Landmark Cars Limited (LANDMARK)
₹465.75 +2.00% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Landmark Cars' revenue was ₹1,302 Cr (+22.6% year on year, +1.8% on the previous quarter), and net profit ₹14.5 Cr (+107.8% year on year); the operating margin was 5.5%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹1,302 | +22.6% | +1.8% |
| Operating profit | ₹72.0 | +18.0% | -5.3% |
| Net profit | ₹14.5 | +107.8% | -3.0% |
| EPS (₹) | 3.51 | +110.2% | -3.0% |
| Operating margin | 5.5% | — | — |
LANDMARK delivery percentage and bulk deals
NSE end-of-day data for
On Fri, 16 Oct 2026, 32.22% of the LANDMARK shares traded on NSE were taken to delivery, against the stock's own 20-session average of 42.43%. That is close to its usual level. Volume was 0.1 times its average, well below normal. 14 bulk or block deals were reported in LANDMARK in the last 60 days: ₹203 Cr bought and ₹203 Cr sold.
Delivery in the last 5 sessions: 56.4% · 47.4% · 5.4% · 30.3% · 32.2%
| Date | Side | Counterparty | Value | Price | Quantity | Type |
|---|---|---|---|---|---|---|
| 29 Sep | Sell | Microcurves Trading Private Limited | ₹65.74 Cr | ₹518.90 | 1,266,880 | Bulk |
| 29 Sep | Buy | Microcurves Trading Private Limited | ₹65.68 Cr | ₹518.47 | 1,266,880 | Bulk |
| 29 Sep | Buy | Elixir Wealth Management Private Limited | ₹30.96 Cr | ₹517.60 | 598,175 | Bulk |
| 29 Sep | Sell | Elixir Wealth Management Private Limited | ₹30.22 Cr | ₹519.90 | 581,260 | Bulk |
| 29 Sep | Sell | Nk Securities Research Private Limited | ₹27.03 Cr | ₹522.09 | 517,751 | Bulk |
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Landmark Cars reported record provisional proforma revenue of ₹1,943 Cr for Q2 FY27, up 17.26% YoY and 12.18% QoQ. Vehicle sales (including agency and pre-owned) reached ₹1,662 Cr (+18.46% YoY), while after-sales service and spare parts revenue grew 10.63% YoY to ₹281 Cr. For H1 FY27, proforma revenue rose 19.59% YoY to ₹3,675 Cr. Performance was achieved despite severe flooding in Gujarat that disrupted operations during the quarter.
- Q2 FY27 proforma revenue from operations reached ₹1,943 Cr, up 17.26% YoY from ₹1,657 Cr
- H1 FY27 proforma revenue rose 19.59% YoY to ₹3,675 Cr compared to ₹3,073 Cr in H1 FY26
- Vehicle sales grew 18.46% YoY to ₹1,662 Cr; after-sales service revenue increased 10.63% YoY to ₹281 Cr
- Partnered with OLX India (CarTrade Tech) to create an integrated phygital pre-owned car platform
- Operations were partially constrained by significant flooding across Gujarat during the quarter
Landmark Cars Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The confirmation from Registrar and Share Transfer Agent MUFG Intime India Private Limited states that dematerialization requests received during the period were processed and confirmed within stipulated timelines. Physical certificates received, if any, were duly mutilated, cancelled, and substituted with depositories on record. This is a regular quarterly procedural disclosure with no impact on the company's financials.
- Compliance certificate submitted under Regulation 74(5) of SEBI Regulations, 2018
- Covers the quarterly reporting period ended September 30, 2026
- RTA confirmation issued by MUFG Intime India Private Limited on October 03, 2026
Landmark Cars Limited announced the addition of a new BYD facility in Noida and a Mahindra & Mahindra showroom on EM Bypass, Kolkata. Following these additions, the company's network expands to 12 outlets for Mahindra & Mahindra and 11 outlets for BYD, bringing its total national footprint to 143 outlets. Notably, the EV portfolio contributed approximately 30% of Landmark's new car sales revenue in Q1 FY27, with BYD and M&M being primary EV drivers. This gradual footprint growth aligns with the company's strategy to scale higher-margin EV and mass-premium retail operations.
- New BYD facility opened in Noida and a Mahindra & Mahindra showroom launched in Kolkata
- Increases network to 12 M&M outlets and 11 BYD outlets across India
- Overall retail network expands to 143 outlets across India
- EV portfolio contributed approximately 30% of new car sales revenue in Q1 FY27
Landmark Cars Limited announced that its shareholders at the 20th AGM on September 24, 2026, approved the re-appointment of two Independent Directors and the appointment of one new Independent Director. Mr. Manish Chokhani has been re-appointed for a 3-year term, and Mr. Gautam Trivedi for a 5-year term, both effective October 28, 2026. Additionally, Ms. Rita Teaotia (former Commerce Secretary and FSSAI Chairperson) was appointed as an Independent Director for a 3-year term effective August 11, 2026. None of the directors are related to existing board members or debarred by SEBI.
- Re-appointment of Manish Chokhani as Independent Director for a 3-year term from October 28, 2026
- Re-appointment of Gautam Trivedi as Independent Director for a 5-year term from October 28, 2026
- Appointment of Ms. Rita Teaotia as Independent Director for a 3-year term from August 11, 2026
- Approvals passed with requisite majority at the AGM held on September 24, 2026
Landmark Cars Limited has entered into a strategic partnership with CarTrade Tech's OLX India to launch a co-branded phygital pre-owned car buying and selling platform. The initiative will integrate Landmark's physical network of over 140 retail and service touchpoints across 12 states with OLX India's digital platform, which caters to over 23 million used car buyers and sellers annually. Transactions and vehicle acquisitions will be conducted on a revenue-sharing basis, with physical Landmark outlets acting as 'Experience Centres' for vehicle inspections, certification, and after-sales support. Specific financial commitments, capex requirements, and revenue split terms were not disclosed in the filing.
- Integrates Landmark's 140+ touchpoints across 12 states with OLX India's 23+ million annual used car users
- Vehicles will be acquired and sold under a co-branded model on a revenue-sharing basis
- OLX India brings VAYA AI for digital pricing and matchmaking, while Landmark provides physical inspection and after-sales service
- Rollout planned in phases, starting with select key cities before expanding Pan-India
Landmark Cars Limited has informed exchanges regarding an upcoming physical group meeting with institutional investors and analysts in Mumbai on September 09, 2026, starting at 10:00 AM. The company confirmed that interactions will be strictly grounded in publicly available information with no unpublished price-sensitive information (UPSI) disclosed. This is a standard corporate governance disclosure pursuant to Regulation 30 of SEBI LODR Regulations.
- Physical group investor meeting scheduled for September 09, 2026.
- Session starts from 10:00 AM onwards in Mumbai.
- No unpublished price sensitive information (UPSI) will be discussed.
Landmark Cars Limited has issued an intimation regarding the dispatch of letters providing the web link for its FY 2025-26 Annual Report to members whose email addresses are not registered. The company confirmed that its 20th Annual General Meeting (AGM) is scheduled for September 24, 2026, at 3:00 PM IST via Video Conferencing/OAVM. The cut-off date identifying such members was August 21, 2026. This is a standard statutory compliance filing under SEBI LODR regulations with no operational impact.
- 20th Annual General Meeting (AGM) scheduled for September 24, 2026, at 03:00 P.M. IST
- AGM to be conducted via Video Conferencing (VC) / Other Audio Visual Means (OAVM)
- Letter dispatched to shareholders with unregistered email IDs as per cut-off date August 21, 2026
- Direct web link provided for accessing the FY 2025-26 Annual Report
Landmark Cars Limited has issued the notice for its 20th Annual General Meeting (AGM) scheduled for September 24, 2026, alongside publishing its Integrated Annual Report for FY 2025-26. The company has fixed September 17, 2026, as the cut-off date for determining shareholder voting rights. In the report, the company highlighted a network of 140 outlets (76 showrooms and 64 workshops) across 29 cities in 12 states, serving over 5,50,000 customers. A dividend of ₹1.50 per share has been declared for approval at the AGM.
- 20th Annual General Meeting scheduled for Thursday, September 24, 2026, at 3:00 PM via Video Conferencing.
- Shareholder voting cut-off date fixed as Thursday, September 17, 2026.
- Dividend declared for the financial year 2025-26 at ₹1.50 per share.
- Network footprint spans 140 outlets (76 sales showrooms and 64 workshops) across 29 cities and 12 states.
- Customer base expanded to over 5,50,000 with a total employee count of ~5,120.
Landmark Cars released the transcript of its Q1 FY27 earnings conference call. Pro forma revenue from operations grew over 22% YoY (approx. 19% volume growth and 3% price growth), while profit after tax nearly doubled driven by operating leverage and cost control. Electric vehicles accounted for 30% of sales by value, with management noting that EV aftersales revenue shows higher revenue per vehicle due to higher mileage and accident repair costs. The company also signed an MoU with ChargeZone for revenue sharing on EV charging and expanded its MG network to 17 outlets via a new LOI in Ahmedabad.
- Pro forma revenue from operations grew >22% YoY with volume growth estimated at ~19%
- Electric vehicles represented 30% of total vehicle sales by value during the quarter
- Mercedes-Benz average selling price increased to ~INR 79 lakh in Q1 FY27 from INR 73 lakh in Q4 FY26
- Signed an industry-first revenue-sharing MoU with ChargeZone for EV charging infrastructure
- Received an LOI for a new MG showroom in Ahmedabad, expanding the MG network to 17 outlets
Landmark Cars Limited has informed the exchanges of an upcoming institutional investor and analyst meeting scheduled for August 21, 2026, from 09:30 AM onwards in Mumbai. The event is organized by Jefferies and will feature 1x1 and group meeting formats. As per regulatory filings, discussions will strictly cover publicly available information with no unpublished price sensitive information (UPSI) shared.
- Meeting scheduled for August 21, 2026, starting at 09:30 am onwards
- Format includes 1x1 and Group Meetings held in Mumbai
- Event organized by Jefferies
- Discussions strictly limited to publicly available information without UPSI
Landmark Cars has released the audio recording of its earnings conference call held on August 12, 2026, regarding the unaudited financial results for the quarter ended June 30, 2026. The company, which reported TTM revenue of ₹2,764 Cr and a PAT of ₹42 Cr, is currently trading at a P/E of 63.5. The call likely covered the company's progress toward its ₹1,000 Cr annual after-sales revenue target and its expansion into the EV segment with BYD. This filing is a standard regulatory requirement following the quarterly results announcement.
- Earnings conference call conducted on August 12, 2026, at 09:00 AM IST
- Discussion centered on unaudited financial results for the quarter ended June 30, 2026
- Company operates a network of 75 showrooms and 65 workshops as per latest operational data
- Mercedes-Benz remains the primary revenue driver, contributing 42% of proforma revenue
- Management continues to target a 25-30% growth rate through after-sales and brand expansion
Landmark Cars Limited has announced September 17, 2026, as the record date for determining shareholder eligibility for the final dividend of FY 2025-26. The company's 20th Annual General Meeting (AGM) is scheduled for September 24, 2026, via video conferencing. The register of members and share transfer books will remain closed from September 18 to September 24, 2026. This procedural update follows a fiscal year where the company reported a PAT of Rs 41.63 Cr on revenue of Rs 2763.7 Cr.
- Record date for final dividend entitlement is fixed as Thursday, September 17, 2026
- 20th Annual General Meeting (AGM) scheduled for September 24, 2026, at 03:00 P.M. IST
- Book closure period for share transfers set from September 18 to September 24, 2026
- Company reported FY26 revenue of Rs 2763.712 Cr and PAT of Rs 41.63 Cr
Landmark Cars reported a strong Q1 FY27 with proforma revenue growing 22.4% YoY to ₹1,732.5 cr. Net profit (PAT) surged 97.5% YoY to ₹14.5 cr, although EBITDA margins saw a slight contraction to 5.78% from 6.23% in the previous year. A significant shift is visible in the product mix, with the EV portfolio now contributing ~30% of new car sales revenue. The high-margin after-sales business remains resilient, contributing ₹267 cr in revenue with an average service revenue per car of ₹27,172.
- Proforma revenue increased 22.4% YoY to ₹1,732.5 cr for the quarter ended June 30, 2026
- Net Profit (PAT) grew by 97.5% YoY to ₹14.5 cr, representing a significant bottom-line recovery
- EV portfolio contribution reached ~30% of new car sales revenue in Q1 FY27
- After-sales revenue crossed ₹267 cr for the quarter, maintaining a high gross margin profile of ~41.2% (FY26 basis)
- Network expanded to 141 total outlets across 29 cities, including 77 sales showrooms and 64 workshops
Landmark Cars Limited has approved its Q1 FY27 financial results and scheduled its 20th Annual General Meeting (AGM) for September 24, 2026. The company has fixed September 17, 2026, as the record date for determining dividend eligibility. Key board changes include the reappointment of two independent directors and the addition of Ms. Rita Teaotia as an Independent Director. Additionally, the company announced a small grant of 2,000 ESOP options.
- Record date for dividend payment fixed as September 17, 2026
- 20th Annual General Meeting scheduled for September 24, 2026
- Grant of 2,000 options under the company's ESOP scheme
- Reappointment of Mr. Manish Chokhani as Independent Director for a 3-year term
- Appointment of Ms. Rita Teaotia as Additional Independent Director effective August 11, 2026
Landmark Cars has finalized September 17, 2026, as the record date for its dividend payment, with the Annual General Meeting scheduled for September 24, 2026. The board approved the re-appointment of two independent directors and the induction of Ms. Rita Teaotia, a former IAS officer and Commerce Secretary, as an Additional Independent Director. Operationally, the company granted 2,000 ESOPs and signed an MoU with Tecso Charge Zone to provide EV charging benefits to customers. These updates come as the company manages a TTM revenue of ₹2,764 Cr and a market cap of ₹2,645 Cr.
- Record date for dividend payment fixed as September 17, 2026
- 20th Annual General Meeting (AGM) to be held on September 24, 2026
- Appointment of Ms. Rita Teaotia as Additional Independent Director for a 3-year term
- Grant of 2,000 stock options under the Landmark ESOP Plan - 2023
- MoU signed with Tecso Charge Zone Limited for EV charging infrastructure benefits
Financial Performance
Revenue Growth by Segment
New Vehicle Sales & Allied Business recorded proforma revenue of INR 4,688.6 Cr in FY25, growing 23.2% YoY. In H1 FY26, New Car proforma sales grew 30.1% YoY to INR 258.4 Cr, while After-Sales revenue grew 9.7% YoY to INR 48.9 Cr. Total Proforma Revenue for Q2 FY26 was INR 1,657.2 Cr, up 30.7% YoY.
Geographic Revenue Split
Not disclosed in available documents, though the company operates across multiple regions with specific mentions of a new Kia workshop in Hyderabad operationalized in Q2 FY26.
Profitability Margins
Gross Profit Margin for Q2 FY26 was 16.17%, down from 18.44% YoY. Reported PAT Margin was 0.12% in Q2 FY26 compared to 0.04% in Q2 FY25. Adjusted PAT Margin (Pre-Ind AS) stood at 0.25% in Q2 FY26.
EBITDA Margin
Reported EBITDA Margin was 4.89% in Q2 FY26, a decline from 6.04% in Q2 FY25. H1 FY26 EBITDA Margin was 5.52% compared to 6.01% in H1 FY25, impacted by temporary discounts and the liquidation of demo cars.
Capital Expenditure
The company operationalized 23 out of 24 planned outlets in FY25. While specific future INR Cr figures are not disclosed, the strategy involves acquiring strategic assets annually to drive a 3-5 year growth plan.
Credit Rating & Borrowing
Finance costs increased by 20.5% YoY in H1 FY26 to INR 40.6 Cr. Q2 FY26 finance costs were INR 20.2 Cr, up 10.9% YoY, reflecting increased borrowing to support expansion and inventory.
Operational Drivers
Raw Materials
New Vehicles (Inventory) represents the primary cost, with COGS at INR 1,020 Cr in Q2 FY26 (84.2% of reported revenue). Spare parts and consumables for the After-Sales segment (41.1% gross margin) are secondary costs.
Import Sources
Sourced domestically from OEM manufacturing plants across India, including Mercedes-Benz, Honda, Volkswagen, and MG facilities.
Key Suppliers
Key OEM partners include Mercedes-Benz, Honda, Volkswagen, Jeep, Ashok Leyland, MG, BYD, Mahindra & Mahindra (M&M), Renault, and KIA.
Capacity Expansion
Current network includes 75 showrooms and 65 workshops as of Q2 FY26. The company added 2 new outlets in Q2 FY26 and plans to continue strategic acquisitions annually.
Raw Material Costs
COGS grew 37.3% YoY in Q2 FY26 to INR 1,020 Cr. Procurement is driven by OEM inventory allocations, with a focus on lean management to mitigate pricing volatility.
Manufacturing Efficiency
New outlets take approximately 4 quarters to reach full potential. 20% of workshops are currently 'under-ramped' (<18 months old), generating half the revenue of mature facilities.
Logistics & Distribution
Not disclosed as a separate percentage, but integrated into the dealership model where OEMs typically handle primary vehicle logistics to the showroom.
Strategic Growth
Expected Growth Rate
25-30%
Growth Strategy
Achieving growth through the 'After-Sales Engine' (targeting INR 1,000 Cr annual revenue), ramping up 20% of workshops that are currently new, and expanding the brand portfolio with high-growth partners like BYD (3x volume growth) and KIA.
Products & Services
Luxury and premium passenger vehicles, commercial vehicles (Ashok Leyland), vehicle servicing, spare parts sales, finance and insurance brokerage, and pre-owned car sales.
Brand Portfolio
Mercedes-Benz, Honda, Volkswagen, Jeep, Ashok Leyland, MG, BYD, M&M, Renault, and KIA.
New Products/Services
Expansion into the EV segment with BYD and adding mass-premium brands like Kia and MG, which are expected to contribute to the 100 bps gross margin improvement targeted for H2 FY26.
Market Expansion
Focus on acquiring strategic assets in chosen markets annually to become 'significantly bigger' over a 3-5 year horizon.
Market Share & Ranking
Landmark's 23.2% growth in FY25 significantly outperformed the broader passenger vehicle industry growth of 5%.
Strategic Alliances
Agency model partnership with Mercedes-Benz and dealership agreements with 10 major OEM partners.
External Factors
Industry Trends
The luxury segment is growing faster than the mass market. The industry is shifting toward EVs (BYD volumes up 3x) and integrated digital retail platforms.
Competitive Landscape
Competes with other regional luxury dealerships; Landmark differentiates through scale (10 brands) and operational efficiency (EBITDA positive new outlets).
Competitive Moat
Durable moat through a high-margin (41.1% GM) After-Sales business that is non-cyclical and provides steady cash flow, coupled with superior inventory management (42 days).
Macro Economic Sensitivity
Highly sensitive to premium consumer sentiment and interest rates; finance costs represent a significant expense at INR 40.6 Cr for H1 FY26.
Consumer Behavior
Shift toward premiumization and higher service expectations, reflected in the rising average revenue per vehicle serviced.
Geopolitical Risks
Trade barriers or import duties on luxury car kits (CKD/CBU) could impact the 42% revenue share from Mercedes-Benz.
Regulatory & Governance
Industry Regulations
Impacted by GST and Cess interpretations; a lack of clarity led to a 5-week sales suspension for Mercedes-Benz in Q2 FY26.
Environmental Compliance
Not disclosed in absolute INR; involves compliance with workshop waste management and EV infrastructure readiness.
Taxation Policy Impact
Effective tax rate of 15.2% in H1 FY26 (INR 1.6 Cr tax on INR 10.5 Cr PBT).
Risk Analysis
Key Uncertainties
Uncertain macro environment delaying outlet breakeven (expected in Q3 FY26) and volatility in OEM incentive structures impacting gross margins by ~200 bps.
Geographic Concentration Risk
Concentrated in India, with specific exposure to states where Mercedes-Benz and Kia dealerships are located.
Third Party Dependencies
High dependency on Mercedes-Benz (42% of revenue) and other OEM partners for inventory and pricing discipline.
Technology Obsolescence Risk
Risk of traditional internal combustion engine (ICE) workshops becoming obsolete; mitigated by servicing new EV brands like BYD.
Credit & Counterparty Risk
Receivables are generally low in retail, but the company manages significant commission structures with finance and insurance partners.
