Q1-FY24 · Ajay Seth
The company could not produce about 28,000 vehicles in quarter one of this financial year.
MARUTI / language trends
Read confidence between the lines.
Maruti · tone and specificity signals across the available quarters.
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Language signals
What changed in management language.
tracked
Q1-FY24 · Rahul Bharti
We wish to complete it within this financial year, within March 2024.
Q1-FY24 · Ajay Seth
The contract manufacturing agreement is very clear about it. There cannot be a deviation from the approval given by the minority shareholders.
Q1-FY25 · Rahul Bharti
We are not worried about demand. We are more worried about being able to deliver what the market needs.
Q1-FY25 · Rahul Bharti
In India, CNG has overtaken diesel for the first time in this quarter.
Q1-FY25 · Arnab Roy
It's a continuous moving thing. Very difficult to put a crystal ball and say whether it will change which way.
Q1-FY26 · Rahul Bharti
The all-new Dzire became India's first sedan to receive a five-star Bharat NCAP safety rating, while the new-age Baleno earned a commendable four-star rating, reinforcing our commitment to vehicle safety.
Q1-FY26 · Rahul Bharti
In Q1, it is so interesting that the rest of industry, if we exclude Maruti Suzuki India Limited, there was a negative growth of 2.1%. Maruti exports grew by 37.4%, which pulled up the industry growth to 13%.
Q1-FY26 · Rahul Bharti
If there are any desperate measures in the market by some players, a company like Maruti Suzuki India Limited will not be affected too early. We will go about in a sustainable manner.
Q2-FY24 · Ajay Seth
We had all the positives in this quarter. We had everything which was positive. It's very unusual in a quarter that you have all that is positive.
Q2-FY24 · Rahul Bharti
The top 3% of India today owns a car. So if the car market has to grow, more people have to move from the 97% club to the 3% club. Sooner or later, it has to happen.
Q2-FY24 · Rahul Bharti
We are increasing the flexibility of our production operations. It does come at a small cost, because then you are working on a slightly suboptimal format of production.
Q2-FY25 · Rahul Bharti
India is now the third largest car market. It does happen once a while that the market takes a breather. So we are not too overly concerned about it.
Q2-FY25 · Rahul Bharti
The rural is doing quite well.
Q2-FY25 · Arnab Roy
We are extremely agile to the market. We are connected to the day-to-day movement, the macro things which keeps happening, and take appropriate calls.
Q2-FY26 · Rahul Bharti
What is good for India is good for Maruti, and what is good for Maruti is good for India.
Q2-FY26 · Rahul Bharti
We should be exceeding our guidance of 400,000 units this year. In the first half, we've done more than 200,000 units. That gives us some confidence.
Q2-FY26 · Rahul Bharti
Getting to 50% would be probably more difficult than it has ever been in the past. Having said that, we have levers available.
Q3-FY24 · Rahul Bharti
The small car segment, you know, is shrinking both in absolute terms and in percentage terms, obviously. We are expecting that the cost went up suddenly because of regulatory intensity.
Q3-FY24 · Rahul Bharti
We have expressed our ambition to go up to at least 750,000 by the turn of the decade.
Q3-FY24 · Rahul Bharti
The first SUV that we are launching in the EV space is an upmarket vehicle. It's bigger than the Grand Vitara. It has a high range, 550 km range, battery of 60 kWh.
Q3-FY25 · Rahul Bharti
In Q3, we have exported a number, which just about four years ago, we exported in one year. So in one quarter, we have done what we used to do in one year.
Q3-FY25 · Rahul Bharti
If the profit of an EV was equal to that of an ICE, why would the government support so much at the center level and the state level? For a long time, it's not going to happen.
Q3-FY25 · Rahul Bharti
What is good for India is good for Maruti, and I strongly believe that. And the reverse also, what is good for Maruti is good for India.
Q3-FY26 · Rahul Bharti
We are happy that after a long time, the growth in passenger vehicle industry has bounced back after the government's historic GST reform.
Q3-FY26 · Rahul Bharti
We have a happy problem of meeting the market demand.
Q3-FY26 · Rahul Bharti
The query remains in our mind: what is the sustainable level of demand after the euphoria is over?
Q4-FY24 · Rahul Bharti
The company crossed the cumulative production milestone of 30 million units since its inception.
Q4-FY24 · Rahul Bharti
Fronx SUV has set a new benchmark in the passenger vehicle category by becoming the only new model launch to clock 100,000 sales in ten months.
Q4-FY24 · Rahul Bharti
The share of sales from green vehicles, comprising CNG vehicles, Smart Hybrids, and strong hybrids, increased to 42% from 37% the previous year.
Q4-FY25 · Rahul Bharti
We hope to continue the momentum in exports in financial year 2026 as well and grow by at least 20%.
Q4-FY25 · Rahul Bharti
We have forecast a very modest growth of between 1% to 2%. We should be doing better than that.
Q4-FY25 · Rahul Bharti
By design, EVs will have a much lower profitability. That's true for the entire industry.
Q4-FY26 · Rahul Bharti
Increasing production capacity by about 500,000 units in a single year is virtually unheard of in the passenger vehicle industry, at least in India and many countries abroad.
Q4-FY26 · Rahul Bharti
Your company, just one company, among 18 car manufacturers in India, alone contributed 49% share of India's total passenger vehicle exports in the financial year.
Q4-FY26 · Rahul Bharti
It is a very clear signal that the government's intended support to the first time buyers is showing results.