Landmark Cars lifts margin as revenue growth outpaces costs
Standalone net profit rose 181.54% sequentially, helped by a lower tax rate and other income that formed 27.23% of pre-tax profit.
Filed 12 Nov 2026, 19:04 IST · after market close · Landmark Cars Ltd (LANDMARK)
Key takeaways
- Standalone revenue rose 103.90% sequentially as revenue growth outpaced the 99.60% increase in expenses.
- Operating margin improved 1.82 percentage points to 15.33%, 4.13 percentage points above the 11.20% median for 316 reported sector peers.
- Net profit increased 181.54% sequentially, but other income contributed 27.23% of profit before tax.
Price around the results
Revenue growth drove the quarterly rebound
Landmark Cars’ standalone revenue increased 103.90% sequentially, while operating profit grew 131.42%; the larger profit increase reflects expenses growing more slowly than revenue. Net profit rose 181.54% to Rs 32.63 cr, with the sequential comparison showing a sharp improvement from Q1FY27.
Margin widened, but profit quality needs attention
Expenses grew 99.60% sequentially against 103.90% revenue growth, lifting operating margin by 1.82 percentage points. The tax rate fell 3.56 percentage points, although interest expense increased 105.92%. Other income accounted for 27.23% of profit before tax, so the quarter’s net profit growth was not driven solely by operations.
Management points to a wider dealership footprint
Management said the outlet count increased from 112 in FY22 to 140 in FY26. It said Landmark Cars is opening its first Denza showroom in Mumbai, with the unveiling scheduled for 13 November 2026, and has received letters of intent for JSW Cars dealerships in Ahmedabad and Bhopal. Management said JSW Motors vehicle sales are expected to begin in the next financial quarter and that it remains focused on cost discipline to improve profitability.
Margin was above the reported peer median
Landmark Cars’ 15.33% operating margin was 4.13 percentage points above the 11.20% median among 316 Consumer Discretionary peers that had reported the same quarter. This was the second-quarter comparison available in the trend, with margin higher than the 13.51% recorded in Q1FY27. The results were filed after market close on 12 November 2026, so there is no market reaction to assess yet.
Q2FY27 at a glance
Standalone figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q2FY27 | Q1FY27 | QoQ |
|---|---|---|---|
| Revenue | ₹398 cr | ₹195 cr | +103.90% |
| Other income | ₹11 cr | ₹3 cr | +284.35% |
| Expenses | ₹337 cr | ₹169 cr | +99.60% |
| Operating profit | ₹61 cr | ₹26 cr | +131.42% |
| Operating margin (%) | 15.33% | 13.51% | — |
| Interest | ₹6 cr | ₹3 cr | +105.92% |
| Depreciation | ₹25 cr | ₹11 cr | +126.30% |
| Profit before tax | ₹42 cr | ₹15 cr | +168.96% |
| Tax | ₹9 cr | ₹4 cr | +130.39% |
| Net profit | ₹33 cr | ₹12 cr | +181.54% |
| EPS (₹) | ₹7.87 | ₹2.79 | +182.08% |
Operating margin of 15.33% compares with a Consumer Discretionary sector median of 11.20% across 316 peers that have reported Q2FY27.
What management said
From the company’s own investor presentation. Each point is checked against the source document before it appears here.
Planned next quarter
- Sales of JSW Motors vehicles are planned to begin in the next financial quarter.
Expansion
- The company increased its outlet count from 112 in FY22 to 140 in FY26.
- Landmark Cars is opening its first Denza showroom in Mumbai, with the unveiling scheduled for 13 November 2026.
- Landmark Cars received letters of intent to open JSW Cars dealerships in Ahmedabad and Bhopal.
- Sales of JSW Motors vehicles are expected to begin from the next financial quarter.
New initiatives
- The company is maintaining cost discipline with the goal of further improving profitability.
Problems & risks
- Industry growth is expected to moderate because sales are being compared with a high base.
What to watch
- Whether operating margin holds above 15.33% as management pursues cost discipline.
- The share of profit before tax contributed by other income relative to 27.23%.
- The start of JSW Motors vehicle sales in the next financial quarter, as stated by management.