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VEHICLES AND SERVICES LIMITEDMain BoardEquity2025-04-012026-03-312026-05-26INRMillionsQuarterlyFourth quarterMulti segment2026-05-2615:30:002026-05-2619:00:00trueCash Flow IndirectDeclaration of unmodified opinion2026-01-012026-03-31AuditedConsolidated175445300004316000017587690000015938290000-616360000108117000027223000037731000061008000017662720000-750300002920000-7211000055470000-78020000-225500000-495600000000-4956000012270000-37290000-4956000001227000001424000002-0.7-0.700-0.7-0.7Notes to the consolidated financial results: <BR> 1) The above audited 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"). <BR> 2) The above audited consolidated financial results of the Parent have been prepared in accordance with and comply in all material aspects 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. <BR> 3) The above audited consolidated financial results have been reviewed and recommended by the Audit Committee at its meeting held on 26 May 2026. The Board of Directors at their meeting held on 26 May 2026 have approved the above results and taken them on record. The Statutory Auditors of the Parent have carried out an audit 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 audit report there on. <BR> 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). <BR> 5) Figures for the quarter ended 31 March 2026 and 31 March 2025 are the balancing figures between audited figures in respect of full financial year and the published year to date unaudited figures upto the third quarter of the respective financial years. <BR> 6) 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. <BR> 7) The current tax charge for the quarter and the year ended 31 March 2025 includes an expense provision relating to the Parent which pertains to earlier years amounting to Rs. 21.25 million. <BR> 8) 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 quarter and nine months ended 31 December 2025. 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. <BR> 9) By way of an agreement entered into on 10 October 2025, the Parent has taken over the business comprising Maruti Suzuki India Limited dealership on an as-is-where-is basis as a going concern by way of slump sale from R.K.S Motor Private Limited ('the vendor'), Telangana w.e.f 15 October 2025. The aggregate consideration of this acquisition is Rs. 930 million which is payable in tranches. In addition to the above purchase consideration, the Parent has also acquired the existing inventories from the vendor as part of this business acquisition at a value of INR 50.02 million. The aforementioned transaction has been considered as a business acquisition in accordance with Indian Accounting Standard 103- "Business Combinations". <BR> A. Purchase consideration <BR> Particulars Amount in Rs million <BR> Consideration paid / payable in cash (including for transfer of inventories) (Refer note (i) below) 980.02 <BR> B. Identifiable assets acquired <BR> Particulars Amount in Rs million <BR> Property, Plant and Equipment 915.13 <BR> Inventories (including vehicles, spares and accessories) 50.02 <BR> Net identifiable assets acquired 965.15 <BR> C. Goodwill <BR> Goodwill arising from acquisition has been determined as follows: <BR> Particulars Amount in Rs million <BR> Purchase consideration (A) 980.02 <BR> Less: net identifiable assets acquired (B) 965.15 <BR> Goodwill (A - B) 14.87 <BR> (i) Of the above purchase consideration, an amount of Rs. 279 million is outstanding as at 31 March 2026 which has been fully settled by 30 April 2026. <BR> 10) One of the subsidiaries, Prabal Motors Private Limited, has during the year ended 31 March 2026 acquired the business of sales and services of commercial vehicles, carried out under the dealership of Bharat Benz Trucks, from Globe CV Private Limited ('the Seller') with effect from 19 August 2025 at a purchase consideration of Rs. 120 million. In addition to the above purchase consideration, the said subsidiary has also acquired the existing inventories from the Seller as part of this business acquisition for a value of Rs. 224.61 million. The aforementioned transaction has been considered as a business acquisition in accordance with Indian Accounting Standard 103 - "Business Combinations". <BR> Particulars Amount in Rs million <BR> Property, Plant and Equipment 117.65 <BR> Inventories 224.61 <BR> Total identifiable assets acquired (A) 342.26 <BR> Consideration paid/payable (including for transfer of inventories) (B) 344.61 <BR> Goodwill arising on business combination (A-B) 2.35 <BR> 11) By way of an asset purchase agreement entered into on 31 December 2025 and addendum thereto dated 04 February 2026, one of the subsidiaries, Imperion Cars Private Limited has taken over the business comprising Audi India, a division of SKODA AUTO Volkswagen India Private Limited dealership in the State of Telangana and State of Andhra Pradesh from Olympus Motors Private Limited ("the vendor") on an as-is-where-is basis as a going concern. The aggregate consideration of this acquisition is Rs. 97.48 million which is payable in tranches. This transaction has been completed effective 01 January 2026 in accordance with the terms of the aforementioned agreements. The aforementioned transaction has been considered as a business acquisition in accordance with Indian Accounting Standard 103 - "Business Combinations". <BR> Particulars Amount in Rs million <BR> Property, Plant and Equipment 97.48 <BR> Inventories 28.24 <BR> Total identifiable assets acquired (A) 125.72 <BR> Consideration paid/payable (including for transfer of inventories) (B) (Refer Note (i) below) 125.72 <BR> Goodwill arising on business combination (A-B) - <BR> (i) Of the above purchase consideration, an amount of Rs. 11.75 million is outstanding as at 31 March 2026 of which Rs. 9.19 million has been settled by 30 April 2026. <BR> <BR> 2025-04-012026-03-31AuditedConsolidated6381096000019989000064010850000055479140000-78130000413899000010328900001273460000243691000064283260000-272410000139410000-133000000225540000-233800000-82600000-1247400000000-12474000015380000-109360000-127740000015380000014240000026135970000-1.75-1.7500-1.75-1.75Rent44000000Advertising and sales promotion68430000Consumables15510000Repairs and maintenance63440000Housekeeping and security and other contract charges128190000Power, water and fuel50100000Travelling and conveyance45380000Pre-delivery inspection charges28090000Transportation charges29750000Other Expenses137190000Rent164800000Advertising and sales promotion291270000Consumables77700000Repairs and maintenance200510000Housekeeping and security and other contract charges473400000Power, water and fuel215510000Travelling and conveyance175860000Pre-delivery inspection charges112490000Transportation charges111500000Other Expenses613870000444464000026966000001326900006688000051900000018649000000686620000070526900005225600004512700001294558000061737200000259369000066057000073420000050640000337832000017210000131790000010887150000002383273000014240000061359700006278370000062783700004752400000006535850000701109000059300000001500000707189000064854600006101000096146000010224700001111920000861985000018386600002390000060000104824700001755436000023832730000Right-of-use assets6100250000Other financial assets518160000Income tax assets247790000Capital advances80840000Prepayments184270000Balance with Life Insurance Corporation Gratuity Fund, net15870000Balance with statutory / government authorities170290000Other financial assets50640000Prepayments58370000Payment to vendors for supply of goods and services646410000Balance with statutory/ government authorities612030000Advance to staff1090000Lease liabilities6527570000Non-current tax liabilities8280000Rent Deposit - Received1500000Lease liabilities566810000Other financial liabilities545110000Contract liabilities1420030000Advance from vendors for rebates132250000Statutory dues payables286380000Passenger cars (excluding Luxury vehicles)7294600000Luxury vehicles1635130000Commercial vehicles7420240000Others1194560000Passenger cars (excluding Luxury vehicles)29482460000Luxury vehicles5439100000Commercial vehicles24773740000Others411566000017544530000638109600001754453000063810960000Passenger cars (excluding Luxury vehicles)-54720000Luxury vehicles73690000Commercial vehicles195570000Others-10990000Passenger cars (excluding Luxury vehicles)14900000Luxury vehicles246160000Commercial vehicles562930000Others-3807000020355000078592000027223000010328900003430000-113970000-72110000-133000000Passenger cars (excluding Luxury vehicles)13275060000Luxury vehicles2728530000Commercial vehicles6154260000Others167488000023832730000023832730000Passenger cars (excluding Luxury vehicles)10796080000Luxury vehicles1893640000Commercial vehicles3790740000Others1073900000175543600000175543600001032890000-58810000-4214400000000-54878000000000127346000057290000-8170000039684000000000-218300000-18420000-7800000-22767000001447560000131456000000-39400000273410000010017500007000000000-2457000000000403800001015540000011596000000637000000000000000000939000000-1456310000000000002729250000097527000004853700000-3981200008704900004159300000415930000244640000660570000Remeasurement of net defined benefit plan1640000016400000Remeasurement of net defined benefit plan205500002055000041300005170000001227000015380000AuditedtrueBSR & ASSOCIATES LLPtrue2028-07-31