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Landmark Cars topline for the quarter came in at ₹1,302 crore

ICICIdirect Research 12 Aug 2026 DISCLAIMER

News: Landmark Cars topline for the quarter came in at ₹1,302 crore (up ~23% YoY). EBITDA in Q1FY27 came in at ₹72 crore (up ~18% YoY) with corresponding EBTDA margins at 5.5% (down 40 bps QoQ). Resultant PAT for the quarter came in at ₹ 15 crore vs. ₹ 7 crore in Q1FY26, however flat QoQ. EBITDA margins in the new car sales segment were at 1.6% (up 30 bps QoQ) while the after-service segment reported at 18.4% (down 170 bps QoQ). 

View: Q1FY27 performance marks third consequent quarter profitable growth for the company wherein new vehicle sales revenues grew at ~24% YoY amid volume growth of ~25% with commencement of several key model deliveries in June quarter, including Mercedes-Benz CLA, MG Majestor, and the new Renault Duster. On the on the after-sales business growth came in at 14% YoY which is close to the management guided range. However, the company is not able to scale up profitability from the current levels which makes it full on the valuations front, thereby lacking triggers for further up-move. We await management commentary on retail car demand especially luxury segment amidst the global geopolitical tensions & price hikes.

Impact: Neutral

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