Popular Vehicles and Services Limited has announced a business update for the quarter ended December 31, 2025 (Q3FY26). The company reported a robust 40% year-on-year growth in Total Revenue from Operations, with a 14% increase for the nine months ended FY26. Specific segments also showed significant growth: PV (excluding luxury) increased by 35% for the quarter and 6% for nine months, while CV grew by 57% and 26% respectively. EV and spare parts distribution saw a 69% rise in Q3FY26 and 11% for 9MFY26.

New Vehicle Volume Sales experienced a strong 50% YoY growth in Q3FY26 and 17% for 9MFY26. The company's commentary highlights robust demand, particularly in the entry-level and premium vehicle segments, contributing to a 35% and 30% YoY growth respectively. Inventory days reduced to approximately 37 days from 44 days year-on-year due to strong retail demand. The company noted higher debt levels due to its expansion phase and is assessing the impact of the new Labor Code and IndAS on account of acquisitions.

In terms of network expansion, Popular Vehicles started operations at a Tata Motors CV Sales Outlet in Manathavady, Kerala, and three Ather sales outlets and one service center in Bangalore, Karnataka. Furthermore, the company acquired the Audi Dealership business of Olympus Motors Private Limited through an Asset Purchase Agreement, effective December 31, 2025. This acquisition includes five Audi touchpoints: a showroom and service center in Hyderabad, a showroom and service center in Visakhapatnam, and a service center in Vijayawada.

Popular Mega Motors (India) Pvt Ltd, a wholly-owned subsidiary, received multiple accolades from Tata Motors for Q3 FY26, including awards for Highest Volume Growth (Magic & Winger), Customer Support, Customer Success Centre, and CPSC – SCV PU. Popular Auto Dealers Pvt Ltd, another subsidiary, was inducted into the MSGA Club and received several awards from MGP Parts Distributor Meet 2025, such as Product Champion in Accessories, All India Highest MSGA Retail Award, Independent Workshop Retail Growth Award, and All India Highest Parts Retail Growth Award.

This Quarterly Business Update is on a consolidated basis and is subject to review by Auditors.