Popular Vehicles And Services Limited · NSE:PVSL
Popular Vehicles And Services — Q4 FY26 Earnings Presentation
39 slides from Popular Vehicles And Services's earnings presentation, May 26, 2026
Slide 1: Regulation 30 intimation letter to exchanges
Popular Vehicles and Services Ltd Kuttukaran Centre Mamangalam, Kochi 682025 t 0484 2341134 e cs@popularv.com www.popularmaruti.com CIN L50102KL1983PLC003741 Ref: PVSL/SEC/24/2026-27 KERALA – GSTIN 32AABCP3805G1ZW TAMIL NADU- GSTIN 33AABCP3805G1ZU KARNATAKA - GSTIN 29AABCP3805G1ZJ Date: 26th May, 20
Slide 2: Q4 & FY26 – Investor Presentation
Popular Vehicles and Services Limited Q4 & FY26 – Investor Presentation May 2026
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: Table of Contents
Table of Contents Sr. No. Contents Page No. 1 Management Commentary 06 2 Result Highlights 07 3 Business Highlights 12 4 Financial Performance 13 5 Business Overview 16 6 Strategic Growth Priorities 23 7 Historical Performance 28 3
Slide 5: Quarterly Business Update
Quarterly Business Update 4
Slide 6: Clarification on Q4 FY26 Business Update - 17th April 2026
Clarification on Q4 FY26 Business Update - 17th April 2026 • We had made a disclosure on April 17, 2026, through a business update for the quarter and year ended March 31, 2026. • The revenue growth numbers reported for the full year FY26 versus FY25 comparison across various segments are broadly in
Slide 7: Management Commentary
Management Commentary Commenting on the performance, Mr. Naveen Philip, Promoter & Managing Director said, “FY26 was a year of strategic execution and recovery for Popular Vehicles & Services. The Company ended the year on a strong note, with Q4 FY26 consolidated revenue from operations growing by ~
Slide 8: Result Highlights - New Vehicles
Result Highlights - New Vehicles Q4 FY26 Volumes (In Units) Total Income* (INR Crs) Volumes (In Units) Total Income* (INR Crs) +20% +18% +9% +9% • Q4 saw a visible improvement in PV demand, led by a pick-up in 10,428 749 entry-level vehicles on the back of improved affordability and 32,752 2,551 654
Slide 9: Result Highlights - Services
Result Highlights - Services Q4 FY26 Volumes (In Units) Total Income* (INR Crs) Volumes (In Units) Total Income* (INR Crs) • PV service revenue remained resilient despite moderation in +2% -2% -14% volumes, supported by higher-value jobs and improved service -12% 2,09,289 151 151 154 realisations. 8
Slide 10: Strategic Acquisitions: Expanding Our Footprint
Strategic Acquisitions: Expanding Our Footprint August 2025 October 2025 December 2025 Olympus Motors Target Company Globe CV Pvt. Ltd. R.K.S. Motor Pvt. Ltd. Private Limited OEM Dealership Geographical States Punjab Telangana Telangana & Andhra Pradesh • Asset Purchase Agreement for a Consideration
Slide 11: Adjusted Performance Snapshot
Adjusted Performance Snapshot Volumes FY26 FY25 Revenue (INR Crs) FY26 FY25 Total Volumes 53,452 44,087 +21% Total Revenue 4,813.3 4,040.0 +19% New Vehicles (-) Honda & Piaggio (-) Honda & Piaggio 804 1,898 61.4 152.7 Divestment Divestment (-) Acquisitions 2,305 - (-) Acquisitions 258.8 - Adjusted /
Slide 12: Adjusted Profitability Snapshot
Adjusted Profitability Snapshot Particulars (INR Crs) FY26 FY25 Growth % Reported EBITDA 203.4 175.4 +16% (-) EBITDA contribution from divested Honda & Piaggio businesses 6.2 17.7 (-) Acquisition-related EBITDA Impact 3.6 - (+) One-off cess provision 7.3 - Adjusted EBITDA 200.9 157.7 +28% (-) Deprec
Slide 13: Q4 Business Highlights
Q4 Business Highlights • Network Expansion: o Started operations at the following touchpoints: ▪ MSIL - 1 service center at Karunagappalli, Keralam ▪ Ather - 2 touchpoints in Bangalore (Karnataka), 1 in Keralam, 1 in Maharashtra ▪ Balkrishna Industries Limited (BKT) – Distributorship covering BKT’s
Slide 14: Profit & Loss Statement
Profit & Loss Statement Particulars (INR Crs) Q4FY26 Q4FY25 YoY Q3FY26 QoQ FY26 FY25 YoY Revenue from Operations 1,754.5 1,372.4 27.8% 1,785.4 -1.7% 6,381.1 5,541.2 15.2% Other Income 4.3 3.9 6.4 20.0 20.4 Total Income 1,758.8 1,376.2 27.8% 1,791.8 -1.8% 6,401.1 5,561.6 15.1% Cost of Goods Sold 1,53
Slide 15: Balance Sheet
Balance Sheet Particulars (INR Crs) Mar-26 Mar-25 Particulars (INR Crs) Mar-26 Mar-25 Property, Plant & Equipments 444.5 311.0 Equity Share Capital 14.2 14.2 Capital Work-in-progress 27.0 7.9 Other Equity 613.6 624.5 Goodwill 13.3 11.5 Total Equity 627.8 638.8 Other Intangible assets 6.7 9.8 Financi
Slide 16: Cash Flow Statement
Cash Flow Statement Particulars (INR Crs) Mar-26 Mar-25 Net Profit Before Tax and Exceptional item -27.2 -8.9 Adjustments for: Non - Cash Items / Other Investment or Financial Items 219.8 173.7 Cash generated from operations before working capital changes 192.6 164.8 Changes in working capital -65.1
Slide 17: Business Overview
Business Overview 16
Slide 18: Company Snapshot
Company Snapshot Part of diversified Kuttukaran Group Presence across the spectrum 1984 75+ Auto Dealership As one amongst the 1st Batch of Dealers appointed by Maruti years of experience in the Suzuki in India automobile industry Presence in 11,000*+ ~500 Employees Touchpoints 7 Spare Parts Distrib
Slide 19: Long Standing Presence: Major Events and Milestones
Long Standing Presence : Major Events and Milestones Foundation & Early Diversification EV Entry, Acquisitions & Listing Geographic Expansion & Portfolio Realignment 1939 - 2020 2021 - 2024 2025 - 2026 • Entered auto industry through spare parts & accessories • Started Piaggio 3W EV dealership in Ke
Slide 20: Experienced Board Members
Experienced Board Members Executive Director John K. Paul Naveen Philip Promoter and WTD Promoter and MD Education: B.E. Education: B.E., PGD in Management from XIM Experience: 48+ years of experience in automobile industry, President of Keralam Automobiles Dealership Association, Experience: 26+ ye
Slide 21: Strong Leadership Team
Strong Leadership Team Mr. Naveen Philip Mr. Raj Narayan Mr. Abraham Mammen Mr. Benny K. J. Mr. Nakkella Srinivas Mr. Jyothish M Mr. Mathew Thomas Promoter and MD CEO Group CFO VP - Human Resources CEO- PAWL COO – PMML (Keralam) WTD- Zparex Digi Solutions Education: B.E., PGD in Resignation effectiv
Slide 22: Well defined Corporate Structure
Well defined Corporate Structure Popular Vehicles and Services Ltd (PVSL) 42+ Years* Segment-wise Revenues from Operations FY26 (%)# ‘Popular’ 99.99% 99.99% 99.99% 99.99% 99.99% Popular Auto Popular Mega Popular Keracon Kuttukaran Cars 2% 4% Dealers Pvt Ltd Motors (India) Pvt Autoworks Pvt Ltd Equip
Slide 23: Market Penetration: Extensive Network
Market Penetration: Extensive Network Showrooms & Sale Outlets PV CV EV Punjab Keralam 98 33 9 Tamil Nadu 5 31 3 Karnataka 3 - 3 Maharashtra - 6 4 Punjab - 2 - Maharashtra Telangana 10 - - Telangana Andhra Pradesh 1 - - Karnataka Andhra Pradesh Keralam Tamil Nadu Service Centre PV CV EV Keralam 71 2
Slide 24: Strategic Growth Priorities
Strategic Growth Priorities 23
Slide 25: Diversified Growth Across OEMs and Geographies
Diversified Growth Across OEMs and Geographies State Presence Revenue Diversification States added in last 3 years 0.8% 2.3% 7.9% 0.3% 0.1% MSIL 15.7% JLR Audi OEM wise FY26 46.7% Honda 29.3% FY23 51.2% Punjab Tata Motors CV 24.7% Bharat Benz 1.7% Ather 6.6% 0.3% 8.6% Piaggio 3.8% 2.7% 5.3% 22.3% 2.
Slide 26: Growth Strategy
Growth Strategy Balanced Expansion Model Higher-Margin Growth Levers Inorganic growth Organic Growth Increase sale of Services & Repairs business • Increasing the no. of authorized service centers, customer retention, preventive maintenance awareness amongst customers, selling vehicle service contra
Slide 27: 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 28: Business Verticals: Adding value at each stage
Business Verticals: Adding value at each stage Contribution to Company’s Consolidated Performance* 75% • New Vehicles sale business: High Volume OEMs relationships is 37% important to establish an Low Margin integrated business model; it New Vehicles enables to drive the business in pre-owned and Se
Slide 29: Historical Performance
Historical Performance 28
Slide 30: Operational Performance Highlights
Operational Performance Highlights New Vehicles Services Volumes (In Units) Total Income* (INR Crs) Volumes (In Units) Total Income* (INR Crs) 33,681 31,726 32,752 2,551 7,91,360 8,37,455 8,36,154 618 621 601 30,116 2,362 2,350 7,39,794 572 2,107 PV FY23 FY24 FY25 FY26 FY23 FY24 FY25 FY26 FY23 FY24
Slide 31: PV - OEM
PV - OEM Maruti Suzuki JLR Audi Particulars FY23 FY24 FY25 FY26 FY23 FY24 FY25 FY26 FY26 New Vehicle Volume (In Units) 30,948 29,334 28,175 31,667 138 274 382 390 20 Revenue (INR Crs) 1,772 1,888 1,832 2,056 128 285 378 426 13 Service Volume (In Units) 6,89,514 7,32,543 7,26,992 6,90,002 5,212 5,211
Slide 32: CV - OEM
CV - OEM Tata Motors CV Bharat Benz Particulars FY23 FY24 FY25 FY26 FY23 FY24 FY25 FY26 New Vehicle Volume (In Units) 10,367 8,762 7,768 10,060 1,203 1,839 1,890 2,486 Revenue (INR Crs) 1,310 1,168 1,034 1,350 114 540 576 775 Service Volume (In Units) 1,56,029 1,56,690 1,33,074 1,37,566 27,230 46,04
Slide 33: EV - OEM
EV - OEM Ather Particulars FY23 FY24 FY25 FY26 New Vehicle Volume (In Units) 2,886 3,704 3,974 8,025 Revenue (INR Crs) 39 58 67 132 Service Volume (In Units) 1,918 10,866 17,954 37,267 Revenue (INR Crs) 1 3 6 9 Piaggio was disinvested in August 2025 32
Slide 34: Spare Parts Distribution Business – High delta proposition
Spare Parts Distribution Business – High delta proposition Operating through wholly-owned subsidiary Popular Auto Dealers Pvt Ltd (PADL) 51 26 ~77 OEM Keralam Karnataka Retail Outlets Warehouses Touchpoints Total Income from Spare Parts Distribution Business ~3,500 (INR Crs) 20,000+ No. of customers
Slide 35: Profit & Loss Statement
Profit & Loss Statement Particulars (INR Crs) FY26 FY25 FY24 FY23 Revenue from Operations 6,381.1 5,541.2 5,615.5 4,875.0 Other Income 20.0 20.4 31.2 17.6 Total Income 6,401.1 5,561.6 5,646.7 4,892.6 Cost of Goods Sold 5,540.1 4,760.2 4,758.3 4,142.6 Gross Profit 861.0 801.4 888.4 750.0 Gross Profit
Slide 36: Balance Sheet
Balance Sheet Particulars (INR Crs) Mar-26 Mar-25 Mar-24 Mar-23 Particulars (INR Crs) Mar-26 Mar-25 Mar-24 Mar-23 Property, Plant & Equipments 444.5 311.0 328.8 293.5 Equity Share Capital 14.2 14.2 14.2 12.5 Capital Work-in-progress 27.0 7.9 14.3 7.7 Other Equity 613.6 624.5 638.9 330.5 Goodwill 13.
Slide 37: Cash Flow Statement
Cash Flow Statement Particulars (INR Crs) Mar-26 Mar-25 Mar-24 Mar-23 Net Profit Before Tax and Exceptional item -27.2 -8.9 96.1 84.9 Adjustments for: Non - Cash Items / Other Investment or Financial Items 219.8 173.7 161.1 143.7 Cash generated from operations before working capital changes 192.6 16
Slide 38: Key Ratios
Key Ratios Particulars (INR Crs) FY23 FY24 FY25 FY26 Working Capital Cycle (No. of days) Total Equity 343.0 653.2 638.8 627.8 Net Working Capital days 41 47 46 39 Total Borrowings 505.0 444.6 423.1 696.1 Capital Expenditure 85.3 80.7 53.8 102.2 45 45 Debt to Equity 1.5x 0.7x 0.7x 1.1x 41 38 Net Debt
Slide 39: 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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