Landmark Cars · Material risks, their source context, and severity in the latest available quarter.
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Risk intelligence
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.
