Popular Vehicles & Services Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Passenger cars: 46.2% • Commercial vehicles: 38.8% • Luxury vehicles: 8.5%
AI Sector View
AI GENERATEDConsumer Services
Consumer services have a mixed operating backdrop but strong market sponsorship. Foreign tourist arrivals in India rose 6.0% YoY (2026-06), export of services grew 13.0% YoY (2026-06), and headline tourist arrivals were 584000 (Jun/26), though airport passenger traffic was -2.0% YoY (2026-06). Strong FPI inflow of INR 19847 crore over 3 months to 2026-08-31 supports a Buy stance despite some travel softness.
PROS
- Latest quarter profit grew 115.6% YoY, showing strong momentum
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 6.23x)
- Company has delivered good sales growth of 17.1% CAGR over last 5 years
- Working capital cycle has improved - days down from 13 to 2
- Company converts assets efficiently - asset turnover of 3.2x
CONS
- Company is loss-making at the operating / net level
- Company has a low return on equity of 3.9% over last 3 years
- Interest coverage is weak at 0.9x - earnings barely cover interest
- Company has a low return on capital employed of 11.9%
- Total debt has risen sharply - up 64.5% year on year
- Effective tax rate is unusually low at 6.2% - earnings may be flattered
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| CARTRADE | 3090.45 | 64.58 | 14942.80 | 0.00 | 56.75 | 20.59 | 201.16 | 16.25 | 12.88 | 31.31 |
| LANDMARK | 487.60 | 44.98 | 2021.83 | 0.31 | 14.55 | 97.47 | 1302.36 | 22.66 | 9.19 | 5.53 |
| PVSL | 99.35 | 0.00 | 707.35 | 0.00 | 1.37 | 115.59 | 1889.58 | 44.14 | 7.90 | 3.07 |
| COMPEAU | 362.00 | 10.27 | 222.49 | 0.28 | 3.79 | 41.42 | 658.99 | 48.23 | 9.02 | 3.37 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1,206 | 1,629 | 1,417 | 1,364 | 1,291 | 1,513 | 1,365 | 1,372 | 1,311 | 1,530 | 1,785 | 1,754 | 1,890 | |
| 1,156 | 1,548 | 1,356 | 1,301 | 1,246 | 1,459 | 1,334 | 1,347 | 1,278 | 1,485 | 1,734 | 1,701 | 1,901 | |
| Operating Profit | 50 | 81 | 61 | 63 | 45 | 54 | 31 | 26 | 33 | 45 | 52 | 53 | -12 |
| OPM % | 4.12% | 5.00% | 4.31% | 4.60% | 3.48% | 3.54% | 2.24% | 1.88% | 2.53% | 2.96% | 2.90% | 3.03% | -0.62% |
| 6 | 9 | 10 | 8 | 7 | 6 | 4 | 4 | 5 | 19 | 5 | 5 | 14 | |
| Interest | 21 | 27 | 28 | 23 | 20 | 22 | 23 | 21 | 23 | 26 | 28 | 27 | 30 |
| Depreciation | 22 | 23 | 23 | 24 | 24 | 25 | 25 | 25 | 27 | 27 | 35 | 38 | 40 |
| Profit before Tax | 13 | 41 | 20 | 24 | 8 | 12 | -13 | -16 | -11 | 12 | -7 | -7 | 2 |
| Tax % | 38.44% | 21.78% | 20.27% | 15.72% | 34.26% | 36.17% | 24.28% | 15.36% | 21.15% | 95.11% | 110.09% | 31.35% | 26.64% |
| Net Profit | 0 | 0 | 0 | 0 | 5 | 8 | -10 | -14 | -9 | 1 | 1 | -5 | 1 |
| 1.24 | 5.15 | 2.54 | 3.13 | 0.77 | 1.06 | -1.37 | -1.93 | -1.23 | 0.08 | 0.09 | -0.70 | 0.19 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 3,633 | 3,678 | 3,906 | 3,177 | 2,894 | 3,466 | 4,875 | 5,616 | 5,541 | 6,381 | 6,960 | |
| 3,542 | 3,575 | 3,809 | 3,069 | 2,742 | 3,303 | 4,654 | 5,357 | 5,383 | 6,193 | 6,821 | |
| Operating Profit | 91 | 103 | 97 | 107 | 152 | 163 | 221 | 259 | 159 | 188 | 139 |
| OPM % | 2.51% | 2.80% | 2.47% | 3.38% | 5.24% | 4.71% | 4.52% | 4.61% | 2.86% | 2.94% | 1.99% |
| 7 | 7 | 14 | 35 | 26 | 18 | 18 | 33 | 20 | 34 | 42 | |
| Interest | 35 | 36 | 46 | 73 | 58 | 64 | 74 | 102 | 89 | 108 | 111 |
| Depreciation | 23 | 25 | 25 | 61 | 72 | 69 | 79 | 92 | 99 | 127 | 140 |
| Profit before Tax | 41 | 50 | 40 | 8 | 47 | 49 | 85 | 98 | -9 | -13 | -0 |
| Tax % | 31.55% | 36.05% | 32.44% | -56.20% | 31.32% | 30.65% | 24.50% | 22.14% | -16.93% | 6.21% | -614.63% |
| Net Profit | 28 | 32 | 27 | 12 | 32 | 34 | 64 | 76 | -10 | -12 | -2 |
| EPS | 84.15 | 95.13 | 22.09 | 9.96 | 25.88 | 26.85 | 10.22 | 10.69 | -1.47 | -1.75 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 4.68% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 7%
- 5 Years:
- 17%
- 3 Years:
- 9%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
- -28%
RETURN ON EQUITY
- 10 Years:
- 12%
- 5 Years:
- 9%
- 3 Years:
- 4%
- Last Year:
- -2%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 3 | 3 | 13 | 13 | 13 | 13 | 13 | 14 | 14 | 14 |
| 166 | 197 | 215 | 200 | 233 | 267 | 330 | 639 | 625 | 614 | |
| 280 | 380 | 539 | 605 | 613 | 708 | 868 | 904 | 890 | 1,323 | |
| Trade Payables | 44 | 53 | 75 | 133 | 66 | 87 | 91 | 154 | 83 | 102 |
| 173 | 140 | 159 | 157 | 176 | 173 | 186 | 226 | 263 | 278 | |
| Total Liabilities | 666 | 774 | 1,001 | 1,108 | 1,101 | 1,248 | 1,488 | 1,938 | 1,875 | 2,331 |
| 209 | 208 | 212 | 472 | 464 | 564 | 671 | 733 | 721 | 1,074 | |
| Capital Work in Progress | 1 | 13 | 28 | 29 | 17 | 12 | 8 | 14 | 8 | 27 |
| 1 | 1 | 2 | 11 | 5 | 6 | 6 | 28 | 14 | 19 | |
| 185 | 217 | 358 | 287 | 312 | 362 | 435 | 593 | 580 | 617 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 297 | 223 | 259 | |
| Cash & Bank | 28 | 45 | 29 | 42 | 59 | 20 | 28 | 61 | 31 | 73 |
| 243 | 289 | 373 | 267 | 244 | 282 | 340 | 211 | 298 | 261 | |
| Total Assets | 666 | 774 | 1,001 | 1,108 | 1,101 | 1,248 | 1,488 | 1,938 | 1,875 | 2,331 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 131 | 5 | -61 | 347 | 95 | 85 | 134 | 80 | 151 | 100 | |
| Cash from Investing | -21 | -37 | -50 | -28 | -7 | -41 | -80 | -88 | -39 | -146 |
| Cash from Financing | -115 | 60 | 119 | -299 | -71 | -65 | -24 | 39 | -142 | 87 |
| -13 | 13 | -13 | 13 | 18 | -37 | 5 | 31 | -30 | 42 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-11 - Popular Vehicles and Services Limited has informed the Exchange about Schedule of meet
2026-08-31 - Popular Vehicles and Services Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on August 28, 2026. Further, the company has informed the Exchange regarding voting results.
2026-08-29 - Popular Vehicles and Services Limited has informed the Exchange regarding Change in Director(s) of the company.
2026-08-29 - Popular Vehicles and Services Limited has informed the Exchange regarding Change in Auditors of the company.
2026-08-28 - Popular Vehicles and Services Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on August 28, 2026
2026-08-24 - Popular Vehicles and Services Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on August 28, 2026
2026-08-19 - Popular Vehicles and Services Limited has informed the Exchange about Transcript
2026-08-12 - Popular Vehicles and Services Limited has informed the Exchange about Link of Recording
2026-08-12 - Popular Vehicles and Services Limited has informed the Exchange about Copy of Newspaper Publication
News
Recent coverage and analyst commentary for PVSL
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