Key Financial Figures

Quarterly Performance (Q4 FY26 vs Q4 FY25):

  • Revenue from Operations: ₹1,754.5 Cr vs ₹1,372.4 Cr (27.8% growth)
  • EBITDA: ₹57.5 Cr vs ₹29.7 Cr (93.5% growth)
  • EBITDA Margin: 3.3% vs 2.2%
  • Profit Before Tax & Exceptional Items: -₹7.5 Cr vs -₹16.2 Cr
  • Profit After Tax: -₹5.0 Cr vs -₹13.7 Cr
  • EPS: -₹0.70 vs -₹1.93

Annual Performance (FY26 vs FY25):

  • Revenue from Operations: ₹6,381.1 Cr vs ₹5,541.2 Cr (15.2% growth)
  • EBITDA: ₹203.4 Cr vs ₹175.4 Cr (16.0% growth)
  • EBITDA Margin: 3.2% vs 3.2%
  • Profit Before Tax & Exceptional Items: -₹27.2 Cr vs -₹8.9 Cr
  • Exceptional Items: ₹13.9 Cr gain (includes ₹15.3 Cr divestment gain and ₹1.3 Cr Labor Code impact)
  • Profit After Tax: -₹12.5 Cr vs -₹10.5 Cr
  • EPS: -₹1.75 vs -₹1.47

Balance Sheet (as of March 2026 vs March 2025):

  • Total Assets: ₹2,383.3 Cr vs ₹1,904.6 Cr
  • Property, Plant & Equipment: ₹444.5 Cr vs ₹311.0 Cr
  • Right of Use Assets: ₹610.0 Cr vs ₹388.2 Cr
  • Inventories: ₹617.4 Cr vs ₹580.4 Cr
  • Total Equity: ₹627.8 Cr vs ₹638.8 Cr
  • Borrowings: ₹696.0 Cr (Current ₹648.5 Cr + Non-current ₹47.5 Cr) vs ₹423.1 Cr
  • Lease Liabilities: ₹709.5 Cr (Current ₹56.7 Cr + Non-current ₹652.8 Cr) vs ₹498.5 Cr

Cash Flow (FY26 vs FY25):

  • Cash from Operations: ₹100.2 Cr vs ₹150.8 Cr
  • Cash from Investing: -₹145.6 Cr vs -₹39.4 Cr
  • Cash from Financing: ₹87.0 Cr vs -₹141.9 Cr
  • Cash & Equivalents at period end: ₹66.1 Cr vs ₹24.5 Cr

Business Performance Highlights

Volume Performance:

  • Total New Vehicle Volumes FY26: 53,452 units (21% YoY growth)
  • Total Service Volumes FY26: 982,100 units (-6% YoY)
  • Adjusted/Organic Volumes (excluding divestments and acquisitions):
  • New Vehicles: 50,343 units (19% growth)
  • Services: 899,778 units (-4% growth)

Segment Performance:

  • Passenger Vehicles (excluding Luxury): 25% growth in Q4 FY26
  • Luxury Vehicles: 19% growth in Q4 FY26
  • Commercial Vehicles: 49% growth in Q4 FY26
  • EV & Spare Parts: 39% growth in Q4 FY26 (no change)

Geographic Diversification:

  • Non-Keralam revenue contribution increased to ~47% in FY26 from 28% in FY23
  • Operations expanded to 7 states from 4 states previous year

Strategic Acquisitions and Divestments

Acquisitions Completed in FY26:

1. August 2025: Globe CV Pvt. Ltd. (BharatBenz dealership in Punjab)

  • Consideration: ~₹12 Cr (slump sale)
  • FY26 Revenue Contribution: ~₹150 Cr (8 months)
  • Touchpoints: 1 Showroom & 8 Service centers, 1 Sales outlet

2. October 2025: R.K.S. Motor Pvt. Ltd. (Maruti Suzuki dealership in Telangana)

  • Consideration: Not exceeding ₹93 Cr (slump sale)
  • FY26 Revenue Contribution: ~₹151 Cr (6 months)
  • Touchpoints: 5 Showroom & 12 Service centers, 1 Sales outlet, 1 POC showroom

3. December 2025: Olympus Motors Private Limited (Audi dealership in Telangana & Andhra Pradesh)

  • Consideration: ₹9.75 Cr (asset purchase)
  • FY26 Revenue Contribution: ~₹20 Cr (3 months)
  • Touchpoints: 2 Showroom, 3 Service centers

Divestments Completed:

  • Honda business divested on 25th August 2025
  • Piaggio business divested during FY26

Network Expansion

  • Total touchpoints: 208 Showrooms & Sale Outlets (vs 197 previous year)
  • Total Service Centers: 171 (vs 147 previous year)
  • New operations started in Q4 FY26:
  • MSIL service center at Karunagappalli, Keralam
  • Ather 4 touchpoints (2 in Bangalore, 1 in Keralam, 1 in Maharashtra)
  • BKT Distributorship for two-wheeler and PCR segments in Keralam and Karnataka

Credit Ratings Update

  • Care Ratings extended long-term rating of CRISIL A/Stable and short-term rating at CRISIL A1 valid till 31st March, 2027
  • Total bank loan facilities rated increased from ₹468 Crore to ₹643 Crore

Management Commentary

Mr. Naveen Philip, Promoter & Managing Director, highlighted:

  • FY26 was a year of strategic execution and recovery
  • Q4 FY26 consolidated revenue growth of ~28% YoY
  • FY26 revenue grew by ~15% YoY, new vehicle volumes increased by ~21% YoY
  • Consumer sentiment revival in second half aided by GST reforms announced in September 2025
  • New vehicle inventory days reduced to ~29 days from ~41 days last year
  • Focus for FY27 on improving operating leverage, consolidating recently added businesses, and increasing contribution from recurring revenue streams