Popular Vehicles & Services Ltd(PVSL)

NSE: PVSLBSE: 544144

₹ 90.2-2.07%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 642 crWebsite: www.popularmaruti.comUpdated: 24 Oct 2026

About

Popular Vehicles & Services is an automobile dealership group that sells and services passenger cars, luxury cars, commercial vehicles and electric two-wheelers, and also distributes spare parts. Its FY26 revenue was 6381.1 crore. Kerala contributed 49% of revenue in Q1 FY27, the first quarter it fell below half, while Tamil Nadu contributed 22% and Karnataka 12%.^[1]

Business segments

Passenger cars excluding luxury: 46.2% of revenue in FY26, down 4.9 percentage points over FY2024-FY2026.^[2]
Commercial vehicles: 38.8% of revenue in FY26, up 4.8 percentage points over FY2024-FY2026.^[2]
Luxury vehicles: 8.5% of revenue in FY26. Others, including spare parts and EV: 6.4%.^[2]
Segment volume growth in Q2 FY27 YoY: PV excluding luxury +46% (31% organic), luxury PV +53% (19% organic), CV +28% (23% organic), EV and spare parts distribution +43% (16% organic).^[3]

Brands and services

Dealer for Maruti Suzuki (Arena, NEXA, True Value), BharatBenz, Tata Motors, JLR, Audi and Ather, with service, bodyshop and spare parts distribution.^[4]
Exited Honda (Vision Motors) and Piaggio (Kuttukaran Green) in Q2 FY26, recording an exceptional gain of INR15.3 crores.^[4]
Started distributing BKT two-wheeler and passenger car radial tyres in Q4 FY26.^[5]

Key operating numbers

New vehicle volumes rose 51% YoY in Q2 FY27 (28% organic) and 67% in H1 FY27 (41% organic).^[3][6]
New vehicle inventory was about 41 days in Q2 FY27, down from 44 days.^[3]
In Q2 FY27, GST rate cuts lowered vehicle prices, so revenue grew more slowly than volumes; discounting fell significantly YoY.^[3]
Service volumes grew YoY in Q2 FY27, with momentum better than the prior quarter as acquired locations ramp up.^[3]
Q1 FY27 new vehicle volumes: passenger vehicles 10,475 units (+83% YoY), commercial vehicles 3,495 (+41%), EVs 3,330 (+153%).^[7]
FY26 new vehicle volumes were 53,452 units, up 21% YoY. Passenger vehicles 32,572, commercial vehicles 12,546, EVs 8,154.^[5]
Gross profit margin was 13.5% in FY26, compared with 14.4% in FY25.^[5]
Net debt to EBITDA was 3.1x in FY26, compared with 2.2x in FY25.^[5]

Geographic reach

Q1 FY27 revenue by state: Kerala 49%, Tamil Nadu 22%, Karnataka 12%, Telangana 8%, Maharashtra 5%, Punjab 4%.^[7]
Non-Kerala share of revenue was about 47% in FY26, up from about 28% in FY23.^[5]
JLR Nagpur began operating on April 1, 2026. The FY27 target is 550-600 units, compared with about 390 in FY26.^[5]
Opened two new service centres in Kerala in Q2 FY27: Maruti Suzuki at Karukachal and Tata commercial vehicles at Kayamkulam.^[3][6]

Acquisitions

Bought Globe CV's BharatBenz dealership in Punjab in Aug-25 for about INR12 crores: 8 facilities with about 37 service bays.^[4]
Bought RKS Motors' Maruti Suzuki dealership in Telangana, effective 15 Oct 2025, for about INR90 crores excluding inventory: 19 locations and 27 touchpoints.^[4]
Bought Olympus Motors' Audi dealership covering Telangana and Andhra Pradesh for Rs 9.75 crore: 5 touchpoints, operating from January 1, 2026.^[8]
Together, the three acquired businesses contributed INR9.4 crores of EBITDA in Q1 FY27.^[7]

Plans for FY27

FY27 revenue target of about INR8,200-8,300 crores, with a blended EBITDA margin of about 4.3-4.4%, revised from the earlier 5%.^[7]
No new acquisition or expansion capex is planned for FY27. Operating cash flow will go first to cutting debt.^[7]

Recent developments

On October 5, 2026, subsidiary Zparex Digisolutions began full commercial operations of Yanik, an online B2B marketplace listing 13,000+ verified automotive spare parts.^[9][3]
John Kuttukaran Paul resigned as Whole-Time Director effective 8 October 2026.^[10]
MSKA & Associates LLP has been proposed as statutory auditor for five years, from the 42nd AGM to the 47th AGM, and would also audit an additional material subsidiary.^[11]

Market Cap

₹642 Cr

High / Low

₹160 / 79

Stock P/E

-273.3

Price / Book

1.0

Book Value

₹88

EPS

₹-1.8

No. of Shares

7.12 Cr

ROCE

4.3%

ROE

-2.0%

OPM

1.2%

Debt / Equity

1.11

Sales

₹6,381 Cr

Net Profit

₹-12 Cr

Promoter holding

61.4%

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Popular Vehicles & Services Ltd(PVSL)

About

Business segments

Brands and services

Key operating numbers

Geographic reach

Acquisitions

Plans for FY27

Recent developments

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