Landmark Cars Q2FY27 Net Profit Rises to Rs 18.49 Cr; Revenue Up 19.9%

Landmark Cars Ltd reported a consolidated net profit of Rs 18.49 crore for the quarter ended September 30, 2026 (Q2 FY2027), against Rs 1.50 crore a year earlier. Revenue from operations rose 19.9% to Rs 1,451.61 crore from Rs 1,210.92 crore, while total expenses rose 17.6%.

Profit before exceptional items and tax was Rs 25.02 crore, against Rs 60.70 lakh in Q2 FY2026. Basic earnings per share were Rs 4.46, against Rs 0.29. Sequentially, revenue rose 11.5% from Rs 1,302.36 crore in the June quarter, and net profit rose 27.1% from Rs 14.55 crore.

The company recorded an exceptional item of Rs 49.10 lakh, bringing profit before tax to Rs 24.53 crore. Tax expense was Rs 6.04 crore, against a tax credit of Rs 89.50 lakh in the year-ago quarter. Finance costs rose to Rs 21.76 crore from Rs 20.20 crore.

Inventory and Borrowings

Stock-in-trade increased by Rs 89.33 crore during the quarter, against Rs 17.15 crore a year earlier and Rs 34.38 crore in Q1. Inventories stood at Rs 796.49 crore on September 30, up 18.4% from Rs 672.86 crore on March 31, 2026. Trade receivables rose to Rs 184.23 crore from Rs 156.30 crore.

Total consolidated borrowings rose about 29% to Rs 642.83 crore from Rs 498.31 crore at March-end. Current borrowings were Rs 580.58 crore and non-current borrowings Rs 62.26 crore, up from Rs 21.27 crore. Vehicle floor plan payable increased to Rs 160.03 crore from Rs 139.33 crore.

The company reports cash flow half-yearly. For the six months to September 30, net cash used in operating activities was Rs 16.88 crore, against cash generated of Rs 176.86 crore a year earlier.

Inventories absorbed Rs 123.63 crore, trade receivables Rs 28.95 crore and other assets Rs 31.89 crore.

Mercedes-Benz Agency Model

The company’s dealership agreement with Mercedes-Benz India Pvt Ltd has been converted to an agency model. Customers place orders through the group, and Mercedes-Benz India sells the cars directly to them. The group earns commission on each sale and recognises only that commission as income.

The value of cars sold on Mercedes-Benz India’s behalf was Rs 529.06 crore in Q2, against Rs 474.08 crore a year earlier, up 11.6%. It was Rs 454.86 crore in Q1.

The board approved additional investments of up to Rs 25 crore each in wholly owned subsidiaries Landmark Luxury Retail Pvt Ltd and Landmark Automotive Pvt Ltd, formerly Motorone India Pvt Ltd.

The total is Rs 50 crore, payable in cash, with completion indicated by June 30, 2027. Both are related party transactions, no regulatory approval is required, and the 100% holding in each will not change.

Landmark Automotive, renamed on November 3, 2026, proposes to start a JSW Cars dealership business in addition to its car care business.

Its revenue was Rs 572.12 lakh in FY2026, against Rs 873.92 lakh in FY2025 and Rs 552.49 lakh in FY2024, a decline of 34.5% in FY2026. Landmark Luxury Retail, incorporated on August 14, 2025, retails luxury goods and earned no revenue in FY2026.

Standalone Results

Standalone revenue from operations fell 4.8% to Rs 202.68 crore in Q2 from Rs 212.99 crore. Net profit rose to Rs 21.05 crore from Rs 7.23 crore, and profit before tax to Rs 26.07 crore from Rs 8.98 crore. Standalone other income was Rs 8.85 crore, against Rs 8.07 crore.

The exceptional item relates to the discard of immovable property on relocating a Mercedes-Benz dealership workshop in Mumbai.

The board had approved on May 26, 2026 the amalgamation of subsidiary Landmark Cars (East) Pvt Ltd with the parent. No shares will be issued and no cash paid, and NCLT sanction is awaited.