Maruti vs Infy Q4 FY26

Maruti Suzuki reported a record Q4 FY26 with 676,209 units sold (+11.8% YoY) and net sales of ₹50,100 crore (+28.8% YoY). Operating profit (EBIT) hit an all-time high of ₹4,400 crore (+30.4% YoY), but PAT fell 6.9% to ₹3,600 crore due to a ₹750 crore mark-to-market hit on bond yields. The GST cut in small cars drove a sharp demand recovery, with first-time buyers rising to 51% of sales. Management guided for ~10% domestic volume growth in FY27, supported by 500,000 units of new capacity (Kharkhoda Phase II and Hansalpur Line 4). Key risks include commodity cost headwinds (~80 bps in Q4) and geopolitical uncertainty in West Asia. The company remains confident in margin recovery once temporary pressures subside.

Guidance read

Domestic volume growth of ~10% in FY27: Management expects Maruti's domestic sales to grow by about 10% year-on-year in FY27, driven by new capacity and strong demand. Additional 500,000 units annual capacity in FY27: Kharkhoda Phase II (commissioned April 2026) and Hansalpur Line 4 (operational within FY27) each add 250,000 units, totaling 500,000 units of new capacity. CapEx of ₹14,000 crore for FY27: Capital expenditure for FY27 is planned at ₹14,000 crore, primarily for the two new plants. Target to enable 1 lakh charging points by 2030: Maruti aims to facilitate a network of over 100,000 charging points across India by 2030, in partnership with dealers and charge point operators.

Risk read

Key risks include Commodity and energy cost headwinds — Q4 saw 80 bps margin impact from adverse commodity prices; West Asia tensions could sustain or worsen cost pressures.; Mark-to-market volatility on investment surplus — Bond yield hardening caused a ₹750 crore MTM hit in Q4; further interest rate moves could impact other income.; Geopolitical disruption to supply chains — West Asia conflict and rare earth supply issues pose risks to energy, raw materials, and logistics, potentially affecting production continuity.; Uncertainty in export demand due to global macro — Management declined to give export guidance, citing unpredictable war impact; exports could face headwinds if global demand weakens..

Promise ledger

Of 2 tracked promises, management 0 met, 0 close, 2 missed.

IN

Infy

Q4 FY26 · Diversified

Infosys reported Q4 FY26 revenue growth of 4.1% YoY in constant currency, with full-year growth of 3.1%. Large deal TCV reached $15 billion for FY26, up 24% YoY, with Q4 at $3.2 billion. Operating margin was 20.9%, down 30bps sequentially due to acquisition amortization and compensation costs, partly offset by currency and Project Maximus benefits. Management guided FY27 revenue growth of 1.5%-3.5% CC and operating margin of 20%-22%, citing AI services momentum but also headwinds from a European manufacturing client ramp-down and onsite mix shift. Key risks include competitive intensity driving productivity pass-throughs and macro uncertainty delaying discretionary spending.

Guidance read

FY27 Revenue Growth 1.5%-3.5% CC: Constant currency revenue growth guidance for FY27, including contributions from recent acquisition Status but excluding others. FY27 Operating Margin 20%-22%: Operating margin guidance for FY27, with headwinds from wage hikes, productivity pass-throughs, and AI investments offset by Project Maximus. Fresher Hiring ~20,000 in FY27: Plan to onboard approximately 20,000 college graduates in FY27, similar to FY26, with flexibility based on demand. Effective Tax Rate 29%-32% for FY27: Expected effective tax rate range for FY27, reflecting normal operations.

Risk read

Key risks include Productivity Pass-Throughs from AI — Competitive intensity may force Infosys to pass AI-driven productivity gains to clients, compressing revenue growth.; European Manufacturing Client Ramp-Down — A large European manufacturing client is reducing spend due to macro challenges and Infosys' decision to walk away from a low-return deal, impacting FY27 growth by 75-100bps.; Onsite Mix Shift Impacting Revenue — Continued reduction in onsite mix (40-50bps exit trajectory) will lower reported revenue growth, partly offset by offshore benefits.; Macro Uncertainty and Tariff Risks — Geopolitical conflicts and trade policy shifts could delay client decision-making and discretionary spending, especially in manufacturing and retail..

Promise ledger

Of 2 tracked promises, management 0 met, 0 close, 2 missed.