Landmark Cars Limited is a professionally managed, multi-brand premium and luxury automotive retailer operating 141 outlets and 65 workshops across 12 states and 29 cities, acting as authorised dealer for Mercedes-Benz and multiple OEMs while providing new vehicle sales, after-sales services, financing agency services, accessories and insurance distribution through a group of wholly-owned subsidiaries.

Q3FY26 was a record quarter: proforma revenue at Rs.18,513 million (+11% YoY), EBITDA Rs.788 million (+13.3% YoY) and PAT Rs.142 million (+20.1% YoY). Nine months proforma revenue reached Rs.49,236 million (+20.1% YoY) and net cash from operating activities surged to Rs.2,652 million, reflecting improved cash conversion and operational discipline.

After-sales is a high-margin annuity for Landmark with FY25 gross margins near 41% and EBITDA margins around 18%, delivering 24.3% RoCE in FY25; 9MFY26 after-sales revenue was Rs.7,680 million and workshops opened over the last 18 months are progressively ramping, improving profitability and recurring revenue visibility as the car parc grows.

Landmark is positioned to benefit from recent trade developments: management highlights that over 50% of its current portfolio could gain from India-EU and interim US trade deals through lower duties and expanded CBU import windows, particularly for European OEMs such as Mercedes, Volkswagen, Renault and Stellantis, potentially enlarging the addressable premium market over the medium term.

Operational discipline remains a key differentiator: new vehicle inventory reduced to ~31 days versus industry ~39 days, employee and other operating expenses are targeted within 4% of proforma revenue, and the company emphasises working-capital efficiency and calibrated capex (Rs.50 crore in 9MFFY26) to balance growth with margin improvement.