Popular Vehicles and Services Limited has released the transcript of their Earnings Conference Call held on May 27, 2026. The call discussed the Audited Financial Results for the fourth quarter and the full year ended March 31, 2026. During the call, the company addressed an earlier misstatement in business updates regarding revenue growth for Q4 FY26, attributing it to acquisitions and system updates. They clarified that new vehicle sales volume growth numbers for both Q4 FY26 and FY26 remained unchanged. The company reported that FY26 was a year of recovery and strategic repositioning, with Q4 FY26 revenue from operations growing by approximately 28% year-on-year and full-year FY26 revenue growing by approximately 15% year-on-year. New vehicle volumes for FY26 grew by approximately 21% year-on-year. Key strategic initiatives included the divestment of the Honda and Piaggio businesses and three strategic acquisitions: BharatBenz dealership in Punjab, Maruti Suzuki dealership in Telangana, and Audi dealership operations across Telangana and Andhra Pradesh. These moves aimed to strengthen the company's platform, expand its OEM presence, and increase the contribution of non-Keralam revenues to approximately 47% in FY26, up from 28% in FY23. Financially, reported EBITDA for FY26 stood at ₹203.4 crores, an increase of 16% year-on-year. Adjusted EBITDA was ₹200.9 crores, up 28% year-on-year. The company reported a loss of ₹12.5 crores for FY26 compared to a loss of ₹10.5 crores in FY25. Looking ahead to FY27, priorities include consolidating recent acquisitions, deepening non-Keralam presence, increasing high-margin revenue streams (services, spares, accessories), and driving internal efficiencies. The company anticipates high double-digit top-line growth, EBITDA margins moving towards the 5% range, and PAT approaching FY24 levels in FY27. Additionally, Mr. Raj Narayan tendered his resignation as CEO, with the company thanking him for his contributions.
