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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹40,920 Cr
verified against source
Revenue YoY
5.7%
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 Q4 FY25 net sales of ₹38,800 crore (+5.7% YoY) and net profit of ₹3,710 crore (-4.1% YoY), impacted by higher other expenses, new plant overheads, and adverse mix. Volumes hit a record 604,635 units (+3.5% YoY), driven by exports (+8.1%) and calibrated wholesale dispatches. EBITDA margin contracted due to 90 bps lumpy expenses, 40 bps adverse mix, and 30 bps from Kharkhoda plant ramp-up, partly offset by lower sales promotion and operating leverage. Management guided for ~20% export growth in FY26 and two new SUV launches, including the e Vitara EV. Domestic industry growth is expected at a modest 1-2%. Key risk: sustained pressure on entry-level demand and potential steel price hikes post-safeguard duty.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects exports to grow by at least 20% in FY26, building on the 17.5% growth in FY25.
- Maruti forecasts a modest 1-2% growth for the domestic PV industry in FY26, with the company aiming to outperform.
- Plans to launch the e Vitara EV and another SUV in FY26, with e Vitara sales starting in H1.
- Capital expenditure for FY26 is expected to be in the range of ₹8,000-9,000 crore, including SMG.
Risks flagged
- Management flagged that domestic steel producers may use the safeguard duty to raise prices, impacting margins.
- Chairman noted 88% of the country is not participating in car growth, with entry-level segment shrinking.
- Management acknowledged EVs will have much lower profitability than ICE vehicles, potentially dragging overall margins.
- Kharkhoda plant contributed 30 bps margin headwind in Q4; full benefit of scale will take time.
Key quotes
- We hope to continue the momentum in exports in financial year 2026 as well and grow by at least 20%.
- We have forecast a very modest growth of between 1% to 2%. We should be doing better than that.
- By design, EVs will have a much lower profitability. That's true for the entire industry.
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