After-sales growth recovery to double-digit
Management expects after-sales segment to return to 13-14% historical CAGR by year-end as newer workshops reach full operational capacity and H2 seasonality normalizes.
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Landmark Cars · forward-looking guidance across the available source record.
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What management said would happen.
growth
No major new outlet expansion in FY26
The company has completed its 25-outlet expansion phase and will focus on stabilizing/ramping up existing locations. One or two outlets may open but nothing of similar scale to last year.
MG Select contributing from Q2
MG Select showroom in Ahmedabad and Kolkata operationalized in Q2 with deliveries starting August; Cyberster (₹75 lakh) and M9 MPV (₹69.9 lakh) already showing positive response with waiting periods.
Finance & insurance improvement
Renegotiated contracts for consumables and better terms with banks have been executed; benefits will start reflecting in coming quarters as penetration improves from current ~1% of sales.
EBITDA margin trajectory
Management targets gradual improvement toward historical peak EBITDA margin of 6.6-7% achieved in FY23 as newer brands (currently 20% of revenue) reach maturity over next few quarters.
After-sales growth normalization
Aftersales business returning to 14%+ growth trajectory with new workshops progressively ramping up and newer brand car park expanding.
Mercedes-Benz launches
12 new model introductions (minor and major) starting next month, including V-Class and CLA sedan, with 40 global new products planned over coming years.
Depreciation run-rate
Annual depreciation to remain around ₹150 crore including IND AS amortization impact of ~₹20 crore per quarter, with interest on lease liability at ~₹7.7 crore quarterly.
FY27 Capex: ~₹50 Crore
Management indicated capex guidance of approximately ₹50 crore for FY27, aligning with historic norms before the 18-month rapid expansion phase. This represents a significant reduction from recent elevated capex levels.
Consolidation Phase in FY27
FY27 will be a year of consolidation where emphasis shifts from expansion to optimizing operations and sweating existing assets. Growth will come from ramp-up of recently opened outlets rather than new outlet additions.
Target Return to Historic Profit Margins
Management aims to return to historic profit matrices, indicating confidence that cost optimization and asset utilization improvements will drive margin expansion from current 6.2% EBITDA margin toward historical levels.
BYD Pune Facility: July Launch
BYD Pune sales and service outlets will become operational in July 2026, expected to increase Landmark's BYD market share nationally as supply normalizes post homologation changes.