Landmark Cars Ltd

- There is no explicit mention of any current or planned fundraising through debt or equity in the provided transcript. - Sanjay Thakker mentions that most of the recent expansion (around 25 stores) was funded through internal accruals and working capital, with capex around INR 75 crores, which was within budget. - The company has been reducing its debt quarter-on-quarter with an overall debt of INR 560 crores, including INR 150 crores interest-free debt from Mercedes-Benz demo cars. - Capex plans for the coming year are uncertain and will be based on how the market behaves; no aggressive store expansion or large capital requirement is planned as of now. - Sanjay states there is no specific compulsion for capex in the near term, indicating no immediate need for external fundraising. - Overall, current emphasis is on operational efficiency and profitability rather than raising funds.

- Capex for the 9 months ended December 2024 was around INR 125 crores, including INR 70 crores for 23 new stores and additional capex for existing stores and vehicle purchases. - Capex for the 23 new stores was approx. INR 65-70 crores, plus around INR 5 crores in deposits to landlords and additional stock inventory. - There is an expected substantial reduction in capex for the coming year, estimated between INR 15-25 crores, but the company will decide based on market conditions. - No aggressive store expansion planned for FY 2025; only selective new store openings if very attractive opportunities arise. - Most refurbishment of existing Mercedes-Benz outlets (such as MAR20 CI guidelines) has already been done, with no major further capex anticipated. - The company aims to better utilize existing store infrastructure instead of significantly increasing capex in the near term.

- October and December months were strong for auto retail in India, contributing to revenue growth. - Industry volume growth for calendar year '24 was about 4%, with similar growth expected ahead. - Landmark expects double-digit growth in service revenue as new workshops for brands like Mahindra, MG, and Kia ramp up fully. - New outlets, especially for Mahindra, Kia, and MG, are ramping up, contributing positively to revenue and service business. - No large-scale store additions planned for next year; focus is on optimizing existing outlets and profitability rather than rapid expansion. - Service revenue guidance for FY 2026 is around INR 1,000 crores, indicating healthy growth expectations. - Gradual improvement from new brands’ profitability and higher utilization of the new cars business is expected to support revenue growth. - Stable pricing and improved margins anticipated as inventory levels normalize and discount pressures ease.

- The company expects gradual profitability improvement in new stores, with existing profitable brands like Honda, Volkswagen, and Renault Mumbai supporting margins (Page 17). - Profitability in subsidiaries is near breakeven, with new stores improving steadily and Q4 expected to see better profitability (Page 17). - Service business growth is anticipated to return to historical double-digit CAGR (~15%) as new workshops ramp up to full capacity (Page 16). - The company targets achieving around 2% PAT margin on a steady-state basis from existing stores, indicating upward profit potential (Page 13). - Capex is expected to reduce substantially next year (INR15-25 crore range), implying better free cash flow (Page 12). - Revenue momentum continued strong in Q3 FY25 with highest quarterly EBITDA in last 8 quarters, supported by new outlets and festive season (Page 5). - EV penetration growth is expected but service revenue from EVs may be ~13-14% lower affecting margins slightly (Page 14). - Store openings to moderate, focus on optimizing current stores for profitability before further expansion (Pages 11-12).

The transcript does not explicitly mention the current or expected order book or pending orders for Landmark Cars Limited. However, some related points can be summarized: - BYD aims to sell upwards of 10,000 units in the current calendar year, with several new launches lined up. - Landmark continues as the largest partner for BYD in India, indicating strong sales momentum. - MG Select dealerships expansion in Ahmedabad and Kolkata and Mercedes-Benz sales in Bihar and Jharkhand show geographic expansion and likely order growth. - New outlets operationalized are expected to ramp up business volumes, supporting future order fulfillment. - The company's confidence in store operations and margin improvement suggests an optimistic outlook on incoming sales/orders. - No explicit quantitative details on the pending orders or order book were disclosed during the call.