Maruti / Q3-FY26

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Positive2026-01-15Back to MARUTI

Revenue

₹49,904 Cr

verified against source

Revenue YoY

29.1%

reported change

EBITDA

Pending

latest reported figure

Source

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record provenance

Actual signal trajectory

Where this quarter sits.

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Revenue (₹ Cr)PositiveWatchNegative
12 actual records
Actual quarterly Revenue (₹ Cr) trajectoryReported values plotted by quarter. Hover or focus a point for its quarter, value, and source sentiment.Q1 FY24: 32,535 · Positive source sentiment · 2023-07-28Q1 FY24Q2 FY24: 37,339 · Positive source sentiment · 2023-10-27Q2 FY24Q3 FY24: 33,513 · Positive source sentiment · 2024-01-31Q3 FY24Q4 FY24: 38,471 · Positive source sentiment · 2024-04-26Q4 FY24Q1 FY25: 35,779 · Positive source sentiment · 2024-07-29Q1 FY25Q2 FY25: 37,449 · Watch source sentiment · 2024-10-28Q2 FY25Q3 FY25: 38,764 · Watch source sentiment · 2025-01-28Q3 FY25Q4 FY25: 40,920 · Watch source sentiment · 2025-04-28Q4 FY25Q1 FY26: 38,605 · Watch source sentiment · 2025-07-31Q1 FY26Q2 FY26: 42,344 · Positive source sentiment · 2025-10-31Q2 FY26Q3 FY26: 49,904 · Positive source sentiment · 2026-01-15Q3 FY26Q4 FY26: 52,462 · Positive source sentiment · 2026-04-30Q4 FY2652,46232,535
Values are taken from the available verified source records; sentiment color is a separate source-read indicator.

Quarter read

What the record says.

Maruti Suzuki reported a stellar Q3 FY26, with net sales surging to INR 47,500 crore (up ~29% YoY) and PAT at INR 3,800 crore (+4% YoY, impacted by a one-time provision of INR 594 crore for new labor codes). The GST reform drove a 22% domestic volume growth, with retail sales hitting a record 683,000 units and inventory at just 3-4 days. Management highlighted robust demand across segments, a 7% increase in first-time buyers, and a healthy order book of 175,000 vehicles. However, margins faced headwinds from commodity inflation (PGM, aluminum, copper) and rare earth supply issues. Guidance includes two new plants (Kharkhoda and Gujarat D-line) coming online by mid-2026, each adding 250,000 units capacity. Key risk: sustainability of demand post-GST euphoria and potential steel price hikes.

Colored figures show movement against the previous available record.

Guidance to track

  • Kharkhoda second plant (April 2026) and Gujarat D-line (soon after) each add 250,000 units annual capacity.
  • On track to achieve the export guidance of 400,000 units for the current fiscal year.
  • Current CapEx run rate is about INR 10,000 crore annually; next year's budget to be finalized by March.
  • Management had given an initial sustainable volume growth figure of about 7%, to be reassessed in three months.

Risks flagged

  • Management acknowledged that Q3 demand included some postponed and preponed elements; sustainable demand level needs reassessment.
  • PGM content is ~2% of net sales; steel prices may rise due to safeguard duty misuse. Hedging is calibrated and may not fully offset spikes.
  • Rare earth element supply issues caused 20 bps margin impact; management expects resolution as India develops local magnet manufacturing.
  • Potential increase in duties in South Africa and other global trade/tariff issues pose risks to export growth.

Key quotes

  • We are happy that after a long time, the growth in passenger vehicle industry has bounced back after the government's historic GST reform.
  • We have a happy problem of meeting the market demand.
  • The query remains in our mind: what is the sustainable level of demand after the euphoria is over?

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