Key Financial Performance

Total Income: ₹1,903.1 Crores, up 44.6% YoY (from ₹1,316.0 Cr in Q1FY26) and up 8.2% QoQ (from ₹1,758.8 Cr in Q4FY26). This includes other income.

EBITDA: ₹71.5 Crores, up 86.6% YoY (from ₹38.3 Cr) and up 24.4% QoQ (from ₹57.5 Cr).

EBITDA Margin: 3.8%, compared to 2.9% in Q1FY26 and 3.3% in Q4FY26.

PAT: ₹1.4 Crores, compared to a loss of ₹(8.8) Cr in Q1FY26 and a loss of ₹(5.0) Cr in Q4FY26.

PAT Margin: 0.1%.

Operational Highlights

New Vehicle Sales:

  • Total Volume: 17,300 units, up 81.5% YoY (from 9,532 units) and up 16.2% QoQ (from 14,885 units).
  • Total Income: ₹1,455 Crores, up 56.1% YoY (from ₹932 Cr) and up 7.9% QoQ (from ₹1,348 Cr).
  • Average Selling Price (ASP): ₹8,40,955, down 14.0% YoY (from ₹9,77,500) and down 7.2% QoQ (from ₹9,05,779).

Segment-wise New Vehicle Breakdown (YoY):

  • Passenger Vehicles (Incl. Luxury): 10,475 units (up 82.6%), ₹835.8 Cr income (up 73.2%).
  • Commercial Vehicles: 3,495 units (up 41.0%), ₹564.1 Cr income (up 32.9%).
  • Electric Vehicles: 3,330 units (up 152.7%), ₹54.9 Cr income (up 122.4%).

Pre-owned Vehicle Sales:

  • Volume: 3,010 units, up 16.9% YoY (from 2,575 units) and up 0.5% QoQ (from 2,996 units).
  • Total Income: ₹101 Crores, up 8.7% YoY (from ₹93 Cr) and up 11.0% QoQ (from ₹91 Cr).
  • ASP: ₹3,36,777, down 7.0% YoY (from ₹3,62,119) but up 10.5% QoQ (from ₹3,04,881).

Services & Repairs Business:

  • Volume: 2,56,680 units, up 1.1% YoY (from 2,53,851 units).
  • Total Income: ₹278 Crores, up 22.6% YoY (from ₹227 Cr).
  • ASP: ₹10,834, up 21.3% YoY (from ₹8,932).

Segment-wise Service Volume (YoY):

  • Passenger Vehicles (Incl. Luxury): 1,90,801 units (down 4.5%), ₹168.7 Cr income (up 11.1%).
  • Commercial Vehicles: 52,647 units (up 15.0%), ₹106.9 Cr income (up 47.0%).
  • Electric Vehicles: 13,232 units (up 60.2%), ₹2.5 Cr income (up 11.8%).

Spare Parts Business:

  • Total Income: ₹66 Crores, up 3.9% YoY (from ₹63 Cr) but down 1.5% QoQ (from ₹67 Cr).

Growth Metrics

Total Revenue from Operations Growth (Approx. YoY): 52% overall, with 33% organic growth.

Total New Vehicle Volume Growth (Approx. YoY): 91% overall, with 58% organic growth.

Total Service Volume Growth (Approx. YoY): 13% overall, with -1% organic growth.

Revenue from Acquisitions in Q1FY27:

  • Globe CV Private Limited (BharatBenz): ₹71 Crores
  • R.K.S Motors Private Limited (MSIL): ₹126 Crores
  • Olympus Motors Private Limited (Audi): ₹20 Crores

Network Expansion

The company started operations at new touchpoints:

  • 1 MSIL Service Center at Koyilandy, Kerala.
  • 1 Tata Motors CV Sales outlet each at Perumbavoor and Kazhakootam, Kerala.
  • 1 JLR Sales & Service Facility at Nagpur, Maharashtra.

Geographic Revenue Mix (Q1FY27)

The company achieved a diversification milestone with revenue from Kerala falling below 50%.

  • Kerala: 49%
  • Tamil Nadu: 22%
  • Karnataka: 12%
  • Maharashtra: 5%
  • Punjab: 4%
  • Telangana: 8%
  • Andhra Pradesh: 0.3%

Awards & Recognition

Popular Mega Motors (India) Pvt Ltd (PMMIL) received four awards at the Tata Motors National Dealer Conference:

  • Highest Market Share Growth CV Passenger
  • Highest Market Share Growth SCV Cargo (ACE)
  • Highest Sales Tata Winger
  • Spare Parts Process Excellence

Management Commentary

Mr. Naveen Philip, Promoter & Managing Director, provided commentary on the performance:

  • The strong start to FY27 was driven by improved customer sentiment and GST reforms announced in September 2025.
  • Growth was a combination of organic and inorganic sources, with successful integration of FY26 acquisitions.
  • Geographic diversification was achieved with Kerala revenue below 50%.
  • Passenger vehicle (ex-luxury) sales grew over 80% YoY (~70% organic). Luxury vehicles grew ~39% YoY (driven by Audi acquisition). Commercial vehicles grew 41% YoY. EV volumes grew 153% YoY.
  • After-sales service volumes saw marginal YoY growth, with acquired dealerships gradually recovering.
  • Operational discipline improved: New vehicle inventory days reduced to ~32 days from ~50 days a year ago. Absolute inventory increased ~14% YoY (less than revenue growth). Inventory increased sequentially due to festive season preparedness and new model launches.
  • Higher debt levels reflect investments in acquisitions and network expansion. Acquisition-related Ind AS accounting adjustments weighed on reported profitability, but operating performance of acquired businesses is improving.

Company Background

Popular Vehicles and Services Limited is part of the Kuttukaran Group, operating for 70 years. It is a leading multi-brand automotive dealership company present in Kerala, Tamil Nadu, Karnataka, Maharashtra, Punjab, Telangana, and Andhra Pradesh. It sells new passenger, commercial, and electric vehicles; provides services and repairs; distributes spare parts; sells pre-owned vehicles; and facilitates third-party financial and insurance products. Its network includes 211 showrooms/sales outlets, 31 pre-owned vehicle outlets, 173 service centers, 54 retail outlets, 24 warehouses, and 10 driving schools.