Popular Vehicles Q4 FY26 Results (NSE: PVSL)
Signal: Growth decelerated
The read
Consolidated full-year PAT jumped 85.8% to ₹45.70 Cr, but Q4 alone swung to a net loss of ₹12.77 Cr, breaking the profitable trend; standalone losses deepen, and a business-update error (revenue growth restated from 69% to 28%) raises disclosure credibility concerns.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹638.11 Cr | 15.2% | 257.4% |
| EBIT | ₹7.61 Cr | -0.7% | |
| Net profit | ₹-1.28 Cr | -22.1% | |
| EPS | ₹1.75 | 19.0% | |
| EBIT margin | 3.2% |
P&L walk
Consolidated Q4 revenue ₹6,381.1 Cr (+15.2% YoY, +257.4% QoQ), EBITDA margin nearly flat at 3.2%, and net loss of ₹12.77 Cr vs profit of ₹10.33 Cr in Q4FY25; full-year PAT ₹45.70 Cr (+85.8% YoY) shows the year was profitable but Q4 swung to loss.
Key positives
- Full-year consolidated PAT ₹45.70 Cr, +85.8% YoY — strong annual earnings growth.
- Standalone operating cash flow turned sharply positive at ₹932.82 Cr vs -₹386.47 Cr in FY25.
Key concerns
- Consolidated Q4 net loss of ₹12.77 Cr vs profit of ₹10.33 Cr in Q4FY25 — a 22% YoY deterioration.
- Finance costs (standalone Q4) almost doubled YoY, reaching ₹144.15 Cr, pressuring margins.
- Depreciation surged 139% YoY as large capex came online — elevated fixed-cost burden.
- Standalone net loss widened to ₹51.14 Cr in Q4 vs -₹33.62 Cr in Q4FY25, a 52% deeper loss.
- Management admitted an error in the Q4 business update (revenue growth overstated as 69% vs actual 28%).
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