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.

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.