9	0	0	0	0	0	0	0	0	0
	125	101	102	101	101	122	162	183	516	506
	0	0	0	0	0	0	0	141	122	81
Cash & Bank	3	0	2	2	45	62	93	125	174	167
	1	3	6	7	10	61	144	42	53	61
Total Assets	142	142	147	146	193	256	417	507	884	835

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	12	7	12	5	10	15	93	-30	-29	16
Cash from Investing	-11	-4	-4	-0	43	3	45	19	-227	33
Cash from Financing	2	-6	-5	-5	-9	-43	-91	5	343	-56
	3	-3	2	-0	43	-26	41	-6	87	-7

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
PER SHARE
EPS (₹)	0.21	1.43	0.42	1.03	17.17	25.65	6.61	6.00	5.15	2.27
Book Value (₹)	39.75	41.22	41.64	42.64	59.88	69.62	13.80	17.09	48.05	47.28
Dividend per Share (₹)	0.00	0.00	0.00	0.00	15.75	23.85	5.10	4.75	3.35	3.30
Cash EPS (₹)	0.10	0.46	0.28	0.40	3.64	5.38	7.04	6.52	5.58	2.73
PROFITABILITY
Operating Margin %	11.91%	49.72%	13.18%	20.57%	110.62%	64.47%	21.70%	3.03%	1.58%	-4.82%
Net Margin %	4.01%	20.47%	2.78%	6.50%	96.96%	57.66%	18.67%	12.64%	15.98%	12.44%
ROE %	0.52%	3.53%	1.01%	2.44%	33.49%	39.61%	47.77%	38.98%	16.09%	4.76%
ROCE %	0.65%	5.26%	2.06%	4.69%	33.31%	38.15%	43.27%	31.66%	15.52%	5.30%
	0.39%	2.62%	0.75%	1.82%	26.33%	29.71%	25.68%	17.13%	10.45%	3.72%
EFFICIENCY
Debtor Days	0	1	5	8	22	52	53	72	106	144
Inventory Days	0	0	0	0	0	0	0	0	0	0
Payable Days	0	0	2958	0	91	81	79	101	127	190
	0	1	-2953	8	-68	-28	-26	-29	-21	-46
FINANCIAL HEALTH
Debt to Equity (x)	0.24x	0.20x	0.16x	0.14x	0.05x	0.05x	0.06x	0.28x	0.07x	0.06x
Interest Coverage (x)	19.52x	2.80x	1.33x	3.39x	22.90x	55.62x	63.75x	14.55x	10.73x	5.87x
	0.16x	0.06x	0.24x	0.33x	1.85x	2.03x	1.09x	1.46x	2.41x	2.79x
GROWTH
Revenue Growth %	-46.23%	35.91%	115.50%	4.89%	12.15%	151.15%	299.61%	35.12%	-27.28%	-43.40%
Operating Profit Growth %	26.51%	467.38%	-42.85%	63.60%	503.21%	46.38%	34.49%	-5.74%	-4.56%	-48.79%
Net Profit Growth %	283.90%	593.48%	-70.71%	145.23%	1571.62%	49.36%	29.39%	-8.49%	-8.10%	-55.93%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-9.15%	-14.19%	-55.97%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	78.60x	84.31x	114.99x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	27.61x	9.04x	5.52x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.01%	0.77%	1.27%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	65.00x	66.40x	76.93x

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	65.73	61.69	61.52	61.42	61.41	61.41	61.40	61.37	61.37
	3.69	5.23	5.15	5.00	4.43	3.68	3.22	3.32	3.78
	0.91	5.30	5.74	5.74	5.92	5.66	5.78	5.77	5.18
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	29.67	27.78	27.59	27.84	28.24	29.26	29.60	29.55	29.66

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-03

Updates

2026-09-03 - PDS Limited has informed the Exchange regarding 'PDS Group Sustainability Report 2026 titled - Responsible by Design '.

2026-08-26

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-26 - PDS Limited has informed the Exchange about Schedule of meet

2026-08-20

Diversification/Disinvestment

2026-08-20 - PDS Limited has informed the Exchange about Diversification/Disinvestment

2026-08-14

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-14 - PDS Limited has informed the Exchange about Transcript

2026-08-12

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-12 - PDS Limited has informed the Exchange about Schedule of meet

2026-08-11

Copy of Newspaper Publication

2026-08-11 - PDS Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-10

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-10 - PDS Limited has informed the Exchange about Link of Recording

2026-08-10

General Updates

2026-08-10 - PDS Limited has informed the Exchange about the ESG Ratings

2026-08-08

Copy of Newspaper Publication

2026-08-08 - PDS Limited has informed the Exchange about Copy of Newspaper Publication

News

Recent coverage and analyst commentary for PDSL

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PDS Ltd.

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Name

ADANIENT

2936.00

53.39

397452.96

0.04

-1461.54

-249.67

32923.98

49.92

13.30

15.57

PREMIERENE

998.00

27.21

45304.36

0.10

471.92

53.32

2462.59

35.25

33.72

29.03

AEGISLOG

1270.55

35.64

44596.31

0.68

544.84

210.70

2356.86

37.07

19.76

30.28

CPPLUS

3705.90

91.86

43840.96

0.04

142.20

332.51

1402.42

89.51

29.48

14.52

REDINGTON

371.40

17.07

29035.10

1.62

453.49

94.65

34922.47

34.57

18.96

2.03

HONASA

470.75

61.67

15347.59

0.64

90.45

118.87

755.95

27.00

8.99

14.58

LLOYDSENT

74.20

100.87

11327.02

0.20

109.98

-55.77

563.03

70.15

12.84

18.07

SGMART

826.10

83.74

10411.77

0.00

455.80

1310.71

13085.70

1044.08

10.43

4.49

MMTC

64.18

21.52

9627.00

0.00

104.24

135.52

0.68

-50.00

33.46

-1423.53

ENTERO

1827.20

63.41

7952.54

0.00

52.05

72.17

1940.50

38.23

10.93

5.00

CELLO

342.50

24.69

7724.69

0.44

73.40

-8.99

526.72

-0.43

17.15

18.80

PDSL

360.10

43.34

5093.99

0.92

28.59

42.70

3443.72

14.81

13.49

2.85

Jun 2023

Sep 2023

Dec 2023

Mar 2024

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

132

166

134

194

111

122

125

159

126

198

109

119

127

Operating Profit

-4

-6

-0

-2

-12

-2

OPM %

5.01%

4.15%

6.18%

-2.00%

5.68%

2.15%

2.76%

-4.56%

3.10%

-0.50%

-3.21%

-16.65%

-5.26%

Interest

Depreciation

Profit before Tax

Tax %

26.10%

28.10%

4.85%

-4.38%

2.29%

27.76%

21.81%

0.71%

25.00%

31.58%

18.42%

-2.56%

25.88%

Net Profit

0.30

0.31

2.27

3.13

3.75

0.17

0.37

0.27

0.05

0.02

1.93

0.08

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

116

463

625

455

257

249

103

432

606

448

270

266

Operating Profit

-12

-17

OPM %

11.22%

12.00%

10.75%

18.74%

19.36%

11.07%

6.76%

3.03%

1.58%

-4.82%

-6.68%

Interest

Depreciation

Profit before Tax

Tax %

31.44%

14.10%

-65.83%

35.91%

3.21%

4.81%

7.32%

3.39%

4.85%

2.87%

0.36%

Net Profit

EPS

0.00

17.17

5.07

6.50

6.00

5.15

2.27

—

Dividend Payout %

0.00%

91.74%

93.00%

77.19%

79.13%

65.04%

145.50%

—

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

130

155

154

199

650

639

Trade Payables

127

135

Total Liabilities

142

147

146

193

256

417

507

884

835

Capital Work in Progress

125

101

102

101

122

162

183

516

506

141

122

Cash & Bank

125

174

167

144

Total Assets

142

147

146

193

256

417

507

884

835

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

-30

-29

Cash from Investing

-11

-4

-0

-227

Cash from Financing

-6

-5

-9

-43

-91

343

-56

-3

-0

-26

-6

-7

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

PER SHARE

EPS (₹)

0.21

1.43

0.42

1.03

17.17

25.65

6.61

6.00

5.15

2.27

Book Value (₹)

39.75

41.22

41.64

42.64

59.88

69.62

13.80

17.09

48.05

47.28

Dividend per Share (₹)

0.00

15.75

23.85

5.10

4.75

3.35

3.30

Cash EPS (₹)

0.10

0.46

0.28

0.40

3.64

5.38

7.04

6.52

5.58

2.73

PROFITABILITY

Operating Margin %

11.91%

49.72%

13.18%

20.57%

110.62%

64.47%

21.70%

3.03%

1.58%

-4.82%

Net Margin %

4.01%

20.47%

2.78%

6.50%

96.96%

57.66%

18.67%

12.64%

15.98%

12.44%

ROE %

0.52%

3.53%

1.01%

2.44%

33.49%

39.61%

47.77%

38.98%

16.09%

4.76%

ROCE %

0.65%

5.26%

2.06%

4.69%

33.31%

38.15%

43.27%

31.66%

15.52%

5.30%

0.39%

2.62%

0.75%

1.82%

26.33%

29.71%

25.68%

17.13%

10.45%

3.72%

EFFICIENCY

Debtor Days

106

144

Inventory Days

Payable Days

2958

101

127

190

-2953

-68

-28

-26

-29

-21

-46

FINANCIAL HEALTH

Debt to Equity (x)

0.24x

0.20x

0.16x

0.14x

0.05x

0.06x

0.28x

0.07x

0.06x

Interest Coverage (x)

19.52x

2.80x

1.33x

3.39x

22.90x

55.62x

63.75x

14.55x

10.73x

5.87x

0.16x

0.06x

0.24x

0.33x

1.85x

2.03x

1.09x

1.46x

2.41x

2.79x

GROWTH

Revenue Growth %

-46.23%

35.91%

115.50%

4.89%

12.15%

151.15%

299.61%

35.12%

-27.28%

-43.40%

Operating Profit Growth %

26.51%

467.38%

-42.85%

63.60%

503.21%

46.38%

34.49%

-5.74%

-4.56%

-48.79%

Net Profit Growth %

283.90%

593.48%

-70.71%

145.23%

1571.62%

49.36%

29.39%

-8.49%

-8.10%

-55.93%

0.00%

-9.15%

-14.19%

-55.97%

VALUATION

P/E (x)

0.00x

78.60x

84.31x

114.99x

P/B (x)

0.00x

27.61x

9.04x

5.52x

Dividend Yield %

0.00%

1.01%

0.77%

1.27%

0.00x

65.00x

66.40x

76.93x

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

65.73

61.69

61.52

61.42

61.41

61.40

61.37

3.69

5.23

5.15

5.00

4.43

3.68

3.22

3.32

3.78

0.91

5.30

5.74

5.92

5.66

5.78

5.77

5.18

Government

0.00

29.67

27.78

27.59

27.84

28.24

29.26

29.60

29.55

29.66

PDS Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

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PDS Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

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