Maruti FY26 Annual Earnings Summary
4 quarters covered · ₹1,74,350 Cr revenue · ₹14,400 Cr PAT · 0.0% average EBITDA margin.
Quarter-by-quarter progression
Management promises made during the year
Current-quarter commentary contains related risk or weakness, so the promise appears not to have been delivered yet.
Q1 FY26Current-quarter commentary contains related risk or weakness, so the promise appears not to have been delivered yet.
Q1 FY26Current-quarter commentary contains related risk or weakness, so the promise appears not to have been delivered yet.
Q2 FY26Current-quarter results and commentary indicate the prior promise was delivered or materially on track.
Q3 FY26Current-quarter commentary contains related risk or weakness, so the promise appears not to have been delivered yet.
Q4 FY26Current-quarter commentary contains related risk or weakness, so the promise appears not to have been delivered yet.
Q4 FY26Risks flagged during the year
Rare earth magnets used in motors and sensors pose a supply challenge; management acknowledged it as a work in progress but did not quantify impact.
Q1 FY26 · highIndustry wholesale declined 1.4% YoY; Maruti's domestic sales fell 4.5% YoY, with first-time buyer affordability remaining a key drag.
Q3 FY26 · highPGM content is ~2% of net sales; steel prices may rise due to safeguard duty misuse. Hedging is calibrated and may not fully offset spikes.
Q4 FY26 · highWest Asia conflict and rare earth supply issues pose risks to energy, raw materials, and logistics, potentially affecting production continuity.
Q1 FY26 · mediumThe Karkoda plant (250k capacity) started production in Q4 FY25, causing ~30 bps margin hit due to low utilization; expected to normalize as volumes scale.
Q1 FY26 · mediumFinal CAFE regulations expected in 1-2 months; any unfavorable outcome could impact powertrain strategy and EV adoption costs.
Q2 FY26 · mediumThe strong festive retail sales may include deferred purchases and festive euphoria; sustainability is uncertain.
Q2 FY26 · mediumHigher sales promotion expenses (75 bps) and price corrections (20 bps) impacted margins; small car recovery could pressure blended margins.
Q2 FY26 · mediumForex (JPY) and commodities (PGM) together adversely impacted margins by 30 bps; hedging gains are non-operating.
Q2 FY26 · mediumGlobal President noted that reaching 50% market share is more difficult than ever, despite product launches.
Q3 FY26 · mediumManagement acknowledged that Q3 demand included some postponed and preponed elements; sustainable demand level needs reassessment.
Q3 FY26 · mediumPotential increase in duties in South Africa and other global trade/tariff issues pose risks to export growth.
What changed through the year
Q1 FY26 · Two SUV launches in FY26, including one EV
Maruti will launch two SUVs this fiscal year, one electric and one ICE, targeting the growing SUV segment (55% of industry).
Q1 FY26 · EV exports to 100 countries by end of FY26
The company will dispatch EVs to about 100 markets globally, including Europe and Japan, within this financial year.
Q1 FY26 · Solar capacity target of 319 MW by FY31
Plans to scale solar generation capacity from 78.2 MW to 319 MW by FY31, targeting 85% renewable electricity share.
Q1 FY26 · Rail dispatch share target of 35% by FY31
Aims to increase rail dispatch share from 24.3% in FY25 to 35% by FY31, leveraging in-plant railway sidings.
Q2 FY26 · Industry growth of 6% in H2 FY26
Management expects overall industry growth of about 6% year-on-year in the second half and beyond.
Q2 FY26 · Exports to exceed 400,000 units in FY26
Given H1 exports of over 200,000 units, management expects to exceed the full-year export guidance of 400,000 units.
Q2 FY26 · Eight new SUV launches by 2030-31
Global President announced eight more SUVs to be launched in India by the turn of the decade, excluding Victoris and eVITARA.
Q2 FY26 · Aspiration of 10% EBIT margin and 50% market share
Management reiterated the goal of achieving 10% EBIT margin and 50% market share, as set by Suzuki Motor Corporation.
Q3 FY26 · Two new plants to add 500,000 units capacity by mid-2026
Kharkhoda second plant (April 2026) and Gujarat D-line (soon after) each add 250,000 units annual capacity.
Q3 FY26 · Export volume target of 400,000 units for FY26
On track to achieve the export guidance of 400,000 units for the current fiscal year.
Q3 FY26 · CapEx run rate of INR 10,000 crore per year
Current CapEx run rate is about INR 10,000 crore annually; next year's budget to be finalized by March.
Q3 FY26 · Sustainable volume growth of ~7% initially estimated
Management had given an initial sustainable volume growth figure of about 7%, to be reassessed in three months.
Q4 FY26 · 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.
Q4 FY26 · 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.
Q4 FY26 · CapEx of ₹14,000 crore for FY27
Capital expenditure for FY27 is planned at ₹14,000 crore, primarily for the two new plants.
Q4 FY26 · 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.