Popular Vehicles and Services LimitedAutomobilesPVSL
Q1 FY27 concall · earnings callPopular Vehicles and Services Limited
Q1 FY27 showed strong revenue growth driven by both acquired businesses scaling up and organic growth across segments, with improved demand and a focus on converting scale into sustainable profitability.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Revenue from Operations | ₹1,890 Cr | 44% Y-o-Y | |
| Reported EBITDA | ₹71.5 Cr | 86.6% Y-o-Y | |
| EBITDA Margin | 3.8% | 0.9 p.p. | |
| Reported PBT | ₹1.9 Cr | Positive vs loss of ₹11 Cr | |
| Adjusted PBT | ₹11.2 Cr | — | |
| New Vehicle Volumes (Total) | 81% Y-o-Y | 81% Y-o-Y | |
| Service Volumes (Total) | 1% Y-o-Y | 1% Y-o-Y | |
| Inventory Days | 32 days | -18 days Y-o-Y |
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 | ₹1,364.67 Cr-3.7% YoY-9.8% QoQ | ₹-9.76 CrTurned loss-making YoYTurned loss-making QoQ | ₹-1.37Turned negative YoYTurned negative QoQ |
| Q2 FY25 | ₹1,512.75 Cr— YoY+17.1% QoQ | ₹7.57 Cr— YoY+38.9% QoQ | ₹1.06— YoY+37.7% QoQ |
| Q1 FY25 | ₹1,291.45 Cr— YoY-5.3% QoQ | ₹5.45 Cr— YoY-72.9% QoQ | ₹0.77— YoY-75.4% QoQ |
| Q4 FY24 | ₹1,363.71 Cr— YoY-3.7% QoQ | ₹20.11 Cr— YoY+26.3% QoQ | ₹3.13— YoY+23.2% QoQ |
| Q3 FY24 | ₹1,416.82 Cr— YoY— QoQ | ₹15.92 Cr— YoY— QoQ | ₹2.54— YoY— QoQ |
TL;DR
- Consolidated revenue grew 44% YoY to INR 1,890 crores, with organic growth at 33%.
- Reported EBITDA increased 87% YoY to INR 71.5 crores, with margins improving to 3.8%.
- Acquired businesses (Maruti Telangana, BharatBenz Punjab, Audi) are now EBITDA positive, with profitability at PAT level expected from Q2/Q3 onwards.
- Revenue contribution from Kerala fell below 50% for the first time, achieving a more diversified geographic mix.
- Demand environment is encouraging heading into the festive season, with inquiries and bookings up.
- Management guides for full-year blended EBITDA margin around 4.3-4.4%, lower than the earlier 5% target due to a higher-than-expected CV revenue mix.
Said on the call
“Q1 FY27 is beginning to demonstrate the benefits of those actions. We now have a wider OEM portfolio, a broader geographic footprint and a stronger platform across new vehicle services and the aftermarket.”
From the Q&A
| Topic | What management said |
|---|---|
| Demand and Festive Outlook | Inquiries are up ~20% YoY; bookings up ~22%. Management remains positive on H2 demand, especially with upcoming festivals, though PV growth may moderate from very high bases. |
| EBITDA Margin Trajectory | Earlier 5% margin target is unlikely this year due to a higher-than-expected Commercial Vehicle revenue mix (lower margins). Expect blended margin around 4.3-4.4% for the year, with sequential improvement. |
| Acquisition Profitability | All three acquired businesses are EBITDA positive (INR 9.4 crores combined). Globe (BharatBenz) has broken even; R.K.S. (Maruti) and Olympus (Audi) expected to become profitable at PAT level by Q3/Q4 FY27. |
| Rural Demand and Segment Trends | PV demand strong across all geographies. CV demand soft in construction/tipper segment but healthy in small/intermediate/LCV cargo. EV demand strong but rural pick-up still awaited. |
| Service Volume Guidance | Service volume growth was -5% in Q1 (impacted by Honda divestment). Expect 6-7% growth from Q2 onwards, lower than the earlier 10-12% guidance. ASP growth and mix shift to higher-value jobs supported service income. |
| Segmental Margins and Price Hikes | PV EBITDA margin is ~4%; JLR ~5%; CV ~3.6-3.7%. Recent OEM price hikes are minimal (INR 5k-7k) and have not impacted demand. Dealer incentives from higher national rankings (e.g., #2 in Maruti, Tata, BharatBenz, Ather) will aid profitability. |
| Use of Cash & Debt | Primary focus is to use operational cash flow to repay debt. No major acquisition or expansion capex planned beyond replacement and ongoing projects. |
Guidance
- Acquired businesses expected to achieve sustainable profitability at PAT level from Q2/Q3 onwards.
- Blended EBITDA margin for the year expected around 4.3-4.4% (lower than earlier 5% target due to higher CV mix).
- Revenue growth target of ~20-25% for FY27 (from ~INR 6,400 Cr to ~INR 8,200-8,300 Cr).
- Service volume growth expected at 6-7% from Q2 onwards.
- Demand environment remains encouraging for the festive period.
Source
Summary written from the transcript filed by Popular Vehicles and Services Limited for the call held on 12 Aug 2026; published 19 Aug 2026, 20:16 IST.
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