Landmark Cars September profit rises to Rs 18.488 crore year-on-year

Landmark Cars Limited reported consolidated profit of Rs 18.488 crore for the quarter ended 30 September 2026, up from Rs 1.502 crore a year earlier, as total income increased to Rs 1,454.652 crore from Rs 1,215.819 crore. Profit also exceeded Rs 14.546 crore in the preceding June 2026 quarter.

How did Landmark Cars perform in the September quarter?

Landmark Cars recorded higher consolidated income and profit in the quarter ended 30 September 2026. Income from operations increased to Rs 1,451.608 crore from Rs 1,210.917 crore in the corresponding 2025 quarter, while other income declined to Rs 3.044 crore from Rs 4.902 crore. Consequently, total income rose by Rs 238.833 crore year-on-year.

Profit before exceptional items and tax rose to Rs 25.023 crore from Rs 0.607 crore a year earlier. An exceptional item of Rs 0.491 crore reduced profit before tax to Rs 24.532 crore, compared with Rs 0.607 crore in the September 2025 quarter. Total tax expense was Rs 6.044 crore, against a tax credit of Rs 0.895 crore a year earlier.

Landmark Cars also improved sequentially from the quarter ended 30 June 2026, when total income was Rs 1,305.596 crore and profit was Rs 14.546 crore. Basic earnings per share, not annualised for quarterly periods, were Rs 4.46 in the September 2026 quarter, compared with Rs 3.51 in June 2026 and Rs 0.29 in the September 2025 quarter.

What changed in Landmark Cars’ costs and sales reporting?

Landmark Cars’ total expenses rose by Rs 214.417 crore year-on-year to Rs 1,429.629 crore in the September 2026 quarter. Purchases of cars, vehicles, spares and other stock-in-trade increased to Rs 1,316.136 crore from Rs 1,037.178 crore, while employee benefits expense rose to Rs 76.310 crore from Rs 73.757 crore.

Changes in inventories reduced expense by Rs 8.933 crore in the quarter, compared with a reduction of Rs 1.715 crore in the September 2025 quarter. Finance costs increased to Rs 21.759 crore from Rs 20.196 crore, depreciation and amortisation rose to Rs 39.415 crore from Rs 38.352 crore, and other expenses increased to Rs 65.343 crore from Rs 62.882 crore.

Landmark Cars’ filing also describes Mercedes-Benz India Private Limited’s agency model for new-car sales. Customers place orders directly with Mercedes-Benz India Private Limited, while Landmark Cars and Landmark Cars (East) Private Limited earn commission on qualifying sales. The value of cars sold under this arrangement was Rs 529.057 crore in the September 2026 quarter, compared with Rs 474.076 crore a year earlier; this disclosed vehicle value is not reported as car-sale revenue.

What were Landmark Cars’ first-half earnings and cash-flow movements?

Landmark Cars reported consolidated profit of Rs 33.034 crore for the half year ended 30 September 2026, compared with Rs 8.868 crore in the corresponding 2025 half year. Total income increased to Rs 2,760.248 crore from Rs 2,282.702 crore, while profit before tax rose to Rs 43.683 crore from Rs 10.493 crore.

Despite the higher first-half profit, Landmark Cars reported net cash used in operating activities of Rs 16.878 crore, compared with net cash generated of Rs 176.859 crore in the prior-year half year. Cash generated from operations before direct taxes was Rs 0.764 crore, down from Rs 181.517 crore, and direct taxes paid were Rs 17.642 crore.

The operating cash movement included a Rs 123.625 crore increase in inventories, a Rs 28.953 crore increase in trade receivables and a Rs 31.885 crore increase in other assets. These outflows were partly offset by a Rs 20.692 crore increase in vehicle floor-plan payable and a Rs 4.493 crore increase in trade payables during the half year ended 30 September 2026.

How did Landmark Cars’ balance sheet and funding change?

Landmark Cars’ inventory stood at Rs 796.486 crore on 30 September 2026, compared with Rs 672.861 crore at 31 March 2026. Trade receivables increased to Rs 184.231 crore from Rs 156.302 crore, while cash and cash equivalents declined to Rs 31.665 crore from Rs 36.348 crore over the same six-month period.

Total current assets increased to Rs 1,288.868 crore from Rs 1,106.661 crore, and total assets rose to Rs 2,190.633 crore from Rs 1,979.177 crore. Property, plant and equipment increased to Rs 385.964 crore from Rs 371.580 crore, while right-of-use assets were Rs 346.334 crore at 30 September 2026 compared with Rs 340.794 crore at 31 March 2026.

Total liabilities rose to Rs 1,578.718 crore from Rs 1,394.642 crore. Non-current borrowings increased to Rs 62.255 crore from Rs 21.269 crore and current borrowings rose to Rs 580.575 crore from Rs 477.037 crore. Vehicle floor-plan payable increased to Rs 160.026 crore from Rs 139.334 crore, alongside the higher inventory balance.

Landmark Cars’ total equity was Rs 611.915 crore at 30 September 2026, compared with Rs 584.535 crore at 31 March 2026. Other equity increased to Rs 591.183 crore from Rs 563.803 crore, while paid-up equity share capital remained Rs 20.732 crore. Net cash from financing activities was Rs 61.420 crore in the first half, compared with an outflow of Rs 127.793 crore a year earlier.

What exceptional item and corporate action did Landmark Cars disclose?

Landmark Cars recorded an exceptional item of Rs 0.491 crore for the quarter and half year ended 30 September 2026. The company said this was the net impact of loss on discard of immovable property arising from relocation of a Mumbai Mercedes-Benz dealership workshop for strategic advantage.

Landmark Cars’ board approved the proposed amalgamation of Landmark Cars (East) Private Limited with Landmark Cars on 26 May 2026. The filing says the scheme has been filed with the relevant bench of the National Company Law Tribunal, or NCLT, and its sanction remains awaited. As Landmark Cars (East) Private Limited is wholly owned, the parent’s shares in that subsidiary would be cancelled without new parent shares or cash consideration.

Conclusion

Landmark Cars’ September-quarter results show a rise in consolidated profit to Rs 18.488 crore from Rs 1.502 crore as total income increased by Rs 238.833 crore year-on-year. The first-half accounts also show that inventory, receivables, borrowings and total liabilities increased, while operating cash flow moved to an outflow of Rs 16.878 crore.

The next disclosed matter to watch is the pending NCLT sanction for the amalgamation of Landmark Cars (East) Private Limited with Landmark Cars, approved by the board on 26 May 2026. The filing also identifies the Mercedes-Benz India Private Limited agency arrangement, under which Rs 529.057 crore of September-quarter vehicle value generated commission income rather than reported new-car sales revenue.