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India’s PDS FY26 gross margin improves to 20.6%, GMV up 5%

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India’s PDS FY26 gross margin improves to 20.6%, GMV up 5%



Indian supply chain solutions provider PDS Limited has reported higher revenue and profit for full fiscal 2026 (FY26), supported by stable growth, improved margins, stronger cash generation and reduced debt despite global trade and demand uncertainties.

The company reported gross merchandise value (GMV) of ₹19,666 crore (~$2.04 billion) in FY26, up 5 per cent year-on-year (YoY), while consolidated topline increased 4 per cent YoY to ₹13,110 crore (~$1.36 billion). The gross margin improved by 48 basis points (bps) to 20.6 per cent.

PDS Limited has reported higher FY26 revenue and profit despite global trade and demand uncertainties.
GMV rose 5 per cent YoY to ₹19,666 crore (~$2.04 billion), while consolidated topline grew 4 per cent to ₹13,110 crore (~$1.36 billion).
PAT stood at ₹178 crore (~$18.49 million), with gross margin improving to 20.6 per cent.
The company also strengthened its cash flow and reduced debt.

“FY26 was a challenging year marked by heightened global uncertainties—from evolving US tariff actions and geopolitical conflicts creating persistent trade and supply chain disruptions—all of which weighed on consumer sentiment and demand visibility,” said Pallak Seth, executive vice chairman, PDS.

It reported the profit after tax (PAT) of ₹178 crore (~$18.49 million) for full fiscal, with a margin of 1.4 per cent.

The company’s order book as of early April stood at ₹5,074 crore, up 11 per cent. Net working capital improved significantly from around 17 days to nearly 4 days, while operating cash flow stood at ₹781 crore in FY26. Net debt reduced from ₹374 crore in March 2025 to ₹105 crore in March 2026.

“PDS demonstrated the resilience of its platform by delivering stable growth, supported by deep customer relationships and disciplined execution through our diversified sourcing network. We continued to strengthen our US presence, secured a new sourcing-as-a-service mandate with a new value customer having a potential to scale over $50 million, alongside deeper engagement with existing customers,” added Seth.

Quarterly EBITDA and PAT improve

Meanwhile, PDS reported a consolidated topline of ₹3,519 crore (~$365.5 million) in Q4 FY26, up 11 per cent quarter-on-quarter (QoQ), while GMV for the quarter rose 5 per cent QoQ to ₹4,905 crore (~$509.4 million).

The company achieved EBITDA of ₹122 crore during the quarter, registering 12 per cent QoQ growth. EBITDA margin stood at 3.5 per cent, improving by 2 bps. PAT rose sharply by 95 per cent QoQ to ₹72 crore, with a margin of 2 per cent.

“As global sourcing corridors continue to evolve, PDS remains well positioned to benefit from emerging trade tailwinds, while simultaneously strengthening its competitive advantage through deeper integration of technology and AI across the value chain,” said Seth.

Fibre2Fashion News Desk (SG)



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Gas above $100, sentiment at record low; US faces a spending storm

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Gas above 0, sentiment at record low; US faces a spending storm




The US-Iran war has intensified cost pressures, with higher fuel and product prices sharply weakening consumer sentiment.
Lower- and middle-income households are bearing the steepest burden as gas takes a larger share of discretionary spending.
Higher-income consumers remain more resilient, keeping aggregate demand firm despite widening spending divergence.



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US cotton planting advances to 41%, concerns persist in Texas

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US cotton planting advances to 41%, concerns persist in Texas



US cotton planting progressed broadly on schedule in mid-May, supported by mostly favourable weather across major growing regions and improving field conditions in several states. The latest USDA Crop Progress report showed that 41 per cent of the US cotton crop had been planted as of May 17, 2026, up sharply from 29 per cent a week earlier and slightly above the five-year average of 40 per cent. The pace was also ahead of 38 per cent recorded during the same period last year. The steady planting progress added mild bearish pressure to ICE cotton futures, as traders assessed reduced immediate crop-risk concerns.

According to the latest report, among major cotton-producing states, Arizona and California were far ahead, with planting at 90 per cent each. Arkansas reached 66 per cent, Louisiana 62 per cent, Mississippi 58 per cent, and Tennessee 73 per cent. Alabama also moved ahead to 54 per cent. In the Southeast, Georgia stood at 38 per cent, North Carolina at 39 per cent, and South Carolina at 40 per cent.

US cotton planting remained broadly on schedule in mid-May, reaching 41 per cent completion by May 17, 2026, ahead of last year and slightly above the five-year average.
Favourable weather and field conditions supported progress across major producing regions, easing immediate crop concerns, although dryness in parts of West Texas and the Southwest continued to pose localised risks.

Texas, the largest US cotton-producing state, remained at 34 per cent planted, unchanged from the five-year average but higher than 27 per cent, a week earlier. Oklahoma was slower at 29 per cent, while Kansas reached 45 per cent. The mixed pace across the Southwest kept some regional uncertainty intact, even as the national planting rate remained broadly on track.

Weather across the Delta and Southeast cotton belt remained supportive for planting and early crop emergence. Vaisala Weather analysis indicated favourable soil moisture in these regions, helping crop establishment. However, portions of West Texas and the broader Southwest continued to experience dry soil conditions despite expected rainfall, leaving some localised crop stress risk in focus.

Fieldwork conditions were generally favourable across several cotton states. The USDA report showed Texas had 6.5 days suitable for fieldwork during the week ended May 17, while Georgia had 6.2 days, Mississippi 6.2 days, Alabama 5.3 days, North Carolina 4.0 days, and South Carolina 5.1 days.

Soil moisture conditions across the wider US remained mixed. Nationally, topsoil moisture across 48 states was rated 16 per cent very short, 26 per cent short, 50 per cent adequate, and 8 per cent surplus. Subsoil moisture was rated 17 per cent very short, 27 per cent short, 51 per cent adequate, and 5 per cent surplus. These readings suggest that while moisture availability is adequate in many regions, dryness remains a concern in parts of the cotton belt.

The USDA said its crop progress and condition estimates are based on weekly survey data collected from early April, through the end of November, using inputs from around 3,600 respondents who provide visual observations of crop stages, field activity, and crop conditions.

Overall, the latest data point to a US cotton crop that is developing close to its normal seasonal pace. Favourable weather and steady planting progress have reduced immediate upside risk from crop concerns, though dryness in West Texas and the Southwest remains an important factor for cotton traders to monitor in the coming weeks.

Fibre2Fashion News Desk (KUL)



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UK brand Ted Baker opens new boutique at Selfridges Trafford Centre

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UK brand Ted Baker opens new boutique at Selfridges Trafford Centre



Ted Baker unveils its new boutique shop-in-shop at Selfridges Manchester Trafford, marking a key moment in the brand’s continued expansion across premium retail destinations, through an elevated in store experience.

More than a retail space, it is a physical expression of the brand’s latest storytelling, bringing its fictional muse to life. Designed as a curated sanctuary, the environment feels less like a traditional shop floor and more like the walk-in wardrobe of the ultimate Ted woman. Each corner reflects a different chapter of the summer social calendar, inviting customers into a world shaped by occasion, mood and movement.

Ted Baker has opened a new boutique-style shop-in-shop at Selfridges Manchester Trafford, strengthening its presence in premium retail destinations through an immersive in-store concept inspired by British summer storytelling.
The space blends occasionwear, heritage-inspired prints and contemporary silhouettes, supported by high-impact visual displays and experiential design.

Inspired by the Bringing the Light campaign and the quiet magic of a British summer, the space evolves from the soft morning glow of garden party preparations to the golden-hour energy of a Manchester evening. Through a considered interplay of light, shadow, texture and print, it captures the pleasure of dressing up, presenting each rail as a personal gallery of her most cherished pieces. Romantic heritage is balanced with a modern, slightly irreverent edge, in keeping with Ted Baker’s distinct point of view.

At launch, the shop-in-shop features a curated edit of ready-to-wear, accessories and lifestyle, with a focus on summer occasion dressing. The collection blends hand-painted florals that appear to bloom across the fabric with hand-sketched park toile prints that root the aesthetic in British heritage. Silhouettes move from dresses designed to catch the light to ’90s-inspired skinny-bow minis and liquid-gold satin tailoring, while signature textures such as gold chainmail knits and versatile reversible styles reflect a wardrobe that is both refined and ready for every invitation.

Hero pieces include the Rasher Printed Ottoman Mini Dress (£179), the Antya Textured Puff Sleeve Mini Dress (£229), and tailored separates such as the Ambita Tailored Blazer (£299) paired with the Platy Front Pleat Wide Leg Trousers (£179), showcasing Ted Baker’s modern approach to occasionwear.

The unveiling is supported by an amplified in-store presence across Selfridges Manchester Trafford, including high-impact billboard displays and digital screens. A subtle nod to the brand’s playful British humour appears throughout the space, including references to the humble pigeon, Ted’s unexpected emblem of the British summer.

Blending elevated, contemporary silhouettes with local nuance and a sun-warmed palette, the space marks a confident new chapter for Ted Baker in Manchester. It is a place where unmistakably British style is not just seen, but fully experienced.

Note: The headline, insights, and image of this press release may have been refined by the Fibre2Fashion staff; the rest of the content remains unchanged.

Fibre2Fashion News Desk (MS)



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