Landmark Cars Q1 FY27 Results (NSE: LANDMARK)
Signal: Growth reaccelerated
The read
The key inflection is a rebound in consolidated PAT to ₹145.46 million, +110.6% YoY, after Q1FY26 PAT of ₹73.66 million, but the quality of the recovery is mixed because EBITDA growth of +13.7% lagged revenue growth of +22.7% and consolidated earnings materially outperformed standalone earnings.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,302.36 Cr | 22.7% | +1.9% |
| EBIT | ₹38.91 Cr | 28.3% | |
| Net profit | ₹14.55 Cr | 110.6% | |
| EPS | ₹3.51 | 110.2% | |
| EBIT margin | 5.8% |
P&L walk
Consolidated revenue reached ₹13023.58 million, +22.7% YoY and +1.9% QoQ, but EBITDA increased only +13.7% with margin at 5.8%, while PAT rose +110.6% to ₹145.46 million on stronger operating profit and a favourable tax comparison.
Segments
Although the group reports a single business segment, the standalone-versus-consolidated split is material: subsidiaries contributed the majority of consolidated revenue and lifted PAT growth to +110.6% versus +34.3% standalone.
Key positives
- Consolidated revenue reached ₹13023.58 million, +22.7% YoY and +1.9% QoQ, extending the growth trajectory from ₹10617.20 million in Q1FY26.
- PAT increased to ₹145.46 million, +110.6% YoY, while EPS rose +110.2% to ₹3.51, with the filing classifying earnings quality as clean.
- Employee cost increased only +9.2% YoY to ₹693.08 million against revenue growth of +22.7%, reducing employee-cost intensity to 5.3% of revenue from 6.0%.
- Finance costs declined 3.4% YoY to ₹197.54 million despite the 22.7% revenue increase.
- Mercedes-Benz agency-model car value rose to ₹4548.63 million, +22.4% YoY, supporting dealership throughput while revenue recognition is limited to commission income.
Key concerns
- EBITDA grew +13.7% YoY to ₹752.4 million versus revenue growth of +22.7%, compressing EBITDA margin to 5.8% from approximately 6.2%.
- Gross margin declined 141bps YoY to 15.5%, with purchase and inventory-related costs rising to ₹11008.28 million; the filing does not disclose the cause.
- Consolidated PAT growth of +110.6% materially exceeded standalone PAT growth of +34.3%, increasing the importance of subsidiary execution and integration.
- The filing reports 2,000 new ESOPs, representing 0.0048% of paid-up share capital; current dilution is immaterial, but future grants and exercise remain monitoring points.
Research and educational content only. Not investment advice.