POPULAR VEHICLES N SER L

Sells passenger cars, commercial vehicles and luxury vehicles through a multi-brand dealership network. In FY26, revenue of Rs 6,381 crore came from passenger cars excluding luxury (46.2% of segment revenue), commercial vehicles (38.8%), luxury vehicles (8.5%) and other streams including EV, used cars and service (6.4%). The dealership network spans Kerala, Tamil Nadu, Karnataka, Telangana, Andhra Pradesh and Punjab, handling brands such as Maruti Suzuki, BharatBenz and Audi after divesting its Honda and Piaggio businesses during the year. New vehicle volumes reached 53,452 units in FY26, with EV volumes (Ather) growing sharply year-on-year and non-Kerala revenue contribution climbing to ~47% from 28% in FY23 on the back of acquisitions in Telangana, Andhra Pradesh and Punjab. Margins are thin — EBITDA margin of 3.4% — and the company posted a small consolidated loss of Rs 12.5 crore in FY26. Disclosed cost lines are employee costs at 6.5% of revenue, other operating expenses at 3.8%, depreciation at 2.0% and capex at 1.6%; inventory days improved to 33 from 50.