Landmark Cars Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Landmark Cars Ltd filed with BSE on 19 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Landmark Cars reported pro forma revenue growth of over 22% year-on-year in Q1 FY27, describing it as the company's best-ever first quarter despite the seasonally soft period, with profit after tax nearly doubling. Management said EVs accounted for 30% of vehicles sold by value, well above the industry average, and highlighted a new partnership with ChargeZone for EV charging revenue share. Management also discussed rising average selling prices for Mercedes-Benz, workshop capacity additions across brands including Mahindra and BYD, and margin trends in new vehicle sales and aftersales.
Numbers mentioned
Pro forma revenue growth: over 22% (Q1 FY27 YoY)
p. 3
“Our financial year '27 started on a strong note with pro forma revenue from operations growing at over 22% year-on-year to deliver our best ever Q1 performance in a seasonally soft quarter.”
Sanjay Thakker, page 3 of the filed PDF · View the filing
EV share of vehicles sold by value: 30% (Q1 FY27)
p. 3
“We are happy to report that 30% of the vehicles sold by value have been EVs at Landmark, much, much higher than the industry.”
Sanjay Thakker, page 3 of the filed PDF · View the filing
Mercedes-Benz average selling price: approximately INR79 lakh (Q1 FY27)
p. 5
“We have seen this reflecting in our average selling price, which has increased to approximately INR79 lakh in Q1 FY27, which is up from INR73 lakh in Q4 FY26.”
Aryaman Thakker, page 5 of the filed PDF · View the filing
Mercedes-Benz H1 CY2026 units sold: 9,786 units (H1 CY2026)
p. 4
“recording a sale of 9,786 units in H1 calendar year 2026which was a 9% year-on-year increase.”
Aryaman Thakker, page 4 of the filed PDF · View the filing
Lease amortization cost: INR19 crores (the quarter)
p. 15
“So our lease cost, which is the amortization of lease is around INR19 crores for the quarter.”
Surendra Agarwal, page 15 of the filed PDF · View the filing
Lease and interest cost combined: INR27 crores (the quarter)
p. 15
“If you look at the lease and interest cost is put together is INR27 crores.”
Surendra Agarwal, page 15 of the filed PDF · View the filing
Rental cost: roughly around INR25 crores (the quarter)
p. 15
“So roughly around INR25 crores is our rental cost.”
Surendra Agarwal, page 15 of the filed PDF · View the filing
EBITDA percentage: 5.8%
p. 15
“So if you look at our EBITDA percentage is 5.8%, which is roughly similar to the last 2 years, we are maintaining that percentage.”
Surendra Agarwal, page 15 of the filed PDF · View the filing
Cash flow conversion (last year): 0.95% (last year)
p. 15
“Okay. So cash flow last year, it was 0.95%. We will be around that only.”
Surendra Agarwal, page 15 of the filed PDF · View the filing
Revenue growth breakdown - price contribution: around 3% (the quarter)
p. 14
“I think the price would be maybe around 3% I'm just giving a ballpark.”
Sanjay Thakker, page 14 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Capex for the year — around INR50 crores · FY27
stated conditionally by Sanjay Thakker
p. 12
“Our cash generation is happening month-on-month, and our capex, which we had guided in the last year closing at around INR50 crores. We are as of now in line.”
Sanjay Thakker, page 12 of the filed PDF · View the filing
Rental/lease cost including adjustment — around INR100 crores · full year
stated firmly by Surendra Agarwal
p. 15
“Yes, INR100 crores around.”
Surendra Agarwal, page 15 of the filed PDF · View the filing
Demand environment — later part of the year
stated as an aspiration by Sanjay Thakker
p. 4
“Looking ahead, we expect the demand environment to be positive.”
Sanjay Thakker, page 4 of the filed PDF · View the filing
Quarterly demand trajectory — normalized and consistent demand trajectory · later part of the year
stated as an aspiration by Sanjay Thakker
p. 4
“While these dynamics are largely behind us, we expect a more normalized and consistent demand trajectory through the later part of the year.”
Sanjay Thakker, page 4 of the filed PDF · View the filing
New car sales EBITDA margin — 1.5% on pro forma · quarter 2, 3 and 4
stated conditionally by Sanjay Thakker
p. 12
“Yes, it would be a normalized quarter. I do not expect any disruption like what we have seen in this second quarter.”
Sanjay Thakker, page 12 of the filed PDF · View the filing
Employee cost and other expenses as percentage of revenue
stated firmly by Sanjay Thakker
p. 14
“The point is with the newer launches, a lot of availability and ASP going up, the revenue is going to grow. We have to keep a razor focus on the cost, and we believe that this still as a percentage has way to go down.”
Sanjay Thakker, page 14 of the filed PDF · View the filing
BYD supply — rest of the year
stated firmly by Aryaman Thakker
p. 5
“The supply for BYD will significantly improve throughout the rest of the year.”
Aryaman Thakker, page 5 of the filed PDF · View the filing
MG new SUV launch — later this month in August
stated firmly by Aryaman Thakker
p. 5
“A new SUV, which is to be launched later this month in August, and we expect that to significantly boost volumes.”
Aryaman Thakker, page 5 of the filed PDF · View the filing
Kia new Sorento launch — September
stated firmly by Aryaman Thakker
p. 5
“The new Sorento is expected to be launched in September, and we expect the brand to continue its good performance throughout the year.”
Aryaman Thakker, page 5 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Margins in percentage would not increase, but the absolute number would increase since the company earns a percentage of the hiked amount.
Answered by Sanjay Thakker
Asked by Arnav Sakhuja: Will Mercedes price hikes improve gross margins in percentage terms?
p. 6
“So the margins per se in percentage would not increase, in absolute number will increase.”
Sanjay Thakker, page 6 of the filed PDF · View the filing
The company is exploring opportunities across OEMs including new entrants, expansions, or takeovers but will not rush into deals.
Answered by Sanjay Thakker
Asked by Akhil: How should investors think about a 2-3 year cash deployment perspective given strong cash flows?
p. 7
“So yes, we are in talks with some OEs who may be entering India, some who may want to expand, some may be a takeover opportunity, but we don't want to rush into it.”
Sanjay Thakker, page 7 of the filed PDF · View the filing
Workshop capacity is being added but measured better by number of bays than number of workshops, since workshops are being consolidated into larger facilities.
Answered by Sanjay Thakker
Asked by Bhargav Buddhadev: Will the showroom-to-workshop mix shift toward 50-50 given higher ROCE in workshops?
p. 8
“So the workshop capacity will, yes, come up much more, but it may not be seen in the number of workshops, but the number of bays.”
Sanjay Thakker, page 8 of the filed PDF · View the filing
Margins fluctuate partly due to seasonal bonus accounting, and new charging revenue commission is expected to help margins going forward.
Answered by Sanjay Thakker
Asked by Dhiraj Kaswan: Is the improvement in aftersales margins to above 18% a structural shift?
p. 10
“Yes. I think it would hover around, and see, many times in some of the quarters like March or December, we also get annual bonuses, which are not accounted in the – first or the second quarter of the financial year.”
Sanjay Thakker, page 10 of the filed PDF · View the filing
Margins are currently similar between EV and ICE after excluding warranty costs, and management does not expect EV margins to be lower going forward.
Answered by Sanjay Thakker
Asked by Harsh Shah: Are EV aftersales margins comparable to ICE margins despite higher revenue per vehicle?
p. 13
“So the margins as of now, what you are seeing will be similar. We are not saying that it is going to be higher over a period of time. We are trying to say that it is not going to be lower.”
Sanjay Thakker, page 13 of the filed PDF · View the filing
Different brands have different cost structures, sales/aftersales mix, and margins, so management focuses on EBITDA, PAT and cash generation instead.
Answered by Sanjay Thakker
Asked by Chirag: Why is gross margin not the right metric to evaluate the business?
p. 13
“We are basically finally wanting an EBITDA and the PAT and the cash that the business generates. That is the objective of doing it.”
Sanjay Thakker, page 13 of the filed PDF · View the filing
Lease amortization was around INR19 crores, combined lease and interest cost INR27 crores, with rental cost around INR25 crores.
Answered by Surendra Agarwal
Asked by Raman VK: What was the lease and rental cost for the quarter?
p. 15
“So our lease cost, which is the amortization of lease is around INR19 crores for the quarter.”
Surendra Agarwal, page 15 of the filed PDF · View the filing
Risks flagged
Seasonal weakness in Q1/Q2 compared to Q3/Q4
p. 12
“The first 2 quarters of the financial year are 40% of the business and the last 2 quarters are 60% of the business.”
Sanjay Thakker, page 12 of the filed PDF · View the filing
Prior-year GST-related disruption affecting quarterly comparisons
p. 12
“Last year second quarter was a traumatic period, and I don't expect that to repeat.”
Sanjay Thakker, page 12 of the filed PDF · View the filing
Uncertainty and unpredictability of the macro environment affecting future profitability trajectory
p. 7
“I wish I could say this in a VUCA world that we are all living in.”
Sanjay Thakker, page 7 of the filed PDF · View the filing
New outlets not yet operating at optimal capacity
p. 11
“Now obviously, they are not working at optimal capacity in the first 15 days of operation.”
Sanjay Thakker, page 11 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.