popular vehicles & services reported a 15% year-on-year increase in consolidated revenue to ₹6,381 crore for the financial year ended March 31, 2026, driven by strong volume recovery across passenger, commercial, and electric vehicle segments. However, the company recorded a consolidated net loss of ₹12.5 crore, widening from the previous year’s loss of ₹10.5 crore, as higher depreciation, finance costs, and one-off provisions weighed on profitability. The results reflect the impact of significant strategic acquisitions completed during the year, including operations in Telangana, Punjab, and Andhra Pradesh.

The filing was submitted pursuant to Regulation 34(1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The Board of Directors has recommended the appointment of M/s. MSKA & Associates LLP as Statutory Auditors for a term of five years, subject to shareholder approval at the forthcoming Annual General Meeting (AGM). The 42nd AGM is scheduled for August 28, 2026, to be held via Video Conferencing.

Financial Performance

Consolidated revenue from operations rose 15.16% to ₹6,381 crore from ₹5,541 crore in FY25. EBITDA recovered to ₹203 crore, up 16% from ₹175 crore in the prior year. On an adjusted basis, excluding divested businesses and acquisition-related items, EBITDA grew 28% to ₹200.9 crore. The reported net loss of ₹12.5 crore was largely attributed to Ind AS-related acquisition accounting and integration costs from businesses acquired during the year, which management expects to normalize as these entities mature through FY27.

Segment Highlights

The commercial vehicle segment delivered its best-ever performance, with revenue growing 31.3% supported by strong Tata Motors volumes and the successful launch of BharatBenz in Punjab. The electric vehicle business scaled rapidly, with Ather two-wheeler volumes up 102% and EV service volumes up 79%. Passenger vehicle volumes recovered to 32,752 units, aided by GST 2.0-led affordability improvements. Service revenues remained resilient at ₹968 crore, up 8.3%, despite a mid-single-digit decline in job card volumes, as higher average selling prices and a focus on collision repair offset lower throughput.

Strategic Moves

During FY26, the company entered three new states—Telangana, Andhra Pradesh, and Punjab—adding new OEM relationships including Maruti Suzuki, Audi, and BharatBenz. It completed acquisitions of Globe CV, RKS Motors, and Olympus Motors while divesting non-core Honda and Piaggio businesses, unlocking ₹70 crore that has been redeployed into higher-return opportunities. Revenue from outside Kerala grew to approximately 47% of total revenue, up from 28% at the time of its IPO.

What the Numbers Show

A key observation from the financials is the divergence between operational momentum and reported profitability. While adjusted EBITDA grew a robust 28%, the reported net loss widened due to non-cash Ind AS accounting effects and integration costs associated with recent acquisitions. This suggests that the underlying core business is strengthening, but short-term earnings are being suppressed by the initial costs of scaling. Additionally, new vehicle inventory days improved meaningfully to around 29 days from approximately 41 days a year earlier, indicating healthier sell-through rates and disciplined working capital management amidst rapid expansion.

Popular Vehicles & Services reported a 53% year-on-year increase in total revenue from operations for the quarter ended June 30, 2026, driven by broad-based growth across vehicle segments. New vehicle volume sales surged 91% during the period, reflecting strong demand and improved customer sentiment following GST reforms announced in September 2025. The financial results are on a consolidated basis and subject to review by auditors.

Financial Performance

The company recorded robust growth across key business verticals, with organic revenue growth reaching 33% for the quarter. Passenger vehicles (excluding luxury) led the segmental performance with a 72% increase in revenue, followed by luxury passenger vehicles at 42%. Commercial vehicles and EV spare parts distribution also posted significant gains, rising 37% and 39% respectively.

Operational Highlights

Inventory management improved significantly, with new vehicle inventory days reducing to approximately 33 days from 50 days a year ago, aligning closer to the industry average. Absolute inventory grew a modest 7% year-on-year, substantially lower than the revenue growth, indicating disciplined inventory management despite network expansion. The company noted that pre-festive footfalls have been encouraging across all segments, signaling early momentum for the upcoming festive season.

Expansion and Acquisitions

Debt levels increased year-on-year, primarily due to acquisitions and network expansion. The company launched Yanik, the e-commerce platform of its wholly-owned subsidiary Zparex Digisolutions Private Limited, for the spare parts and accessories business. New touchpoints began operations during the quarter, including a Maruti Suzuki India Limited service center at Kolenchery, two Tata Motors Commercial Vehicle sales outlets in Kerala, and a Jaguar Land Rover sales and service facility in Nagpur.

Awards and Recognition

Popular Mega Motors (India) Pvt Ltd, a group entity, received four awards at the Tata Motors National Dealer Conference in Goa. The accolades included Highest Market Share Growth in CV Passenger and SCV Cargo (ACE), Highest Sales for the Tata Winger, and Spare Parts Process Excellence. The company noted that acquisition-related Ind AS adjustments continued to impact profitability, though acquired businesses are approaching breakeven.