Popular Vehicles Reports 1% Revenue Growth in Q1FY26

Popular Vehicles and Services Limited (PVSL) reported a 1% growth in total revenue from operations for the quarter ended June 30, 2025, compared to the same period last year, while announcing expansion plans across three states.

The automotive dealership company's luxury car segment recorded 40% growth and commercial vehicle segment grew 4% during Q1FY26. However, the passenger vehicle segment excluding luxury cars declined 7% compared to Q1FY25. Electric vehicle and spare parts distribution segments grew 15%, while total vehicle sales decreased 1% year-on-year.

The broader Indian auto market in Q1 FY25 had shown mixed performance, with passenger vehicle sales declining 1.4% and commercial vehicles dipping 0.6%. Industry trends suggested moderate growth in luxury and EV segments, but overall volumes remained flat. This subdued backdrop adds context to PVSL’s segment-specific gains and strategic expansion in Q1 FY26.

PVSL secured multiple letters of intent for network expansion, including establishment of Ather facilities in Chennai, Tamil Nadu, with operations expected to begin in the first week of September. The company also received approval from Maruti Suzuki to set up a new True Value outlet for pre-owned vehicles in Bangalore, Karnataka, with operations commencing by end of August 2025.

The company obtained letters of intent to establish eight 3S facilities for BharatBenz in Punjab state.

PVSL's subsidiaries received several industry awards during the quarter. Popular Autoworks Pvt Ltd earned the All-India 1st Runner-Up Award for 'Retail of the Year 2024-25' from JLR and ranked number one in new bookings and new bookings growth across the JLR network in India. PVSL received the 'Dealer with the Highest Paid Service to Sales Ratio' award for NEXA from Maruti Suzuki.

Popular Mega Motors (India) Pvt Ltd won multiple accolades from Tata Motors, including Best Customer Success Centre - South India for May and June, and Spares parts 'Highest Volume Growth' - FY25 in South India.

The company reported encouraging pre-festive footfalls across all segments and increasing demand in the two-wheeler electric segment. PVSL noted that it typically increases inventory during Q1 as part of festive season preparedness, resulting in sequential inventory level increases.