Landmark Cars Ltd Q1 FY27 Results

Landmark Cars' consolidated PAT for Q1 FY27 (quarter ended June 30, 2026) came in at ₹14.55 Cr, up 97.5% YoY from ₹7.37 Cr, on consolidated revenue from operations of ₹1,302.36 Cr, up 22.7% YoY from ₹1,061.72 Cr. EPS of ₹3.51 more than doubled from ₹1.67 (+110%) — a bigger jump than total PAT growth because the year-ago quarter still carried a small non-controlling-interest deduction for Landmark Cars (East), which became a wholly-owned subsidiary in October 2025 and contributes no minority share now. Sequentially, revenue rose a modest 1.9% over Q4 FY26's ₹1,278.52 Cr while PAT dipped 3.2% from ₹15.03 Cr — a routine seasonal step-down given Q4 typically carries a year-end sales push, not a break in the YoY trend.

The profit jump was not driven by core margin expansion: an EBITDA-equivalent margin (PBT before exceptional items, adjusted for finance cost, depreciation and other income, over revenue) eased to roughly 5.5% from about 5.75% a year ago (Q4 FY26 was ~5.8%), in line with management's own framing of FY27 as a 'consolidation year' with slower expansion-led gains. The PAT growth instead came from operating leverage below that line — finance costs fell 3.4% YoY to ₹19.75 Cr even as revenue grew 22.7%, and the effective tax rate eased to 24.0% from 25.5% — plus a thin prior-year base. Net profit margin (PAT/total income) still expanded to 1.11% from 0.69% YoY, though it eased slightly from Q4 FY26's 1.17%. No exceptional items hit this quarter, so the YoY comparison is clean and unadjusted.

The stock went into the print at ₹575, up 35.6% over the past month of trading.

The print reads ahead of expectations: ICICI Securities had built in 16% YoY new-vehicle sales growth for FY27, while the quarter's actual came in at 24% YoY, and after-sales grew 14% YoY versus the brokerage's 12% assumption. The stock had already rallied roughly 35% over two sessions after a July 14 operational update citing a proforma revenue figure of ₹1,733 Cr (+22.47% YoY, including gross MBIL agency-sale value) — a broader metric than the ₹1,302.36 Cr Ind AS revenue used here. Against management's May 2026 guidance of a slower-growth 'consolidation year' with capex reverting to ~₹50 Cr, this quarter's reacceleration in both revenue and PAT reads ahead of that cautious framing, even as the softer operating margin is consistent with it. Standalone (parent-only) results show slower profit growth than the group — PAT +34% YoY to ₹11.59 Cr on revenue +38% YoY to ₹195.06 Cr — indicating subsidiaries, particularly the soon-to-be-merged LCEPL, drove a disproportionate share of the consolidated profit gain. The board also reappointed two independent directors, inducted former Commerce Secretary Rita Teaotia as an Additional Independent Director, granted 2,000 ESOPs, and signed an EV-charging MOU with Tecso Charge Zone tied to its BYD expansion — none financially material this quarter but consistent with the EV push, alongside the still-pending NCLT sanction for the LCEPL-parent amalgamation approved in May 2026.