Disclosure Context

Popular Vehicles and Services Limited submitted a business update intimation under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 for the Quarter & Half Year ended September 30, 2026. The disclosure was made on October 15, 2026, and signed by Varun T.V., Company Secretary & Compliance Officer.

Performance Metrics

Revenue Growth (YoY)

  • Total Revenue from Operations: Q2FY27: 40% (Organic: 26%), H1FY27: 46% (Organic: 29%)
  • PV (excluding luxury): Q2FY27: 46% (Organic: 31%), H1FY27: 57% (Organic: 38%)
  • Luxury PV: Q2FY27: 53% (Organic: 19%), H1FY27: 48% (Organic: 20%)
  • CV: Q2FY27: 28% (Organic: 23%), H1FY27: 32% (Organic: 22%)
  • EV, Spare parts distribution: Q2FY27: 43% (Organic: 16%), H1FY27: 43% (Organic: 16%)

Volume Growth

  • New Vehicle Volume Sales: Q2FY27: 51% (Organic: 28%), H1FY27: 67% (Organic: 41%)

Note: Honda and Piaggio volumes and revenue were accounted only until August 2025 and excluded from calculations. Audi volume and revenue were accounted from Q4FY26 onwards and included.

Business Performance Commentary

  • Both Q2 FY27 and H1 FY27 recorded strong, broad-based YoY growth in new vehicle volumes, supported by healthy organic growth and recent acquisitions.
  • GST rate reductions led to vehicle price rationalization, resulting in revenue growth being relatively lower than volume growth.
  • Discounting levels reduced significantly compared with previous year, reflecting improved pricing discipline.
  • Festive season witnessed encouraging customer demand and strong sales momentum during Onam, with positive demand expected through Dussehra, Diwali and Christmas.
  • New vehicle inventory stood at approximately 41 days (compared to 44 days a year ago), remaining close to industry average.
  • Debt levels increased sequentially due to higher inventory build-up ahead of price hikes by manufacturers effective October 1.
  • Service volumes registered healthy YoY growth, with momentum improving compared to previous quarter.
  • Electric two-wheeler (EV-2W) segment demand remained strong with good customer acceptance.
  • Acquired businesses and network expansion contributed positively to growth, with service operations continuing to ramp up.

Network Expansion

  • Yanik B2B e-commerce marketplace for automotive spare parts (operated by ZPAREX Digisolutions Private Limited, a step-down subsidiary) commenced full-scale commercial operations, offering 13,000+ verified parts.
  • New operations started:
  • MSIL 1 Service Center at Karukachal, Kerala
  • Tata Motors CV 1 Service Center at Kayamkulam, Kerala

Awards & Recognition

Kuttukaran Cars Pvt Ltd (KCPL) received:

  • Kerala: TNPS (Customer Satisfaction), A&M RPV + Jr Helmet, Q1 RP Scorecard Platinum, Pine Labs Best Performer
  • Tamil Nadu: TNPS (Customer Satisfaction) for Tamil Nadu & Puducherry, A&M RPV (Accessories), Q1 Platinum Partner
  • Maharashtra: TNPS (Customer Satisfaction) for April–August 2026

Important Note

The Quarterly Business Update is on a Consolidated basis. The financial results of Q2FY27 are subject to review by Auditors.