Landmark Cars Ltd(LANDMARK)

NSE: LANDMARKBSE: 543714

₹ 418.8+0.01%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 1,737 crWebsite: www.grouplandmark.inUpdated: 24 Oct 2026

About

Landmark Cars Ltd is India's first publicly listed multi-brand, multi-location automobile retailer. It started in 1998 with a Honda dealership in Ahmedabad. As of September 2026 it ran 143 outlets for 11 OEM brands covering premium, luxury, EV and commercial vehicles, and it reported revenue of Rs 4,896.23 Cr in FY26. The company says it is the No. 1 dealer in India for Mercedes-Benz, Volkswagen, BYD, Honda and Jeep, and among the top three for MG.^[1][2][3][4]

Business segments

New vehicle sales is the largest segment. It brought in proforma revenue of Rs. 46,886 Mn in FY25, about 80% of total proforma revenue of Rs. 56,261 Mn.^[5]
After-sales (service and spare parts) revenue reached Rs. 10,508 Mn in FY26, up 12.1% YoY, with a 10-year revenue CAGR of 15.4%.^[2]
Other services include pre-owned vehicle sales, car care, and vehicle finance and insurance.^[5]

Brand portfolio

As of FY26, OEM partners are Mercedes-Benz, BYD, MG Motor, Mahindra & Mahindra, Kia, Honda, Renault, Volkswagen, Jeep, Citroën and Ashok Leyland.^[1][5]
Mercedes-Benz is the largest contributor, at about 40% of proforma revenue (FY26 annual report).^[1]
The newer brands (BYD, MG, Kia, M&M) made up 38% of new car sales revenue in Q1 FY27, up from 31% in FY26. They made up 19% of after-sales revenue.^[6]
MG Select, launched in FY25, is a separate vertical for luxury and performance models such as the MG Majestor, M9 and Cyberster.^[5]

Network and operations

As of September 2026, the company ran 143 outlets in total, including 11 BYD outlets and 12 Mahindra & Mahindra outlets.^[3]
As of May 2026, the network had 76 sales showrooms and 64 workshops across 29 cities in 12 states. About 18% of outlets were added in the last three years.^[2]
About one-fourth of the company's presence was built through acquisitions (FY26 annual report).^[1]
A new 50,000 sq ft workshop in Jogeshwari, Mumbai, opened for Mercedes-Benz. BYD and Jeep sections are due to be finished in the coming months.^[6]
The company has started AI-based calling in its contact centres to improve efficiency and lead management (FY26).^[1]

Key operating numbers

The average selling price of new vehicles was about ₹21.96 Lacs in FY26, up from ₹20.79 Lacs in FY25.^[1]
The new vehicle average selling price was Rs. 22.46 lakh in Q1 FY27 vs Rs. 20.97 lakh in Q1 FY26. The Mercedes-Benz average selling price was about Rs. 79 lakh in Q1 FY27 vs about Rs. 73 lakh in Q4 FY26.^[6]
EVs made up 30% of new car sales by value in Q1 FY27, up from 21% in FY26.^[6]
Services performed were 387,075 in FY26 vs 352,673 in FY25. Average revenue per vehicle serviced was Rs. 27,148 in FY26 vs Rs. 26,582 in FY25.^[2]
After-sales EBITDA margin was 18.4% in Q1 FY27. After-sales ROCE was 29.8% and after-sales gross margin was about 41.2% in FY26.^[6]
New vehicle sales EBITDA margin was about 2.3% in Q1 FY27, vs about 2.0% in FY26 and about 1.7% in FY25.^[6]
Inventory days were 60 at March 2026, vs an industry average of about 45 days at the time. The company said it raised stock on purpose ahead of OEM price increases.^[2]
Conversion of operating cash flow to EBITDA was 0.95x in FY26, which the company called the highest in its disclosed history.^[2]

Market position and customers

The company serves more than 5,50,000 customers (FY26 annual report).^[1]
The company says it is the No. 1 dealer in India for Mercedes-Benz, Volkswagen, BYD, Honda and Jeep, and among the top three for MG. It holds about 0.5% of the Indian PV market by volume and about 0.8% by value.^[5]
The company is BYD's largest retail partner in India, accounting for upwards of 20% of BYD India volumes.^[7]
The company is Honda's largest dealer partner in India.^[7]
The company became a top-three MG dealer within just over a year of signing with MG, with 4.5 - 5% of MG's national market share.^[5]

Expansion and capex

FY27 capex guidance stays at about Rs. 50 crores. Spending in Q1 FY27 was below a proportionate share, and management says the full-year plan is on track.^[6]
The company entered Patna and opened Bihar's first Mercedes-Benz showroom and workshop (FY26 annual report).^[1]
In Q1 FY27 the company received a letter of intent (LOI) for another MG showroom in Ahmedabad, which takes its MG outlets to 17.^[6]
BYD workshop capacity is set to grow. The Jogeshwari multi-brand workshop will take on BYD operations in the coming months.^[6]
Management is evaluating new OEM partners and dealership takeovers.^[6]

Upcoming model launches

The M&M Scorpio N Facelift and a new MG SUV are scheduled for August 2026. The MG 520, MG iM6 and Mercedes-Benz AMG GT 4 Door Coupe are targeted for October 2026.^[6]
The Kia Sorento is expected in September 2026. The Renault Duster Hybrid has moved to November 2026, and the BYD Seal U is targeted for December 2026.^[6]
The Honda Alpha 0 electric SUV is planned for January 2027. BYD's Denza luxury brand is expected to launch in India in FY27.^[6]

Recent developments

In September 2026 the company added a BYD facility in Noida and a Mahindra & Mahindra showroom in Kolkata, taking its total to 143 outlets.^[3]
BYD outlets in Pune began operating in July 2026.^[6]
The company closed its Volkswagen operations in Delhi-NCR (one showroom and a workshop) with effect from March 31, 2026. It remains Volkswagen's dealer in Gujarat.^[1]
The Board approved a plan to merge wholly-owned subsidiary Landmark Cars (East) Private Limited into the company, subject to approvals (FY26 annual report).^[1]
In Q1 FY27 the company signed an MoU with ChargeZone, which has 16,000+ charge points, to earn a recurring share of EV charging revenue from customers it brings on board.^[6]
An internal study across two brands found that total after-sales revenue per EV is 9 - 45% higher than for comparable petrol and diesel (ICE) vehicles (Q1 FY27 call).^[6]

Market Cap

₹1,737 Cr

High / Low

₹655 / 340

Stock P/E

38.5

Price / Book

3.0

Book Value

₹141

EPS

₹9.0

No. of Shares

4.15 Cr

ROCE

9.7%

ROE

6.6%

OPM

2.7%

Debt / Equity

0.85

Sales

₹4,896 Cr

Net Profit

₹38 Cr

Promoter holding

49.9%

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