India’s global supply chain leader PDS Limited has reported gross merchandise value (GMV) of ₹4,660 crore (~$513.78 million), an increase of 6 per cent year on year (YoY) in the third quarter (Q3) of fiscal 2026 (FY26) ended December 31, 2025. Meanwhile, revenue from operations increased 2 per cent to ₹3,173 crore (~$349.83 million).

The gross profit for the quarter grew 13 per cent to ₹720 crore, up from ₹637 crore a year earlier, indicating improved product mix and operating discipline. However, EBITDA rose 11 per cent to ₹109 crore from ₹96 crore, while profit after tax (PAT) declined 18 per cent to ₹37 crore compared to ₹45 crore in Q3 FY25.

PDS Limited has reported GMV growth of 6 per cent to ₹4,660 crore (~$513.78 million) in Q3 FY26 and revenue increased by 2 per cent, while PAT fell 18 per cent.
For 9M FY26, GMV rose 7 per cent to ₹14,760 crore (~$1.63 billion), though EBITDA and PAT declined.
The company improved working capital, cut net debt sharply, and expects gains from new trade agreements and tariff reductions.

For the nine months (9M) period, GMV increased 7 per cent YoY to ₹14,760 crore (~$1.63 billion). Revenue from operations rose 6 per cent to ₹9,591 crore, compared to ₹9,052 crore in 9M FY25, PDS Limited said in a press release.

The gross profit for 9M stood at ₹1,982 crore, up 8 per cent from ₹1,830 crore in the same period last fiscal. However, EBITDA declined 16 per cent to ₹263 crore from ₹312 crore, while PAT fell 35 per cent to ₹106 crore from ₹162 crore in 9M FY25, reflecting margin pressures and a challenging global retail environment.

PDS reported significant improvements in working capital efficiency, with net working capital days reducing from approximately 17 days to around 7 days over the past nine months. The company generated ₹644 crore in operating cash flow during the nine-month period.

As a result of stronger cash generation and disciplined capital management, net debt reduced sharply from ₹374 crore in March 2025 to ₹70 crore as of December 2025, strengthening the company’s balance sheet and financial flexibility.

The company expects to benefit from recently signed trade agreements, including the EU-India trade deal and the UK free trade agreement, as well as US tariff reductions applicable to India operations, particularly Knit Gallery, and Bangladesh. These developments are anticipated to enhance sourcing competitiveness and support future growth.

With improved working capital metrics, lower leverage and steady GMV expansion, PDS is positioning itself to navigate global demand volatility while capitalising on emerging trade and tariff advantages.

Commenting on the results, Pallak Seth, executive vice chairman, said, “The global apparel landscape continues to be shaped by evolving trade dynamics, sourcing realignments and shifting customer priorities. Demand trends are exhibiting gradual and uneven stabilisation across key markets, with customer buying behaviour remaining cautious. Benefits from the EU trade agreement, UK FTA and reduced US tariffs on India & Bangladesh are expected to unfold progressively, the acquisition of Knit Gallery & our diversified sourcing operations position us well to capture these opportunities.”

Sanjay Jain, group CEO, said, “In a period marked by external volatility, we remain focused on strengthening operational effectiveness across the organisation. We have undertaken strategic actions to optimise costs at both the platform and business levels, reinforcing our commitment to building a resilient and cost-efficient PDS. By concentrating on high-impact areas and streamlining underperforming verticals, we are enabling sustainable growth while building a stronger, future-ready organisation focused on enhancing long-term profitability.”

Fibre2Fashion News Desk (SG)

Following the removal of the additional 25 per cent US tariff and the prospect of a significantly lower reciprocal tariff of 18 per cent under the proposed India–US trade deal, India’s textile and apparel industry is optimistic that the coming decade could mark a defining phase for India in global textile and garment trade.

The Apparel Export Promotion Council (AEPC) has welcomed the revocation of the additional 25 per cent duty, which came into effect at 12:01 EST on February 7, 2026, pursuant to Executive Order 14239. The move follows the India–US joint statement on the trade agreement, which aims to enhance bilateral market access and strengthen supply chain cooperation.

India’s textile and apparel industry has welcomed the removal of the additional 25 per cent US tariff and the prospect of an 18 per cent reciprocal rate under the proposed India–US trade pact.
AEPC said the agreement will enhance market access, cut non-tariff barriers, and improve competitiveness.
The deal is expected to boost exports, generate jobs across MSMEs and support farmers.

“On behalf of the entire textile and apparel industry, we welcome the India–US joint statement on the trade deal and the withdrawal of the additional 25 per cent duty imposed earlier,” AEPC chairman Dr A Sakthivel said.

He expressed gratitude to Prime Minister Narendra Modi for his leadership and to Commerce and Industry Minister Piyush Goyal for his efforts in concluding what he described as a landmark agreement with the US.

According to AEPC, the agreement represents a historic milestone for India’s textile and apparel sector, opening opportunities across the entire value chain. It is expected to generate substantial employment, particularly for women and MSMEs, while also benefitting farmers in rural India, thereby supporting inclusive and sustainable growth.

The removal of tariffs and improved market access are expected to significantly enhance the global competitiveness of Indian textiles and apparel, positioning India as one of the most reliable and trusted sourcing destinations worldwide. The deal is also expected to address non-tariff barriers, reduce compliance burdens and procedural delays, and enable faster movement of goods into the US market.

“The coming decade is poised to be India’s decade in textile trade,” Dr Sakthivel said, adding that the agreement could usher in a golden era for the Indian textile and apparel industry.

Fibre2Fashion News Desk (KUL)

Bangladesh’s economic activity continued to expand in January, though at a slower pace, as the Purchasing Managers’ Index (PMI) eased marginally to 53.9, according to the latest survey.

The January PMI declined by 0.3 points from the previous month, signalling a moderation in overall expansion. Despite the slowdown, growth persisted across agriculture, manufacturing and services, indicating broad-based resilience in economic activity, PMI Bangladesh said in a press release.

Bangladesh’s economy continued to expand in January, though at a slower pace, as the PMI eased to 53.9, according to PMI Bangladesh.
Growth persisted across all sectors, with manufacturing remaining in expansion for the 17th month despite softer momentum.
While exports and employment weakened, future business sentiment improved.

Manufacturing activity stayed in expansion for the 17th straight month, though growth softened. Key indicators such as new orders, factory output, imports, input prices and supplier deliveries remained in expansion. In contrast, new exports, input purchases, finished goods and employment registered contraction. The order backlogs index returned to expansion during the month.

Looking ahead, business sentiment improved, with the future business index pointing to faster expansion across all major sectors, including agriculture, manufacturing, construction and services, reflecting stronger expectations for the coming months.

“Overall, the latest PMI readings indicate that the economy experienced a slower expansion, with weak global supply chain recovery and cautious order placement weighing heavy on manufacturing exports. Agriculture sector also showed signs of slowdown after the late autumn paddy harvests. The continued expansion of the future business index across all key sectors however, points to sustained optimism ahead,” said Dr M Masrur Reaz, chairman and CEO, Policy Exchange Bangladesh.

The PMI has been published by MCCI and PEB since January last year. Initiated by the UK government, the index covers more than 500 private sector firms across agriculture, manufacturing, construction and services.

Fibre2Fashion News Desk (SG)