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Maruti Suzuki — 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).
bullish
high
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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.
मारुति सुजुकी ने वित्त वर्ष 2026 की चौथी तिमाही में रिकॉर्ड बिक्री दर्ज की। कंपनी ने 6,76,209 गाड़ियां बेचीं, जो पिछले साल से 11.8% ज्यादा है। कुल बिक्री 50,100 करोड़ रुपये रही, जो 28.8% बढ़ी। कंपनी का परिचालन लाभ (EBIT) 4,400 करोड़ रुपये के सर्वकालिक उच्च स्तर पर पहुंच गया। लेकिन शुद्ध लाभ (PAT) 6.9% घटकर 3,600 करोड़ रुपये रह गया, क्योंकि बॉन्ड यील्ड में बदलाव से 750 करोड़ रुपये का नुकसान हुआ। छोटी कारों पर जीएसटी कटौती से मांग बढ़ी और पहली बार कार खरीदने वालों की हिस्सेदारी 51% हो गई। कंपनी को अगले वित्त वर्ष में घरेलू बिक्री में 10% बढ़ोतरी की उम्मीद है। नई क्षमता (खरखोड़ा और हंसलपुर) से 5 लाख गाड़ियां जुड़ेंगी। जोखिमों में कच्चे माल की बढ़ती लागत और पश्चिम एशिया में अनिश्चितता शामिल है। कंपनी को अस्थायी दबाव कम होने पर मुनाफा सुधरने का भरोसा है।
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Commodity and energy cost headwinds
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Total Sales Volume
676,209 units
+11.8% YoY
Highest ever quarterly sales, driven by domestic recovery and record exports.
Export Volume
137,215 units
+12.9% YoY
All-time high quarterly exports; Maruti contributed 49% of India's PV exports.
Pending Customer Orders
190,000 units
N/A
Unserved orders at year-end, with 130,000 in the small car segment, indicating strong demand.
First-Time Buyer Share
51%
+9pp vs H1
Share of first-time buyers rose from 42% in H1 to 51% in Q4, reflecting GST reform impact.
What Changed vs Last Quarter
NEW
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.
NEW
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.
NEW
CapEx of ₹14,000 crore for FY27
Capital expenditure for FY27 is planned at ₹14,000 crore, primarily for the two new plants.
NEW
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.
DROPPED
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.
DROPPED
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.
DROPPED
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.
DROPPED
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.
NEW RISK
Commodity and energy cost headwinds
Q4 saw 80 bps margin impact from adverse commodity prices; West Asia tensions could sustain or worsen cost pressures.
NEW RISK
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.
NEW RISK
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.
NEW RISK
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.
RISK GONE
Post-GST demand sustainability
Management acknowledged that Q3 demand included some postponed and preponed elements; sustainable demand level needs reassessment.
RISK GONE
Commodity inflation (PGM, steel, aluminum, copper)
PGM content is ~2% of net sales; steel prices may rise due to safeguard duty misuse. Hedging is calibrated and may not fully offset spikes.
RISK GONE
Rare earth supply constraints
Rare earth element supply issues caused 20 bps margin impact; management expects resolution as India develops local magnet manufacturing.
RISK GONE
Export tariff risks (South Africa, global trade)
Potential increase in duties in South Africa and other global trade/tariff issues pose risks to export growth.
🤫 Topics management stopped discussing
Mentioned in Q1 FY25, Q1 FY26, Q3 FY25
Final CAFE regulations expected in 1-2 months; any unfavorable outcome could impact powertrain strategy and EV adoption costs.
Mentioned in Q1 FY25, Q3 FY26
On track to achieve the export guidance of 400,000 units for the current fiscal year.
Mentioned in Q2 FY26, Q4 FY25
Management expects overall industry growth of about 6% year-on-year in the second half and beyond.
Mentioned in Q2 FY25, Q3 FY25
Management expects retail sales growth in Q4 to follow the 9-month trend of ~3.5%.
Mentioned in Q2 FY25, Q3 FY25
The upcoming greenfield plant at Kharkhoda is expected to begin operations within Q4 FY25.
Fast read
Guidance and risk preview
Management expects Maruti's domestic sales to grow by about 10% year-on-year in FY27, driven by new capacity and strong demand.
Q4 saw 80 bps margin impact from adverse commodity prices; West Asia tensions could sustain or worsen cost pressures.
View Risks →