| Metric | Value (₹ Cr) | Q3 FY26 | Q4 FY25 |
|---|---|---|---|
| Revenue | 1.8K | 1.7% | 27.8% |
| Total Income | 1.8K | 1.8% | 27.8% |
| Expenditure | 1.8K | 1.7% | 26.9% |
| PBT | -7.21 | 8.7% | 55.5% |
| Net Profit | -4.96 | 837.5% | 63.9% |
| OPM | 3.05% | 0.24pp | 1.17pp |
| NPM | -0.28% | 0.32pp | 0.72pp |
| EPS | 0.70 | 677.8% | 63.7% |
Popular Vehicles Q4FY26: Revenue up ~28% YoY
26 May 2026 · 26 May, 9:22 pm
Summary
Popular Vehicles & Services Limited concluded FY26 with a strong Q4, reporting a consolidated total income of ₹1,758.8 crore, marking a ~28% year-on-year increase. This robust performance was bolstered by a significant ~44% year-on-year surge in new vehicle volumes, totaling 14,885 units, alongside an EBITDA of ₹57.5 crore and margins of 3.3%. For the full fiscal year, the company saw its revenue grow by ~15% year-on-year, driven by a ~21% rise in new vehicle volumes. Management attributed the year's success to strategic execution, a sharper focus on core businesses, network expansion, and diversification, further benefiting from a meaningful revival in consumer sentiment in the second half.
Key Highlights
- 1
Popular Vehicles & Services Limited reported Q4FY26 consolidated total income of ₹1,758.8 crore, an increase of approximately 28% on a year-on-year basis.
- 2
New Vehicles volumes for Q4FY26 significantly grew by approximately 44% year-on-year, reaching 14,885 units.
- 3
The company's EBITDA (including other income) for Q4FY26 stood at ₹57.5 crore, with margins at 3.3%.
- 4
For the full fiscal year FY26, consolidated revenue grew by approximately 15% year-on-year, while new vehicle volumes increased by approximately 21% year-on-year.
- 5
Popular Vehicles expanded its network during the year, commencing operations at new touchpoints for MSIL, Ather, and establishing a Balkrishna Industries Limited (BKT) distributorship.
- 6
Care Ratings Limited extended the company's long-term rating of CRISIL A/Stable, and short-term rating at CRISIL A1, with total rated bank loan facilities increasing from ₹468 Crore to ₹643 Crore.
- 7
Popular Mega Motors (India) Pvt Ltd, a wholly-owned subsidiary, received multiple awards at the Tata Motors South Zonal Meeting for its Q4FY26 performance.
Management Comments
Naveen Philip
FY26 was a year of strategic execution and recovery for Popular Vehicles & Services. The Company ended the year on a strong note, with Q4 FY26 consolidated revenue from operations growing by ~28% YoY, supported by broad-based momentum across the company. For FY26, revenue grew by ~15% YoY, while new vehicle volumes increased by ~21% YoY. The year also reflected the benefits of our sharper focus on core businesses, network expansion and diversification beyond Keralam. The second half of the year saw a meaningful revival in consumer sentiment, aided by GST reforms announced in September 2025 leading to improved affordability in the entry-level passenger vehicle segment. This translated into healthy growth in new vehicle volu
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