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Maruti Suzuki India
Maruti Suzuki India (MARUTI) investor relations material
Maruti Suzuki India Q3 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 25/26 earnings summary28 Jan, 2026
Executive summary
Q3 FY26 saw passenger vehicle industry growth of 20.5% YoY, with sales volume rising to 683,000 units and net sales up to INR 475 billion, driven by GST reform and robust demand in small cars and SUVs.
Consolidated revenue for the quarter ended December 31, 2025, was ₹499,041 million, with consolidated profit at ₹38,791 million and standalone profit at ₹37,940 million.
Achieved cumulative domestic sales of 30 million units and annual production over 2 million units for the second consecutive year.
Export share reached 46% of India's passenger vehicle exports in 2025, with e-Vitara shipped to 29 countries.
Amalgamation of Suzuki Motor Gujarat became effective December 1, 2025, with financials restated and no impact on consolidated results.
Financial highlights
Q3 FY26 net sales reached INR 475 billion, up from INR 368 billion YoY; net profit at INR 38 billion, impacted by a one-time labor code provision of INR 5,939 million.
Standalone total income for the quarter was ₹509,458 million, with standalone profit before tax at ₹48,300 million.
Q3 FY26 operating EBITDA was INR 55,717 million, up 10% YoY; operating EBIT rose 5.5%.
9M FY26 net sales at INR 1,242 billion (vs. INR 1,063 billion YoY); net profit at INR 108.5 billion (vs. INR 104.4 billion YoY).
Export revenue for Q3 was INR 8,200 crore.
Outlook and guidance
Short-term demand outlook remains strong with a healthy order book and low inventory; Q4 expected to be robust.
Margin pressures expected to persist due to commodity prices, REE supply issues, and regulatory costs, but favorable operating leverage and product mix partially offset negatives.
The company is monitoring the finalization of Central and State Rules regarding new Labour Codes and EPR obligations, with further accounting impacts possible.
Export target for FY26 is 400,000 units, with next year’s target to be set by March.
Labour Code impact breakdown Q3 2025
EPR financial impact estimation timeline
SMGPL revenue contribution post-amalgamation
Commodity cost mitigation strategy
Sustainable demand outlook post-GST
CapEx allocation for future growth drivers
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Next Maruti Suzuki India earnings date
Q4 25/2624 Apr, 2026
Maruti Suzuki India
Next Maruti Suzuki India earnings date
Q4 25/2624 Apr, 2026
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Frequently asked questions
Maruti Suzuki India Limited manufactures, purchases, and sells motor vehicles, components, parts, and allied products. Maruti Suzuki India Limited has three segments: Manufacturing; Sales & Marketing; and Other Operations. The Manufacturing segment comprises of vehicle manufacturing operations and related support functions. The Sales & Marketing segment involves in marketing of vehicles along with various components and spares. The Other Operations comprises of information technology outsourcing services operations related to total engineering cost management services for vehicle development, business process management for dealers in the India region, customer support for the Australia region, supply chain management services for car components in Poland and Ethiopia markets, automotive glass procurement operations; research and development services for power train systems and R&D activities related to collaborative projects. Maruti Suzuki India Limited is based in New Delhi, India.
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