Popular Vehicles Expands Through Key Acquisitions and Targets Margin Growth - Acquired R.K.S Motors (Maruti Suzuki, Telangana) for about ₹90 crore, adding 19 locations and 27 touchpoints - Purchased BharatBenz dealership in Punjab for ₹12 crore, expanding with 8 facilities - Divested Piaggio and Honda subsidiaries to sharpen focus on high-growth vehicle segments - Q2 FY26 total income: ₹1,534.6 crore (+16.6% QoQ); EBITDA: ₹49.4 crore (-16.5% YoY) with margin at 3.2% - Adjusted EBITDA (excluding cess impact): ₹53 crore, margin 3.5% - H1 FY26 income: ₹2,850.5 crore (+1.2% YoY); EBITDA: ₹87.7 crore (-21.1% YoY) - Segment sales growth in Q2: Passenger vehicles +48% QoQ (8,498 units), commercial vehicles +13% (2,797 units), electric vehicles +30% (1,717 units) - Inventory reduced sharply to around 34 days from earlier 75–80 days - GST revision temporarily impacted Q2 sales; rebound expected in Q3 FY26 - Upcoming e-commerce platform, ZPAREX Digisolutions, to cater to spare-parts distribution - FY26 EBITDA margin target: 4.2–4.3% (ex-inorganic); FY27 target: 5% - Jaguar Land Rover sales affected by cyberattack; full recovery anticipated by Q4 FY26 - Credit ratings improved: upgraded by CARE and reaffirmed by CRISIL - Strategic goal to reduce Kerala revenue contribution to below 50% by FY27