Landmark Cars Q4 FY26 Results: Record Revenue and EBITDA

Proforma Revenue: INR 1,795 crore (18% YoY growth)
Reported Revenue: INR 1,279 crore (17% YoY growth)
Gross Profit: INR 219 crore
Gross Margin: 17.1%
EBITDA: INR 79 crore (30% YoY growth)
EBITDA Margin: 6.2% on reported revenue
Depreciation: INR 37 crore
Finance Costs: INR 20 crore
Exceptional Items: Expenses written-off for outlet closures and relocations
Profit After Tax: INR 15 crore (758% YoY growth)
Cash PAT: INR 33 crore (2.6% margin)
Average Selling Price (New Vehicles): INR 23 lakh (sequential and YoY increase)
Average Revenue Per Vehicle Service: INR 30,072 (vs. INR 27,420 in Q4 FY25)

Proforma Revenue: INR 6,719 crore (19% YoY growth)
New Car Sales Revenue: INR 5,668 crore (21% YoY growth)
Reported Revenue: INR 4,896 crore (22% YoY growth)
After-Sales Revenue: INR 1,051 crore (12% YoY growth) - crossing INR 1,000 crore milestone
Gross Profit: INR 819 crore
Gross Margin: 16.7%
EBITDA: INR 283 crore (highest ever annual)
EBITDA Margin: 5.8%
Exceptional Items: Gratuity provision due to new Labor Code and outlet closure/relocation expenses
Profit After Tax: INR 38 crore (120% YoY growth)
Annual Average Selling Price: INR 21.96 lakh (vs. INR 20.79 lakh in FY25)
Average Revenue Per Vehicle Service: INR 27,148
Net Operating Cash Flow: INR 267.5 crore
Operating Cash Flow to EBITDA Ratio: 0.95

The Board of Directors approved a dividend of INR 1.5 per share for FY26, subject to shareholder approval (compared to INR 0.50 paid last year).

Achieved 20% YoY top-line growth in FY26, ahead of industry growth of 13%
After-sales business crossed INR 1,000 crore annual revenue milestone
EV contribution reached over 21% of total sales (vs. industry average of ~5%)
Employee costs and other operating expenses maintained at 4% of proforma revenue
47% of service income comes from accident repairs

Mercedes-Benz: Launched V-Class (INR ~1.4 crore) and electric CLA (INR ~55 lakh) with strong demand and waiting periods; Q4 ASP increased to INR 73 lakh from INR 69 lakh in Q3; Top-end vehicles contribute ~20% of sales; New S-Class launch planned for June
BYD: Three models homologated (Sealion 7, Atto 3, eMAX); Supplies started arriving April 2026; Hybrid vehicles expected later in 2026; Pune Sales and Service outlets operational in July 2026
Kia: New Generation Seltos seeing ~2-month wait time; More product launches planned for 2026
Renault: Duster deliveries commenced mid-April; Hybrid variant expected during festive period
Honda: 10 upcoming product launches planned; Recently launched new City; ZR-V Hybrid SUV and Alpha Electric SUV announced
Stellantis: Developing new Jeep SUV in collaboration with Tata Motors
MG Motors: MG Windsor became highest selling EV model in India; Three new models planned across EV, hybrid and ICE platforms; Majestor deliveries starting May 2026
Mahindra & Mahindra: New after-sales facility in Hyderabad starting operations in July 2026

Entering consolidation phase with emphasis on optimizing operations and sweating existing assets
Maintaining higher inventory (36 days) to leverage pricing advantages amid OEM price increases
Implementing AI-driven solutions in operations, starting with AI-based calling in call centers
CAPEX guidance for FY27: Approximately INR 50 crore (historical average)
Debt reduction: Interest-bearing debt reduced by INR 27 crore in FY26
Portfolio optimization: Closed unprofitable Volkswagen location while maintaining profitable operations in Gujarat

Indian auto retail sold 47 lakh passenger vehicles in FY26 (13% YoY growth)
GST 2.0 rationalization stimulated demand by reducing ownership cost
SUVs continue to dominate customer preferences
Most OEMs increased prices in April 2026 due to forex fluctuations and global supply challenges, with another price increase expected in June 2026

FY27 focused on consolidation and demonstrating profitable growth after rapid expansion
Confident in maintaining historical profit matrices as newly opened outlets stabilize
Believe Indian growth story is intact and current fuel prices will significantly increase EV penetration
India positioned as key hub for developing and producing vehicles for domestic and international markets