Popular Vehicles and Services Limited (PVSL) — Financial Results

PVSL reported FY26 revenue growth of 15% YoY to INR1,758.8 crores, driven by 21% new vehicle volume growth and 28% Q4 revenue increase, with non-Kerala revenue reaching 47% of total. Adjusted EBITDA rose 28% YoY to INR200.9 crores, while adjusted PBT turned positive at INR8.8 crores after exceptional items. The company clarified prior reporting errors and highlighted strategic progress in EV expansion, geographic diversification across Andhra, Telangana, Punjab, and Maharashtra, and completed acquisitions including Maruti Suzuki and Audi dealerships. Service revenue grew 7% YoY to INR968 crores despite volume degrowth, supported by 14% ASP growth. Management targets 10-12% service volume and ASP growth for FY27, aiming for consolidated EBITDA margins of 4.8%-5% by FY27 through margin recovery in spare parts (5.5%-6%) and inventory reduction to 30-32 days. Losses from recent Telangana and Punjab acquisitions are expected to stabilize by Q2 FY27 as integration progresses.

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