1. Service & Spares margin expansion - The Service & Spares segment grew standalone revenue to ₹158.47 cr in FY26 with segment results of ₹20.99 cr, up from ₹138.86 cr revenue and ₹19.08 cr results in FY25. This higher-margin segment (12.42% PBIT in the latest annual data) scales with the expanding vehicle parc from showroom sales, lifting blended profitability without proportionate capex.
2. Showroom network expansion - Right-of-use assets jumped to ₹75.07 cr as of March 2025 from ₹53.75 cr a year earlier, and headcount rose from 1,801 to 2,294 employees, signalling an active rollout of leased showrooms and workshops across Delhi, Haryana, Himachal Pradesh, and Noida. A larger physical footprint directly increases the addressable market for both new-vehicle sales and the higher-margin service business.
3. Fire and flood insurance recoveries - The Una workshop fire in March 2026 and the Bahadurgarh stockyard flood in September 2025 both carry adequate insurance coverage, with loss assessments underway. Cash inflows from claims would offset the damage costs and could provide a one-time boost to reported earnings as assets are restored or replaced.