Popular Vehicles and Services544144Periodic business update

Business update: Q2FY27 new vehicle volumes up 51% YoY, revenue from operations up 40%

Business update for Q2FY27 and H1FY27.

By ScoutQuest · Thu 15 Oct 2026, 10:47 PM IST · 2 min read

New vehicle volumes: +51% YoY in Q2FY27 (organic +28%); H1FY27 +67% (organic +41%)
Total revenue from operations: +40% YoY in Q2FY27 (organic +26%); H1FY27 +46% (organic +29%)
New vehicle inventory: ~41 days vs 44 days a year ago

What the company reported

Total revenue from operations grew about 40% YoY in Q2FY27 and 46% YoY in H1FY27. On an organic basis, growth was 26% and 29% respectively.
New vehicle volume sales grew 51% YoY in Q2FY27 and 67% YoY in H1FY27. Organic growth was 28% and 41% respectively.
Segment-wise Q2FY27 YoY growth: PV (excluding luxury) 46%, luxury PV 53%, CV 28%, EV and spare parts distribution 43%.
Segment-wise H1FY27 YoY growth: PV (excluding luxury) 57%, luxury PV 48%, CV 32%, EV and spare parts distribution 43%.

How to read these numbers

The company reports two figures for each line: total YoY growth and organic growth. The difference comes from recently acquired businesses and network additions rather than from the existing network. This is why, for instance, the Q2FY27 revenue growth of 40% includes 26% organic growth. The quarterly business update is on a consolidated basis, and the company states that the financial results of Q2FY27 are subject to review by auditors.

What the company says drove the numbers

GST rate reductions led to vehicle price rationalisation, which is why revenue growth was relatively lower than volume growth.
Discounting levels reduced significantly compared with the previous year, reflecting improved pricing discipline.
The festive season saw encouraging customer demand and strong sales momentum, particularly during Onam, supported by festive offers and improved bookings. Demand is expected to remain positive through Dussehra, Diwali and Christmas.
Service volumes registered healthy YoY growth from both organic operations and acquisitions, with growth momentum improving over the previous quarter.
Demand in the electric two-wheeler segment remained strong.

What is included in the calculations

Honda and Piaggio volumes and revenue were accounted for only until August 2025 and are excluded from the calculations. Audi volume and revenue were accounted for from Q4FY26 onwards and are included.

Inventory and debt

New vehicle inventory stood at approximately 41 days, compared with 44 days a year ago, close to the industry average. Debt levels increased sequentially, primarily due to higher inventory build-up ahead of price hikes by manufacturers effective 1st October.

Network expansion and new business

Yanik, the B2B e-commerce marketplace for automotive spare parts operated by ZPAREX Digisolutions Private Limited, a step-down subsidiary, commenced full-scale commercial operations, offering 13,000+ confirmed parts to spare-parts dealers and independent garages.
An MSIL service centre started operations at Karukachal, Keralam, and a Tata Motors CV service centre at Kayamkulam, Keralam.

Awards and recognition

Kuttukaran Cars Pvt Ltd received customer satisfaction and partner recognitions in Kerala, Tamil Nadu and Maharashtra.

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