Landmark Cars Q1 FY26: Revenue up 28%, profit doubles

What the quarter print showed

Landmark Cars Ltd reported a strong year-on-year improvement in its first-quarter numbers for the quarter ended Jun 25, even as revenue eased sequentially versus the immediately comparable quarter (Mar 26) in the shared dataset. Reported total revenue came in at ₹1,061.72 crore, up 27.61% YoY from ₹831.98 crore. On a sequential basis (QoQ), total revenue was shown lower by 2.70% versus ₹1,278.52 crore. Operating metrics also improved year-on-year, with operating income at ₹25.17 crore, up 28.78% YoY from ₹19.54 crore. Net income for the quarter was about ₹6.91 crore, more than double the ₹3.18 crore reported in the year-ago period.

Stock reaction and trading cues

Headlines around the results pointed to a positive market reaction, with one update noting Landmark Cars shares rose 6.1% to ₹506.35. Another reference point captured the stock in a weak session around ₹433.15, down 2.85%, and later around ₹432.85, down 2.69%, indicating volatility around the broader flow of news. A separate intraday snapshot listed ₹430.85 and ₹450.35 as key traded levels for the day. The mixed price points likely reflect different time stamps and market contexts across updates, but the common thread was that earnings and business momentum were central to price action. The stock was also noted as down 20% so far this year at one point in the coverage.

Reported revenue versus business update revenue

Alongside the quarterly financial table, the coverage also cited a company business update that used a broader definition of revenue from operations. In that update, total revenue from operations including agency sales was reported at ₹1,415 crore, up 22% YoY. This compares with the reported revenue figure of ₹1,061.72 crore in the quarterly table, which was also described elsewhere as ₹10,617 million (₹1,061.7 crore). The same source also cited a proforma revenue number of ₹14,152 million (₹1,415.2 crore), aligning with the “including agency sales” figure. Investors tracking Landmark Cars should therefore note that multiple revenue presentations were being used in the information flow, and the difference was explicitly linked to inclusion of agency sales.

Segment performance: vehicle sales drove the jump

The business update split the ₹1,415 crore revenue from operations (including agency sales) into two major buckets. Vehicle sales (including agency sales) were reported at ₹1,180 crore, up about 25% YoY. After-sales service revenue was ₹235 crore, up 8% YoY. One view in the coverage flagged that after-sales came in below an internal expectation of more than ₹260 crore versus the reported ₹235 crore, while still classifying the overall impact as neutral. The same note referenced Mercedes volume releases and pointed to luxury demand as a support factor.

Profitability: operating income and PAT expanded YoY

On the profitability line, the quarterly table showed operating income of ₹25.17 crore for the quarter ended Jun 25, up from ₹19.54 crore in Jun 24. Net income was shown at ₹6.91 crore for the quarter, up from ₹3.18 crore. Separate coverage referenced profit more than doubling to 74 million rupees, which is about ₹7.4 crore, broadly consistent with the “about ₹7 crore” profit figure cited elsewhere. The business update commentary also cited gross profit of ₹184 crore versus ₹161 crore in Q1 FY25, with gross profit margin at 17.4%. It also reported IITA of ₹66 crore with an IITA margin of 6.2% on a reported revenue basis.

New brands, EVs and model launches: what changed

Coverage attributed part of the quarter’s strength to strong sales of newly launched models from newer clients including Mahindra & Mahindra and BYD. Demand for BYD’s luxury EVs was highlighted as a key driver, with BYD becoming the second-biggest revenue contributor in the reported quarter, compared with being the seventh-biggest contributor in FY25. Mercedes-Benz remained the biggest contributor, as per the same update. In a separate commentary track, Landmark Cars was also described as achieving nearly 22% revenue growth in the quarter, outpacing an Indian passenger vehicle market that grew only 2.59% year-on-year on a volume basis.

Consumer momentum: inquiries and footfalls picked up

In an interview excerpt, Aryaman Thakker, Executive Director at Landmark Cars, said the company saw a roughly 30% increase in inquiries and showroom footfalls since “around the 22nd,” with some brands seeing an even higher rise. He added that the trend started after that period and was expected to continue into October till Diwali at least. The same interview segment also referenced “GST 2.0” as a factor increasing sales and inquiries in luxury models. These remarks were positioned as a demand-side explanation for improving deliveries and revenue growth in the premium segment.

Snapshot table: key quarterly numbers (all ₹ crore)

Figures are as shared in the quarterly table; comparison is shown as QoQ and YoY in the source.

Revenue from operations (including agency sales)

The company’s business update presented a broader revenue metric for the quarter. Within that framework, vehicle sales remained the largest component and after-sales provided incremental growth, though it was flagged as below one expectation point.

Broader context: premium mix and FY25 base

Beyond the quarter, the coverage highlighted a strategic push toward premium categories. Premium brand contribution was reported at 19% of revenue in Q1 FY26, up from 13% in FY25. For FY25, Landmark Cars reported revenue of ₹4,025.5 crore (up 22.4% YoY) and EBITDA of ₹234.9 crore, with an EBITDA margin of 5.8% that was described as lower year-on-year. The company also incorporated Landmark Luxury Retail Pvt. Ltd. to enter the luxury retail segment, with the stated aim of diversification and reduced dependence on cyclical passenger vehicle sales.

Why the numbers mattered to investors

The quarter’s narrative combined three threads visible in the data: strong YoY revenue growth, improving profitability from a low base, and an increasingly premium-led portfolio. At the same time, the sequential dip in reported revenue (as shown in the quarterly table) underscored the importance of reading the company’s seasonality and the difference between reported revenue and the “including agency sales” framework. The mix shift was also central to the discussion, with luxury EV momentum, especially around BYD, and continued scale from Mercedes-Benz. In the near term, investors are likely to track whether after-sales growth re-accelerates from the ₹235 crore level and whether the premium mix continues to rise from the stated 19%.

Conclusion

Landmark Cars’ Q1 FY26 updates pointed to a clear year-on-year expansion in revenue and profit, supported by premium and EV demand and contributions from newer brand relationships. Reported revenue was ₹1,061.72 crore, while the business update cited ₹1,415 crore from operations including agency sales, highlighting the need to track both lenses. The company’s own commentary on higher inquiries and showroom footfalls into the festive period will remain an important demand indicator in upcoming updates.