Landmark Cars Ltd Q2 FY25: 1,210 Cr Revenue, 1.51 Cr PAT, 112x PE – The Auto Dealer That Sells Mercs But Books Maruti-Level Profits
1. At a Glance
Landmark Cars Ltd, the dealership king that sells Mercedes to the rich and Honda to their drivers, has dropped its latest quarterly numbers—and hoo boy, the Gita was right when it said, “Karmanye vadhikaraste…” Because this company is surely doing a LOT of karma, but where are the phal bro? With ₹1,210.92 crore in Q2 FY25 sales and a profit of just ₹1.51 crore, Landmark is giving strong “premium showroom outside, dukaan inside” vibes. The stock trades at ₹562, with a market cap of ₹2,327 crore, a PE of 112, a ROE of 3.09%, and a debt of ₹831 crore—yes, this dealer apparently financed half the parking lot.
Revenue growth is hot (33.5% YoY), PAT growth is “Bollywood plot twist” (200% YoY, but from almost nothing). Net margins? 0.46%. Basically, they sell luxury cars for others and keep the pocket change.
Yet, this is India’s largest premium auto retailer with Mercedes, Honda, Jeep, Renault, Volkswagen, MG, BYD, Kia, Mahindra all under its umbrella. A retail empire of 135+ outlets, only two owned, the rest asset-light like a yogi who renounced capex.
If these numbers don’t make you curious, nothing will. Strap in—this one’s a full Comedy-Drama-Thriller.
2. Introduction – 300 Words, With Sarcasm
Welcome to the world of Landmark Cars, where luxury cars worth ₹80 lakh glide gracefully across polished marble showrooms, and at the backend the finance team is figuring out how to explain 1 crore profit on 1,200 crore sales. The irony writes itself.
Landmark is not your average auto dealer. It’s the titan of premium and luxury retailing. Mercedes? They’re the #1 partner. Jeep? Also #1. Honda, Volkswagen, Renault? Take a wild guess. BYD? Yup, chart-topper. Basically, if premium OEMs were Tinder profiles, they all swiped right on Landmark.
Since IPO, they’ve opened outlets faster than some startups burn cash—23 new outlets in 9M FY25. The business model is wide: new vehicle sales (80%), after-sales (17%), pre-owned (2%), finance & insurance (1%). Think of them as the Big Bazaar of the luxury car world: everything under one roof, except profits.
Financially, Landmark is a vibe. Sales growing fast, margins evaporating faster. Debt creeping up, promoter holding drifting down, auditors resigning in a subsidiary (always fun). And still the stock commands a PE of 112 because the market has faith… or FOMO… or both.
But one cannot deny: the company is India’s largest premium car retailer, expanding across 13 states, 32 cities, and 142 current/upcoming outlets. Asset-light, operationally gritty, and OEM-favored—Landmark is like that student who scores average marks but teachers love them anyway.
Ready? Let’s pop the hood.
3. Business Model – WTF Do They Even Do?
Think of Landmark Cars as the middleman between your “I want a Mercedes” dream and your bank’s “please don’t do this” reality.
Here’s their business—explained like you’re a smart but lazy investor:
1. New Vehicle Sales (80%)
This is the bread, butter, jam, and 7-course meal. They sell new cars for OEMs including Mercedes, Jeep, Honda, Volkswagen, Renault, MG, BYD, Kia, Mahindra, and Ashok Leyland. They don’t manufacture anything; they just convince you to buy expensive things you don’t need but desperately want.
2. After-Sales & Car Care (17%)
Workshops, servicing, repairs, spare parts, lubricants. This is the good stuff—high-margin, steady, less drama. Like the mother who always supports you even when the father (new car business) is yelling at you.
3. Pre-Owned Cars (2%)
They also sell used cars using a digital platform developed by Sheerdrive (where Landmark has 19.97% equity). Basically OLX but with AC and fewer scams.
4. Finance & Insurance (1%)
Earn commissions on loans and insurance products. One of those “every rupee helps” situations.
Their model is asset-light—only 2 outlets owned, rest leased. CAPEX saved = more cash for expansion. They opened 23 outlets in 9M FY25, proving speed is their love language.
Outlets break even in 3–4 quarters, and 5 outlets in FY25 already turned profitable.
TL;DR: They sell cars, service cars, fix cars, resell cars, and help finance cars. Basically, everything except making the actual car.
4. Financials Overview
Quarterly Comparison Table (₹ crores)
Latest quarter = Sep 2025
Source table
Metric
Latest Qtr (Sep 25)
YoY Qtr (Sep 24)
Prev Qtr (Jun 25)
YoY %
QoQ %
Revenue
1,210.92
907.27
1,061.72
33.47%
14.06%
EBITDA (OP)
54.26
51.95
61.04
4.45%
-11.11%
PAT
1.51
0.34
7.37
344%
-79.5%
EPS (₹)
0.29
-0.00
1.67
NA
NA
Annualised EPS = 0.29 × 4 = ₹1.16
Recalculated P/E = 562 / 1.16 ≈ 484x (Stock screener shows 112× because they use TTM EPS = ₹5.05)
Witty Commentary: Revenue is sprinting like Usain Bolt, profits are jogging like your uncle after biryani. EBITDA is shrinking quarter-on-quarter, and PAT crashed 80%. But YoY looks heroic only because last year PAT was basically pocket change.
5. Valuation Discussion – Fair Value Range Only
We calculate using three methods.
A) P/E Based Valuation
TTM EPS = ₹5.05 Industry PE = 63.6
Fair Value Range (PE Method): Lower band: 5.05 × 40 = ₹202 Upper band: 5.05 × 70 = ₹353
B) EV/EBITDA Based Valuation
EV = ₹3,107 crore TTM EBITDA = ₹236 crore
Current EV/EBITDA = 3107 / 236 = 13.17
Reasonable range for auto dealers: 8–12
Fair EV Range = 236 × (8 to 12) = ₹1,888 crore to ₹2,832 crore
This fair value range is for educational purposes only and is not investment advice.
6. What’s Cooking – News, Triggers, Drama
Landmark Cars is the perfect Bollywood script: drama, expansion, auditors resigning, promoter selling, foreign funds entering—you name it.
Recent highlights:
1. Kia Expansion (May 2024 & Dec 2024 & May 2025) Landmark acquired Kia showrooms in Hyderabad and Kolkata. If this goes well, they’ll sell Sonets to everyone who can’t afford a Mercedes.
2. MG Select Dealerships (Jan 2025) They’re opening MG Select stores in Ahmedabad & Kolkata. Electric ZS, Hector, Comet—someone’s got to sell them.
3. Citroen Partnership (Feb 2025) Another brand added. Landmark is becoming the Big Bazaar of car dealerships.
4. Mercedes-Benz in Patna (Oct 2024) If someone buys a Mercedes in Patna, Landmark deserves a medal.
