While Popular Vehicles has higher revenue, vehicle sales and showrooms as compared with Landmark Cars, it lags on a profitability basis.

In terms of gross profit, which removes variable costs from total revenue, Landmark Cars is at 20% while Popular Vehicles is at 15%. Generally, the industry reports lower gross margin as compared with industries like FMCG.

This also leads to higher Ebitda margin for Landmark Cars versus Popular Vehicles. This is key as Ebitda margin tells us about the operating profitability of the company. With the luxury car market set to grow only upwards, despite low penetration in India, this augurs well for Landmark Cars.

While Popular Vehicles also has showrooms of Jaguar Land Rover, the scale is yet to materialise with only two showrooms as of September 2023.