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Revenue
₹38,605 Cr
verified against source
Revenue YoY
8.1%
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Maruti Suzuki reported Q1 FY26 net sales of INR 36,620 crore (+8.1% YoY) and net profit of INR 3,710 crore (+1.6% YoY), driven by a favorable product mix and strong export growth of 37.4% YoY, which offset a 4.5% domestic wholesale decline. Domestic demand remained sluggish due to affordability issues, though rural markets showed positive growth. The company maintained conservative dealer inventory at 33 days. Management expressed cautious optimism for H2, citing two upcoming SUV launches (including an EV), a normal monsoon, and the festive season. Key risks include rare earth magnet supply chain challenges, potential margin pressure from new plant overheads, and uncertainty around CAFE norms impacting powertrain strategy.
Colored figures show movement against the previous available record.
Guidance to track
- Maruti will launch two SUVs this fiscal year, one electric and one ICE, targeting the growing SUV segment (55% of industry).
- The company will dispatch EVs to about 100 markets globally, including Europe and Japan, within this financial year.
- Plans to scale solar generation capacity from 78.2 MW to 319 MW by FY31, targeting 85% renewable electricity share.
- Aims to increase rail dispatch share from 24.3% in FY25 to 35% by FY31, leveraging in-plant railway sidings.
Risks flagged
- Rare earth magnets used in motors and sensors pose a supply challenge; management acknowledged it as a work in progress but did not quantify impact.
- The Karkoda plant (250k capacity) started production in Q4 FY25, causing ~30 bps margin hit due to low utilization; expected to normalize as volumes scale.
- Industry wholesale declined 1.4% YoY; Maruti's domestic sales fell 4.5% YoY, with first-time buyer affordability remaining a key drag.
- Final CAFE regulations expected in 1-2 months; any unfavorable outcome could impact powertrain strategy and EV adoption costs.
Key quotes
- 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.
- 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%.
- 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.
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