Popular Vehicles & Services Limited | Globe Capital Market LTD.
Popular Vehicles & Services Limited
Price Band
₹280 to ₹295
IPO Issue Period
Mar 12, 2024 to Mar 14, 2024
Issue Size
₹601.55 Cr
Face value
₹2 per share
Fresh issue
₹250.00 Cr
Offer for sale
₹351.55 Cr
Minimum Shares for Retail
Listing on
Issue Type
Book Building
Registrar to the Issue
Link Intime India Private Ltd
Tentative Listing Date
March 19, 2024

ICICI Securities Limited
Nuvama Wealth Management Limited
Centrum Capital Limited

Incorporated in 1983, Popular Vehicles and Services Limited is engaged in the business of automobile dealerships in India.

Popular Vehicles provides complete services throughout the life cycle of vehicle ownership, including sales of new and preowned vehicles, servicing, spare parts distribution, driving schools, and third-party financial and insurance product sales.

The company’s business can be divided into three segments

  1. passenger vehicles including luxury vehicles,
  2. commercial vehicles and
  3. electric two-wheeler and three-wheeler vehicles

The company currently operates through a vast network consisting of 59 showrooms, 126 sales outlets, and booking offices, 31 pre-owned vehicle showrooms and outlets, 134 authorized service centers, 40 retail outlets, and 24 warehouses across 14 districts of Kerala, 8 districts in Karnataka, 12 districts in Tamil Nadu, and 7 districts in Maharashtra. In addition to its showrooms, the sales outlets and booking offices also facilitate its sales, whereas the retail outlets are responsible for selling and distributing spare parts and accessories.

In FY 2023, the company serviced 791,360 vehicles – 5,212 luxury, 163,013 commercial, 1,918 electric two-wheeler, and 857 electric three-wheeler vehicles – through 130 authorized service centers across dealerships.

The company’s PAT increased from ₹324.55 million in Fiscal 2021 to ₹640.74 million in Fiscal 2023.

The company’s total income for Fiscals 2021, 2022, and 2023 was ₹29,192.52 million, ₹34,841.99 million, and ₹48,926.28 million, respectively.

As of July 31, 2023, the company had a total of 10,275 employees.

For year/ period ended ( in Cr.)

Particulars H1FY23 FY22 FY21
Total Revenue 4,892.63 3,484.20 2,919.25
Profit After Tax 64.07 33.67 32.46
EPS 10.22 5.37 5.17
OPM (%) 15.02% 15.84% 15.91%
PATM (%) 1.31% 0.97% 1.11%


For year/ period ended ( in Cr.)

Company Name Market Cap (Cr.) Price P/BV P/E Sales (Cr.)
Net Profits(Cr.)
Popular Vehicles & Services Limited *2100 295 5.26 26.22 4,892.63 64.07
Competent Automobiles Company Ltd. 292 476 0.89 10.83 2,073.72 27
Landmark Cars Ltd. 2981 724 5.68 42.9 3,277.71 70.51


*Market cap @upper band 

  • Long standing presence in the automobile industry and well-established relationships with leading OEMs;
  • Penetration in markets in which we operate complemented by innovative marketing strategies;
  • Fully integrated business model leading to business stability and higher margin;
  • Proven ability to identify and capture inorganic as well as organic growth opportunities;
  • Consistent track record of profitable financial performance and increasing growth; and
  • Experienced promoters and management team
  • Repayment and/or pre-payment, in full or part, of certain borrowings, availed by the company and certain of the subsidiaries, namely, VMPL, PAWL, PMMIL, KGPL, KCPL and PMPL and;
  • General corporate purposes.

Based on FY24 annualized earnings, though the issue appears fully priced, it is worth considering for the medium to long term rewards.

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