Popular Vehicles' revenue rose 28% in Q4 despite a widening loss due to higher volumes

Nikunj Parikh - Mumbai Bureau May 26, 2026 3,050 Views

Popular Vehicles and Services delivered a solid performance in Q4 FY26 with revenue growth across all segments including passenger, commercial and EV, despite a modest consolidated net loss due to continued investments, lower margins and network expansion.

Popular Vehicles and Services Ltd (PVSL), one of India’s leading integrated automotive dealership platforms, reported robust growth in volumes and revenue for the quarter and year ended 31 March 2026. But profitability was not strong, as the small consolidated net loss in Q4 FY26 was despite the improved operating performance.

March Quarter Performance Overview

Consolidated revenue from operations was approximately Rs 17.6 billion for Q4 FY26, representing a year-on-year increase of 27.8%, with growth across all segments. The total volume of new vehicles grew 43.5% to 14,885 units, with electric two-wheelers and commercial vehicles showing strong growth. Total income stood at Rs 1,758.8 crore. EBITDA, which includes other income, almost doubled to Rs 57.5 crore, with margins improving to 3.3%, but the company posted a net loss of Rs 5 crore compared with a loss of Rs 13.7 crore a year ago.

Full-Year FY26 Snapshot

Total income rose 15.1% to Rs 6,401.1 crore for FY26, with new vehicle volumes growing 21.2% to 53,452 units, and services and repairs continuing to grow. EBITDA for the year increased to Rs 203.4 crore with margins at 3.2%, while PAT was marginally loss making at Rs 12.5 crore.

Operational and segment trends

Passenger vehicles (including luxury) recorded 8,090 units in Q4 FY26, which was 20.1% higher year-on-year, driven by a resurgence in entry-level demand and a positive consumer sentiment. Commercial vehicle volumes grew by 58.9% to 3,716 units, with EV volumes more than doubling to 3,079 units, supported by the growing presence of Ather and the increased adoption of two-wheeler EVs. In Q4, services and repairs revenue increased by 21.3%, driven by a strategy to increasingly pursue higher value work and improved realisations despite a 6.6% drop in job card volumes.

Strategic Expansion And Outlook

In FY26, PVSL expanded its footprint beyond Kerala with acquisitions in Punjab, Telangana and Andhra Pradesh and new touchpoints for Maruti Suzuki, Tata Motors, BharatBenz, Audi and Ather. Revenue contribution from non-Kerala markets increased from 28% in FY23 to 47% in FY26 and management believes that the operating leverage from recent expansion, service, spares and accessories will enable them to achieve sustainable and profitable growth in FY27.

Key highlights

New vehicle volumes Q4 FY26: 14,885 units, up 43.5% year-on-year
Q4 FY26 total income: Rs 1,758.8 crore; EBITDA Rs 57.5 crore; margin 3.3%
Consolidated net loss for Q4 FY26 was Rs 5 crore and loss for FY26 was Rs 12.5 crore.
FY26 total income: Rs 6,401.1 crore, up 15.1%; new vehicle volumes: 53,452 units, up 21.2%
Services and repairs FY26 revenue: Rs 968 crore with increased average ticket size
Non-Kerala revenue share increased from 28% in FY23 to 47% in FY26.The share of non-Kerala revenue increased from 28% in FY23 to 47% in FY26.
CV and EV segment growth strong, with EV volumes growing by more than 80% in Ather in FY26.