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Maruti Suzuki — Q4 FY25
Maruti Suzuki reported Q4 FY25 net sales of ₹38,800 crore (+5.7% YoY) and net profit of ₹3,710 crore (-4.1% YoY), impacted by higher other expenses, new plant overheads, and adverse mix.
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Maruti Suzuki reported Q4 FY25 net sales of ₹38,800 crore (+5.7% YoY) and net profit of ₹3,710 crore (-4.1% YoY), impacted by higher other expenses, new plant overheads, and adverse mix. Volumes hit a record 604,635 units (+3.5% YoY), driven by exports (+8.1%) and calibrated wholesale dispatches. EBITDA margin contracted due to 90 bps lumpy expenses, 40 bps adverse mix, and 30 bps from Kharkhoda plant ramp-up, partly offset by lower sales promotion and operating leverage. Management guided for ~20% export growth in FY26 and two new SUV launches, including the e Vitara EV. Domestic industry growth is expected at a modest 1-2%. Key risk: sustained pressure on entry-level demand and potential steel price hikes post-safeguard duty.
मारुति सुजुकी ने चौथी तिमाही में 38,800 करोड़ रुपये की बिक्री की, जो पिछले साल से 5.7% ज़्यादा है। मुनाफा 3,710 करोड़ रुपये रहा, जो 4.1% कम है। इसकी वजह है बढ़े हुए खर्च, नए कारखाने का बोझ और कम मुनाफे वाली गाड़ियों की ज़्यादा बिक्री। कुल बिक्री 6,04,635 गाड़ियों के रिकॉर्ड स्तर पर पहुंची, जिसमें निर्यात 8.1% बढ़ा। कंपनी का मुनाफा मार्जिन घटा क्योंकि कुछ खर्चे बढ़े और नए प्लांट की लागत आई। आने वाले साल में निर्यात 20% बढ़ने की उम्मीद है और दो नई एसयूवी लॉन्च होंगी, जिसमें इलेक्ट्रिक ई विटारा भी शामिल है। देश में गाड़ियों की बिक्री सिर्फ 1-2% बढ़ने का अनुमान है। मुख्य चिंता: सस्ती गाड़ियों की कमज़ोर मांग और स्टील की कीमतों में बढ़ोतरी।
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Steel price inflation post-safeguard duty
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Total Sales Volume
604,635 units
+3.5% YoY
Highest-ever quarterly sales, with domestic up 2.8% and exports up 8.1%.
Export Share of India PV Exports
48.4%
N/A
Nearly one in two cars exported from India was a Maruti Suzuki in Q4.
Retail Sales Growth
4.2% YoY
+4.2% YoY
Retail grew faster than wholesale, leading to a marginal gain in retail market share.
e Vitara Volume Target
70,000 units
N/A
First EV launch expected in H1 FY26, with majority volume from exports.
What Changed vs Last Quarter
NEW
Export growth of ~20% in FY26
Management expects exports to grow by at least 20% in FY26, building on the 17.5% growth in FY25.
NEW
Domestic industry growth of 1-2% in FY26
Maruti forecasts a modest 1-2% growth for the domestic PV industry in FY26, with the company aiming to outperform.
NEW
Two new model launches in FY26
Plans to launch the e Vitara EV and another SUV in FY26, with e Vitara sales starting in H1.
NEW
Capex guidance of ₹8,000-9,000 crore for FY26
Capital expenditure for FY26 is expected to be in the range of ₹8,000-9,000 crore, including SMG.
DROPPED
Q4 FY25 retail growth ~3.5%
Management expects retail sales growth in Q4 to follow the 9-month trend of ~3.5%.
DROPPED
Price hike of ~30 bps on net sales from Feb 2025
Small price increase announced to cover inflationary pressures.
DROPPED
Kharkhoda plant to start operations in Q4 FY25
The upcoming greenfield plant at Kharkhoda is expected to begin operations within Q4 FY25.
DROPPED
e VITARA production to begin soon; aspire to be largest EV manufacturer in India within first year
Production of the e VITARA EV will start soon, with ambition to become India's largest EV maker within the first year of production.
NEW RISK
Steel price inflation post-safeguard duty
Management flagged that domestic steel producers may use the safeguard duty to raise prices, impacting margins.
NEW RISK
Sustained weakness in entry-level demand
Chairman noted 88% of the country is not participating in car growth, with entry-level segment shrinking.
NEW RISK
EV profitability overhang
Management acknowledged EVs will have much lower profitability than ICE vehicles, potentially dragging overall margins.
NEW RISK
New plant ramp-up costs
Kharkhoda plant contributed 30 bps margin headwind in Q4; full benefit of scale will take time.
RISK GONE
Subdued demand in entry-level segments
Entry hatchbacks saw degrowth, mid-hatch flat, while premium hatch grew. Weakness in lower segments remains a challenge.
RISK GONE
EV profitability unlikely to match ICE in near term
Management acknowledged that EV profitability per vehicle will not match ICE for a long time due to higher costs and government support needed.
RISK GONE
Competitive intensity from capacity expansions
Multiple OEMs are expanding capacity, which could increase competitive intensity and pressure margins.
RISK GONE
CAFE 3 norms uncertainty
CAFE 3 norms are yet to be announced; management did not provide specific EV penetration targets, relying on technology mix agility.
🤫 Topics management stopped discussing
Mentioned in Q1 FY24, Q2 FY24, Q2 FY25, Q3 FY24
Affordability challenges persist in the small car segment, with no clear recovery timeline despite limited edition launches.
Mentioned in Q2 FY24, Q2 FY25, Q3 FY24
Higher discounts (INR 29,300/car) are compressing margins; sustainability depends on demand recovery.
Mentioned in Q1 FY25, Q3 FY25
CAFE 3 norms are yet to be announced; management did not provide specific EV penetration targets, relying on technology mix agility.
Mentioned in Q1 FY25, Q4 FY24
Management guided for 600,000 CNG vehicle sales in FY25, with Q1 achieving slightly less than 150,000 units.
Mentioned in Q1 FY25, Q4 FY24
Management reiterated that 300,000 export units is achievable for the full year, with growth in Middle East and Latin America.
Fast read
Guidance and risk preview
Management expects exports to grow by at least 20% in FY26, building on the 17.5% growth in FY25.
Management flagged that domestic steel producers may use the safeguard duty to raise prices, impacting margins.
View Risks →