Landmark Cars Limited — Investor Meet, 18-11-2025: Analysts/Institutional Investor Meet/Con. Call Updates

Landmark Cars navigated a complex GST transition in Q2 FY26. Q2 proforma revenue grew 31% YoY to 1,657 Cr, but gross margin dipped to 16.2% (196 Cr GP) due to inventory liquidation and discounts to manage cess credits. PAT was 3 Cr, Cash PAT 17 Cr. H1 proforma revenue was 3,072 Cr (+26.4% YoY), with PAT at 11 Cr.

Management expects Q3/H2 gross margins to improve by over 100 bps from Q2 levels as GST impact fades and demand remains robust (October registrations +12%). New outlets should breakeven by Q3. Key brands like Honda and BYD show strong growth potential. The sentiment is optimistic for sustained profitable growth.