Integrated Filing — IndAS



General information about company

Scrip Code 544144
NSE Symbol PVSL
MSEI Symbol NOTLISTED
ISIN INE772T01024
Name of company Popular Vehicles And Services Limited
Type of company Main Board
Class of security Equity
Date of start of financial year 01-04-2026
Date of end of financial year 31-03-2027
Date of board meeting when results were approved 11-11-2026
Date on which prior intimation of the meeting for considering financial results was informed to the exchange 03-11-2026
Description of presentation currency INR
Level of rounding used in financial results Lakhs
Reporting Type Quarterly
Reporting Quarter Second quarter
Nature of report standalone or consolidated Consolidated
Whether results are audited or unaudited for the quarter ended Unaudited
Whether results are audited or unaudited for the Year to date for current period ended/year ended Unaudited
Segment Reporting Multi segment
Description of single segment
Start date and time of board meeting 11-11-2026   15:00:00
End date and time of board meeting 11-11-2026   17:00:00
Whether cash flow statement is applicable on company Yes
Type of cash flow statement Cash Flow Indirect
Declaration of unmodified opinion or statement on impact of audit qualification Not applicable



Financial Results Ind-AS

Amount in (Lakhs)

Particulars 3 months/ 6 months ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
A Date of start of reporting period 01-07-2026 01-04-2026
B Date of end of reporting period 30-09-2026 30-09-2026
C Whether results are audited or unaudited Unaudited Unaudited
D Nature of report standalone or consolidated Consolidated Consolidated
1 Income
Revenue from operations 2,08,892.10 3,98,389.00
Other income 483.60 1,836.20
Total income 2,09,375.70 4,00,225.20
2 Expenses
(a) Cost of materials consumed 0.00 0.00
(b) Purchases of stock-in-trade 2,02,659.60 3,78,118.80
(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade (20,002.00) (30,288.70)
(d) Employee benefit expense 12,093.40 23,784.10
(e) Finance costs 3,200.50 6,273.10
(f) Depreciation, depletion and amortisation expense 4,139.60 8,090.60
(f) Other Expenses
1 Rent 418.60 876.60
2 Advertising and sales promotion 1,183.80 1,942.20
3 Consumables 229.30 440.50
4 Repairs and maintenance 626.00 1,146.50
5 Housekeeping and security and other contract charges 1,400.00 2,732.20
6 Power, water and fuel 631.30 1,285.20
7 Travelling and conveyance 506.20 959.40
8 Pre-delivery inspection charges 295.50 586.40
9 Transportation charges 348.10 663.10
10 Other Expenses 1,218.40 3,001.60
Total other expenses 6,857.20 13,633.70
Total expenses 2,08,948.30 3,99,611.60
3 Total profit before exceptional items and tax 427.40 613.60
4 Exceptional items 0.00 0.00
5 Total profit before tax 427.40 613.60
6 Tax expense
7 Current tax 605.80 1,145.10
8 Deferred tax (398.80) (888.50)
9 Total tax expenses 207.00 256.60
10 Net movement in regulatory deferral account balances related to profit or loss and the related deferred tax movement 0.00 0.00
11 Net Profit Loss for the period from continuing operations 220.40 357.00
12 Profit (loss) from discontinued operations before tax 0.00 0.00
13 Tax expense of discontinued operations 0.00 0.00
14 Net profit (loss) from discontinued operation after tax 0.00 0.00
15 Share of profit (loss) of associates and joint ventures accounted for using equity method 0.00 0.00
16 Total profit (loss) for period 220.40 357.00
17 Other comprehensive income net of taxes 100.60 (44.50)
18 Total Comprehensive Income for the period 321.00 312.50
19 Total profit or loss, attributable to
Profit or loss, attributable to owners of parent 220.40 357.00
Total profit or loss, attributable to non-controlling interests 0.00 0.00
20 Total Comprehensive income for the period attributable to
Comprehensive income for the period attributable to owners of parent 321.00 312.50
Total comprehensive income for the period attributable to owners of parent non-controlling interests 0.00 0.00
21 Details of equity share capital
Paid-up equity share capital 1,424.00 1,424.00
Face value of equity share capital 2 2
27 Details of debt securities
22 Reserves excluding revaluation reserve
23 Earnings per share
i Earnings per equity share for continuing operations
Basic earnings (loss) per share from continuing operations 0.31 0.5
Diluted earnings (loss) per share from continuing operations 0.31 0.5
ii Earnings per equity share for discontinued operations
Basic earnings (loss) per share from discontinued operations 0 0
Diluted earnings (loss) per share from discontinued operations 0 0
ii Earnings per equity share
Basic earnings (loss) per share from continuing and discontinued operations 0.31 0.5
Diluted earnings (loss) per share from continuing and discontinued operations 0.31 0.5
24 Debt equity ratio
25 Debt service coverage ratio
26 Interest service coverage ratio
27 Disclosure of notes on financial results Textual Information(1)



Disclosure of notes on financial results

Textual Information(1) Notes to the consolidated financial results: 1) The above unaudited consolidated financial results cover the operations and results of Popular Vehicles and Services Limited (the Parent), its subsidiaries Popular Mega Motors (India) Private Limited, Vision Motors Private Limited (upto 25 August 2025), Popular Auto Works Private Limited, Popular Auto Dealers Private Limited, Kuttukaran Cars Private Limited, Kuttukaran Green Private Limited (upto 31 August 2025), Keracon Equipments Private Limited, Prabal Motors Private Limited, Imperion Cars Private Limited (w.e.f 28 November 2025) and Zparex Digisolutions Private Limited (w.e.f 10 November 2025). The Parent and its subsidiaries are collectively referred to as (the Group). 2) The above unaudited consolidated financial results of the Parent have been prepared in accordance with the Indian Accounting Standards (Ind AS) notified under Section 133 of the Companies Act, 2013 ( the Act) read with relevant rules issued there under and in terms of Regulation 33 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Listing Regulation), as amended. 3) The above unaudited consolidated financial results have been reviewed and recommended by the Audit Committee at its meeting held on 11 November 2026. The Board of Directors at their meeting held on 11 November 2026 have approved the above results and taken them on record. The Statutory Auditors of the Parent have carried out a review of the consolidated financials results as required under Regulation 33 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Listing Regulation), as amended, and have issued an unmodified review report thereon. 4) The Group has reported segment information as per Indian Accounting Standards (Ind AS) 108 on 'Operating Segments'. As per Ind AS 108, segments are identified based on management's evaluation of financial information for allocating resources and assessing performance. The Group has structured its business broadly into four segments – Passenger cars (excluding luxury vehicles), Luxury vehicles, Commercial vehicles and Others. Others primarily comprise spares parts retail sales (including through ecommerce platform) - other than through the respective business segments and sale of electric vehicles - two-wheelers and three-wheelers (upto 31 August 2025). 5) In the Board of Directors' meeting dated 12 February 2025, the Group management had committed to a plan to disinvest the Company's stake in the investments of Kuttukaran Green Private Limited, a wholly owned subsidiary and Vision Motors Private Limited, the Company's step down subsidiary (a subsidiary of Popular Mega Motors (India) Private Limited). Accordingly, assets amounting to Rs. 1,063.49 million and liabilities amounting to Rs. 537.97 million of the disposal group as at 31 March 2025 were presented as assets held for sale and liabilities held for sale respectively. The Company entered into share purchase agreements with Automart Services Private Limited on 29 May 2025 to agree the terms and conditions of the sale and thereafter obtained approval from its shareholders on 04 July 2025 through postal ballot resolution for the disinvestment. The disposal group was stated at lower of its carrying amount and its fair value less costs to sell which amounted to assets worth Rs. 1,323.90 million and liabilities worth Rs. 776.77 million on the dates of sale. Further, on 31 August 2025 and 25 August 2025, the disinvestment has been completed for a consideration of Rs. 20 million for Kuttukaran Green Private Limited and Rs. 680 million for Vision Motors Private Limited, thereby, recording a gain of Rs. 152.87 million during the year ended 31 March 2026. 6) On November 21, 2025, the Government of India notified the four Labour Codes - The Code on Wages, 2019, the Industrial Relations Code, 2020, the Code on Social Security, 2020, and the Occupational Safety, Health and Working Conditions Code, 2020 - consolidating 29 existing labour laws. The Ministry of Labour and Employment published draft Central Rules and FAQs to enable assessment of the financial impact due to the changes in regulations. The Group has assessed and accounted the incremental impact of these changes on the basis of actuarial opinion obtained and the best information available, consistent with the guidance provided by the Institute of Chartered Accountants of India. Considering the materiality and regulatory-driven, non-recurring nature of this impact, the Group has presented such incremental impact under 'Exceptional items' in the Statement of consolidated financial results for the year ended 31 March 2026. The incremental impact on gratuity of Rs. 8.43 million, long term compensated absences of Rs. 4.33 million, provident fund, employee state insurance and statutory bonus collectively of Rs. 0.70 million, respectively has arisen due to change in wage definition. The Group continues to monitor the finalization of Central / State Rules and clarifications from the Government on other aspects of the Labour Code and would provide appropriate accounting effect on the basis of such developments as needed. 7) During the quarter ended 30 June 2026, the Parent Company modified certain leases by executing addendums to the lease agreements, with the lessors in respect of five lease arrangements pertaining to the Telangana region, reducing the lease term from nine years to four years with effect from 1 June 2026. Management assessed the change as a lease modification that is not accounted for as a separate lease under Ind AS 116 'Leases'. Accordingly, the lease liabilities were remeasured as per the provision of Ind AS 116. This has resulted in a net gain of Rs. 54.09 million arising from the remeasurement of the lease liabilities and right-of-use assets which has been recognized as Other income in the Statement of unaudited consolidated results for the quarter ended 30 June 2026. 8) The figures for the corresponding previous periods have been regrouped / reclassified wherever necessary, to make them comparable. For and on behalf of the Board of Directors of Popular Vehicles and Services Limited Naveen Philip Managing Director DIN: 00018827



Remarks

Debt equity ratio
Debt service coverage ratio
Interest service coverage ratio


Statement of Asset and Liabilities

Amount in (Lakhs)

Particulars Year ended (dd-mm-yyyy)
Date of start of reporting period 01-04-2026
Date of end of reporting period 30-09-2026
Whether results are audited or unaudited Unaudited
Nature of report standalone or consolidated Consolidated
Assets
1 Non-current assets
Property, plant and equipment 1,01,926.70
Capital work-in-progress 169.00
Investment property 0.00
Goodwill 1,326.90
Other intangible assets 567.50
Intangible assets under development 279.30
Biological assets other than bearer plants 0.00
Investments accounted for using equity method 0.00
Non-current financial assets
Non-current investments 2,402.80
Trade receivables, non-current 0.00
Loans, non-current 0.00
Other non-current financial assets
1 Rent and other deposits 5,591.80
2 Balance with bank held as margin money 100.50
Total of other non-current financial assets 5,692.30
Total non-current financial assets 8,095.10
Deferred tax assets (net) 6,129.00
Other non-current assets
1 Income tax assets 1,912.30
2 Capital advances 924.60
3 Prepayments 1,605.00
4 Balance with Life Insurance Corporation Gratuity Fund 3.10
5 Balance with statutory / government authorities 2,015.60
Total of other non-current assets 6,460.60
Total non-current assets 1,24,954.10
2 Current assets
Inventories 92,025.90
Current financial asset
Current investments 95.90
Trade receivables, current 30,213.60
Cash and cash equivalents 2,673.30
Bank balance other than cash and cash equivalents 1,159.10
Loans, current 0.00
Other current financial assets
Total of other current financial assets 428.10
Total current financial assets 34,570.00
Current tax assets (net) 102.40
Other current assets
1 Prepayments 1,177.00
2 Balance with statutory/ government authorities 8,428.20
3 Advance to staff 20.50
4 Payment to vendors for supply of goods and services 5,466.40
Total of other current assets 15,092.10
Total current assets 1,41,790.40
3 Non-current assets classified as held for sale 0.00
4 Regulatory deferral account debit balances and related deferred tax Assets 0.00
Total assets 2,66,744.50
Equity and liabilities
1 Equity
Equity attributable to owners of parent
Equity share capital 1,424.00
Other equity 61,672.20
Total equity attributable to owners of parent 63,096.20
Non controlling interest 0.00
Total equity 63,096.20
2 Liabilities
Non-current liabilities
Non-current financial liabilities
Borrowings, non-current 12,816.60
Trade payables, non-current
(A) Total outstanding dues of micro enterprises and small enterprises 0.00
(B) Total outstanding dues of creditors other than micro enterprises and small enterprises 0.00
Total Trade payable 0.00
Other non-current financial liabilities
1 Lease liabilities 58,657.50
2 Non-current tax liabilities 8.30
Total of other non-current financial liabilities 58,665.80
Total non-current financial liabilities 71,482.40
Provisions, non-current 744.60
Deferred tax liabilities (net)
Deferred government grants, Non-current
Other non-current liabilities
1 Rent Deposit - Received 15.00
Total of other non-current liabilities 15.00
Total non-current liabilities 72,242.00
Current liabilities
Current financial liabilities
Borrowings, current 88,368.10
Trade payables, current
(A) Total outstanding dues of micro enterprises and small enterprises 548.10
(B) Total outstanding dues of creditors other than micro enterprises and small enterprises 19,242.90
Total Trade payable 19,791.00
Other current financial liabilities
1 Lease liabilities 6,031.30
2 Accrued salaries and benefits 2,675.60
3 Unpaid dividend 0.40
4 Dues to creditors for capital goods 106.00
Total of other current financial liabilities 8,813.30
Total current financial liabilities 1,16,972.40
Other current liabilities 13,993.20
1 Contract liabilities 11,763.80
2 Advance from vendors for rebates 327.10
3 Statutory dues payables 1,899.30
4 Business Consideration Payable 3.00
Total of other current liabilities 13,993.20
Provisions, current 218.00
Current tax liabilities (Net) 222.70
Deferred government grants, Current
Total current liabilities 1,31,406.30
3 Liabilities directly associated with assets in disposal group classified as held for sale 0.00
4 Regulatory deferral account credit balances and related deferred tax liability 0.00
Total liabilities 2,03,648.30
Total equity and liabilites 2,66,744.50
Disclosure of notes on assets and liabilities



Format for Reporting Segment wise Revenue, Results and Capital Employed along with the company results

Amount in (Lakhs)

Particulars 3 months/ 6 month ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
Date of start of reporting period 01-07-2026 01-04-2026
Date of end of reporting period 30-09-2026 30-09-2026
Whether results are audited or unaudited Unaudited Unaudited
Nature of report standalone or consolidated Consolidated Consolidated
1 Segment Revenue (Income)
(net sale/income from each segment should be disclosed)
1 Passenger cars (excluding Luxury vehicles) 1,04,172.30 1,96,835.50
2 Luxury vehicles 23,097.50 40,737.10
3 Commercial vehicles 68,114.20 1,35,190.00
4 Others 13,508.10 25,626.40
Total Segment Revenue 2,08,892.10 3,98,389.00
Less: Inter segment revenue 0.00 0.00
Revenue from operations 2,08,892.10 3,98,389.00
2 Segment Result
Profit (+) / Loss (-) before tax and interest from each segment
1 Passenger cars (excluding Luxury vehicles) 1,052.80 2,166.40
2 Luxury vehicles 751.00 1,270.80
3 Commercial vehicles 2,068.80 3,868.60
4 Others (181.20) (291.90)
Total Profit before tax 3,691.40 7,013.90
i. Finance cost 3,200.50 6,273.10
ii. Other Unallocable Expenditure net off Unallocable income 63.50 127.20
Profit before tax 427.40 613.60
3 (Segment Asset - Segment Liabilities)
Segment Asset
1 Passenger cars (excluding Luxury vehicles) 1,47,590.00 1,47,590.00
2 Luxury vehicles 30,985.50 30,985.50
3 Commercial vehicles 71,693.10 71,693.10
4 Others 16,475.90 16,475.90
Total Segment Asset 2,66,744.50 2,66,744.50
Un-allocable Assets 0.00 0.00
Net Segment Asset 2,66,744.50 2,66,744.50
4 Segment Liabilities
Segment Liabilities
1 Passenger cars (excluding Luxury vehicles) 1,21,134.70 1,21,134.70
2 Luxury vehicles 22,295.80 22,295.80
3 Commercial vehicles 49,019.10 49,019.10
4 Others 11,198.70 11,198.70
Total Segment Liabilities 2,03,648.30 2,03,648.30
Un-allocable Liabilities 0.00 0.00
Net Segment Liabilities 2,03,648.30 2,03,648.30
Disclosure of notes on segments



Other Comprehensive Income

Amount in (Lakhs)

Particulars 3 months/ 6 months ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
A Date of start of reporting period 01-07-2026 01-04-2026
B Date of end of reporting period 30-09-2026 30-09-2026
C Whether results are audited or unaudited Unaudited Unaudited
D Nature of report standalone or consolidated Consolidated Consolidated
Other comprehensive income [Abstract]
1 Amount of items that will not be reclassified to profit and loss
1 Remeasurement of net defined benefit plan 134.60 (59.40)
Total Amount of items that will not be reclassified to profit and loss 134.60 (59.40)
2 Income tax relating to items that will not be reclassified to profit or loss 34.00 (14.90)
3 Amount of items that will be reclassified to profit and loss
Total Amount of items that will be reclassified to profit and loss
4 Income tax relating to items that will be reclassified to profit or loss 0.00 0.00
5 Total Other comprehensive income 100.60 (44.50)



Cash flow statement, indirect

Amount in (Lakhs)

Particulars Year ended (dd-mm-yyyy)
A Date of start of reporting period 01-04-2026
B Date of end of reporting period 30-09-2026
C Whether results are audited or unaudited Unaudited
D Nature of report standalone or consolidated Consolidated
Statement of cash flows
Cash flows from used in operating activities
Profit before tax 613.60
Adjustments for reconcile profit (loss)
Adjustments for finance costs 6,273.10
Adjustments for decrease (increase) in inventories (30,226.70)
Adjustments for decrease (increase) in trade receivables, current (4,462.80)
Adjustments for decrease (increase) in trade receivables, non-current 0.00
Adjustments for decrease (increase) in other current assets (2,546.30)
Adjustments for decrease (increase) in other non-current assets 0.00
Adjustments for other financial assets, non-current 0.00
Adjustments for other financial assets, current 0.00
Adjustments for other bank balances 0.00
Adjustments for increase (decrease) in trade payables, current 0.00
Adjustments for increase (decrease) in trade payables, non-current 0.00
Adjustments for increase (decrease) in other current liabilities 5,861.00
Adjustments for increase (decrease) in other non-current liabilities 0.00
Adjustments for depreciation and amortisation expense 8,090.60
Adjustments for impairment loss reversal of impairment loss recognised in profit or loss 359.10
Adjustments for provisions, current (62.00)
Adjustments for provisions, non-current 0.00
Adjustments for other financial liabilities, current 0.00
Adjustments for other financial liabilities, non-current 0.00
Adjustments for unrealised foreign exchange losses gains 0.00
Adjustments for dividend income 0.00
Adjustments for interest income 200.00
Adjustments for share-based payments 0.00
Adjustments for fair value losses (gains) (183.30)
Adjustments for undistributed profits of associates 0.00
Other adjustments for which cash effects are investing or financing cash flow (15.90)
Other adjustments to reconcile profit (loss) 0.00
Other adjustments for non-cash items (1,017.90)
Share of profit and loss from partnership firm or association of persons or limited liability partnerships 0.00
Total adjustments for reconcile profit (loss) (18,131.10)
Net cash flows from (used in) operations (17,517.50)
Dividends received 0.00
Interest paid 0.00
Interest received 0.00
Income taxes paid (refund) 348.20
Other inflows (outflows) of cash 0.00
Net cash flows from (used in) operating activities (17,865.70)
Cash flows from used in investing activities
Cash flows from losing control of subsidiaries or other businesses 0.00
Cash flows used in obtaining control of subsidiaries or other businesses 0.00
Other cash receipts from sales of equity or debt instruments of other entities 0.00
Other cash payments to acquire equity or debt instruments of other entities 0.00
Other cash receipts from sales of interests in joint ventures 0.00
Other cash payments to acquire interests in joint ventures 0.00
Cash receipts from share of profits of partnership firm or association of persons or limited liability partnerships 0.00
Cash payment for investment in partnership firm or association of persons or limited liability partnerships 0.00
Proceeds from sales of property, plant and equipment 301.10
Purchase of property, plant and equipment 5,154.10
Proceeds from sales of investment property 0.00
Purchase of investment property 0.00
Proceeds from sales of intangible assets 0.00
Purchase of intangible assets 305.30
Proceeds from sales of intangible assets under development 0.00
Purchase of intangible assets under development 0.00
Proceeds from sales of goodwill 0.00
Purchase of goodwill 0.00
Proceeds from biological assets other than bearer plants 0.00
Purchase of biological assets other than bearer plants 0.00
Proceeds from government grants 0.00
Proceeds from sales of other long-term assets 0.00
Purchase of other long-term assets 450.30
Cash advances and loans made to other parties 0.00
Cash receipts from repayment of advances and loans made to other parties 0.00
Cash payments for future contracts, forward contracts, option contracts and swap contracts 0.00
Cash receipts from future contracts, forward contracts, option contracts and swap contracts 0.00
Dividends received 0.00
Interest received 42.50
Income taxes paid (refund) 0.00
Other inflows (outflows) of cash (2,904.50)
Net cash flows from (used in) investing activities (8,470.60)
Cash flows from used in financing activities
Proceeds from changes in ownership interests in subsidiaries 0.00
Payments from changes in ownership interests in subsidiaries 0.00
Proceeds from issuing shares 0.00
Proceeds from issuing other equity instruments 0.00
Payments to acquire or redeem entity's shares 0.00
Payments of other equity instruments 0.00
Proceeds from exercise of stock options 0.00
Proceeds from issuing debentures notes bonds etc 0.00
Proceeds from borrowings 33,214.60
Repayments of borrowings 1,636.90
Payments of lease liabilities 5,622.00
Dividends paid 0.00
Interest paid 3,298.30
Income taxes paid (refund) 0.00
Other inflows (outflows) of cash (80.50)
Net cash flows from (used in) financing activities 22,576.90
Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes (3,759.40)
Effect of exchange rate changes on cash and cash equivalents
Effect of exchange rate changes on cash and cash equivalents 0.00
Net increase (decrease) in cash and cash equivalents (3,759.40)
Cash and cash equivalents cash flow statement at beginning of period 6,432.70
Cash and cash equivalents cash flow statement at end of period 2,673.30