popular vehicles & services has submitted its Business Responsibility and Sustainability Report (BRSR) for the financial year 2025-26 to the Bombay Stock Exchange and the National Stock Exchange of India Limited. Filed on August 04, 2026, pursuant to Regulation 34(2)(f) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, the report details the company’s environmental, social, and governance (ESG) performance. The disclosures are made on a standalone basis and cover operations across 247 locations in India, with no international presence.

The filing reveals a total turnover of ₹28,68,35,24,430 and a net worth of ₹4,05,20,95,598 for FY26. These figures trigger the applicability of Corporate Social Responsibility (CSR) under Section 135 of the Companies Act, 2013. The company’s paid-up capital stands at ₹142,396,396. Varun T.V., Company Secretary & Compliance Officer, signed the submission from Kochi.

Operational and Employee Metrics

The company operates primarily through retail trading, which accounts for 100% of its turnover. Key business activities include the wholesale and retail sale of new vehicles (67%), used motor vehicles (11%), vehicle parts and accessories (10%), and maintenance and repair services (8%).

Employee data indicates a workforce of 2,082 employees and 5,118 workers at the end of FY26. Women constitute 11.91% of employees and 28.10% of workers. The turnover rate for permanent employees was 29.53%, while permanent workers saw a turnover rate of 34.06%.

Material Risks and Opportunities

The report identifies several material issues impacting the business. Emission regulations are cited as a risk due to increasing regulatory pressure, though the shift toward electric vehicles (EVs) presents an opportunity for market expansion. Other identified risks include supply chain dependence on Original Equipment Manufacturers (OEMs), data privacy concerns, and climate change impacts on operations.

Financial implications vary by issue; for instance, emission compliance involves increased costs for technology upgrades, while renewable energy adoption offers long-term energy cost savings. The company notes that it does not hold independent product certifications, as quality controls are managed by OEMs at their certified plants.

Compliance and Grievances

The company reported no complaints from communities, investors, or value chain partners regarding responsible business conduct principles. However, it recorded 15 shareholder complaints, all of which were resolved. Employee grievances totaled 62,318, with 91% resolved within the turnaround time of 48 hours. One case involving financial misappropriation remains under progress.

Regarding environmental compliance, the entity disclosed several penalties during the year. These included fines for violations related to effluent treatment plant operations, legal metrology seals, waste disposal, and electricity tariff misuse. Corrective actions such as restoring ETP operations, engaging authorized waste vendors, and regularizing connected loads have been implemented. The company also reported one instance of a data breach affecting its websites, which was contained by taking sites offline and migrating to secure servers.

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.