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.
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Tata Motors delivered a strong Q4 FY26, with standalone revenue of ₹24,500 crore (+22% YoY) and EBITDA margin of 13.9% (+130 bps YoY), marking the 11th consecutive quarter of double-digit margins.
Read Tata Motors analysis →Maruti Suzuki had the stronger quarter on this simple score because its revenue growth plus EBITDA margin beat Tata Motors. Revenue growth is compared first, with EBITDA margin used as the quality check.
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.
Tata Motors delivered a strong Q4 FY26, with standalone revenue of ₹24,500 crore (+22% YoY) and EBITDA margin of 13.9% (+130 bps YoY), marking the 11th consecutive quarter of double-digit margins. Full-year revenue reached ₹77,000 crore (+11% YoY) and EBITDA margin expanded to 13.2% from 7.8% three years ago. The CV business saw wholesale volumes of 131,800 units (+25% YoY) in Q4, driven by new product launches and market share gains, including the highest HCV market share in a decade. International business grew 17% YoY in Q4, supported by a landmark 70,000-unit order from Indonesia. Management highlighted commodity cost pressures (100 bps impact in Q4, more in Q1 FY27) and a cautious near-term outlook due to diesel price sensitivity and Middle East disruptions. They guided for single-digit volume growth in Q1 FY27 and maintained capex guidance of 2-4% of revenue. Key risk: sustained commodity inflation and inability to pass through costs could pressure margins.
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.
Q4 wholesale volumes grew 25% YoY, outpacing industry TIV growth of 19%.
Record annual volume for Tata Motors, highest ever.
Full-year international business growth driven by SA countries and Indonesia order.
Strong FCF generation, 12% of revenue, after capex of ₹2,800 crore.
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 capex
Management expects single-digit volume growth in Q1 FY27 despite commodity headwinds and diesel price uncertainty.
Management guidance growthCapital expenditure expected to remain in the 2-4% of revenue range, consistent with prior years.
Management guidance capexEV penetration in SCV pickup rose to ~7% in recent months; management expects it to stay in high single-digit zone.
Management guidance growth
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_question
Commodity headwinds caused ~100 bps margin impact in Q4 and are expected to be more severe in Q1 FY27. Management has only partially passed on costs via a 2% price hike.
high · management_commentaryDiesel is 30-50% of TCO for transporters; rising diesel prices could delay purchase decisions, especially in HCVs. Management noted customers postponing decisions.
high · analyst_questionNo shipments to Middle East in last two months due to geopolitical tensions; exports to the region have been recalibrated.
medium · management_commentary
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.
Our revenue improved 11% YoY in FY26. The underlying demand trajectory has been firmly upward.
We have taken a 2% price increase in April, but we have decided to not pass on the entire commodity increases because we don't want to impact the demand momentum.
