Key Approved Business

The Board of Directors approved the unaudited standalone and consolidated financial results for the second quarter and half year ended September 30, 2026. The results were approved on the recommendation of the Audit Committee. The meeting commenced at 03:00 PM and concluded at 05:00 PM.

Standalone Financial Results (Unaudited)

Quarterly Performance (Q2 FY27 vs Q2 FY26 vs Q1 FY27)
  • Revenue from Operations: ₹10,424.55 million (Q2 FY27); ₹9,126.17 million (Q2 FY26); ₹9,270.77 million (Q1 FY27)
  • Total Income: ₹10,510.99 million (Q2 FY27); ₹9,173.37 million (Q2 FY26); ₹9,378.77 million (Q1 FY27)
  • Total Expenses: ₹10,580.73 million (Q2 FY27); ₹9,276.90 million (Q2 FY26); ₹9,465.57 million (Q1 FY27)
  • Loss Before Tax and Exceptional Items: (₹69.74) million (Q2 FY27); (₹103.60) million (Q2 FY26); (₹86.81) million (Q1 FY27)
  • Exceptional Items: Nil (Q2 FY27); ₹11.57 million gain from disinvestment of subsidiary (Q2 FY26); Nil (Q1 FY27)
  • Loss Before Tax: (₹69.74) million (Q2 FY27); (₹92.03) million (Q2 FY26); (₹86.81) million (Q1 FY27)
  • Total Tax Credit: (₹17.75) million (Q2 FY27); (₹22.05) million (Q2 FY26); (₹20.97) million (Q1 FY27)
  • Net Loss for the Period: (₹51.99) million (Q2 FY27); (₹69.98) million (Q2 FY26); (₹65.84) million (Q1 FY27)
  • Total Comprehensive Loss for the Period: (₹42.91) million (Q2 FY27); (₹66.10) million (Q2 FY26); (₹77.45) million (Q1 FY27)
  • Basic EPS: (₹0.73) (Q2 FY27); (₹0.98) (Q2 FY26); (₹0.92) (Q1 FY27)
Half-Yearly Performance (H1 FY27 vs H1 FY26)
  • Revenue from Operations: ₹19,695.34 million (H1 FY27); ₹18,253.69 million (H1 FY26)
  • Total Income: ₹19,889.66 million (H1 FY27); ₹18,633.44 million (H1 FY26)
  • Total Expenses: ₹20,046.24 million (H1 FY27); ₹18,937.04 million (H1 FY26)
  • Loss Before Tax and Exceptional Items: (₹156.55) million (H1 FY27); (₹303.68) million (H1 FY26)
  • Exceptional Items: Nil (H1 FY27); ₹11.57 million gain (H1 FY26)
  • Loss Before Tax: (₹156.55) million (H1 FY27); (₹292.11) million (H1 FY26)
  • Total Tax Credit: (₹38.72) million (H1 FY27); (₹71.26) million (H1 FY26)
  • Net Loss for the Period: (₹117.83) million (H1 FY27); (₹220.85) million (H1 FY26)
  • Total Comprehensive Loss for the Period: (₹120.36) million (H1 FY27); (₹218.69) million (H1 FY26)
  • Basic EPS: (₹1.65) (H1 FY27); (₹3.10) (H1 FY26)

Standalone Balance Sheet (as of September 30, 2026)

  • Total Assets: ₹16,046.20 million (Sep-26); ₹14,850.09 million (Mar-26)
  • Inventories: ₹4,315.37 million (Sep-26); ₹2,572.57 million (Mar-26)
  • Trade Receivables: ₹1,237.37 million (Sep-26); ₹831.52 million (Mar-26)
  • Cash and Cash Equivalents: ₹99.35 million (Sep-26); ₹402.20 million (Mar-26)
  • Total Equity: ₹3,931.75 million (Sep-26); ₹4,052.11 million (Mar-26)
  • Borrowings (Non-Current): ₹1,098.04 million (Sep-26); ₹350.69 million (Mar-26)
  • Borrowings (Current): ₹4,707.65 million (Sep-26); ₹3,628.28 million (Mar-26)
  • Lease Liabilities (Non-Current): ₹3,858.44 million (Sep-26); ₹4,453.65 million (Mar-26)

Standalone Cash Flow (H1 FY27 vs H1 FY26)

  • Net Cash Used in Operating Activities: (₹1,182.07) million (H1 FY27); (₹178.48) million (H1 FY26)
  • Net Cash Used in Investing Activities: (₹379.65) million (H1 FY27); (₹78.81) million (H1 FY26)
  • Net Cash Generated from Financing Activities: ₹1,276.17 million (H1 FY27); ₹358.89 million (H1 FY26)
  • Net Decrease in Cash and Equivalents: (₹285.55) million (H1 FY27); ₹101.60 million increase (H1 FY26)

Notes to Standalone Results

1. Prepared in accordance with Ind AS and SEBI Listing Regulations. Reviewed by Audit Committee and Statutory Auditors (MS KA & Associates LLP).

2. The company has a single reportable segment: purchase and sale of passenger cars and related services.

3. Disinvestment of wholly-owned subsidiary Kuttukaran Green Private Limited was completed on August 31, 2025, for a consideration of ₹20 million, resulting in a gain of ₹11.57 million, recognized in the year ended March 31, 2026.

4. The notification of new Labour Codes resulted in an incremental impact on employee benefits. An amount of ₹6.24 million for gratuity and ₹2.46 million for long-term compensated absences was accounted under 'Exceptional items' in FY26.

5. During Q1 FY27, the company modified five lease agreements in the Telangana region, reducing the lease term. This modification resulted in a net gain of ₹54.09 million, recognized as 'Other income' in Q1 FY27.

Consolidated Financial Results (Unaudited)

Quarterly Performance (Q2 FY27 vs Q1 FY27 vs Q2 FY26)
  • Revenue from Operations: ₹20,889.21 million (Q2 FY27); ₹18,949.69 million (Q1 FY27); ₹15,356.50 million (Q2 FY26)
  • Total Income: ₹20,937.57 million (Q2 FY27); ₹19,084.95 million (Q1 FY27); ₹15,398.27 million (Q2 FY26)
  • Total Expenses: ₹20,894.83 million (Q2 FY27); ₹19,066.33 million (Q1 FY27); ₹15,434.54 million (Q2 FY26)
  • Profit Before Tax and Exceptional Items: ₹42.74 million (Q2 FY27); ₹18.62 million (Q1 FY27); (₹36.27) million (Q2 FY26)
  • Exceptional Items: Nil (Q2 FY27); Nil (Q1 FY27); ₹152.87 million gain from disinvestment (Q2 FY26)
  • Profit Before Tax: ₹42.74 million (Q2 FY27); ₹18.62 million (Q1 FY27); ₹116.60 million (Q2 FY26)
  • Total Tax Expense: ₹20.70 million (Q2 FY27); ₹4.96 million (Q1 FY27); ₹110.89 million (Q2 FY26)
  • Net Profit for the Period: ₹22.04 million (Q2 FY27); ₹13.66 million (Q1 FY27); ₹5.71 million (Q2 FY26)
  • Total Comprehensive Income for the Period: ₹32.10 million (Q2 FY27); (₹0.85) million (Q1 FY27); ₹9.21 million (Q2 FY26)
  • Basic EPS: ₹0.31 (Q2 FY27); ₹0.19 (Q1 FY27); ₹0.08 (Q2 FY26)
Half-Yearly Performance (H1 FY27 vs H1 FY26)
  • Revenue from Operations: ₹39,838.90 million (H1 FY27); ₹28,512.10 million (H1 FY26)
  • Total Income: ₹40,022.52 million (H1 FY27); ₹28,604.52 million (H1 FY26)
  • Total Expenses: ₹39,961.16 million (H1 FY27); ₹28,751.92 million (H1 FY26)
  • Profit Before Tax and Exceptional Items: ₹61.36 million (H1 FY27); (₹147.40) million (H1 FY26)
  • Exceptional Items: Nil (H1 FY27); ₹152.87 million gain (H1 FY26)
  • Profit Before Tax: ₹61.36 million (H1 FY27); ₹5.47 million (H1 FY26)
  • Total Tax Expense: ₹25.66 million (H1 FY27); ₹87.37 million (H1 FY26)
  • Net Profit for the Period: ₹35.70 million (H1 FY27); (₹81.90) million (H1 FY26)
  • Total Comprehensive Income for the Period: ₹31.25 million (H1 FY27); (₹81.75) million (H1 FY26)
  • Basic EPS: ₹0.50 (H1 FY27); (₹1.15) (H1 FY26)

Notes to Consolidated Results

1. The consolidated results include the Parent and its subsidiaries.

2. The Group has four reportable segments: Passenger cars (excluding luxury), Luxury vehicles, Commercial vehicles, and Others.

3. The disinvestment of subsidiaries Kuttukaran Green Private Limited and Vision Motors Private Limited was completed in August 2025 for a total consideration of ₹700 million, resulting in a gain of ₹152.87 million in FY26.

4. The incremental impact of the new Labour Codes on the Group was ₹8.43 million for gratuity, ₹4.33 million for long-term absences, and ₹0.70 million for other statutory benefits, recognized as 'Exceptional items' in FY26.

5. The same lease modification gain of ₹54.09 million recognized in standalone results is also reflected in the consolidated 'Other income' for Q1 FY27.

Auditor's Review

MS KA & Associates LLP, Chartered Accountants, issued an unmodified review report on both the standalone and consolidated unaudited financial results for the quarter and half year ended September 30, 2026.