1. Opening Hook

Just when auto dealers thought festivals meant fat margins and easy deliveries, GST 2.0 showed up like an uninvited relative demanding inventory liquidation. Landmark Cars spent Q2 juggling tax math, discount banners, and customer expectations—sometimes all on the same car.

Buyers vanished for 40 days, then returned all at once, expecting instant delivery and lower prices. Dealers smiled, finance teams sweated, and gross margins quietly took a hit. Management insists this quarter was a “khichadi,” not the new normal.

The silver lining? Demand didn’t die—just waited for the taxman to blink. October numbers are strong, inquiries are buzzing, and discounts are officially “a thing of the past.” Or so they say.

Read on—because the real drama sits between demo cars, cess credits, and a very confident 100 bps margin promise.

2. At a Glance

• Revenue ₹1,657 cr (+31%) – Top line sprinted ahead while margins tripped over GST math.
• New car sales +35% – Cars flew out, profits limped behind.
• Gross margin 16.2% – Sacrificed at the altar of cess liquidation.
• EBITDA ₹59 cr (4.9%) – Respectable, considering chaos masquerading as a quarter.
• Cash PAT ₹17 cr – Accounting profits sulked, cash quietly smiled.
• ASP ₹23.16 lakh – Mercedes and BYD flexed hard.

3. Management’s Key Commentary

“We navigated one of the most significant tax transitions in recent memory.”
(Translation: GST turned Q2 into an Excel nightmare.) 😏

“If we hadn’t liquidated inventory, margins would’ve been much higher.”
(Translation: We chose short-term pain over long-term tax purgatory.)

“Gross margins this quarter are an aberration.”
(Translation: Please don’t annualize this quarter.)

“We guide gross margins improving by over 100 bps.”
(Translation: We’re finally sticking our necks out.) 😬

“Mercedes delivered one car every six minutes.”
(Translation: Luxury demand didn’t read GST headlines.)

“BYD demand exceeded expectations; we ran out of stock.”
(Translation: EV hype > inventory planning.) ⚡

“This is India’s moment—if not now, then when?”
(Translation: Government did its job, now buyers must show up.)

4. Numbers Decoded

One-liner: Landmark sold more, earned less per car, but didn’t bleed cash—yet.

5. Analyst Questions

• Used car