Landmark Cars Limited delivered its strongest quarterly performance to date in Q3 FY26, with Chairman and Executive Director Sanjay Thakker describing it as a record-breaking quarter across key financial metrics. The automotive retailer achieved significant growth despite operating in a dynamic market environment marked by policy changes and structural shifts in the Indian passenger vehicle sector.

Financial Performance Highlights

The company's financial results for Q3 FY26 demonstrated robust performance across all major segments:

CFO Surendra Agarwal highlighted that gross profit reached ₹220 crores with a margin of 16.4%, while the company maintained disciplined cost management with employee and operating expenses below the targeted 4.4% of proforma revenue.

Nine-Month Performance Overview

For the nine months ended December 31, 2025, Landmark Cars achieved substantial growth momentum:

The average selling price for new cars increased from ₹20.6 lakh in nine months FY25 to ₹21.6 lakh in nine months FY26, reflecting the company's focus on premium segments.

OEM Portfolio Performance and Outlook

Executive Director Aryaman Thakker provided comprehensive updates on the company's diverse OEM partnerships. Mercedes-Benz continues as the crown jewel with plans for 12 new model introductions and strong performance in value-focused segments. The brand recently announced local production of the Maybach GLS and upcoming launches of the V Class and CLA sedan.

BYD delivered robust growth with close to 80% volume increase in calendar year 2025, despite supply constraints in November and December. Mahindra started 2026 strongly with the XEV 9S and XUV 7XO recording over 93,000 bookings within hours of launch. Renault showed renewed traction with the all-new Duster relaunch, while MG continues strong performance with the MG Select brand contributing positively.

EU-India FTA Impact and Strategic Opportunities

Management emphasized the significant potential impact of the recently concluded EU-India FTA on the company's European OEM partners. Over 50% of Landmark's volume comes from OEMs expected to benefit from this agreement, including Mercedes-Benz, Renault, Volkswagen, and Stellantis brands.

Key FTA benefits include:

• Reduced duties on Fully Built Units (CBUs)
• New import categories with lower duty structures
• Expanded product portfolio opportunities for European brands
• Reduced parts costs improving overall ownership economics
• Enhanced pricing flexibility for OEM partners

Sanjay Thakker noted that senior-level visits from European manufacturers have increased significantly following the FTA signing, indicating renewed strategic interest in the Indian market.

Operational Excellence and Cash Generation

The company demonstrated strong operational discipline with net operating cash flow of approximately ₹265 crores for the nine-month period. Inventory management remained efficient at 31 days, well below industry averages. The aftersales business achieved record quarterly performance with the highest revenue and year-on-year growth, supported by progressive ramp-up of newer workshops.

During the quarter, Landmark expanded its network with new Mercedes-Benz outlet in Bhopal and Mahindra outlet in Hyderabad. The company maintains a strategic approach to expansion, focusing on profitable growth and operational efficiency.

Future Outlook

Looking ahead, the company expects continued momentum supported by a healthy pipeline of new model launches including the Mercedes-Benz V Class and CLA, Volkswagen Tayron, MG Majestor, and Renault Duster. Management expressed confidence in the medium to long-term opportunities, particularly in premium luxury and electric vehicle segments, while maintaining disciplined growth strategies and cost optimization focus.

Landmark Cars Limited has announced its Q3FY26 unaudited financial results, demonstrating strong operational performance with significant growth across key metrics. The Board of Directors approved the consolidated and standalone financial results at their meeting held on February 10, 2026, which commenced at 11:00 AM and concluded at 4:00 PM.

Q3FY26 Financial Performance

The company delivered robust financial results for the quarter ended December 31, 2025, showcasing improved operational efficiency and market positioning:

Nine Months Performance

For the nine months ended December 31, 2025, the company maintained strong momentum with consolidated revenue reaching ₹36,177.13 million compared to ₹29,342.75 million in the corresponding period last year, representing a growth of 23.3%. Consolidated net profit for the nine-month period stood at ₹230.48 million versus ₹155.84 million in the previous year, marking a significant increase of 47.9%.

Business Model Transformation

The company continues to benefit from its agency model arrangement with Mercedes-Benz India Private Limited. Under this model, customers place orders directly with Mercedes-Benz through Landmark Cars, earning commission income on each sale. The value of cars sold on behalf of Mercedes-Benz during Q3FY26 reached ₹5,374.85 million compared to ₹5,035.40 million in Q3FY25.

Corporate Developments

Several strategic initiatives were completed during the period:

Regulatory Compliance and Exceptional Items

The company reported exceptional items of ₹20.18 million in Q3FY26, primarily due to the impact of new Labour Codes implemented by the Government of India effective November 21, 2025. This includes ₹19.26 million related to incremental gratuity impact arising from changes in wage definitions under the unified labour framework.

Upcoming Earnings Call

Landmark Cars has scheduled an earnings conference call for February 11, 2026 at 10:30 AM IST to discuss these Q3FY26 results. The call will be hosted by Monarch Networth Capital and will feature key management including Mr. Sanjay Thakker (Chairman and Executive Director), Mr. Aryaman Thakker (Executive Director), and Mr. Surendra Agarwal (Chief Financial Officer).