LANDMARK
Landmark Cars share price & financials
- Price
- ₹526.25
- Market cap
- ₹2.1k Cr
- Calls analysed
- 7
Landmark Cars Limited Q1 FY27
What went well
- Pro forma revenue from operations grew over 22% year-on-year, delivering the best ever Q1 performance in a seasonally soft quarter.
- Profit after tax nearly doubled, driven by improving operating leverage and sustained cost discipline.
- 30% of vehicles sold by value were EVs, much higher than the industry average, with positive implications for aftersales revenue.
What to watch
- Gross margins were 'a little soft' this quarter, though management explained it as a complex metric due to brand mix and cost structures.
- The luxury market has grown slower than premium and mass segments, with management hoping for a catch-up.
What Landmark Cars Limited does
Landmark Cars operates franchised dealerships for premium, luxury and mass-market car brands in India, covering new-vehicle sales, after-sales service and spare parts, pre-owned vehicle sales, car-care services (paint protection, detailing) and vehicle finance and insurance referrals. It earns through vehicle sale margins, service and spare-parts billing, and commissions on finance/insurance products sold at the point of sale. The company represents brands spanning ICE, hybrid and electric passenger vehicles as well as commercial vehicles, and holds India's number-one dealer-partner ranking (by outlet count) for several of its OEM principals including Mercedes-Benz, BYD, Honda and Jeep & Citroën.
Segments
- New vehicle sales & allied businesses
- After-sales business
- Total dealership outlets
- 140 (as of May 2026)
- Sales showrooms
- 76
- After-sales service workshops
- 64
- Geographic footprint
- 12 states and 29 cities
- OEM brand partnerships
- 11 brands — Mercedes-Benz, Honda, Volkswagen, Jeep, Citroën, Renault, BYD, Kia, Mahindra, MG Motor and Ashok Leyland
- Cumulative customers served
- 550,000+
Guidance record · Q1 FY27
what the last two calls moved 14 tracked 3 delivered 3 missed 8 open- Gross Profit Percentage missed said Q2 FY26 Promised: increase by over 100 basis points for the balance part of the year Q1 FY27: Management commentary in Q1 FY27 noted that gross margins were 'a little soft', implying the target for H2 FY26 was not met. The promise is now considered missed.
- FY27 Capex on track said Q4 FY26 Promised: Historically, before we got into this rapid expansion 18-20 months back, where we spent more, I think our historic average is around INR 50 crores. That could be taken as a ballpark, but I am not trying to stick my neck out with numbers, but it should be in and around. Q1 FY27: Management confirmed they are in line with the INR 50 crore guidance for FY27, having spent less than the proportionate share in Q1.
All 14 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 22.6%, net profit up 114.3% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 907 | 1,195 | 1,091 | 1,062 | 1,211 +34% | 1,345 +13% | 1,279 +17% | 1,302 +23% |
| EBITDA | 52 | 66 | 55 | 61 | 54 +4% | 74 +12% | 76 +38% | 72 +18% |
| Net profit | 0 | 12 | 2 | 7 | 2 | 14 +17% | 15 +650% | 15 +114% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −22.3% 1Y
1Y: ₹628.15 on 10 Sept 2025 → ₹487.95. High ₹654.3 (15 Sept 2025), low ₹349.45 (23 Jan 2026).
How the price took the results
close before → close after
- Q1 FY27
- −4.1%
- 12 Aug
- Q4 FY26
- −4.5%
- 27 May
- Q3 FY26
- +3.8%
- 11 Feb
- Q2 FY26
- +0.4%
- 12 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 13.1% a year over 3 years, FY23 to FY26. Operating margin narrowed to 5.4%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹3.4k Cr | ₹3.3k Cr | ₹4.0k Cr | ₹4.9k Cr |
| Operating profit | ₹238 Cr | ₹217 Cr | ₹222 Cr | ₹265 Cr |
| Operating margin | 7.0% | 6.6% | 5.5% | 5.4% |
| Interest | ₹51 Cr | ₹54 Cr | ₹75 Cr | ₹79 Cr |
| Depreciation | ₹88 Cr | ₹101 Cr | ₹131 Cr | ₹149 Cr |
| Net profit | ₹85 Cr | ₹56 Cr | ₹17 Cr | ₹38 Cr |
| Net margin | 2.5% | 1.7% | 0.4% | 0.8% |
| Cash from operations | ₹71 Cr | ₹41 Cr | ₹152 Cr | ₹267 Cr |
| Free cash flow | ₹3 Cr | ₹-38 Cr | ₹22 Cr | ₹213 Cr |
| ROCE | 20.0% | 12.0% | 8.0% | 9.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹18 Cr | ₹18 Cr | ₹20 Cr | ₹21 Cr | ₹21 Cr | ₹21 Cr |
| Reserves | ₹163 Cr | ₹229 Cr | ₹450 Cr | ₹518 Cr | ₹541 Cr | ₹564 Cr |
| Borrowings | ₹345 Cr | ₹476 Cr | ₹430 Cr | ₹627 Cr | ₹831 Cr | ₹876 Cr |
| Other liabilities | ₹360 Cr | ₹362 Cr | ₹361 Cr | ₹383 Cr | ₹579 Cr | ₹519 Cr |
| Total liabilities | ₹887 Cr | ₹1.1k Cr | ₹1.3k Cr | ₹1.5k Cr | ₹2.0k Cr | ₹2.0k Cr |
| Fixed assets | ₹326 Cr | ₹497 Cr | ₹509 Cr | ₹594 Cr | ₹772 Cr | ₹778 Cr |
| Capital work in progress | ₹2 Cr | ₹5 Cr | ₹6 Cr | ₹2 Cr | ₹1 Cr | ₹2 Cr |
| Investments | ₹13 Cr | ₹17 Cr | ₹16 Cr | ₹16 Cr | ₹16 Cr | ₹16 Cr |
| Other assets | ₹546 Cr | ₹566 Cr | ₹730 Cr | ₹937 Cr | ₹1.2k Cr | ₹1.2k Cr |
| Total assets | ₹887 Cr | ₹1.1k Cr | ₹1.3k Cr | ₹1.5k Cr | ₹2.0k Cr | ₹2.0k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, DIIs added +7.67 pp while FIIs trimmed −6.75 pp. The shareholder count shrank 10% to 38,178.
- Promoters
- 49.9%
- FIIs
- 2.7%
- DIIs
- 20.7%
- Public
- 26.7%
Since Jun 2025
- DIIs +7.67 pp
- FIIs −6.75 pp
- Promoters −1.63 pp
How it drifted, 12 quarters
Over this window FIIs fell from 8.6% to 2.7% — −5.9 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 52.9%, FIIs 8.6%, DIIs 15.5%, Public 23.0%.Dec '23: Promoters 51.8%, FIIs 8.4%, DIIs 15.2%, Public 24.6%.Mar '24: Promoters 51.6%, FIIs 8.7%, DIIs 15.9%, Public 23.8%.Jun '24: Promoters 51.5%, FIIs 9.7%, DIIs 16.6%, Public 22.1%.Sep '24: Promoters 51.6%, FIIs 9.8%, DIIs 14.3%, Public 24.3%.Dec '24: Promoters 51.6%, FIIs 10.7%, DIIs 13.8%, Public 23.9%.Mar '25: Promoters 51.6%, FIIs 9.8%, DIIs 13.6%, Public 25.0%.Jun '25: Promoters 51.6%, FIIs 9.4%, DIIs 13.0%, Public 26.0%.Sep '25: Promoters 49.8%, FIIs 10.6%, DIIs 13.4%, Public 26.1%.Dec '25: Promoters 49.8%, FIIs 9.8%, DIIs 16.5%, Public 23.9%.Mar '26: Promoters 49.8%, FIIs 5.0%, DIIs 20.8%, Public 24.4%.Jun '26: Promoters 49.9%, FIIs 2.7%, DIIs 20.7%, Public 26.7%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Bandhan Small Cap Fund Mutual fund newly disclosed 2.00% held
- ICICI Prudential Life Insurance Company Limited Insurer +0.10 pp 3.66% held
- Aryaman Sanjay Thakker +0.07 pp 0.11% held
- Sanjay Karsandas Thakker +0.06 pp 36.40% held
The same filing shows 2 holders trimming and 2 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Landmark Cars Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Sanjay Karsandas Thakker | 36.40% | +0.06 pp |
| Ami Sanjay Thakker | 12.87% | unchanged |
| Nippon Life India Trustee Ltd-A/C Nippon India Small Cap Fund Mutual fund | 7.50% | unchanged |
| ICICI Prudential Life Insurance Company Limited Insurer | 3.66% | +0.10 pp |
| Sundaram Mutual Fund A/C Sundaram Services Fund Mutual fund | 3.45% | −0.45 pp |
| Bandhan Small Cap Fund Mutual fund | 2.00% | newly disclosed |
| Garima Misra | 1.58% | unchanged |
| Mncl Capital Compounder Fund 2 AIF | 1.21% | unchanged |
| Government Pension Fund Global Sovereign | 1.10% | −0.17 pp |
| Aparajita Thakker | 0.24% | unchanged |
| Udayan Karsandas Thakker | 0.16% | unchanged |
| Richa Udayan Thakker | 0.16% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in LANDMARK
Filings to Aug 2026
0 new, 0 added, 0 trimmed, 0 sold out — net +0.00 L shares (+0.0%).
- Held by funds
- ₹181 Cr
- 2 schemes
- Biggest holder
- Nippon India Small Cap Fund
- ₹161 Cr · 0.2% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| Nippon India Small Cap Fund Nippon India Mutual Fund | ₹161 Cr | held | Dec '22 |
| HDFC Children's Fund HDFC Mutual Fund | ₹20 Cr | held | Nov '24 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
0 added, 0 trimmed — net 0 shares (+0.0%)
- Funds are sitting on
- +14%
- vs est. average cost
- Held by funds
- ₹181 Cr
- 2 schemes · ≈ 8.7% of the company
- Biggest holder
- Nippon India Small Cap Fund
- ₹161 Cr · 0.2% of that fund
Shares held by these funds +69%
Aug '23 34.84 L shares Jul '26
All earnings calls (7)
Read the Q1 FY27 call →Learn to analyse Landmark Cars Limited
Guides on how to read this kind of business and the numbers that matter.