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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 rebound with 20.5% YoY growth, driven by GST reform and strong demand, especially in small cars and SUVs, with new launches like Victoris boosting market share.
Domestic sales volume reached over 683,000 units, with highest ever retail sales and low inventory; consolidated sales volume for Q3 was 667,769 units, up 17.9% YoY.
Consolidated revenue for the quarter ended December 31, 2025, was ₹499,041 million, up from ₹423,442 million YoY; standalone net sales reached INR 475 billion.
Profit after tax for Q3 FY26 was INR 37,940 million, including a one-time labor code provision; consolidated profit was ₹38,791 million.
Amalgamation of Suzuki Motor Gujarat became effective December 1, 2025, with restated financials and no impact on consolidated results.
Financial highlights
Q3 FY26 net sales reached INR 475 billion, up from INR 368 billion YoY; standalone total income was ₹509,458 million.
Q3 FY26 operating EBITDA was INR 55,717 million, up 10% YoY; operating EBIT margin declined to 8.1% from 8.4% in Q2 FY26.
PAT margin for Q3 FY26 was 8.0%, down from 9.9% in Q3 FY25; standalone EPS for the quarter was ₹120.67, up from ₹116.39 YoY.
Nine-month 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, but margin pressures from commodity prices, REE supply, and regulatory costs are expected to persist.
Initial sustainable volume growth estimate is 7%, with reassessment in three months; exports on track to meet 400,000 unit guidance.
The company is monitoring the finalization of Central and State Rules regarding new Labour Codes and EPR obligations.
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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