In continuation of intimation dated 23rd May, 2026 regarding scheduled investor call, enclosed herewith the copy of presentation to investors on audited financial results for the fourth ....
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Popular Vehicles reported Q4FY26 revenue growth of ~28% YoY to Rs 1,755 Cr, with FY26 revenue at Rs 6,381 Cr (up 15%). The company had to restate Q4 revenue numbers due to calculation errors caused by multiple acquisitions and system updates during the year. Adjusted EBITDA grew 28% to Rs 201 Cr, with PBT turning positive at Rs 8.8 Cr after adjustments vs negative Rs 14.7 Cr in FY25. New vehicle volumes rose 21% YoY to 53,452 units. The company completed 3 strategic acquisitions (BharatBenz Punjab, Maruti Telangana, Audi Telangana/AP) and divested Honda and Piaggio businesses. EV volumes surged 89% YoY, while non-Keralam revenue contribution increased to 47% from 28%. Despite revenue growth, EBITDA margins remain thin at 3.2%.
The company shows strong top-line momentum from acquisitions and geographic expansion, with improved profitability on adjusted basis. However, the need to restate Q4 numbers raises concerns about data integrity. The thin EBITDA margins and ongoing losses (reported PBT: -13.3 Cr) suggest execution challenges amid integration costs and working capital pressures.