Popular Vehicles And Services Limited · NSE:PVSL
Popular Vehicles And Services — Q2 & H1 FY26 Earnings Presentation
41 slides from Popular Vehicles And Services's earnings presentation, Nov 11, 2025
Slide 1: Exchange filing cover letter
Popular Vehicles and Services Ltd Kuttukaran Centre Mamangalam, Kochi 682025 t 0484 2341134 e cs@popularv.com www.popularmaruti.com CIN L50102KL1983PLC003741 KERALA – GSTIN 32AABCP3805G1ZW Ref: PVSL/SEC/93/2025-26 TAMIL NADU- GSTIN 33AABCP3805G1ZU Date: 11th November, 2025 To, To, BSE Limited (“BSE”
Slide 2: Q2 & H1 FY26 Investor Presentation
Commercial Vehicles Popular Vehicles and Services Limited Q2 & H1 FY26 – Investor Presentation November 2025
Slide 3: Safe Harbor
Safe Harbor This presentation and the accompanying slides (the “Presentation”), which have been prepared by Popular Vehicles and Services Limited (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe
Slide 4: Quarterly Business Update
Quarterly Business Update 3
Slide 5: Management Commentary
Management Commentary Commenting on the performance, Mr. Naveen Philip, Promoter & Managing Director said, “Q2 is seasonally a stronger quarter for us, supported by the Onam festive period from mid-August to mid-September. We saw healthy enquiry levels and improved footfalls at the start of the quar
Slide 6: Key Highlights
Key Highlights New Vehicles Services Volumes (In Units) Total Income* (INR Crs) • Q2, being a festive season quarter, witnessed higher volume Volumes (In Units) Total Income* (INR Crs) momentum vs Q1. The full impact on sales was moderated as +48% +37% some customers deferred purchases after the GST
Slide 7: Operational Performance Highlights - Quarterly
Operational Performance Highlights - Quarterly Volumes (In Units) Average Selling Price (INR) Total Income* (INR Crs) 12,890 13,012 9,82,931 9,77,571 1,126 1,143 New Vehicles 11,151 8,73,482 8,59,799 8,78,529 1,019 10,370 959 932 9,532 Q2FY25 Q3FY35 Q4FY25 Q1FY26 Q2FY26 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q
Slide 8: Operational Performance Highlights – Half Yearly
Operational Performance Highlights – Half Yearly Volumes (In Units) Average Selling Price (INR) Total Income* (INR Crs) 22,566 22,544 9,11,611 9,20,406 2,057 2,075 H1FY26 – Volume breakup New Vehicles • PV (incl. luxury) : 63% • CV : 23% • EV : 13% H1FY25 H1FY26 H1FY25 H1FY26 H1FY25 H1FY26 H1FY26 –
Slide 9: Adjusted Operational Snapshot
Adjusted Operational Snapshot Particulars H1FY26 H1FY25 YoY Particulars (INR Crs) H1FY26 H1FY25 YoY New Vehicles Volume (Units) 21,740 21,574 0.8% Revenue 2,741.8 2,674.8 2.5% Total Income* (INR Crs) 2,013.5 1,974.6 2.0% Service EBITDA* 81.6 101.6 -19.7% Volume (Units) 4,55,921 4,63,553 -1.6% Total
Slide 10: Strategic Acquisitions: Expanding Our Footprint
Strategic Acquisitions: Expanding Our Footprint Target Company Globe CV Pvt. Ltd. R.K.S. Motor Pvt. Ltd. OEM Dealership Geographical States Punjab Telangana Consideration Value* • Slump sale - Rs. ~12 crores • Slump sale not exceeding Rs. 93 Crs • 5 Showroom & 12 Service centers • 1 Showroom & 8 Ser
Slide 11: Business Highlights
Business Highlights • Completed the disinvestment of Vision Motors Pvt. Ltd. (Honda) and Kuttukaran Green Pvt Ltd (Piaggio) • Network Expansion: NEXA workshop at an upcountry location in Perumbavoor, Ernakulam District, Kerala. • Popular Mega Motors (India) Pvt Ltd, company’s wholly owned subsidiary
Slide 12: Result Performance
Result Performance Particulars (INR Crs) Q2FY26 Q2FY25 YoY Q1FY26 QoQ H1FY26 H1FY25 YoY Revenue from Operations 1,530.4 1,512.7 1.2% 1,310.9 16.7% 2,841.3 2,804.2 1.3% Other Income 4.2 5.6 5.1 9.2 12.5 • Q2 was best in terms of Total Income 1,534.6 1,518.3 1.1% 1,316.0 16.6% 2,850.5 2,816.7 1.2% vol
Slide 13: Balance Sheet
Balance Sheet Particulars (INR Crs) Sep-25 Mar-25 Particulars (INR Crs) Sep-25 Mar-25 Property, Plant & Equipments 326.4 311.0 Equity Share Capital 14.2 14.2 Capital Work-in-progress 14.8 7.9 Other Equity 616.4 624.5 Goodwill 11.8 11.5 Total Equity 630.6 638.8 Other Intangible assets 8.1 9.8 Financi
Slide 14: Cash Flow Statement
Cash Flow Statement Particulars (INR Crs) Sept-25 Sept-24 Net Profit Before Tax -14.7 20.1 Adjustments for: Non - Cash Items / Other Investment or Financial Items 98.0 81.9 Cash generated from operations before working capital changes 83.3 102.0 Changes in working capital -82.4 -94.7 Cash generated
Slide 15: Business Overview
Business Overview 14
Slide 16: Company Snapshot
Company Snapshot Part of diversified Kuttukaran Group Marquee OEMs Integrated Business model 1984 As one amongst the 1st Batch of Dealers appointed by Maruti 75+ Buying New Vehicle Suzuki in India years of experience in the automobile industry Services & Repairs business Commercial Vehicles Spare Pa
Slide 17: Our Story
Our Story 01. Longstanding presence in 03. Comprehensive Ecosystem 05. Development strategy 07. Experienced Board of directors the automotive industry for Mobility over the years and specialist leadership team 04. High delta proposition • Services & Repairs business 06. Market penetration 08. Sustai
Slide 18: Long Standing Presence: Major Events and Milestones
Long Standing Presence : Major Events and Milestones 1939 1984 1997 2002 2005 2006 The Group entered the Commenced automobile Commenced Tata Motors CV Commenced dealership for Commenced spare Commenced automobile industry with dealership with first Maruti dealership in Kerala Maruti Suzuki PV in Che
Slide 19: Partnerships with leading OEMs
Partnerships with leading OEMs Rank# Rank# Years OEM Category Touchpoints^ of Relationship Sales Volume Service Provider Economy to Vehicles (PV) 41 9 1 241 Passenger Premium Luxury 15 2 2 5 CV 28 4 1 73 Commercial Commercial Vehicles Vehicles (CV) CV 13 2 - 54 Vehicles Electric (EV) 2W 3 5 - 22 #Ra
Slide 20: Building a comprehensive Ecosystem for Mobility
Building a comprehensive Ecosystem for Mobility High margin business + Faster growing segments: +ve impact on Profitability and Return ratios Sale of new Service Distribution of Exchange / sale of Facilitating sale of Third- Driving vehicles & Repairs spare parts pre-owned vehicles party financial s
Slide 21: Services & Repairs Business – High delta proposition
Services & Repairs Business – High delta proposition Our Offerings Among the top service and repairs providers Periodic maintenance Auto Body Repair Services, repairs and maintenance under service #1 #2 each of the dealerships include: • Work undertaken during warranty period AC or Electrical • Outs
Slide 22: Spare Parts Distribution Business – High delta proposition
Spare Parts Distribution Business – High delta proposition 50 25 ~75 Retail Outlets Warehouses Touchpoints Spare parts distribution across Kerala & Karnataka Total Income from Spare Parts Distribution Business ~3,200 Kerala Karnataka (INR Crs) 20,000+ No. of customers portfolio SKUs (Includes active
Slide 23: Development Strategy over the years
Development Strategy over the years Key Strategic Acquisitions FY 2015 4.0 FY 2016 31 FY 2019 FY18 2021 120 FY 2023 FY 2026 Acquisition of 1 Acquisition of 5 showroom, Acquired the entire Acquisition of 1 showroom, 1 sales 1 sales outlet and 12 service Acquired Tata Motors Acquired an existing Took
Slide 24: Market Penetration: Extensive Network
Market Penetration: Extensive Network Increasing footprints • 30 Showroom & 98 Service centers Kerala 324^ • 110 Sales outlet touchpoints • 29 Showrooms / sales outlets only for pre-owned Commercial Vehicles vehicles Punjab 33# • 3 Showrooms & 4 Service centers Karnataka touchpoints • 1 Showroom / s
Slide 25: Experienced Board Members
Experienced Board Members John K. Paul Francis K. Paul Naveen Philip Promoter and WTD Promoter and MD Executive Promoter and WTD Director Education: B.E. Education: B.E. Education: B.E., PGD in Management from XIM Experience: 48+ years of experience in Experience: 48+ years of experience in Experien
Slide 26: Strong Leadership Team
Strong Leadership Team Mr. Naveen Philip Mr. Raj Narayan Mr. Abraham Mammen Mr. Benny K. J. Promoter and MD CEO Group CFO VP - Human Resources Education: B.E., PGD in Education: B.Com, MBA from Education: CA, CS, CMA, Bcom Education: Master’s Degree of Arts in Management from XIM ICFAI Experience: N
Slide 27: Well defined Corporate Structure
Well defined Corporate Structure Popular Vehicles and Services Ltd (PVSL) ‘Popular’ 99.99% 99.99% 99.99% 99.99% 99.99% Popular Autoworks Pvt Popular Auto Dealers Pvt Popular Mega Motors Keracon Equipments Pvt Kuttukaran Cars Pvt Ltd Ltd Ltd (PADL) (India) Pvt Ltd (PMMIL) Ltd (KEPL) (KCPL) (PAWL) 70.
Slide 28: Business Vertical Performance
Business Vertical Performance New Vehicles Pre-owned Vehicles Services & Repairs business Spare Parts Distribution business Volumes (In units) +6% +1% +13% 47,820 46,665 11,806 10,53,545 10,42,298 44,087 10,594 10,698 10,636 9,57,148 10,098 37,871 35,105 7,21,400 6,46,280 FY21 FY22 FY23 FY24 FY25 FY
Slide 29: Category-wise Performance
Category-wise Performance INR Crs PVs (incl. luxury) CVs Total Revenue from Operation +12% 3,307 3,301 +28% 1,954 1,883 3,014 1,570 2,340 2,070 5,616 959 +18% 5,541 691 4,875 FY21 FY22 FY23 FY24 FY25 FY21 FY22 FY23 FY24 FY25 3,466 2,894 EVs Spare Parts Distribution Business# +158% +20% 85 87 270 270
Slide 30: Key Ratios
Key Ratios Particulars (Rs. Cr) FY21 FY22 FY23 FY24 FY25 Working Capital Cycle (No. of days) Total Equity 246.0 279.9 343.0 653.2 638.8 Net Working Capital days 45 43 41 47 46 Total Borrowings 353.0 371.9 505.0 444.6 423.1 Capital 29.5 48.1 85.3 80.7 54.6 Expenditure 47 45 45 45 Debt to Equity 1.4x
Slide 31: Strategic Priorities
Strategic Priorities 30
Slide 32: Way-forward
Way-forward Diversification Focus on High Margin Business Deeper Penetration • De-risking Revenue Model • Increase Automotive Distribution business • Inorganic Growth Opportunities • New Dealerships • Increase sale of Services & Repairs business • Organic Growth Opportunities • Increase Product offe
Slide 33: Diversification: De-risking revenue
Diversification Kerala Non-Kerala De-risking revenue 26% 38% In next FY21 FY25 50% 50% 2-3 years 62% 74% New Dealerships Increase Product Offerings • Strategically diversifying existing product offerings by • Setting up new dealerships to capitalize on the increasing introducing new additional brand
Slide 34: Focus on High Margin Business
Focus on High Margin Business Stability in Revenue Increase Automotive Distribution business o Highly localized business with high SKUs – High Margin business o Focus on Balance sheet led profitable growth Higher after sales service Increase sale of Services & Repairs business o Increasing the no. o
Slide 35: Deeper Penetration
Deeper Penetration Inorganic growth Organic Growth Digital Growth Geographic penetration Customer penetration • Enhancing digital and online • Taking over/merging business • Open opportunities by OEM in presence, making it more user of weak dealers with consent newer states/locations friendly & info
Slide 36: Business Verticals: Adding value at each stage
Business Verticals: Adding value at each stage Contribution to Company’s Consolidated Performance* 73% • New Vehicles sale business: High Volume OEMs relationships is 29% important to establish an Low Margin integrated business model; it New Vehicles enables to drive the business in pre-owned and Se
Slide 37: Historical Performance
Historical Performance 36
Slide 38: Profit & Loss Statement
Profit & Loss Statement Particulars (INR Crs) FY25 FY24 FY23 FY22 FY21 Revenue from Operations 5,541.2 5,615.5 4,875.0 3,465.9 2,893.5 Other Income 20.4 31.2 17.6 18.3 25.7 Total Income 5,561.6 5,646.7 4,892.6 3,484.2 2,919.3 Cost of Goods Sold 4,760.2 4,758.3 4,142.6 2,916.8 2,433.0 Gross Profit 80
Slide 39: Balance Sheet
Balance Sheet Particulars (INR Crs) Mar-25 Mar-24 Mar-23 Mar-22 Mar-21 Particulars (INR Crs) Mar-25 Mar-24 Mar-23 Mar-22 Mar-21 Property, Plant & Equipments 311.0 328.8 293.5 246.4 224.4 Equity Share Capital 14.2 14.2 12.5 12.5 12.5 Capital Work-in-progress 7.9 14.3 7.7 12.3 17.3 Other Equity 624.5
Slide 40: Cash Flow Statement
Cash Flow Statement Particulars (INR Crs) Mar-25 Mar-24 Mar-23 Mar-22 Mar-21 Net Profit Before Tax -8.9 96.1 84.9 48.5 47.3 Adjustments for: Non - Cash Items / Other Investment or Financial Items 173.7 161.1 143.7 116.8 108.0 Cash generated from operations before working capital changes 164.8 257.3
Slide 41: Thank You
Company: Investor Relations Advisors: Thank CIN: L50102KL1983PLC003741 CIN: U74140MH2010PTC204285 You Mr. Varun T. V. CS & Compliance Officer Mr. Vineet Shah / Ms. Neha Shroff vineet.shah@sgapl.net / neha.shroff@sgapl.net cs@popularv.com +91 97688 39349 / +91 77380 73466 www.popularmaruti.com www.sg
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