NSE: PVSL · BSE: 544144
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Passenger cars (excluding Luxury vehicles) (46%), Commercial vehicles (39%), Luxury vehicles (9%), Others (6%). Asset-heavy, multi-brand auto dealership with thin margins (~3.4% EBITDA) and cyclical exposure to vehicle demand
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 5,616 | 5,541 | 6,381 |
| EBITDA (ex other income) | 257 | 155 | 197 |
| margin % | 4.6 | 2.8 | 3.1 |
| Owners' profit | 76 | (10) | (13) |
| EPS, as reported (₹) | 12.05 | (1.47) | (1.75) |
| ROE % · ROCE % | 11.6 · 17.1 | (1.6) · 6.5 | (2.0) · 6.7 |
| Debt / equity (x) | 0.68 | 0.66 | 1.11 |
| Cash from operations | 80 | 151 | 100 |
| Capex | (80) | (53) | (102) |
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 | 1,513 | 1,365 | 1,372 | 1,311 | 1,530 | 1,785 | 1,754 | 1,890 |
| Profit before tax | 12 | (13) | (16) | (11) | 12 | (7) | (7) | 2 |
| Net profit | 8 | (10) | (14) | (9) | 1 | 1 | (5) | 1 |
| EPS (₹) | 1.06 | (1.37) | (1.93) | (1.23) | 0.08 | 0.09 | (0.70) | 0.19 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Passenger cars (excluding Luxury vehicles) | 2,948 | 46.2 |
| Luxury vehicles | 544 | 8.5 |
| Commercial vehicles | 2,477 | 38.8 |
| Others | 412 | 6.4 |
| Total, before eliminations | 6,381 | 100.0 |
Exhibit 4: 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 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 1.1 | 4.8 | 5 of 17 | 75% |
| ROCE | (1.0) | 10.9 | 18 of 20 | 11% |
| ROE | (2.0) | 14.6 | 15 of 17 | 13% |
| Debt / Equity | 1.1 | 0.6 | 15 of 17 | 13% |
| EBITDA margin | 3.8 | 10.9 | 14 of 17 | 19% |
| Revenue growth | 44.1 | 29.7 | 4 of 16 | 80% |
| Profit growth | 115.6 | 16.9 | 1 of 17 | 100% |
| Market cap | 697 | 16560 | 15 of 21 | 30% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · Senior management resigns: Head of Group Finance Transformation to leave | management changes | medium | — | — |
| 23 Oct 2026 · Head of Group Finance Transformation resigns effective January 21, 2027 | management changes | medium | — | — |
| 19 Oct 2026 · Reconstitution of Finance and Authorisation Committee | management changes | low | — | — |
| 15 Oct 2026 · Strong Q2FY27 Update: Revenue up 40%, Volumes up 51% YoY | investor communications | medium | — | — |
| 13 Oct 2026 · Quarterly RTA certificate for dematerialised securities filed with BSE and NSE | compliance | minimal | — | — |
| 12 Oct 2026 · Analyst meeting with Citi Research scheduled on Oct 15 | general | low | — | — |
| 8 Oct 2026 · Promoter John K. Paul resigns from 5 subsidiary boards post family settlement | management changes | medium | — | — |
| 8 Oct 2026 · Director resigns from 5 subsidiaries amid promoter family settlement | management changes | medium | — | — |
| 8 Oct 2026 · Promoter John K. Paul resigns from 5 subsidiary directorships | management changes | high | — | — |
| 8 Oct 2026 · Promoter Whole-Time Director resigns after family settlement | management changes | high | — | — |
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.