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Landmark Cars total revenue from operations (including agency sales) for the quarter came in at ₹ 1,733 crore

ICICIdirect Research 15 Jul 2026 DISCLAIMER

News: As per the business update released by the company, total revenue from operations (including agency sales) for the quarter came in at ₹ 1,733 crore, up by ~22% YoY. Within this, Vehicle sales (including agency sales) amounted to ₹ 1,465 crore, up by ~24% YoY and After Sales service reported revenue of ₹ 268 crores with growth of 14% YoY. Company reported its highest-ever first-quarter sales during the quarter, backed by solid growth in both the Vehicle Sales and After-sales segments.

View: Q1FY27 performance came in ahead of our expectations, while new vehicle sales growth at ~24% YoY vs. our built in FY27 growth of 16%. In the after sales services segment as well, we had built in 12% YoY growth in FY27 vs. Q1FY27 reported growth of 14% YoY. Deliveries of several key models commenced in the June quarter, including Mercedes-Benz CLA, MG Majestor, and the new Renault Duster. Further, new models are expected to be launched from Mercedes-Benz, BYD, MG, M&M, Honda and KIA in the upcoming quarters. These launches are expected to drive healthy sales momentum in the coming months. The stock reacted positively (up 17%) to the business update in yesterday’s trading session and is now nearing is fair value. 

Impact: Neutral

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