Landmark Cars Q4 FY26 revenue rises 17% to ₹1,790 crore

Key takeaways from the quarter

Landmark Cars reported a higher top line in Q4 FY26, supported by growth in both vehicle sales and after-sales services. Consolidated Q4 FY26 revenue was reported at ₹1,790 crore, up 17.30% from ₹1,526 crore in Q4 FY25. The company’s operational commentary pointed to a quarter where volumes normalised after a period of softer sentiment, while the service network benefitted from newer workshops moving from ramp-up to stabilisation.

A key highlight was that the company’s after-sales and spare parts business delivered what it described as its highest-ever quarterly performance. Vehicle sales remained the largest contributor to revenue, with both agency sales and pre-owned vehicle sales included in the stated segment number.

Q4 FY26 segment performance: vehicles and after-sales

Vehicle sales, including agency sales and pre-owned vehicle sales, stood at ₹1,508 crore in Q4 FY26. This represented 17.72% growth compared with ₹1,281 crore in Q4 FY25. The company also reported after-sales service and spare parts and others at ₹282 crore in Q4 FY26, rising 15.10% year on year, and linked the growth to the ramp-up and stabilisation of newly opened workshops.

The data indicates that the quarter’s growth came from steady expansion in the core dealership-led business rather than any one-off item. The company also cited the scale-up of service capacity as a contributor, which typically supports recurring revenue and workshop utilisation.

FY26 numbers show continued momentum

For the full year FY26, the company reported vehicle sales revenue of ₹5,664 crore, up 20.79% year on year. It also reported after-sales service revenue of ₹1,049 crore for FY26, up 11.95% year on year. Alongside segment trends, the company reported annual FY26 revenue of ₹6,713 crore, up 19.32% from ₹5,626 crore in FY25.

These numbers point to a year where the faster growth came from vehicle-led revenues, while after-sales expanded at a steadier pace. The company also indicated an expectation of returning to its 10-year growth rate in the after-sales business, as per its management commentary.

Management commentary: Mercedes demand, margins, and mix

The company said Mercedes sales were temporarily affected by weak customer sentiment driven mainly by capital market volatility. It also stated that it had to forgo variable earnings, which impacted margins. The company described this as an aberration and said volumes had returned to their normal growth pace in the subsequent quarter.

On mix, the company stated that top-end vehicles priced over ₹1.5 crore contributed 25% of sales volumes. It also said the brand was expecting double-digit growth for the rest of the calendar year.

BYD volumes: a separate demand signal

The company’s commentary also referenced BYD, stating it was having its best year in India so far and had achieved sales of over 700 cars in both April and May. For context, it noted BYD sold a total of 3,000 cars in calendar year 2024. It attributed volume growth to new launches and the homologation of the EMAX 7 and the Atto 3.

While BYD volumes are not presented as Landmark Cars’ revenue numbers in the supplied information, the commentary offers a window into broader demand trends in premium and EV segments.

Earlier quarter context: Q3 FY26 profit and revenue

Separate from Q4 FY26 revenue and segment data, the company reported that consolidated net profit rose 24.93% to ₹14.18 crore in Q3 FY26. Revenue from operations in Q3 FY26 increased 12.56% year on year to ₹1,345.07 crore over Q3 FY25.

This Q3 FY26 update provides additional context that profitability improved year on year in the preceding quarter, even as management highlighted near-term margin pressure tied to variable earnings in parts of the business.

What the market has tracked in past quarters

In an earlier update related to Q4 FY25, Landmark Cars shares were reported to have risen 2.85% to ₹428.05 after the company’s revenue from operations grew 17.31% to ₹1,525 crore in Q4 FY25 from ₹1,300 crore in Q4 FY24. In that quarter, after-sales service and spare parts and others were reported at ₹246 crore (up 10.81% year on year), vehicle sales revenue at ₹1,257 crore (up 21.10% year on year), and pre-owned vehicle earnings (including commission) at ₹22 crore (down 45% year on year).

This historical snapshot shows the same broad pattern: vehicle sales leading growth, after-sales delivering steady expansion, and pre-owned fluctuating more sharply.

Summary table: reported metrics in ₹ crore

Market impact and why the numbers matter

For investors tracking auto retail and luxury dealerships, the Q4 FY26 revenue growth and the FY26 segment trend highlight two operational levers: vehicle throughput and workshop monetisation. The company’s statement that newly opened workshops have stabilised matters because service revenue is usually more recurring compared with new vehicle deliveries.

At the same time, the management commentary about Mercedes demand being temporarily impacted by capital market volatility, and the note on forgone variable earnings affecting margins, points to sensitivity in profitability during periods of softer high-end buying sentiment. The reported mix detail that vehicles priced above ₹1.5 crore accounted for 25% of volumes is also relevant because mix can influence both margins and working capital cycles.

Conclusion

Landmark Cars’ Q4 FY26 performance showed year-on-year revenue growth to ₹1,790 crore, supported by ₹1,508 crore in vehicle sales and ₹282 crore in after-sales and spares. For FY26, it reported ₹6,713 crore of revenue, with vehicle sales of ₹5,664 crore and after-sales of ₹1,049 crore. Management commentary highlighted a temporary demand impact tied to market volatility and indicated that volumes normalised thereafter, while workshop expansion continued to support after-sales growth.