PDS is committed to its long-term 5-5-5 vision targeting USD5bn GMV over 5 years and delivering a 5% PAT. Buy for target price of ₹790 (77.7% upside): JMFICS

PDS remains committed towards achieving its 3-3-3 vision, an intermediate step towards the 5-5-5 vision, targeting USD5bn GMV over 5 years and delivering a 5% PAT. Company plans to achieve this via a) maintaining a sustainable growth rate of mid-teens to reach a GMV of USD3bn, translated into a projected topline of ~USD2.1bn b) moving from investment stage to extraction stage – investment in employee costs to aid margins (3% PAT by FY27) and c) diversifying into high-value categories. Company expects 4Q demand to be subdued but expects significant growth in FY26 and FY27