Popular Vehicles & Services Limited (PVSL), a leading automotive dealership player in India, has reported a significant uptick in its performance for the quarter ended September 30, 2025 (Q2FY26). The company witnessed a 36.5% quarter-on-quarter increase in new vehicle volumes, reaching 13,012 units.

Financial Highlights

• Total income stood at Rs. 1,534.60 crores, marking a 16.6% increase sequentially.
• Adjusted EBITDA (including other income) was Rs. 53.00 crores, with margins at 3.5%.
• The passenger vehicle segment, including luxury vehicles, recorded 8,498 units with revenue of Rs. 664.30 crores.

Segment-wise Performance

Key Developments

1. GST Impact: Some customers deferred purchases following GST rate cut announcements in September, moderating the full impact of sales growth.

2. Divestments: The company completed the divestment of Vision Motors and Kuttukaran Green during the quarter.

3. Network Expansion: PVSL expanded its network with a new NEXA workshop in Kerala.

4. Corporate Guarantees: The company extended corporate guarantees for its subsidiaries:

   • Rs. 17.50 crores for Popular Autoworks Private Limited
   • Rs. 37.50 crores for Popular Mega Motors (India) Private Limited

Management Commentary

Naveen Philip, Promoter and Managing Director, stated, "Q2 is seasonally a stronger quarter for us, supported by the Onam festive period. While we saw healthy enquiry levels and improved footfalls, the GST rate cut announcement led to some purchase deferrals. This was predominantly a timing issue, and we expect Q3 to reflect stronger volume momentum."

Future Outlook

Management expects stronger volume momentum in Q3 as deferred purchases materialize. The company cites a favorable economic environment supported by GST rate reductions and improved monsoon conditions as positive factors for future growth.

Popular Vehicles & Services Limited continues to focus on expanding its presence across six states in India, leveraging its partnerships with leading OEMs in the passenger vehicle, commercial vehicle, and electric vehicle segments.

Popular Vehicles & Services Limited , a prominent player in the automotive retail sector, has successfully completed the appointment of Mr. Murali Narayanan as an Independent Director through a postal ballot process, marking a significant milestone in the company's board restructuring efforts.

Postal Ballot Results

The company announced the completion of its postal ballot process with overwhelming shareholder support. The remote e-voting concluded on December 29, 2025, at 5:00 PM (IST), with the scrutinizer submitting the final report on December 30, 2025.

Director Appointment Details

Mr. Murali Narayanan (DIN: 11356917) has been appointed as Non-Executive Independent Director effective December 29, 2025, for a period of five years. The appointment was approved through a special resolution via postal ballot, and the company confirmed that he is not disqualified from holding the office of Director pursuant to section 164 of the Companies Act, 2013.

Director Profile and Expertise

Mr. Murali Narayanan brings extensive global experience as a seasoned technology leader with expertise in artificial intelligence, modern engineering, automation, and cloud strategy. He has held senior leadership roles in multinational organizations, including GSK and Dell Technologies, where he led large, diverse teams and delivered significant improvements in reliability, efficiency, and digital capability.

His professional background spans strategic technology adoption, operational excellence, and building resilient, AI-enabled enterprise environments. As a recognized innovator, he holds multiple patents and has contributed widely through research publications. As a Certified Independent Director, he combines strong governance perspective with deep technical insight and continues to advance his academic pursuits through ongoing research in data, artificial intelligence, and emerging technologies.

Regulatory Compliance

The postal ballot process was conducted in accordance with Regulation 30 and 44 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The scrutinizer, M.C. Sajumon (Membership No: A9868), a Practising Company Secretary, was appointed by the Board of Directors on November 10, 2025, to oversee the transparent voting process.

Strategic Corporate Actions

The company has undertaken several strategic initiatives alongside the board restructuring:

Looking Forward

With the successful completion of the board restructuring and appointment of an experienced technology leader, Popular Vehicles & Services appears focused on strengthening its governance structure while leveraging digital transformation capabilities. The company's ability to secure overwhelming shareholder support for governance changes, combined with its strategic acquisitions and the new director's expertise in AI and modern engineering, positions it for potential operational improvements in the competitive automotive retail sector.