For Q3FY26, consolidated proforma revenue from operations, including agency sales, stood at Rs 1,849 crore, compared with Rs 1,669 crore in Q3FY25, reflecting a year-on-year increase of 10.78%. On a quarter-on-quarter basis, revenue rose 11.59% from Rs 1,657 crore in Q2FY26. For the nine months ended December 31, 2025, total proforma revenue increased 20.00% to Rs 4,921 crore from Rs 4,101 crore in the corresponding period last year.
Vehicle sales revenue, including agency sales and pre-owned vehicle sales, amounted to Rs 1,570 crore in Q3FY26, up 10.41% year-on-year from Rs 1,422 crore. Sequentially, vehicle sales grew 11.90%. For the nine-month period, this segment reported revenue of Rs 4,153 crore, compared with Rs 3,408 crore in 9MFY25, marking a year-on-year growth of 21.86%. The company clarified that proforma revenue includes sales of Mercedes-Benz vehicles under the agency model, where customers place orders directly with Mercedes-Benz India and Landmark group entities earn a commission on each sale.
Revenue from after-sales service, spare parts, and other related activities stood at Rs 279 crore in Q3FY26, compared with Rs 247 crore in Q3FY25, registering a year-on-year increase of 12.96%. On a quarter-on-quarter basis, the segment grew 9.84% from Rs 254 crore. For the nine months ended December 31, 2025, after-sales revenue rose 10.82% to Rs 768 crore from Rs 693 crore in the previous year period. The company attributed this performance to the ramp-up and stabilization of workshops during recent quarters.
Landmark Cars stated that GST-related reforms have had a supportive impact on the broader automobile industry. During the quarter, overall revenue growth was partly affected by temporary supply-chain constraints in BYD vehicles. According to the company, these constraints eased in January 2026, while demand for BYD models continues.
On the operational front, the company commenced operations at a new Mahindra & Mahindra showroom in Hyderabad during the quarter. Additionally, a Mercedes-Benz showroom in Bhopal is expected to become operational in January 2026, subject to customary processes.
Looking ahead to CY2026, several model launches are planned by partner OEMs. These include the Mahindra XUV 7XO and Mahindra XEV 9S from Mahindra & Mahindra, the new-generation Seltos from Kia India, and the new Duster from Renault India. Deliveries of these models are expected to begin in the March quarter. Mercedes-Benz is also expected to introduce multiple new models during 2026.
The company also noted that it is assessing the potential impact of the new Labour Code, based on guidance issued by the Institute of Chartered Accountants of India (ICAI).