Popular Vehicles and Services Limited — Investor Meet, 18-11-2025: Analysts/Institutional Investor Meet/Con. Call Updates

Popular Vehicles & Services (PVSL) reported Q2 FY26 total income of INR 1,534.6 Cr and adjusted EBITDA of INR 53 Cr (3.5% margin). Q2 PAT was INR 0.6 Cr. Key moves: acquired Maruti Suzuki dealership in Telangana (~INR 90 Cr) and BharatBenz in Punjab (~INR 12 Cr), expanding footprint. Also launched e-commerce for spare parts. Despite Q2 GST-related sales deferrals, October saw strong retail growth (Maruti +40% YoY). Inventory normalized to ~33 days, discounts are sharply reducing. Management foresees double-digit volume growth for FY26 and FY27, targeting ~4.2-4.3% EBITDA margins and crossing FY24 PAT levels by FY27. Sentiment is positive on demand recovery.