Popular Vehicles and Services Ltd reported a consolidated net loss of ₹12.5 crore for the financial year ended March 31, 2026, narrowing from a loss of ₹10.5 crore in the previous year. Revenue from operations increased 15.1% to ₹6,401.1 crore for FY26, compared to ₹5,561.6 crore in FY25. For the quarter ended March 31, 2026, the company posted a net loss of ₹5.0 crore, a significant improvement from the loss of ₹13.7 crore in the same period last year, while Q4 revenue rose to ₹1,754.5 crore from ₹1,372.4 crore year-on-year. The company clarified that Q4 revenue growth was restated to 28% following rectifications for erroneous calculations related to recent acquisitions and divestments.

The Board of Directors, in its meeting held on May 26, 2026, approved the audited standalone and consolidated financial results. The statutory auditors, B S R & Associates LLP, issued an unmodified opinion on the annual financial results. The company recorded total income of ₹6,401.1 crore and total expenses of ₹6,428.3 crore for the year. EBITDA for the full year stood at ₹203.4 crore, with margins at 3.2%.

Quarterly Performance

Q4 performance reflected a strong operational turnaround, with EBITDA surging 93.5% to ₹57.5 crore from ₹29.7 crore in the same quarter of the previous year. EBITDA margin for the quarter improved to 3.3% from 2.2% year-on-year. The following table summarises the key quarterly and annual financial metrics:

Operational Performance

New vehicle volumes for FY26 stood at 53,452 units, up 21.2% year-on-year, while total income from new vehicles grew 19.1% to ₹4,813 crore. The commercial vehicle (CV) segment led the growth in Q4 FY26 with volumes rising 58.9% to 3,716 units, while electric vehicle (EV) volumes surged 137.6% to 3,079 units. Services and repairs income increased 7.2% to ₹968 crore for the full year, despite a 5.8% decline in volumes, driven by higher average realizations.

Strategic Acquisitions and Expansion

During the year, the company completed strategic acquisitions, including a BharatBenz dealership in Punjab, a Maruti Suzuki dealership in Telangana, and Audi dealership operations in Telangana and Andhra Pradesh. Concurrently, the company divested its Honda and Piaggio businesses. Additionally, subsidiary Prabal Motors Private Limited acquired the commercial vehicle business of Globe CV Private Limited, and Imperion Cars Private Limited acquired an Audi India dealership.

Exceptional Items and Ratings

The company reported an exceptional item of ₹152.87 million related to the statutory impact of new Labour Codes. Care Ratings Limited extended the long-term rating of CRISIL A/Stable and the short-term rating at CRISIL A1, valid till March 31, 2027. The total bank loan facilities rated increased from ₹468 crore to ₹643 crore.

Popular Vehicles and Services Ltd has appointed Mr. Gopikrishnan J as its new Chief Risk Officer (CRO) effective May 26, 2026, following an internal re-organization approved by its Board. The company also announced the transition of the existing CRO, Ms. Jarly Manjesh, to a new strategic role within the organization. These management changes aim to strengthen the company's risk governance and operational framework as it continues to expand its footprint in the automobile sector.

The Board of Directors approved the personnel changes at its meeting held on May 26, 2026. The decisions were based on the recommendations of the Risk Management Committee and are in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company disclosed these details to the stock exchanges to ensure transparency regarding senior management transitions.

Ms. Jarly Manjesh, the former Chief Risk Officer, has transitioned to the role of Head – Group Finance Transformation. This move is effective from the close of business hours on May 26, 2026. The transition is categorized as an internal re-organization, allowing the company to leverage her experience in a new strategic capacity focused on financial transformation within the group.

Mr. Gopikrishnan J, who currently serves as the Head of Operations – Tamil Nadu, has taken over the responsibilities of the Chief Risk Officer. He brings over 22 years of experience in the automobile industry, specializing in sales, marketing, dealership operations, and business strategy. His appointment is on a full-time regular basis, governed by the terms of his appointment letter and approvals from the Risk Management Committee.

The following table summarizes the key details of the management changes:

Mr. Gopikrishnan Jayakumar’s extensive background includes leadership roles at prominent automotive firms such as Renault India Private Limited, Tata Motors Limited, and Honda Siel Cars India Limited. Most recently, he served as the Group CEO of Kaveri Garage Private Limited. His expertise in regional sales management, dealer development, and operational efficiency is expected to bolster the company's risk management capabilities.