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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
₹52,462 Cr
verified against source
Revenue YoY
28.5%
reported change
EBITDA
₹4,400 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Maruti Suzuki reported a record Q4 with net sales of ₹50,010 crore (+28.5% YoY) and EBITDA of ₹4,400 crore (+30.4% YoY), driven by a sharp recovery in small car demand post-GST reform and strong export growth. PAT declined 6.9% to ₹3,600 crore due to a ₹750 crore mark-to-market hit on bond yields. The company guided for ~10% volume growth in FY27, supported by capacity additions of 500,000 units (Koda phase 2 commissioned, Gujarat line 4 coming). Management expressed confidence in margin trajectory despite commodity headwinds, citing multiple levers. Key risk: sustained geopolitical tensions could keep commodity/energy costs elevated, delaying margin expansion.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects Maruti's domestic sales volume to grow by about 10% in FY27, driven by new capacity and strong demand.
- Koda phase 2 (April 2026) and Gujarat line 4 (within FY27) each add 250,000 units annual capacity, totaling 500,000 units.
- Capital expenditure for FY27 is planned at ₹14,000 crore, primarily for the two new plants.
- The company has plans to increase total production capacity to 4 million units per annum in the medium term.
Risks flagged
- West Asia conflict and supply chain disruptions could keep commodity and energy prices elevated, pressuring margins.
- Hardening bond yields caused a ₹750 crore MTM hit in Q4; further interest rate changes could impact other income.
- While management expects no significant startup costs, ramp-up of 500,000 units could temporarily impact margins if demand softens.
- Management declined to give export guidance due to geopolitical uncertainty, indicating potential downside risk.
Key quotes
- The recent GST reduction is seen as a transformative factor for the passenger vehicle sector in India. By lowering taxes, the reform has enhanced affordability, making passenger vehicles accessible to a broader segment of customers.
- Increasing production capacity by about half a million units in a single year, is virtually unheard of in the passenger vehicle industry, at least in India and many countries abroad.
- If you ask me to predict the war, I can predict the exports number.
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