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1. At a Glance
Landmark Cars sells new cars and the servicing, parts and paperwork that follow them. Revenue for the three months to June 2026 was ₹1,302 crore. That compares with ₹1,062 crore in the same quarter a year earlier, a rise of 22.7%. Net profit came in at ₹14.55 crore, up 111% on the year-ago quarter. The same quarter of the previous year produced net profit of ₹6.91 crore. A car dealer moves large sums through its books and keeps a thin slice of each.
Operating profit was ₹72 crore, or 6% of revenue, before interest and tax. Earnings per share, the profit divided across all shares in issue, was ₹3.51. The figure for the same quarter a year earlier was ₹1.67. Management called the period the company’s best-ever first quarter for the business. Management also reminded everyone that the first quarter is seasonally the weakest of the four. The record and the reminder arrived in the same breath.
The board met on 11 August 2026 for eighty-five minutes and worked through a long agenda. It approved the results, fixed a record date for the dividend and reappointed two independent directors. It also appointed a third director and granted 2,000 stock options. A memorandum of understanding, which is a non-binding agreement, was signed with an electric-vehicle charging company. A workshop of 50,000 square feet opened at Jogeshwari during the quarter.
Revenue for the year to March 2026 was ₹4,896 crore. Profit after tax for that year was ₹38 crore, with borrowings of ₹876 crore.
2. Introduction
Landmark Cars Limited was incorporated in 1998 and retails premium cars across India. Its dealership brands include Mercedes-Benz, Honda, Jeep and Volkswagen. It also holds a Renault dealership and retails commercial vehicles for Ashok Leyland. The company calls itself the leading premium automotive retail business in India. It also describes itself as the country’s first multi-brand, multi-location auto retailer. In practice that means glass-fronted showrooms where a visitor is offered a drink and an explanation of torque figures.
The company raised ₹552 crore in its initial public offering and listed on 23 December 2022. It counted 141 outlets in 29 cities at the time of the June 2026 presentation. Twelve states hold that network, which splits into 77 sales showrooms and 64 workshops. Headcount stood at roughly 5,193 people, and the customer base had passed 5,50,000. The brand count has risen from eight to eleven over what the company itself calls massive expansion. Those three additions contributed about 20% of proforma revenue for the year to March 2026. Proforma means the figures are restated as if the brands had been held all year.
The last two years read like a company rearranging its own furniture at speed. It acquired a Kia showroom in Hyderabad in December 2024 and signed for Citroën sales in Mumbai in February 2025. MG Select dealerships have also been announced for both Ahmedabad and Kolkata. In October 2025 it bought the remaining 17% of Landmark Cars (East) for ₹12.50 crore. Two further payments of ₹83.33 lakh each formed part of the same purchase. In December 2025 the board subscribed ₹80 crore of optionally convertible redeemable preference shares. Those shares can convert into equity or be repaid, and went into three wholly-owned subsidiaries. In May 2026 the board approved merging Landmark Cars (East) into the parent company. The scheme now sits with the National Company Law Tribunal, where such restructurings wait their turn.
One structural change makes the revenue line behave oddly and is worth flagging. Mercedes-Benz converted its dealership agreement into an agency model, so MBIL sells those cars directly. Landmark books only a commission on each of those sales. The filing discloses ₹854.8 crore of Mercedes cars sold on MBIL’s behalf in the quarter. None of that amount reaches the company’s own revenue line.
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3. Business Model: WTF Do They Even Do?
Landmark Cars sells new cars, and then services and repairs them for years afterwards. New vehicle sales make up about 80% of revenue, and after-sales and car care 17%. Pre-owned vehicles account for 2%, and the distribution of finance and insurance for 1%. New cars are the display out front; the workshop bays sit round the back.
Disclosures for the year to March 2026 put the after-sales gross margin at 41.2%. The same business showed an EBITDA margin of 18.1%, EBITDA being profit before interest, tax and depreciation. Return on capital employed for after-sales was 29.8%, which measures profit against the money tied up in it.
The brand roster reads like the car park at a very indecisive wedding. Mercedes-Benz and Honda have 24 outlets each, the largest counts in the network. Volkswagen accounts for 21 outlets and MG for another 16 across the same network. Jeep and Citroën share 13 between them, while Mahindra has 11. BYD has 10 outlets, while Renault and Kia have nine apiece. Ashok Leyland, the commercial vehicle brand, accounts for the remaining four. The presentation describes the company as the number one partner for several of these
