Side-by-side earnings comparison across financial stats, AI summaries, management guidance, risks, quotes, and accountability signals.
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.
Read Maruti analysis →Bajaj Finserv reported a strong Q1 FY26 with consolidated PAT up 30% YoY to INR 2,789 crore, driven by robust performance across insurance and lending subsidiaries.
Read Bajajfinsv analysis →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.
Bajaj Finserv reported a strong Q1 FY26 with consolidated PAT up 30% YoY to INR 2,789 crore, driven by robust performance across insurance and lending subsidiaries. Bajaj Allianz Life saw VNB growth of 39% and margin expansion of 420bps to 11.1%, reflecting successful execution of BALIC 2.0 strategy. Bajaj Allianz General maintained a combined ratio of 103.6% (102.5% ex-one-by-N impact) with core business growing 15% ex-crop and government health. Bajaj Finance added 4.69 million new customers and expects to disburse over 50 million loans in FY26. Bajaj Housing Finance grew AUM 24% YoY. The Allianz exit process is progressing with regulatory approvals received. Key risks include elevated competition in general insurance and potential slowdown in group protection due to MFI sector headwinds.
Overall sales volume grew marginally, with domestic down 4.5% but exports surging 37.4%.
Exports grew strongly, making Maruti 47.1% of India's PV exports; Japan became the second-largest export destination.
One in three cars sold domestically was CNG, reflecting rising consumer preference for natural gas vehicles.
Inventory remained conservative at 33 days, among the most disciplined in the industry.
Value of new business for Bajaj Allianz Life grew 39% YoY to INR 145 crore, driven by product mix shift and cost rationalization.
NBM expanded from 6.9% to 11.1% due to higher term mix and improved product structures.
Bajaj Finance booked 13.49 million new loans in Q1, with full-year guidance of over 50 million.
Asset management AUM crossed INR 25,000 crore, fastest to achieve this milestone in under two years.
Maruti will launch two SUVs this fiscal year, one electric and one ICE, targeting the growing SUV segment (55% of industry).
Management guidance growthThe company will dispatch EVs to about 100 markets globally, including Europe and Japan, within this financial year.
Management guidance expansionPlans to scale solar generation capacity from 78.2 MW to 319 MW by FY31, targeting 85% renewable electricity share.
Management guidance capexAims to increase rail dispatch share from 24.3% in FY25 to 35% by FY31, leveraging in-plant railway sidings.
Management guidance otherBajaj Finance guided for over 50 million new loan disbursements in full-year FY26, up from 13.49 million in Q1.
Management guidance growthBajaj Finance expects to add 14-16 million new customers in FY26, with 4.69 million added in Q1.
Management guidance growthManagement indicated that H2 growth will be significantly comfortable due to favorable base effects and strategy execution.
Management guidance growthManagement reiterated its endeavor to keep combined ratio close to 100%, despite current elevated levels.
Management guidance marginsRare earth magnets used in motors and sensors pose a supply challenge; management acknowledged it as a work in progress but did not quantify impact.
high · analyst_questionThe Karkoda plant (250k capacity) started production in Q4 FY25, causing ~30 bps margin hit due to low utilization; expected to normalize as volumes scale.
medium · management_commentaryIndustry wholesale declined 1.4% YoY; Maruti's domestic sales fell 4.5% YoY, with first-time buyer affordability remaining a key drag.
high · data_observationFinal CAFE regulations expected in 1-2 months; any unfavorable outcome could impact powertrain strategy and EV adoption costs.
medium · analyst_questionCompetition remains high across motor, health, and crop segments, potentially pressuring pricing and combined ratios.
medium · management_commentaryBALIC's group protection business declined 7% YoY, largely due to slowdown in MFI lending, which is outside management's control.
medium · management_commentaryBALIC observed lower persistency in the 13-month bucket due to base effect of higher ticket size policies written in Q4 FY24.
low · management_commentaryManagement noted that crop tender pricing is below comfortable levels, which could lead to lower win rates or adverse loss ratios.
medium · analyst_questionThe 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%.
The endeavor for our company is to always maintain a combined ratio close to 100, is what I've always mentioned over time.
The H2 growth, yes, will be significantly comfortable, is what I can say.
