NSE: LANDMARK · BSE: 543714
LANDMARK CARS LIMITED
Operates a multi-brand automotive dealership network selling new passenger vehicles and providing after-sales service for brands including Mercedes-Benz, MG (JSW MG Motor), BYD, Renault, Mahindra & Mahindra, Honda and KIA. In Q1 FY27 (provisional, unaudited), vehicle sales reached Rs 1,465 crore (up 24.15% YoY) and after-sales service revenue was Rs 268 crore (up 14.04% YoY), driven by deliveries of the Mercedes-Benz CLA, MG Majestor and the new Renault Duster. The group runs 16 MG Motor outlets today and is adding a 17th — a new MG Experia showroom in Vastral, Ahmedabad via wholly-owned subsidiary Aeromark Cars — which will be its second MG outlet in Ahmedabad, where the group has operated for 27 years. The Mercedes-Benz dealership agreement with subsidiary LCEPL has been materially converted to an agency model, under which Mercedes-Benz India sells directly to customers and the group now earns commission income on each vehicle instead of booking the full sale value. Materials cost accounted for 84.2% of FY26 revenue, reflecting the inventory-intensive dealer model, with FY26 consolidated revenue of Rs 4,896.229 crore and an EBITDA margin of 5.7059%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. New vehicle sales, After-sales service, Mercedes-Benz commission income. Asset-light showroom model but inventory-heavy; multi-brand auto retail with a shift toward agency/commission income on the Mercedes-Benz franchise.
Exhibit 1: Financial summary, FY23–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | 3,382 | 3,288 | 4,025 | 4,896 |
| EBITDA (ex other income) | 230 | 215 | 217 | 261 |
| margin % | 6.8 | 6.5 | 5.4 | 5.3 |
| Owners' profit | 84 | 57 | 16 | 37 |
| EPS, as reported (₹) | 22.56 | 13.82 | 3.85 | 9.01 |
| ROE % · ROCE % | 18.0 · 21.9 | 10.6 · 14.7 | 3.1 · 10.4 | 6.5 · 13.2 |
| Debt / equity (x) | 0.45 | 0.85 | 0.94 | 0.85 |
| Cash from operations | 71 | 41 | 152 | 267 |
| Capex | (72) | (85) | (137) | (65) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 907 | 1,195 | 1,091 | 1,062 | 1,211 | 1,345 | 1,279 | 1,302 |
| Profit before tax | 0 | 16 | 4 | 10 | 1 | 19 | 21 | 19 |
| Net profit | 0 | 12 | 2 | 7 | 2 | 14 | 15 | 15 |
| EPS (₹) | (0.01) | 2.75 | 0.34 | 1.67 | 0.29 | 3.42 | 3.63 | 3.51 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| LANDMARK CARS LIMITED ◆ | 1,800 | 40.0 | 3.08 | 8.1 | 6.5 | 5.1 | — | 5.8 |
| POPULAR VEHICLES N SER L | 697 | — | 1.11 | 6.1 | (2.0) | (1.0) | — | 3.8 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 40.0 | 27.8 | 11 of 16 | 33% |
| P/B | 3.1 | 4.8 | 6 of 17 | 69% |
| ROCE | 5.1 | 10.9 | 14 of 20 | 32% |
| ROE | 6.5 | 14.6 | 11 of 17 | 38% |
| Debt / Equity | 0.8 | 0.6 | 13 of 17 | 25% |
| EBITDA margin | 5.8 | 10.9 | 12 of 17 | 31% |
| Revenue growth | 22.7 | 29.7 | 10 of 16 | 40% |
| Profit growth | 97.5 | 16.9 | 2 of 17 | 94% |
| Market cap | 1800 | 16560 | 14 of 21 | 35% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Landmark Cars plans five JSW Motors outlets in Ahmedabad and Bhopal | compliance | low | — | — |
| 19 Oct 2026 · Rescheduled analyst/investor meeting moved to October 21, 2026 in Mumbai | board shareholder meetings | low | — | — |
| 15 Oct 2026 · Landmark Cars to meet analysts and investors on October 20 in Mumbai | board shareholder meetings | low | — | — |
| 14 Oct 2026 · Landmark Cars Q2 FY27 proforma revenue jumps 17% YoY to Rs 1,943 Cr, a record high | business updates | medium | — | — |
| 13 Oct 2026 · Landmark Cars to meet analysts on Oct 16 via Motilal Oswal | board shareholder meetings | low | — | — |
| 8 Oct 2026 · Quarterly demat compliance certificate for September 2026 | compliance | minimal | — | — |
| 28 Sept 2026 · Landmark Cars adds BYD facility in Noida and Mahindra showroom in Kolkata | compliance | low | — | — |
| 28 Sept 2026 · Trading Window Closure from October 1, 2026 for Q2 Results | compliance | minimal | — | — |
| 25 Sept 2026 · Landmark Cars reappoints 2 Independent Directors, adds Rita Teaotia | management changes | medium | — | — |
| 25 Sept 2026 · Revised proceedings of Landmark Cars 20th AGM, dividend of Rs 1.50 declared | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.