Landmark Cars runs swanky showrooms for Mercedes, Honda, Jeep, VW, Renault, BYD, MG, Kia, and even Ashok Leyland trucks (because why not mix S-Class and school buses). Market cap ₹2,499 Cr, but PAT TTM only ₹18 Cr. That means a P/E of 136 — basically investors are paying luxury-car prices for Maruti 800-level profits. Stock is up 35% in 6 months, which proves Indians love two things: SUVs and overvalued dealerships.
2. Introduction
Founded in 1998, Landmark Cars is India’s leading premium car retailer. They don’t manufacture vehicles, they just sell them, fix them, and upsell you accessories you don’t need (“Sir, floor mats essential for warranty”).
The company IPO’d in Dec 2022, raising ₹552 Cr. Since then, they’ve expanded aggressively: 135+ outlets across 32 cities. Asset-light model? Yes, but profits-light too. ROE is 3.1%, ROCE 8%. In plain words: Mercedes logo outside, scooter margins inside.
Still, they are #1 partners for multiple brands – Mercedes (16% of India sales), Jeep (25%), BYD (21%). Basically, if you bought a luxury car in India recently, chances are Landmark was lurking around. But retail is a tough game – thin margins, working capital strain, and high debt (₹870 Cr).
3. Business Model – WTF Do They Even Do?
Four wheels, four revenue streams:
New Vehicle Sales (80%) – The glitzy part. Sell you a car, smile for photo, margin ~2–4%.
After-Sales & Car Care (17%) – The real money. Service bills, spare parts, accessories, margin ~20%.
Finance & Insurance (1%) – Tie-ups with banks/insurers. Basically the “credit card sales pitch” of auto retail.
They’ve also taken 20% stake in Sheerdrive, a SaaS auto-tech platform, to jazz up their used-car play. But reality check: 98% revenue still comes from selling and servicing cars.
4. Financials Overview
Metric
Latest Qtr (Jun’25)
YoY Qtr (Jun’24)
Prev Qtr (Mar’25)
YoY %
QoQ %
Revenue
1,062
832
1,091
27.6%
-2.7%
EBITDA
61
48
55
27.1%
10.9%
PAT
6.9
3.4
1.8
103%
285%
EPS (₹)
1.67
0.77
0.34
117%
391%
👉 QoQ rebound is strong, but PAT margin still 0.65%. Basically, for every ₹100 lakh Mercedes they sell, Landmark keeps ₹65,000.
5. Valuation – Fair Value Range Only
P/E Method: EPS (TTM) ₹4.75. Industry PE ~75. Fair Value = ₹250 – ₹350.
EV/EBITDA Method: EV = ₹3,328 Cr, EBITDA ~₹234 Cr. EV/EBITDA ~14 vs peers ~10–12. Fair Value = ₹400 – ₹450.
