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 popular vehicles & services Limited will convene its 42nd Annual General Meeting (AGM) on Friday, August 28, 2026, at 4:00 PM IST. The meeting, conducted exclusively through Video Conferencing or Other Audio-Visual Means, aims to secure shareholder approval for key board appointments and the adoption of financial statements for FY2025-26. These governance actions ensure continuity in leadership following recent promoter family transitions within the company.

The primary special business item involves the appointment of Mr. Paul Francis Kuttukaran as a Non-Executive Non-Independent Director. This induction follows the resignation of another promoter, Mr. Francis Kuttukaran Paul, effective March 31, 2026. The Board seeks to maintain representation from all three promoter families on the Board of Directors. Mr. Kuttukaran’s appointment is recommended by the Nomination and Remuneration Committee and was approved by the Board on May 26, 2026. He will be liable to retire by rotation and entitled to sitting fees of ₹75,000 per meeting.

Key Agenda Items

The AGM notice outlines several ordinary and special business items for shareholder consideration:

Mr. John K. Paul, the Whole-Time Director responsible for Maruti Suzuki dealership operations, offers himself for re-appointment. He holds 1,45,19,362 shares in the company as of March 31, 2026. M/s. MSKA & Associates LLP (formerly MSKA & Associates) has been recommended for appointment as Statutory Auditors for a term of five years, until the conclusion of the 47th AGM in FY2031-32.

Voting and Participation Details

Shareholders holding shares as of the cut-off date, August 21, 2026, are eligible to vote. Remote e-voting facilities provided by MUFG Intime India Private Limited will be active from Tuesday, August 25, 2026, at 9:00 AM IST, until Thursday, August 27, 2026, at 5:00 PM IST. Physical attendance and proxy appointments are dispensed with for this virtual meeting, though institutional shareholders may authorize representatives to participate via video conference.

Mr. Paul Francis Kuttukaran brings extensive international experience in automotive strategy and commercial leadership. He holds an MBA from Rotterdam School of Management and a Bachelor’s degree in Mechanical Engineering from PSG College of Technology. His profile highlights expertise in market intelligence, contract negotiation, and cross-functional leadership across Europe and Asia.