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1. At a Glance
Landmark Cars sold ₹1,302 crore worth of cars and car-adjacent services in the June 2026 quarter, up 22.7% from ₹1,062 crore a year ago. Net profit came in at ₹14.55 crore against ₹6.91 crore — a jump of 111%, which sounds spectacular until you notice both numbers are rounding errors on the revenue line. Such is the life of an automobile dealer, an industry where you move enormous quantities of money through your books and are permitted to keep a sliver of it.
Operating profit was ₹72 crore on that ₹1,302 crore, an OPM of 6%. EPS came in at ₹3.51 versus ₹1.67. Management called it the company’s best-ever first quarter, and also reminded everyone that the first quarter is seasonally the weakest — the corporate equivalent of winning a race and immediately explaining that it was a short race.
The board meeting of August 11, 2026 was a genuinely busy afternoon: an eighty-five-minute session that approved results, fixed a dividend record date, reappointed two independent directors, appointed a third, granted 2,000 stock options, and signed an MoU with an EV charging company. Elsewhere in the quarter, a 50,000 sq ft workshop opened in Jogeshwari.
The full-year backdrop: FY26 revenue of ₹4,896 crore, PAT of ₹38 crore, and borrowings of ₹876 crore.
2. Introduction
Incorporated in 1998, Landmark Cars Limited is the leading premium automotive retail business in India, with dealerships for Mercedes-Benz, Honda, Jeep, Volkswagen and Renault, plus the commercial vehicle retail business of Ashok Leyland. It describes itself as India’s first multi-brand, multi-location auto retailer — which in practice means that if you have walked into a glass-fronted showroom in Ahmedabad, Kolkata or Faridabad and been offered a beverage while someone explained torque figures to you, there is a decent chance the beverage was theirs.
The company raised ₹552 crore in its IPO and listed on December 23, 2022. By the June 2026 presentation, it operated 141 outlets — 77 sales showrooms and 64 workshops — across 29 cities and 12 states, with roughly 5,193 employees and a customer base above 5,50,000. Brand count has gone from 8 to 11 in a period the company itself labels one of massive expansion, with those three additions contributing about 20% of FY26 proforma revenues.
The last two years read like a company reorganising its own furniture at speed. It acquired a Kia showroom in Hyderabad in December 2024, signed for Citroën sales in Mumbai in February 2025, announced MG Select dealerships for Ahmedabad and Kolkata, and in October 2025 bought out the remaining 17% of Landmark Cars (East) for ₹12.50 crore plus two payments of ₹83.33 lakh each. In December 2025 the board subscribed ₹80 crore of OCRPS across three wholly-owned subsidiaries. In May 2026 it approved the amalgamation of Landmark Cars (East) into the parent — a scheme now sitting at the NCLT, where corporate restructurings go to wait patiently.
One structural change deserves flagging because it makes the revenue line behave oddly: Mercedes-Benz converted its dealership agreement to an agency model, so those cars are sold directly by MBIL and Landmark books only commission. The filing discloses ₹8,548 million of Mercedes cars sold on MBIL’s behalf in the quarter that never touch the revenue line at all.
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3. Business Model: WTF Do They Even Do?
They sell cars. Then — and this is the part that actually pays the electricity bill — they fix them.
Four segments: New Vehicle Sales at about 80% of revenue, After-Sales & Car Care at 17%, Pre-Owned Vehicles at 2%, and Finance & Insurance distribution at 1%. That 80% segment moves the most money and, per the FY26 disclosures, the after-sales business carried a 41.2% gross margin, an 18.1% EBITDA margin and a 29.8% ROCE. New car sales are the marquee out front; the workshop bay round the back is where the arithmetic gets comfortable.
The brand roster reads like a car park at a very indecisive wedding: Mercedes-Benz (24 outlets), Honda (24), Volkswagen (21), MG (16), Jeep & Citroën (13), Mahindra (11), BYD (10), Renault (9), Kia (9), Ashok Leyland (4). The company is described as #1 partner for several of these OEMs, holding 15.9% of Mercedes’ India sales by units in Q1 FY27, 18.9% of Jeep’s, and 17.5% of BYD’s.
The model is asset-light — historically only two company-owned outlets — which is a polite way of saying they rent the glass boxes rather than build them. Full-year rental cost runs around ₹100 crore per the CFO, with lease amortisation of about ₹19 crore in the quarter and lease plus interest around ₹27 crore. Ind AS then takes this arrangement and redistributes it across three different lines of the P&L, which is why the presentation carries
