Total Sales Volume (Q4)
676,629 units
+11.8% YoY
Highest ever quarterly sales, driven by domestic recovery and record exports.
MARUTISUZUKIINDIA
Other
14 May 2026
Maruti Suzuki India Ltd — Q4 FY26
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.
✓ Verified against BSE filing
2-Min Summary
✦ AI-Generated from Full Transcript
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.
Key Numbers
Export Volume (FY26)
447,000 units
+49% share of India's PV exports
Maruti contributed 49% of India's total passenger vehicle exports in FY26.
Pending Customer Orders
190,000 units
130,000 in small car segment
Unserved orders highlight strong demand, especially in 18% GST bracket small cars.
First-Time Buyer Share (Q4)
51%
+9pp vs H1 FY26
First-time buyer share rose from 42% in H1 to 51% in Q4, signaling GST reform impact.
Management Guidance
Volume growth of ~10% in FY27
Management expects Maruti's domestic sales volume to grow by about 10% in FY27, driven by new capacity and strong demand.
Management guidance growthAdditional 250,000 units capacity in FY27
Koda phase 2 (April 2026) and Gujarat line 4 (within FY27) each add 250,000 units annual capacity, totaling 500,000 units.
Management guidance capexCapex of ₹14,000 crore for FY27
Capital expenditure for FY27 is planned at ₹14,000 crore, primarily for the two new plants.
Management guidance capexMedium-term capacity target of 4 million units
The company has plans to increase total production capacity to 4 million units per annum in the medium term.
Management guidance expansionKey Risks
Geopolitical tensions impacting commodity/energy costs
West Asia conflict and supply chain disruptions could keep commodity and energy prices elevated, pressuring margins.
high · management_commentaryMark-to-market volatility on investment portfolio
Hardening bond yields caused a ₹750 crore MTM hit in Q4; further interest rate changes could impact other income.
medium · analyst_questionStartup costs from new capacity additions
While management expects no significant startup costs, ramp-up of 500,000 units could temporarily impact margins if demand softens.
medium · analyst_questionExport uncertainty due to global macro
Management declined to give export guidance due to geopolitical uncertainty, indicating potential downside risk.
medium · management_commentaryNotable Quotes
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.
If you ask me to predict the war, I can predict the exports number.
Frequently Asked Questions
What was Maruti Suzuki India's revenue in Q4 FY26?
Maruti Suzuki India reported revenue of ₹52,462 Cr in Q4 FY26, representing a +28.5% change compared to the same quarter last year.
What guidance did Maruti Suzuki India management give for FY27?
Volume growth of ~10% in FY27: Management expects Maruti's domestic sales volume to grow by about 10% in FY27, driven by new capacity and strong demand. Additional 250,000 units capacity in FY27: Koda phase 2 (April 2026) and Gujarat line 4 (within FY27) each add 250,000 units annual capacity, totaling 500,000 units. Capex of ₹14,000 crore for FY27: Capital expenditure for FY27 is planned at ₹14,000 crore, primarily for the two new plants. Medium-term capacity target of 4 million units: The company has plans to increase total production capacity to 4 million units per annum in the medium term.
What are the key risks for Maruti Suzuki India in FY27?
Key risks include Geopolitical tensions impacting commodity/energy costs — West Asia conflict and supply chain disruptions could keep commodity and energy prices elevated, pressuring margins.; Mark-to-market volatility on investment portfolio — Hardening bond yields caused a ₹750 crore MTM hit in Q4; further interest rate changes could impact other income.; Startup costs from new capacity additions — While management expects no significant startup costs, ramp-up of 500,000 units could temporarily impact margins if demand softens.; Export uncertainty due to global macro — Management declined to give export guidance due to geopolitical uncertainty, indicating potential downside risk..
Did Maruti Suzuki India meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full Maruti Suzuki India Q4 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary verified against official BSE/NSE filings.