Landmark Cars LimitedAutomobilesLANDMARK
Q1 FY27 concall · earnings callLandmark Cars Limited
The company delivered its best ever Q1 performance with strong revenue growth and a near doubling of PAT, driven by operating leverage and cost discipline, while positioning to capitalize on industry growth and the shift to EVs.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Pro forma revenue growth (YoY) | over 22% | — | |
| Mercedes-Benz Average Selling Price (ASP) | ₹0.79 Cr | up from ₹0.73 Cr in Q4 FY26 | |
| EBITDA percentage | 5.8% | — | |
| New vehicle sales margin | 2.3% | — | |
| EV contribution by value | 30% | — |
Financials
From filed quarterly results. YoY and QoQ compare each metric on the same accounting basis.
| Quarter | Revenue | Net profit (PAT) | Basic EPS |
|---|---|---|---|
| Q3 FY25 | ₹1,195.03 Cr+24.6% YoY+31.7% QoQ | ₹11.81 Cr-36.1% YoY+3478.8% QoQ | ₹2.75-38.2% YoYTurned positive QoQ |
| Q2 FY25 | ₹907.27 Cr+17.7% YoY+9% QoQ | ₹0.33 Cr-98.4% YoY-90.4% QoQ | ₹-0.01Turned negative YoYTurned negative QoQ |
| Q1 FY25 | ₹831.98 Cr+19.9% YoY-3.7% QoQ | ₹3.44 Cr-52.7% YoY-68.6% QoQ | ₹0.77-56.5% YoY-71.2% QoQ |
| Q4 FY24 | ₹863.97 Cr+1.2% YoY-9.9% QoQ | ₹10.97 Cr-54.8% YoY-40.6% QoQ | ₹2.67-47.7% YoY-40% QoQ |
| Q3 FY24 | ₹959.25 Cr+9.5% YoY+24.5% QoQ | ₹18.48 Cr-28.5% YoY-9.9% QoQ | ₹4.45-36.4% YoY-11.5% QoQ |
TL;DR
- Pro forma revenue grew over 22% YoY, profit after tax nearly doubled.
- EVs represented 30% of vehicles sold by value, much higher than industry average.
- Partnership with ChargeZone to create an additional recurring revenue stream from EV charging.
- Aftersales study indicates EVs generate higher revenue per vehicle than ICE vehicles.
- Diversified OEM portfolio across luxury, premium and EV segments seen as a structural advantage.
- Management expects normalized, positive demand trajectory for the rest of the year.
Said on the call
“The EV segment also presents a new and differentiated revenue opportunities.”
From the Q&A
| Topic | What management said |
|---|---|
| EV Aftersales & Charging Partnership | Management confirmed EV aftersales revenue per vehicle is currently higher than ICE, and declined to share specific commercial details of the ChargeZone partnership to maintain exclusivity, but described it as a new recurring revenue stream. |
| Mercedes-Benz Performance & Competition | Price hikes from OEMs increase absolute margins, not percentages. New competition (like Audi) is seen as expanding the overall luxury market rather than taking share from Mercedes directly. |
| Margin Outlook & Cost Focus | New vehicle sales margin of 2.3% is expected to continue on an upward trajectory due to demand-supply dynamics. Management emphasized a continued 'razor focus' on reducing employee and other costs as revenue grows. |
| Outlet Expansion & Workshop Strategy | The company is adding workshop capacity (measured in bays, not just outlet count) for high-growth brands like BYD and Mahindra, and consolidating smaller workshops into larger, more efficient facilities. |
| Gross Profit as a Metric | Management suggested focusing on EBITDA and PAT rather than gross profit due to differing business models and aftersales mix across the diversified brand portfolio. |
| Cash Flow & Debt | Strong operating cash flow generation (INR60 crores in the quarter) is being used to repay working capital loans, with capex guidance of around INR50 crores for the year. |
Guidance
- Expects a more normalized and consistent demand trajectory through the later part of the year.
- Capex guidance for the year is around INR50 crores.
- EBITDA percentage is expected to see further improvement.
- Costs, as a percentage of revenue, are expected to go down further.
Source
Summary written from the transcript filed by Landmark Cars Limited for the call held on 12 Aug 2026; published 19 Aug 2026, 20:11 IST.
More Q1 FY27 concalls ·How verification works ·Report an error