Maruti Management Guidance Tracker

Board approved acquisition of Suzuki Motor Gujarat shares from SMC, to be completed within FY24 at net book value.

First plant at Kharkhoda with 250,000 units annual capacity on track to start production in 2025.

Company plans to double annual production capacity to about 4 million by 2030-31, including Kharkhoda and Gujarat plants.

First plant at Kharkhoda with 250,000 units annual capacity is on track to be operational in 2025.

MOU signed for a new plant in Gujarat with potential 1 million units capacity and INR 35,000 crore investment, subject to land and board approval.

The company aims to expand from 18 to 28 models by 2030-31, adding at least 10 new models.

The new 300,000-unit capacity plant in Kharkhoda is on track to be commissioned by end of this financial year.

The upcoming greenfield plant at Kharkhoda is expected to begin operations within Q4 FY25.

Plans to launch the e Vitara EV and another SUV in FY26, with e Vitara sales starting in H1.

The company will dispatch EVs to about 100 markets globally, including Europe and Japan, within this financial year.

Global President announced eight more SUVs to be launched in India by the turn of the decade, excluding Victoris and eVITARA.

Kharkhoda second plant (April 2026) and Gujarat D-line (soon after) each add 250,000 units annual capacity.

Production capacity to double from current levels, with 1 million capacity at Kharkhoda and additional 1 million under study.

Management plans a threefold increase in export volumes from current levels to about 750,000-800,000 units by 2030-31.

Management expressed commitment to gradually recover market share to the 50% mark over time.

SIAM preliminary estimate for passenger vehicle industry in FY2024-25 is 4.3 million units, up from ~4.2 million expected in FY24.

Management expects CNG volumes to grow from ~480,000 in FY24 to 600,000 in FY25, aided by resolved component supply and new capacity.

Exports are expected to increase from 283,000 in FY24 to about 300,000 in FY25, with diversified markets.

Management reiterated that 300,000 export units is achievable for the full year, with growth in Middle East and Latin America.

Management guided for 600,000 CNG vehicle sales in FY25, with Q1 achieving slightly less than 150,000 units.

Management expects retail sales to grow 3-4% for FY25, with April-October already at 3.9%.

Management plans to launch 5-6 EVs by the end of the decade, averaging one per year.

Management expects retail sales growth in Q4 to follow the 9-month trend of ~3.5%.

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.

Maruti will launch two SUVs this fiscal year, one electric and one ICE, targeting the growing SUV segment (55% of industry).

Management expects overall industry growth of about 6% year-on-year in the second half and beyond.

Given H1 exports of over 200,000 units, management expects to exceed the full-year export guidance of 400,000 units.

On track to achieve the export guidance of 400,000 units for the current fiscal year.

Management had given an initial sustainable volume growth figure of about 7%, to be reassessed in three months.

Management expects Maruti's domestic sales to grow by about 10% year-on-year in FY27, driven by new capacity and strong demand.

EV manufacturing facility at SMG will be part of MSIL; launch expected in FY25.

Battery electric vehicle production to begin in 2024; mid-SUV segment product will be exported to developed markets.

Maruti plans to launch six electric vehicle models by 2031, with the first EV to be displayed at Auto Expo in January 2025.

The first EV (e-SUV) will be launched at Bharat Mobility Global Expo, featuring a ~60 kWh battery and high range.

Production of the e VITARA EV will start soon, with ambition to become India's largest EV maker within the first year of production.

Maruti aims to facilitate a network of over 100,000 charging points across India by 2030, in partnership with dealers and charge point operators.

Capital expenditure for the current fiscal year is expected to exceed INR 8,000 crore.

Capital expenditure for FY26 is expected to be in the range of ₹8,000-9,000 crore, including SMG.

Plans to scale solar generation capacity from 78.2 MW to 319 MW by FY31, targeting 85% renewable electricity share.

Current CapEx run rate is about INR 10,000 crore annually; next year's budget to be finalized by March.

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.

Capital expenditure for FY27 is planned at ₹14,000 crore, primarily for the two new plants.

Small price increase announced to cover inflationary pressures.

Aims to increase rail dispatch share from 24.3% in FY25 to 35% by FY31, leveraging in-plant railway sidings.

Management reiterated the goal of achieving 10% EBIT margin and 50% market share, as set by Suzuki Motor Corporation.