### **Overview** Landmark Cars Limited is India’s **first publicly listed, multi-brand, multi-location automotive retail platform**, focused on the **premium and luxury vehicle segments**. Founded in **1998** with a single Honda dealership in Ahmedabad, the company has evolved over 27 years into a professionally managed, digitally enabled, and asset-light retail giant. As of **May 2025**, Landmark operates **131 outlets (70 showrooms and 61 service workshops)** across **28+ cities in 10+ states**, serving over **500,000 customers** and employing more than **5,000 people**. It represents **11 premier automotive brands**, including **Mercedes-Benz, Honda, Jeep, Volkswagen, BYD, MG Motor, Kia, Mahindra & Mahindra, Renault, Ashok Leyland, and Citroën**, positioning it as a key player in both internal combustion engine (ICE) and electric vehicle (EV) markets. --- ### **Strategic Positioning and Business Model** #### **Omni-Channel, End-to-End Ownership Ecosystem** Landmark delivers a **seamless vehicle ownership journey** through an integrated model covering: - New and pre-owned vehicle sales - After-sales service and repairs - Vehicle financing and insurance - Accessories and extended warranties - Car care services (via exclusive rights to **Permagard Automotive USA** and **MotorOne Car Care Australia**) The company leverages a **dual digital-physical strategy**, blending **physical retail excellence** with a **robust e-commerce platform** for discovery, comparison, booking, and service management. #### **Platform-Led Evolution** In **August 2025**, Landmark launched a **shared services subsidiary** to centralize HR, finance, logistics, insurance, and customer support. This reflects its pivot toward a **standardized, platform-led business model** aimed at reducing structural costs, improving efficiency, and enabling **scalable growth** through data, digital tools, and OEM partnerships. --- ### **Operating Performance & Financial Highlights (FY25 - Updated to May 2025)** | Metric | FY25 Performance | |-------|------------------| | **New Vehicle Sales Revenue** | ₹30,880 million | | **Average Selling Price (ASP)** | ₹20.8 lakh per vehicle | | **After-Sales Revenue** | ₹9,375 million | | **After-Sales EBITDA** | ₹1,702 million | | **After-Sales Gross Margin** | ~41% | | **EBITDA Margin (After-Sales)** | ~18.2% | | **Avg. Revenue per Service Ticket** | ₹26,582 | | **Vehicles Serviced (FY24–25)** | ~3.5 lakh | | **ROCE (After-Sales Segment)** | Target >30% | The **after-sales segment** has emerged as the **core profitability driver**, growing at a **14.1% CAGR over 10 years**, with predictable, high-margin, non-cyclical revenue. --- ### **Brand Portfolio Expansion & OEM Leadership** Landmark has strategically expanded its brand mix to include **high-growth, future-ready OEMs**: - **BYD**: **Largest dealer partner in India**, with strong demand for **Atto 3, eMax7, and Seal**. - **MG Motor**: Among **top 3 dealers in India**, capturing **4.5–5% market share** within two years. Launched **“MG Select”** — a dedicated vertical for premium EVs (Cyberster, M9, Majestor) targeting accessible luxury. - **Mahindra & Mahindra**: Rapidly growing partnership, driven by demand for Thar ROXX and upcoming BE 6e/XEV 9e. - **Kia, Citroën, Mercedes-Benz**: Deepening presence across premium and performance segments. Landmark is the **No. 1 dealer in India for Mercedes-Benz, Honda, Jeep, Volkswagen, and BYD**, and ranks among the top three for MG. --- ### **Geographic & Infrastructure Strategy** #### **Controlled Expansion with Footprint Optimization** - Operates in **28+ cities across 10+ states**, with plans to enter **Hyderabad, Jaipur, Patna, Goa, and Kolkata**. - Utilizes **shared showrooms and co-location** (e.g., **Jeep + Renault**, **BYD + Jeep**, **Jeep + Citroën in Delhi**) to **reduce fixed costs**, improve staffing efficiency, and streamline operations. - Follows an **asset-light model**: **Owns only 2 of 131 outlets**, with ~25% network added via acquisitions. #### **Recent Expansion Highlights (2024–2025)** - **11 new facilities opened in Q2 FY25** (Hyderabad, Jaipur, Bhiwadi, Mumbai, Kolkata). - **24 new outlets planned for FY25**, expected to contribute **~20% of proforma turnover**. - **Closing underperforming locations** (e.g., **Moti Nagar Jeep showroom**, **Renault outlets in Punjab**) as part of a **cost rationalization and portfolio optimization** strategy. --- ### **Pre-Owned Vehicle Business: A Growing Pillar** Landmark is scaling its **certified pre-owned (CPO) segment** into a formal third growth pillar: - **Digital-first approach**: Customers can browse inventory online, filter by location, book test drives, and access financing. - **Proprietary trade-in & refurbishment model**: Vehicles sourced via trade-ins at workshops, inspected, refurbished, and resold with certification. - Offerings include **lower EMIs bundled with warranty, service, insurance, and future buy-back guarantees**. - **AI-powered valuation tools** and data-driven pricing ensure accuracy and profitability. - Revenue from CPO reached **₹1,163 million in FY24**, with plans to scale significantly. India’s pre-owned market is **1.4x larger than new car sales** and growing at ~17.6% CAGR — an opportunity Landmark is well-positioned to capture. --- ### **After-Sales Excellence: High Margin, Recurring Revenue** After-sales contributes **17% of total revenue** but delivers **~41% gross margin** and EBITDA of ~18.2%, making it capital-efficient and resilient. - Services include **warranty work, repairs, collision solutions, accessories, and extended warranties**. - **Exclusive India distribution rights** for **Permagard & MotorOne** give competitive advantage in premium car care. - Digital integration (app, CRM, service booking) enhances retention and operational efficiency. - **One in three vehicles** in India requires annual workshop service — a stable demand base. --- ### **Financial & Operating Discipline** - **Targeting 10% cost reduction** in FY26 via shared services, digitalization, and rationalization. - **Profitability-focused expansion**: New workshops (20 in last 15 months) are still in **ramp-up phase** — expected to normalize service contribution (~16–17% of turnover) as they mature. - Growth **funded entirely through internal accruals** — strong cash generation from core operations. - **Disciplined capital allocation**: Minimum ROCE targets, strict payback periods (≤4 years) for acquisitions. --- ### **Key Differentiators** - **First mover** in structured, multi-brand, multi-location premium auto retail in India. - **Asset-light, scalable model** with high ROCE in after-sales. - **Digital maturity** across sales, service, and customer engagement. - **Strong OEM trust** with #1 dealer status across multiple brands. - **Sustainable revenue mix** — resilient after-sales and expanding CPO segments. ---