Automobiles - Dealers & Distributors · Founded 2006 · www.grouplandmark.in · BSE 543714 · NSE LANDMARK · ISIN INE559R01029
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1. Business Overview
Landmark Cars Ltd. is a prominent premium and luxury automotive retail chain in India. The company's core business involves selling new vehicles, pre-owned vehicles, and providing after-sales services such as maintenance, repairs, and sale of spare parts. It also facilitates sales of automotive accessories, insurance, and financing to customers. The company generates revenue primarily from the margins on vehicle sales, service charges, sales of parts and accessories, and commissions from ancillary services.
2. Key Segments / Revenue Mix
The company's revenue streams are derived from:
New Vehicle Sales: Selling a range of premium and luxury cars, SUVs, and commercial vehicles from various Original Equipment Manufacturers (OEMs).
Pre-owned Vehicle Sales: Trading and selling used cars, often through its dedicated platforms.
After-Sales Service: Providing vehicle servicing, mechanical repairs, body shop repairs, and selling genuine spare parts and accessories.
Ancillary Services: Earning commissions and fees from facilitating vehicle finance, insurance, and selling extended warranties.
Specific contribution percentages for each segment are not publicly available in this context.
3. Industry & Positioning
The Indian automobile dealership industry is characterized by its dependence on OEM relationships, regional market dynamics, and a mix of organized and unorganized players. Landmark Cars operates predominantly in the premium and luxury segments, which are less fragmented than the mass-market segment. The company is positioned as one of India's largest and fastest-growing premium automotive retail businesses, with a multi-brand, multi-location presence across key states. Its scale and established relationships with leading global and domestic automotive brands give it a strong foothold compared to smaller, regional dealers.
4. Competitive Advantage (Moat)
Landmark Cars' competitive advantages primarily stem from:
Scale and Network: As one of the largest premium automotive dealership groups in India, it benefits from a wide geographic presence and multiple showrooms/service centers, offering better reach and operational efficiencies.
Strong OEM Relationships: Long-standing and diversified partnerships with reputed automotive brands (e.g., Mercedes-Benz, Honda, Jeep, Volkswagen, Skoda, MG, BYD, Renault, OLA Electric, Royal Enfield, KTM) allow it access to a wide product portfolio and prime sales territories.
Integrated Model: Offering a full suite of services – new sales, pre-owned sales, after-sales service, and financial services – creates a comprehensive customer experience and potential for cross-selling.
5. Growth Drivers
Key factors that can drive growth for Landmark Cars over the next 3-5 years include:
Growing Indian Automotive Market: Increasing disposable incomes, urbanization, and improving infrastructure are expected to fuel overall vehicle sales, especially in the premium and luxury segments.
Premiumization Trend: The rising aspiration for premium and luxury vehicles among Indian consumers is a significant tailwind.
Expansion & New Partnerships: Geographic expansion into new regions and adding new profitable OEM brands/dealerships to its portfolio.
Organized Used Car Market: Growth and formalization of the pre-owned vehicle segment.
Electric Vehicle (EV) Adoption: Leveraging its network to capitalize on the increasing demand for EVs by partnering with new EV brands.
After-Sales Service Revenue: A recurring and stable revenue stream driven by a growing vehicle parc.
6. Risks
OEM Dependency: High reliance on the performance, product cycles, and strategic decisions of its partner OEMs. Any adverse changes in OEM policies or performance could impact the company.
Economic Slowdown: Automobile sales are cyclical and sensitive to economic conditions, interest rates, and consumer discretionary spending.
Intense Competition: Competition from other organized dealership chains, independent service centers, and potential direct-to-consumer models by some OEMs.
Inventory Management: Risks associated with holding high inventory levels, particularly during demand fluctuations or product life cycle changes.
Regulatory Changes: Adverse changes in taxation, emissions norms, or import duties can impact vehicle prices and demand.
Interest Rate Fluctuations: Higher interest rates can increase financing costs for both customers and dealers, impacting sales.
7. Management & Ownership
Landmark Cars is a promoter-driven company, led by its founding family. The management team typically combines industry experience with professional expertise. The ownership structure generally involves a significant stake held by the promoter group, along with institutional investors and public shareholders, typical for a listed Indian company. Specific details on management quality or exact ownership percentages would require a deeper dive into public filings.
8. Outlook
Landmark Cars is well-positioned to capitalize on the long-term growth trajectory of the Indian automotive market, particularly within the premium and luxury segments. The increasing disposable incomes and consumer appetite for aspirational brands are strong tailwinds. Its established multi-brand, multi-location network and diversified revenue streams (new, pre-owned, after-sales) provide resilience. However, the company remains susceptible to the cyclical nature of the auto industry, potential economic slowdowns impacting discretionary spending, and changes in OEM strategies. Its ability to successfully expand its dealership network, onboard new profitable brands, and navigate competitive pressures will be crucial for sustained growth.
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| #(Fig in Cr.) | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 771 | 959 | 864 | 832 | 907 | 1195 | 1091 | 1062 | 1211 | 1345 |
| Other Income | 3 | 2 | 3 | 1 | 3 | 3 | 6 | 5 | 5 | 5 |
| Total Income | 773 | 961 | 867 | 833 | 910 | 1198 | 1097 | 1067 | 1216 | 1350 |
| Total Expenditure | 716 | 894 | 810 | 783 | 855 | 1129 | 1037 | 1001 | 1157 | 1271 |
| Operating Profit | 57 | 67 | 56 | 50 | 55 | 70 | 61 | 66 | 59 | 79 |
| Interest | 14 | 15 | 14 | 16 | 18 | 20 | 21 | 20 | 20 | 20 |
| Depreciation | 25 | 26 | 27 | 29 | 32 | 34 | 36 | 36 | 38 | 38 |
| Exceptional Income / Expenses | 0 | -1 | 0 | -1 | -4 | 0 | -0 | 0 | 0 | -2 |
| Profit Before Tax | 19 | 25 | 15 | 5 | 0 | 16 | 4 | 10 | 1 | 19 |
| Provision for Tax | -2 | 7 | 4 | 1 | 0 | 4 | 2 | 3 | -1 | 5 |
| Profit After Tax | 21 | 18 | 11 | 3 | 0 | 12 | 2 | 7 | 2 | 14 |
| Adjustments | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | 0 |
| Profit After Adjustments | 20 | 18 | 11 | 3 | -0 | 11 | 1 | 7 | 1 | 14 |
| Adjusted Earnings Per Share | 5 | 4.4 | 2.6 | 0.8 | -0 | 2.7 | 0.3 | 1.7 | 0.3 | 3.4 |
| #(Fig in Cr.) | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| Net Sales | 2827 | 2219 | 1956 | 2977 | 3382 | 3288 | 4025 | 4709 |
| Other Income | 8 | 10 | 10 | 13 | 12 | 10 | 13 | 21 |
| Total Income | 2835 | 2229 | 1966 | 2989 | 3394 | 3298 | 4039 | 4730 |
| Total Expenditure | 2745 | 2145 | 1846 | 2801 | 3143 | 3069 | 3803 | 4466 |
| Operating Profit | 89 | 84 | 121 | 188 | 252 | 229 | 236 | 265 |
| Interest | 53 | 46 | 38 | 36 | 53 | 55 | 75 | 81 |
| Depreciation | 53 | 63 | 62 | 70 | 87 | 101 | 131 | 148 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | -7 | -3 | -5 | -2 |
| Profit Before Tax | -18 | -25 | 20 | 82 | 104 | 70 | 25 | 34 |
| Provision for Tax | 7 | 4 | 9 | 16 | 19 | 12 | 8 | 9 |
| Profit After Tax | -24 | -29 | 11 | 66 | 85 | 57 | 17 | 25 |
| Adjustments | -1 | 0 | 0 | -1 | -1 | -1 | -1 | 0 |
| Profit After Adjustments | -25 | -29 | 11 | 65 | 84 | 56 | 16 | 23 |
| Adjusted Earnings Per Share | -6.9 | -7.8 | 3.1 | 17.9 | 21.3 | 13.6 | 3.9 | 5.7 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 22% | 11% | 13% | 0% |
| Operating Profit CAGR | 3% | 8% | 23% | 0% |
| PAT CAGR | -70% | -36% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -20% | -18% | NA% | NA% |
| ROE Average | 3% | 13% | 15% | 7% |
| ROCE Average | 9% | 16% | 16% | 13% |
| #(Fig in Cr.) | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 188 | 169 | 182 | 247 | 470 | 539 | 554 |
| Minority's Interest | 1 | 1 | 1 | 1 | 2 | 3 | 4 |
| Borrowings | 46 | 53 | 49 | 45 | 26 | 41 | 42 |
| Other Non-Current Liabilities | 127 | 124 | 105 | 190 | 198 | 239 | 321 |
| Total Current Liabilities | 638 | 480 | 546 | 596 | 551 | 712 | 938 |
| Total Liabilities | 999 | 827 | 882 | 1079 | 1247 | 1534 | 1860 |
| Fixed Assets | 392 | 370 | 326 | 497 | 509 | 594 | 762 |
| Other Non-Current Assets | 24 | 61 | 32 | 38 | 41 | 42 | 49 |
| Total Current Assets | 583 | 396 | 524 | 544 | 698 | 898 | 1049 |
| Total Assets | 999 | 827 | 882 | 1079 | 1247 | 1534 | 1860 |
| #(Fig in Cr.) | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 43 | 32 | 28 | 15 | 20 | 19 | 11 |
| Cash Flow from Operating Activities | 55 | 210 | 43 | 76 | 71 | 41 | 152 |
| Cash Flow from Investing Activities | -38 | -66 | -22 | -34 | -72 | -113 | -164 |
| Cash Flow from Financing Activities | -28 | -148 | -33 | -38 | 1 | 65 | 23 |
| Net Cash Inflow / Outflow | -11 | -5 | -13 | 5 | -1 | -8 | 11 |
| Closing Cash & Cash Equivalent | 32 | 28 | 15 | 20 | 19 | 11 | 23 |
| # | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | -6.9 | -7.84 | 3.09 | 17.88 | 21.32 | 13.56 | 3.85 |
| CEPS(Rs) | 7.91 | 9.29 | 20.1 | 37.12 | 43.51 | 38.39 | 35.84 |
| DPS(Rs) | 0 | 0 | 0.38 | 0.4 | 2.25 | 1.5 | 0.5 |
| Book NAV/Share(Rs) | 49.84 | 44.66 | 48.11 | 65.89 | 116.94 | 130.05 | 132.89 |
| Core EBITDA Margin(%) | 2.86 | 3.29 | 5.56 | 5.83 | 7 | 6.61 | 5.51 |
| EBIT Margin(%) | 1.26 | 0.94 | 2.93 | 3.93 | 4.58 | 3.76 | 2.48 |
| Pre Tax Margin(%) | -0.62 | -1.1 | 1 | 2.73 | 3.04 | 2.1 | 0.62 |
| PAT Margin (%) | -0.86 | -1.29 | 0.56 | 2.19 | 2.49 | 1.73 | 0.43 |
| Cash Profit Margin (%) | 1.02 | 1.52 | 3.71 | 4.51 | 5.04 | 4.79 | 3.67 |
| ROA(%) | -2.44 | -3.17 | 1.3 | 6.75 | 7.32 | 4.12 | 1.02 |
| ROE(%) | -13.38 | -16.72 | 6.56 | 31.7 | 24.15 | 11.44 | 3.19 |
| ROCE(%) | 5.39 | 3.53 | 11.22 | 22.27 | 23.84 | 14.13 | 9.19 |
| Receivable days | 10.06 | 8.31 | 7.3 | 7.26 | 8.94 | 12.91 | 14.1 |
| Inventory Days | 43.61 | 46.07 | 47.28 | 37.43 | 41.5 | 56.04 | 54.86 |
| Payable days | 10.41 | 12.13 | 17.27 | 17.81 | 17.18 | 15.94 | 13.96 |
| PER(x) | 0 | 0 | 0 | 0 | 25.49 | 54.19 | 97.51 |
| Price/Book(x) | 0 | 0 | 0 | 0 | 4.65 | 5.65 | 2.83 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0.41 | 0.2 | 0.13 |
| EV/Net Sales(x) | 0.16 | 0.15 | 0.17 | 0.1 | 0.71 | 1.05 | 0.53 |
| EV/Core EBITDA(x) | 5.15 | 4.08 | 2.68 | 1.58 | 9.56 | 15.16 | 9.07 |
| Net Sales Growth(%) | 0 | -21.51 | -11.83 | 52.17 | 13.63 | -2.79 | 22.43 |
| EBIT Growth(%) | 0 | -41.42 | 176.14 | 104.01 | 32.22 | -20.64 | -19.36 |
| PAT Growth(%) | 0 | -18.47 | 138.52 | 493.67 | 28.59 | -32.76 | -69.7 |
| EPS Growth(%) | 0 | -13.76 | 139.44 | 477.92 | 19.27 | -36.4 | -71.61 |
| Debt/Equity(x) | 2.62 | 2.19 | 1.86 | 1.28 | 0.63 | 0.86 | 1.14 |
| Current Ratio(x) | 0.91 | 0.83 | 0.96 | 0.91 | 1.27 | 1.26 | 1.12 |
| Quick Ratio(x) | 0.38 | 0.36 | 0.43 | 0.36 | 0.45 | 0.46 | 0.43 |
| Interest Cover(x) | 0.67 | 0.46 | 1.52 | 3.27 | 2.98 | 2.27 | 1.34 |
| Total Debt/Mcap(x) | 0 | 0 | 0 | 0 | 0.13 | 0.15 | 0.4 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 51.82 | 51.59 | 51.55 | 51.62 | 51.57 | 51.56 | 51.56 | 49.81 | 49.76 | 49.8 |
| FII | 8.4 | 8.74 | 9.74 | 9.81 | 10.7 | 9.84 | 9.45 | 10.64 | 9.82 | 5.05 |
| DII | 15.19 | 15.86 | 16.61 | 14.27 | 13.81 | 13.61 | 13 | 13.43 | 16.51 | 20.78 |
| Public | 24.59 | 23.81 | 22.1 | 24.29 | 23.92 | 24.98 | 25.99 | 26.12 | 23.91 | 24.37 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 2.13 | 2.13 | 2.13 | 2.13 | 2.13 | 2.13 | 2.13 | 2.06 | 2.06 | 2.06 |
| FII | 0.35 | 0.36 | 0.4 | 0.41 | 0.44 | 0.41 | 0.39 | 0.44 | 0.41 | 0.21 |
| DII | 0.62 | 0.65 | 0.69 | 0.59 | 0.57 | 0.56 | 0.54 | 0.56 | 0.68 | 0.86 |
| Public | 1.01 | 0.98 | 0.91 | 1 | 0.99 | 1.03 | 1.08 | 1.08 | 0.99 | 1.01 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 4.11 | 4.13 | 4.13 | 4.13 | 4.14 | 4.14 | 4.14 | 4.14 | 4.15 | 4.15 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 51.82 | 51.59 | 51.55 | 51.62 | 51.57 | 51.56 | 51.56 | 49.81 | 49.76 | 49.8 |
| FII | 8.4 | 8.74 | 9.74 | 9.81 | 10.7 | 9.84 | 9.45 | 10.64 | 9.82 | 5.05 |
| DII | 15.19 | 15.86 | 16.61 | 14.27 | 13.81 | 13.61 | 13 | 13.43 | 16.51 | 20.78 |
| Public | 48.18 | 48.41 | 48.45 | 48.38 | 48.43 | 48.44 | 48.44 | 50.19 | 50.24 | 50.2 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 2.13 | 2.13 | 2.13 | 2.13 | 2.13 | 2.13 | 2.13 | 2.06 | 2.06 | 2.06 |
| FII | 0.35 | 0.36 | 0.4 | 0.41 | 0.44 | 0.41 | 0.39 | 0.44 | 0.41 | 0.21 |
| DII | 0.62 | 0.65 | 0.69 | 0.59 | 0.57 | 0.56 | 0.54 | 0.56 | 0.68 | 0.86 |
| Public | 1.98 | 2 | 2 | 2 | 2 | 2 | 2 | 2.08 | 2.08 | 2.08 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 4.11 | 4.13 | 4.13 | 4.13 | 4.14 | 4.14 | 4.14 | 4.14 | 4.15 | 4.15 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +22% | +11% | +13% | — |
| Operating Profit CAGR | +3% | +8% | +23% | — |
| PAT CAGR | -70% | -36% | — | — |
| Share Price CAGR | -20% | -18% | — | — |
| ROE Average | +3% | +13% | +15% | +7% |
| ROCE Average | +9% | +16% | +16% | +13% |
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