Key Financial Figures

Q4 FY26 Performance:

  • Total Income: ₹1,758.8 crores, up 27.8% YoY
  • EBITDA: ₹57.5 crores, up 93.5% YoY
  • EBITDA Margin: 3.3%
  • Loss: ₹5 crores (vs loss of ₹13.7 crores in Q4 FY25)

FY26 Full Year Performance:

  • Total Income: ₹6,401.1 crores, up 15.1% YoY
  • EBITDA: ₹203.4 crores, up 16% YoY
  • EBITDA Margin: 3.2%
  • PAT Loss: ₹12.5 crores (vs loss of ₹10.5 crores in FY25)
  • Adjusted EBITDA: ₹200.9 crores, up 28% YoY
  • Adjusted PBT before exceptional items: ₹8.8 crores positive

Segment-wise Performance Q4 FY26:

  • Passenger Vehicles: 8,090 units (up 20% YoY), ₹654 crores revenue (up 18% YoY)
  • Passenger Vehicle Services: 180,989 units (down 14% YoY), ₹154 crores revenue (up 2% YoY)
  • Commercial Vehicles: 3,716 units (up 59% YoY), ₹645 crores revenue (up 46% YoY)
  • CV Services: 52,443 units (up 13% YoY), ₹97 crores revenue (up 75% YoY)
  • EV: 3,079 units (up 138% YoY), ₹50 crores revenue (up 113% YoY)
  • EV Services: 11,261 units (up 81% YoY), ₹3 crores revenue (up 29% YoY)

Segment-wise Performance FY26:

  • Passenger Vehicles: 32,572 units (up 9% YoY), ₹2,551 crores revenue (up 9% YoY)
  • Passenger Vehicle Services: 739,794 units (down 12% YoY), ₹607 crores revenue (down 2% YoY)
  • Commercial Vehicles: 12,546 units (up 30% YoY), ₹2,125 crores revenue (up 32% YoY)
  • CV Services: 202,647 units (up 10% YoY), ₹351 crores revenue (up 28% YoY)
  • EV: 8,154 units (up 89% YoY), ₹137 crores revenue (up 72% YoY)
  • EV Services: 39,659 units (up 79% YoY), ₹9 crores revenue (up 18% YoY)

Strategic Updates and Acquisitions

The company completed three strategic acquisitions in FY26:

1. BharatBenz dealership in Punjab

2. Maruti Suzuki dealership in Telangana

3. Audi dealership operations across Telangana and Andhra Pradesh

These acquisitions expanded geographic presence and diversified OEM portfolio. Non-Kerala revenue contribution increased to 47% in FY26 from 28% in FY23, expected to exceed 50% in FY27.

Management Changes

CEO Raj Narayan resigned to pursue opportunities outside the industry. The management acknowledged his contributions to the company's growth journey.

Operational Highlights

  • New vehicle volumes grew 21% YoY to 53,452 units in FY26
  • Service revenue grew 7% YoY to ₹968 crores despite 6% volume decline
  • Spare parts business contributes 4% to top line and 3% to EBITDA
  • Commenced BKT distribution business in Kerala and Tamil Nadu for 2-wheeler and PCR tyre segments
  • Launched Yanik under ZPAREX Digisolutions e-commerce platform for spare parts
  • Jaguar Land Rover operations in Nagpur commenced from April 1, 2026

State-wise Revenue Breakdown FY26

  • Kerala: 53.4%
  • Tamil Nadu: 25.2%
  • Karnataka: 10.9%
  • Maharashtra: 5.3%
  • Punjab: 2.3%
  • Telangana: 2.7%
  • Andhra Pradesh: 0.1%

Credit Rating and Debt

CRISIL extended long-term credit rating CRISIL A/Stable and short-term rating CRISIL A1 valid till March 31, 2027. Total bank loan facilities increased from ₹468 crores to ₹643 crores.

Guidance and Outlook

For FY27, management expects:

  • High double-digit top line growth
  • EBITDA margins moving towards 5% range
  • PAT approaching FY24 levels
  • Return to sustainable profitability from Q2 FY27
  • Service volume growth of 10-12% in Passenger Car segment
  • Service ASP growth of 10-12%
  • Jaguar Land Rover volume guidance of 550-600 vehicles

Apology for Previous Error

Management apologized for errors in business update published on April 17, 2026, citing erroneous calculation during data gathering and consolidation process due to multiple acquisitions and system updates. Corrected figures reflected in audited financial results.