Acquire SMG by March 2024
Board approved acquisition of Suzuki Motor Gujarat shares from SMC, to be completed within FY24 at net book value.
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Maruti · forward-looking guidance across the available source record.
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expansion
Target 4 million units capacity by 2030-31
Production capacity to double from current levels, with 1 million capacity at Kharkhoda and additional 1 million under study.
EV launch in next financial year
EV manufacturing facility at SMG will be part of MSIL; launch expected in FY25.
Export volume target of 300,000 units for FY25
Management reiterated that 300,000 export units is achievable for the full year, with growth in Middle East and Latin America.
CNG vehicle sales target of 600,000 units for FY25
Management guided for 600,000 CNG vehicle sales in FY25, with Q1 achieving slightly less than 150,000 units.
Six EV models planned by 2031
Maruti plans to launch six electric vehicle models by 2031, with the first EV to be displayed at Auto Expo in January 2025.
28 models in portfolio by end of decade
The company aims to expand from 18 to 28 models by 2030-31, adding at least 10 new models.
Two SUV launches in FY26, including one EV
Maruti will launch two SUVs this fiscal year, one electric and one ICE, targeting the growing SUV segment (55% of industry).
EV exports to 100 countries by end of FY26
The company will dispatch EVs to about 100 markets globally, including Europe and Japan, within this financial year.
Solar capacity target of 319 MW by FY31
Plans to scale solar generation capacity from 78.2 MW to 319 MW by FY31, targeting 85% renewable electricity share.
Rail dispatch share target of 35% by FY31
Aims to increase rail dispatch share from 24.3% in FY25 to 35% by FY31, leveraging in-plant railway sidings.
Exports target of 750,000-800,000 units by FY2031
Management plans a threefold increase in export volumes from current levels to about 750,000-800,000 units by 2030-31.
FY24 CapEx above INR 8,000 crore
Capital expenditure for the current fiscal year is expected to exceed INR 8,000 crore.
Market share recovery to 50%
Management expressed commitment to gradually recover market share to the 50% mark over time.
Full-year retail sales growth of 3-4%
Management expects retail sales to grow 3-4% for FY25, with April-October already at 3.9%.
Kharkhoda plant commissioning by Q4 FY25
The new 300,000-unit capacity plant in Kharkhoda is on track to be commissioned by end of this financial year.
EV launch in January 2025 with high range
The first EV (e-SUV) will be launched at Bharat Mobility Global Expo, featuring a ~60 kWh battery and high range.
One EV launch per year on average till end of decade
Management plans to launch 5-6 EVs by the end of the decade, averaging one per year.
Industry growth of 6% in H2 FY26
Management expects overall industry growth of about 6% year-on-year in the second half and beyond.
Exports to exceed 400,000 units in FY26
Given H1 exports of over 200,000 units, management expects to exceed the full-year export guidance of 400,000 units.
Eight new SUV launches by 2030-31
Global President announced eight more SUVs to be launched in India by the turn of the decade, excluding Victoris and eVITARA.
Aspiration of 10% EBIT margin and 50% market share
Management reiterated the goal of achieving 10% EBIT margin and 50% market share, as set by Suzuki Motor Corporation.
Industry volume target of 4.3 million units for FY25
SIAM preliminary estimate for passenger vehicle industry in FY2024-25 is 4.3 million units, up from ~4.2 million expected in FY24.
Kharkhoda plant first line operational in 2025
First plant at Kharkhoda with 250,000 units annual capacity on track to start production in 2025.
EV production start in 2024 with exports to Japan and Europe
Battery electric vehicle production to begin in 2024; mid-SUV segment product will be exported to developed markets.
Capacity expansion to 4 million units by 2030-31
Company plans to double annual production capacity to about 4 million by 2030-31, including Kharkhoda and Gujarat plants.
Q4 FY25 retail growth ~3.5%
Management expects retail sales growth in Q4 to follow the 9-month trend of ~3.5%.
Price hike of ~30 bps on net sales from Feb 2025
Small price increase announced to cover inflationary pressures.
Kharkhoda plant to start operations in Q4 FY25
The upcoming greenfield plant at Kharkhoda is expected to begin operations within Q4 FY25.
e VITARA production to begin soon; aspire to be largest EV manufacturer in India within first year
Production of the e VITARA EV will start soon, with ambition to become India's largest EV maker within the first year of production.
Two new plants to add 500,000 units capacity by mid-2026
Kharkhoda second plant (April 2026) and Gujarat D-line (soon after) each add 250,000 units annual capacity.
Export volume target of 400,000 units for FY26
On track to achieve the export guidance of 400,000 units for the current fiscal year.
CapEx run rate of INR 10,000 crore per year
Current CapEx run rate is about INR 10,000 crore annually; next year's budget to be finalized by March.
Sustainable volume growth of ~7% initially estimated
Management had given an initial sustainable volume growth figure of about 7%, to be reassessed in three months.
CNG sales target of 600,000 units in FY25
Management expects CNG volumes to grow from ~480,000 in FY24 to 600,000 in FY25, aided by resolved component supply and new capacity.
Export volume target of ~300,000 units in FY25
Exports are expected to increase from 283,000 in FY24 to about 300,000 in FY25, with diversified markets.
Kharkhoda plant operational in 2025
First plant at Kharkhoda with 250,000 units annual capacity is on track to be operational in 2025.
Gujarat greenfield facility with 1M units capacity
MOU signed for a new plant in Gujarat with potential 1 million units capacity and INR 35,000 crore investment, subject to land and board approval.
Export growth of ~20% in FY26
Management expects exports to grow by at least 20% in FY26, building on the 17.5% growth in FY25.
Domestic industry growth of 1-2% in FY26
Maruti forecasts a modest 1-2% growth for the domestic PV industry in FY26, with the company aiming to outperform.
Two new model launches in FY26
Plans to launch the e Vitara EV and another SUV in FY26, with e Vitara sales starting in H1.
Capex guidance of ₹8,000-9,000 crore for FY26
Capital expenditure for FY26 is expected to be in the range of ₹8,000-9,000 crore, including SMG.
Domestic volume growth of ~10% in FY27
Management expects Maruti's domestic sales to grow by about 10% year-on-year in FY27, driven by new capacity and strong demand.
Additional 500,000 units annual capacity in FY27
Kharkhoda Phase II (commissioned April 2026) and Hansalpur Line 4 (operational within FY27) each add 250,000 units, totaling 500,000 units of new capacity.
CapEx of ₹14,000 crore for FY27
Capital expenditure for FY27 is planned at ₹14,000 crore, primarily for the two new plants.
Target to enable 1 lakh charging points by 2030
Maruti aims to facilitate a network of over 100,000 charging points across India by 2030, in partnership with dealers and charge point operators.