LANDMARK Q1 FY26 earnings call.
A source-linked concall view: reported numbers, management language, guidance, commitments and risks that should carry forward.
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Revenue
₹1,062 Cr
verified against source
Revenue YoY
21.6%
reported change
EBITDA
₹66 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
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What the record says.
Landmark Cars delivered a strong Q1 FY26 with 21.6% revenue growth to ₹1,415 crore, significantly outpacing the 2.59% industry volume growth. The outperformance was driven by recent brand additions (BYD, MG, Mahindra) now contributing ~20% of business, while PAT more than doubled to ₹7 crore (+114% YoY). Mercedes-Benz India achieved its best-ever quarterly sales (4,238 units, +10% YoY) with top-end models (S-Class, Maybach, AMG) growing ~20%. Management acknowledged after-sales growth lagged at 8% due to new workshop ramp-up and Q1 seasonality, expecting double-digit recovery in H2. Key risks include delayed pre-owned car business execution, limited new outlet expansion this year, and EV after-sales revenue being ~14% lower than ICE vehicles. The company targets continued outperformance versus industry through organic ramp-up of 25 newly operationalized outlets rather than aggressive M&A.
Colored figures show movement against the previous available record.
Guidance to track
- 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.
- 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 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.
- 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.
Risks flagged
- After-sales revenue grew only 8% YoY while new car sales surged 22%, creating a portfolio mix shift that pressured gross margins. The lag is attributed to new workshop ramp-up timelines and Q1 seasonality (softest quarter at ~20-21% of annual contribution).
- Management acknowledged pre-owned car business remains a 'mountain to climb' and has been deprioritized for 9-12 months while stabilizing core operations and new outlets. Competitors are reportedly thriving in this segment which drives throughput and service income.
- Analyst asked about Tesla's Model Y launch impact; management provided minimal data (low single-digit customer switches) but lacked systematic competitive analysis. Tesla's India entry strategy and OEM support remain uncertain.
- Internal data shows EVs generate approximately 86% of ICE car after-sales revenue, creating a structural headwind as EV mix (BYD, MG) grows to ~20% of business. Full impact assessment requires another 6 months of data.
Key quotes
- Landmark has transformed itself completely as far as the portfolio mix is concerned. We now represent fast growing brands in a meaningful way. BYD and MG together are nearly 20% of the company's business.
- The after-sales business is like an annuity business that you need to look at. Many of the workshops have started getting to a mature state or near break-even or profitable stage. We believe they should generate ROC upwards of 30%.
- Pre-owned car business remains to be a mountain for us to climb and we will climb it. It is just a matter of timing. We had to prioritize stabilizing our existing business and new brand portfolio first.
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