Landmark Cars Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Landmark Cars Ltd filed with BSE on 03 Jun 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 FY26 proforma revenue growth of 19% year-on-year to INR 6,719 crore, with after-sales revenue crossing INR 1,000 crore for the first time. Q4 FY26 EBITDA grew 30% year-on-year to INR 79 crore with a 6.2% margin, and profit after tax rose to INR 15 crore for the quarter and INR 38 crore for the full year. Management described the current phase as one of consolidation, focused on optimizing existing outlets rather than rapid new expansion, and highlighted price increases by OEMs, EV portfolio contributions and a proposed dividend of INR 1.5 per share.
Numbers mentioned
Proforma Revenue: INR 1,795 crore (Q4 FY26)
p. 6
“the total proforma revenue stood at INR 1,795 crore, representing a year-on-year growth of 18%”
Surendra Agarwal, page 6 of the filed PDF · View the filing
Reported Revenue: INR 1,279 crore (Q4 FY26)
p. 6
“Reported revenue for the quarter came in at INR 1,279 crore, representing a year-on-year growth of 17%”
Surendra Agarwal, page 6 of the filed PDF · View the filing
Gross Profit: INR 219 crore (Q4 FY26)
p. 6
“Gross profit for the quarter stood at INR 219 crore, with gross margin of 17.1%”
Surendra Agarwal, page 6 of the filed PDF · View the filing
EBITDA: INR 79 crore (Q4 FY26)
p. 7
“EBITDA for the quarter stood at INR 79 crore, reflecting year-on-year growth of 30%, with an EBITDA margin of 6.2% on reported revenue”
Surendra Agarwal, page 7 of the filed PDF · View the filing
Profit After Tax: INR 15 crore (Q4 FY26)
p. 7
“Profit after tax was INR 15 crore, a 758% growth year-on-year”
Surendra Agarwal, page 7 of the filed PDF · View the filing
Cash PAT: INR 33 crore (Q4 FY26)
p. 7
“The Q4 FY26 cash PAT stood at INR 33 crore, with a margin of 2.6%”
Surendra Agarwal, page 7 of the filed PDF · View the filing
Average Selling Price of new vehicles: INR 23 lakh (Q4 FY26)
p. 7
“The average selling price of new vehicles stood at INR 23 lakh”
Surendra Agarwal, page 7 of the filed PDF · View the filing
Average revenue per vehicle service: INR 30,072 (Q4 FY26)
p. 7
“The average revenue per vehicle service stood at INR 30,072 versus INR 27,420 in Q4 FY25”
Surendra Agarwal, page 7 of the filed PDF · View the filing
Proforma Revenue: INR 6,719 crore (FY26)
p. 7
“In FY26, the proforma revenues grew by 19% year-on-year, translating to INR 6,719 crore”
Surendra Agarwal, page 7 of the filed PDF · View the filing
New car sales revenue: INR 5,668 crore (FY26)
p. 7
“Within this, new car sales revenues stood at INR 5,668 crore, registering a growth of 21%”
Surendra Agarwal, page 7 of the filed PDF · View the filing
Reported Revenue: INR 4,896 crore (FY26)
p. 7
“Reported revenues stood at INR 4,896 crore, growing by 22% year-on-year”
Surendra Agarwal, page 7 of the filed PDF · View the filing
After-sales revenue: INR 1,051 crore (FY26)
p. 7
“After sales, revenue stood at INR 1,051 crore, growing 12% year-on-year”
Surendra Agarwal, page 7 of the filed PDF · View the filing
Gross Profit: INR 819 crore (FY26)
p. 7
“Gross profit for the period stood at INR 819 crore, translating into gross margin of 16.7%”
Surendra Agarwal, page 7 of the filed PDF · View the filing
EBITDA: INR 283 crore (FY26)
p. 7
“The company reported its highest-ever annual EBITDA of INR 283 crore, with an EBITDA margin of 5.8% and continues to maintain cost discipline”
Surendra Agarwal, page 7 of the filed PDF · View the filing
Profit After Tax: INR 38 crore (FY26)
p. 7
“Profit after tax stood at INR 38 crore, marking 120% year-on-year growth”
Surendra Agarwal, page 7 of the filed PDF · View the filing
Annual Average Selling Price: INR 21.96 lakh (FY26)
p. 7
“Annual average selling price for new cars stood at INR 21.96 lakh versus INR 20.79 lakh in FY25”
Surendra Agarwal, page 7 of the filed PDF · View the filing
Average revenue per vehicle service: INR 27,148 (FY26)
p. 7
“The average revenue per vehicle service stood at INR 27,148”
Surendra Agarwal, page 7 of the filed PDF · View the filing
Net operating cash flow: INR 267 crore (FY26)
p. 7
“In Financial Year ‘26, the company generated net operating cash flow of INR 267 crore”
Surendra Agarwal, page 7 of the filed PDF · View the filing
Dividend: INR 1.5 per share (FY26)
p. 8
“the Board of Directors approved a dividend of INR 1.5 per share for FY26 subject to shareholder approval as against INR 0.50 paid out last year”
Surendra Agarwal, page 8 of the filed PDF · View the filing
Mercedes ASP: INR 73 lakhs (Q4 FY26)
p. 5
“In Q4 FY26, we increased the ASP of Mercedes to INR 73 lakhs, up from INR 69 lakhs in Q3 of FY26”
Aryaman Thakker, page 5 of the filed PDF · View the filing
Interest-bearing debt reduction: INR 27 crore (FY26)
p. 17
“So, this year, our interest-bearing debt is reduced by INR 27 crore, Vijay”
Surendra Agarwal, page 17 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.
Store expansion pace — FY27
stated firmly by Sanjay Thakker
p. 8
“So, the expansion that we see for the current year, two, three years is a very long time.”
Sanjay Thakker, page 8 of the filed PDF · View the filing
CAPEX — around INR 50 crores · FY27
stated as an aspiration by Sanjay Thakker
p. 9
“Historically, before we got into this rapid expansion 18-20 months back, where we spent more, I think our historic average is around INR 50 crores.”
Sanjay Thakker, page 9 of the filed PDF · View the filing
BYD volumes — FY27
stated as an aspiration by Aryaman Thakker
p. 5
“We expect BYD to continue its strong performance this year and substantially grow its volumes.”
Aryaman Thakker, page 5 of the filed PDF · View the filing
Average Selling Price
stated as an aspiration by Sanjay Thakker
p. 13
“So, over a period of time, it will keep on increasing.”
Sanjay Thakker, page 13 of the filed PDF · View the filing
Debt — FY27
stated conditionally by Surendra Agarwal
p. 17
“So, we are likely to generate good cash flow in the coming year as well. So, our debt is going to reduce.”
Surendra Agarwal, page 17 of the filed PDF · View the filing
Pune BYD outlet — operational · July
stated firmly by Aryaman Thakker
p. 5
“Our Pune Sales and Service outlets will be operational in July which will further increase our market share for BYD in the country.”
Aryaman Thakker, page 5 of the filed PDF · View the filing
Mahindra after-sales facility in Hyderabad — start operations · July
stated firmly by Aryaman Thakker
p. 6
“we are opening a new after-sales facility in Hyderabad which is likely to start operations in July”
Aryaman Thakker, page 6 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.
Management said this year is about consolidation and sweating existing assets rather than rapid new expansion, with profitable growth expected to continue.
Answered by Sanjay Thakker
Asked by Rahul Dani: How do margins and store expansion look going forward?
p. 8
“So, this is the year of consolidation. We will grow this year with one or the other things that are already there.”
Sanjay Thakker, page 8 of the filed PDF · View the filing
Management pointed to a 10-year track record rather than committing to a specific margin level.
Answered by Sanjay Thakker
Asked by Rahul Dani: Is the after-sales margin of 20% sustainable?
p. 9
“we have a 10-year track record of where we are now for growth as well as margin”
Sanjay Thakker, page 9 of the filed PDF · View the filing
Management said accident repair, which is a large share of service income, is more expensive for EVs, offsetting lower routine servicing needs, citing a Goldman Sachs study showing limited revenue impact.
Answered by Sanjay Thakker
Asked by Hardi Jain: How does EV servicing frequency and cost compare to ICE, and how will this affect servicing revenue?
p. 9
“Currently, around 47% of our service income comes from accident repairs.”
Sanjay Thakker, page 9 of the filed PDF · View the filing
Management said demand has remained resilient so far except for some hesitancy in commercial vehicles.
Answered by Sanjay Thakker
Asked by Ajox Frederick: Is demand weakening due to OEM price hikes?
p. 10
“we are also positively surprised by the resilience of the demand so far, except for commercial vehicles where we have seen some kind of hesitancy in the last 8-10 days”
Sanjay Thakker, page 10 of the filed PDF · View the filing
Management listed Mahindra, Honda, MG, MG Select and Mercedes as having raised or announced price increases.
Answered by Sanjay Thakker
Asked by Ajox Frederick: Which OEMs have raised prices?
p. 10
“Mahindra has announced that they are taking a price hike. Honda already did. We had MG and MG Select increase the prices. Mercedes has increased the prices because of the FOREX.”
Sanjay Thakker, page 10 of the filed PDF · View the filing
Management explained that holding inventory ahead of a price increase allows selling at the new higher price.
Answered by Sanjay Thakker
Asked by Ajox Frederick: How does inventory buildup benefit the company amid price hikes?
p. 10
“The answer is that when the price increase happens, we are able to sell it at the new price.”
Sanjay Thakker, page 10 of the filed PDF · View the filing
Management attributed the increase to OEM bonuses for meeting targets and rising spare part prices.
Answered by Sanjay Thakker
Asked by Bhargav Buddhadev: Why did after-sales revenue per vehicle rise sharply?
p. 11
“It is also, Bhargav, due to the bonuses that we get from OEs if we were to meet our quarterly or annual targets.”
Sanjay Thakker, page 11 of the filed PDF · View the filing
Management confirmed Mercedes globally plans 40 new products and expects many to reach India from next year.
Answered by Aryaman Thakker
Asked by Bhargav Buddhadev: Is Mercedes planning many new launches in India?
p. 11
“They have announced that this year onwards globally there will be 40, which is 4-0, new products that they will be launching over the next few years.”
Aryaman Thakker, page 11 of the filed PDF · View the filing
Management said there has been no renegotiation discussion with OEMs so far.
Answered by Sanjay Thakker
Asked by Vijay Pandey: Are OEM margin arrangements under pressure amid cost inflation?
p. 12
“So far, we have had no discussion with any OEM about renegotiating our margins as such.”
Sanjay Thakker, page 12 of the filed PDF · View the filing
Management confirmed one unprofitable Volkswagen location was closed but the company remains Volkswagen's only dealer in Gujarat.
Answered by Sanjay Thakker
Asked by Vijay Pandey: Has Volkswagen stopped some stores with Landmark?
p. 13
“we are with Volkswagen in the state of Gujarat, where we continue to be their only dealers”
Sanjay Thakker, page 13 of the filed PDF · View the filing
Management expressed hope for continued profitable results barring macro disruptions, noting seasonality effects.
Answered by Sanjay Thakker
Asked by Dhiraj Kaswan: Will next year continue the strong performance seen this quarter?
p. 13
“we are well poised for better results”
Sanjay Thakker, page 13 of the filed PDF · View the filing
Management said interest-bearing debt was reduced this year and is expected to keep declining given strong operating cash flow.
Answered by Surendra Agarwal
Asked by Vijay Pandey: What is the plan to reduce debt?
p. 17
“So, this year, our interest-bearing debt is reduced by INR 27 crore, Vijay.”
Surendra Agarwal, page 17 of the filed PDF · View the filing
Risks flagged
Hesitancy in commercial vehicle demand and supply challenges at some OEMs
p. 10
“except for commercial vehicles where we have seen some kind of hesitancy in the last 8-10 days, and some supply challenges in one or the other OEs”
Sanjay Thakker, page 10 of the filed PDF · View the filing
Foreign exchange fluctuations and global supply challenges leading to OEM price increases
p. 4
“Due to foreign exchange fluctuations as well as global supply challenges, most OEMs have increased prices in April with another price increase expected in June.”
Aryaman Thakker, page 4 of the filed PDF · View the filing
BYD supply constraints from import quota limits on non-homologated vehicles
p. 14
“in the last quarter, what has also happened is that they had run out of their quota of cars which were not homologated, so could not be imported”
Sanjay Thakker, page 14 of the filed PDF · View the filing
Cess-related complications on vehicle stock pending Supreme Court matter
p. 15
“the challenge was in the cess, which matter is now with the Supreme Court”
Sanjay Thakker, page 15 of the filed PDF · View the filing
Store-level profitability issues leading to closure of an unprofitable Volkswagen location
p. 13
“a particular Volkswagen location that you may be mentioning to was not profitable for us for some time now”
Sanjay Thakker, page 13 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.