Side-by-side earnings comparison across financial stats, AI summaries, management guidance, risks, quotes, and accountability signals.
Maruti Suzuki reported a record Q4 with net sales of ₹50,010 crore (+28.5% YoY) and EBITDA of ₹4,400 crore (+30.4% YoY), driven by a sharp recovery in small car demand post-GST reform and strong export growth.
Read Maruti Suzuki India analysis →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).
Read Maruti analysis →
Maruti Suzuki reported a record Q4 with net sales of ₹50,010 crore (+28.5% YoY) and EBITDA of ₹4,400 crore (+30.4% YoY), driven by a sharp recovery in small car demand post-GST reform and strong export growth. PAT declined 6.9% to ₹3,600 crore due to a ₹750 crore mark-to-market hit on bond yields. The company guided for ~10% volume growth in FY27, supported by capacity additions of 500,000 units (Koda phase 2 commissioned, Gujarat line 4 coming). Management expressed confidence in margin trajectory despite commodity headwinds, citing multiple levers. Key risk: sustained geopolitical tensions could keep commodity/energy costs elevated, delaying margin expansion.
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.
Highest ever quarterly sales, driven by domestic recovery and record exports.
Maruti contributed 49% of India's total passenger vehicle exports in FY26.
Unserved orders highlight strong demand, especially in 18% GST bracket small cars.
First-time buyer share rose from 42% in H1 to 51% in Q4, signaling GST reform impact.
Highest ever quarterly sales, driven by domestic recovery and record exports.
All-time high quarterly exports; Maruti contributed 49% of India's PV exports.
Unserved orders at year-end, with 130,000 in the small car segment, indicating strong demand.
Share of first-time buyers rose from 42% in H1 to 51% in Q4, reflecting GST reform impact.
Management expects Maruti's domestic sales volume to grow by about 10% in FY27, driven by new capacity and strong demand.
Management guidance growthKoda phase 2 (April 2026) and Gujarat line 4 (within FY27) each add 250,000 units annual capacity, totaling 500,000 units.
Management guidance capexCapital expenditure for FY27 is planned at ₹14,000 crore, primarily for the two new plants.
Management guidance capexThe company has plans to increase total production capacity to 4 million units per annum in the medium term.
Management guidance expansionManagement expects Maruti's domestic sales to grow by about 10% year-on-year in FY27, driven by new capacity and strong demand.
Management guidance growthKharkhoda Phase II (commissioned April 2026) and Hansalpur Line 4 (operational within FY27) each add 250,000 units, totaling 500,000 units of new capacity.
Management guidance capexCapital expenditure for FY27 is planned at ₹14,000 crore, primarily for the two new plants.
Management guidance capexMaruti aims to facilitate a network of over 100,000 charging points across India by 2030, in partnership with dealers and charge point operators.
Management guidance ai_strategy
West Asia conflict and supply chain disruptions could keep commodity and energy prices elevated, pressuring margins.
high · management_commentaryHardening bond yields caused a ₹750 crore MTM hit in Q4; further interest rate changes could impact other income.
medium · analyst_questionWhile management expects no significant startup costs, ramp-up of 500,000 units could temporarily impact margins if demand softens.
medium · analyst_questionManagement declined to give export guidance due to geopolitical uncertainty, indicating potential downside risk.
medium · management_commentaryQ4 saw 80 bps margin impact from adverse commodity prices; West Asia tensions could sustain or worsen cost pressures.
medium · management_commentaryBond yield hardening caused a ₹750 crore MTM hit in Q4; further interest rate moves could impact other income.
medium · management_commentaryWest Asia conflict and rare earth supply issues pose risks to energy, raw materials, and logistics, potentially affecting production continuity.
high · management_commentaryManagement declined to give export guidance, citing unpredictable war impact; exports could face headwinds if global demand weakens.
medium · analyst_question
The recent GST reduction is seen as a transformative factor for the passenger vehicle sector in India. By lowering taxes, the reform has enhanced affordability, making passenger vehicles accessible to a broader segment of customers.
Increasing production capacity by about half a million units in a single year, is virtually unheard of in the passenger vehicle industry, at least in India and many countries abroad.
Increasing production capacity by about 500,000 units in a single year is virtually unheard of in the passenger vehicle industry, at least in India and many countries abroad.
Your company, just one company, among 18 car manufacturers in India, alone contributed 49% share of India's total passenger vehicle exports in the financial year.
