Popular Vehicles & Services kicked off FY27 with a strong Q1, showing broad-based growth.

Total income surged 44.6% YoY to `1,903.1 Cr`, with EBITDA jumping 86.6% to `71.5 Cr`. Profit after tax turned positive at `1.4 Cr` (vs `8.8 Cr` loss last year), with EPS at `0.19`. New vehicle sales were robust: Passenger vehicles (ex-luxury) soared over 80% (70% organic), luxury grew 39% (boosted by the recent Audi business acquisition), CVs rose 41%, and EVs exploded 153% YoY.

The company is successfully diversifying, with Keralam revenue now below 50%. Successful integration of prior acquisitions also drove growth.

Strategy focuses on a balanced expansion model, combining organic growth in new/underserved areas with strategic acquisitions.

Key levers for higher margins include boosting services, growing the spare parts business (via Yanik e-commerce), and improving the product mix towards luxury/premium.

Management is confident about the festive season, citing strong enquiries and footfalls, expecting acquired businesses to normalize and contribute to long-term value.